Investor-placed securitization issuance for the first 11 months of the year stood at a decade high of more than €112 billion and was up more than 65% compared with the same period in 2020. Strong growth in CLO refinancing and reset activity has added close to a further €60 billion to volumes. By contrast, European benchmark covered bond issuance was down by 13% year-to-date as of end-November, at €76 billion. High growth in bank deposits and ample availability of cheap central bank funding has reduced covered bond issuers’ wholesale funding needs, although some of these effects are now normalizing. In November 2021, we lowered no ratings on European structured finance securities, while there were three upgrades among seasoned U.K. RMBS transactions. In the 12 months to end-November 2021, we have lowered only 1.2% of our European structured finance ratings.