Investor-placed securitization issuance in February 2025 was €17.6 billion--almost twice the volume in February 2024. Both CLO and RMBS sectors saw significant issuance growth, while CMBS is also seeing some activity, compared with very little last year. This brings year-to-date securitization issuance to €26.1 billion, up 50% on 2024. European benchmark covered bond issuance in February was €12.8 billion--down 11% compared with last year. Combined with a relatively slow January, year-to-date covered bond issuance to the end of February 2025 was €41.1 billion, down 28% on 2024.