European securitization issuance looks set to remain high at €135 billion in 2025, given a broadening base of originators and sponsors, a better outlook for most areas of underlying lending, and rising market engagement from bank originators motivated by both funding and risk transfer requirements. Structured finance ratings have mostly weathered the effects of higher interest rates, remaining largely stable over the past year, especially at investment-grade levels. The end of central banks' cheap term funding schemes will likely support continued growth in bank-originated securitization supply in 2025, especially in the U.K., where many loans mature near the end of the year. That said, recovering deposit growth will reduce banks' wholesale funding needs. 2025 could be a year when regulatory developments are unusually important for European securitization markets.