European securitization issuance now looks set to end the year substantially lower than in 2019, at about €60 billion-€70 billion, while benchmark covered bond volumes also look set to decline. Across Europe, central bank responses to the public health emergency have included renewed large-scale provision of cheap term funding for credit institutions, which is likely to stifle bank-originated structured finance supply. With social distancing likely to constrain economic activity for several more months, we expect both the U.K. and Eurozone economies to contract by about 8% this year, before rebounding in 2021.