Investor-placed securitization issuance for October 2023 was €9.3 billion--more than double the volume for the same month in 2022. Overall year-to-date issuance of €75 billion at end-October exceeded the previous year's equivalent for the first time, by 2%. European benchmark covered bond issuance has been robust throughout the year, reaching €159 billion year-to-date by the end of October 2023. In October 2023, we raised 36 of our ratings on European securitization tranches across a wide mix of sectors, including U.K. nonconforming and buy-to-let RMBS, CMBS, and CLOs. There were nine downgrades, mostly in CMBS.