This report provides an overview of recent developments in the global covered bond markets and rating trends, and lays out core characteristics and risk indicators that we assess regularly in our analysis. European economic growth will come to a halt early next year because of sticky inflation, stunted hiring, and higher interest rates, but wages and stronger public investment should steer the economy toward a modest recovery from mid-2023. Sustainable covered bond issuance is up by more than a third since 2021, even if its share of total issuance has decreased somewhat. In the fourth quarter of 2022, we affirmed our ratings on seven covered bond programs and discontinued our ratings on one program. We have not lowered or raised our ratings on any programs during this period.