Investor-placed securitization issuance for February 2023 was €9.1 billion. Overall year-to-date issuance of €17 billion at end-February exceeded the previous year's equivalent by 20%, mostly due to strong volumes in January. European benchmark covered bond issuance reached €57 billion year-to-date by the end of February 2024, down 14% on the previous year. Benchmark issuance for the month was €14 billion--down almost 50% on volumes in February 2023. In February 2024, we raised 34 of our ratings on European securitization tranches, mostly in the leveraged loan CLO sector, where some older transactions are beginning to delever. There were 10 downgrades, mostly in two related U.K. auto ABS transactions. The report includes a roundup of the latest new issuance and credit developments that we have observed across structured finance sectors, along with data on issuance drivers, recent rating actions, and underlying performance indicators.