European securitization issuance could rise to €120 billion in 2022, boosted by a normalization in spending behavior, healthy underlying lending volumes, and a large call pipeline. Central banks' scaling back of cheap term funding schemes for credit institutions may support more bank-originated supply, while ongoing asset purchases and rising rates support demand. We expect the importance of sustainable finance features to grow further in 2022, although green and social issuance momentum could be hampered by slow origination of new collateral.