Investor-placed securitization issuance for February 2023 was just short of €10 billion--around half the volume in February 2022. This means that overall issuance for the first two months of the year--at €14 billion--was down 42% compared with 2022. By contrast, European benchmark covered bond issuance has started the year very strongly, already reaching nearly €67 billion--up more than 80% on even the robust volumes recorded in the first two months of 2022. Normalizing central bank policy has supported covered bond supply. While securitization issuance is down in absolute terms, bank-originated supply represents an increasing share of the mix, at 28%, compared with only 9% in the first two months of 2022.