Investor-placed securitization issuance for the first month of the year was just over €5 billion and up more than 85% compared with the same period in 2021. The U.K. RMBS sector dominated volumes, with seven transactions coming to market, including the first issuance from Nationwide Building Society's Silverstone master trust since before the COVID-19 pandemic. The CLO new issue market was unusually quiet, with no transactions in January, although there were seven CLO refinancing and reset pricings during the month. Meanwhile, benchmark covered bond issuance exceeded €21 billion, bouncing back from the decade low set in January 2021. Notably, some U.K. and Dutch covered bond issuers have already returned to issue benchmark transactions this year. In January 2022, we lowered 24 ratings on European structured finance securities, while there were eight upgrades.