glossary · what it means in a filing
CUSIP
also called security identifier · CUSIP number
A CUSIP is a nine-character identifier assigned to a security so that different holders can refer to the same instrument without ambiguity.
What it looks like in a filing
Broadly syndicated loans are assigned one; bilateral private loans generally are not. That makes its presence a fact of market plumbing rather than a judgement anyone files — which is why it is worth testing against the declared fair value level.
What Kanonstone measures with it
Loans carrying a CUSIP show a median gap of 31 basis points; those without, 104 — 3.3 times wider. Crossed against the fair value level, however, the CUSIP turns out to track the level rather than corroborate it from outside.