Investor-placed securitization issuance for May 2023 was €9.5 billion--more than double the volume in May 2022. This means that overall issuance for the first five months of the year--at €36 billion--was down 21% compared with 2022. By contrast, European benchmark covered bond issuance has continued to be robust, already exceeding €106 billion--up 25% on volumes recorded in the first five months of 2022.