Investor-placed securitization issuance volumes for July and August 2023 were €6.8 billion and €3.4 billion, respectively--each down on the same months in 2022. Overall year-to-date issuance (€51 billion) was down 16% at end-August. However, other measures--such as growth by transaction or originator count--paint a more positive picture. The number of banks using securitization has grown by nearly a third. European benchmark covered bond issuance is still robust, reaching €140 billion year-to-date by the end of August 2023--up more than a quarter on volumes for the same period in 2022. In July and August 2023, we raised 48 of our ratings on European securitization tranches, mostly in the CLO and RMBS sectors. There were 15 downgrades, mostly across three transactions in the U.K. CMBS and nonconforming RMBS sectors.