Investor-placed securitization issuance for January 2025 was close to €8.5 billion--slightly higher than in January 2024. While RMBS issuance was at only half the level of the previous year, both the ABS and CLO sectors have got off to a strong start. At €3.2 billion, January CLO issuance was comfortably more than double the level of a year earlier. European benchmark covered bond issuance in January was €28.4 billion--down 34% compared with last year. That said, volumes in January 2023 and 2024 were unusually high, so this marks a return to more typical levels.