Investor-placed securitization issuance in March 2025 was €11 billion--down 18% compared with the volume in March 2024. While the CLO and CMBS sectors continued to see issuance growth, ABS and RMBS activity decreased. This brings year-to-date securitization issuance to €31 billion, up 53% on 2024. European benchmark covered bond issuance in March was €9 billion--down 39% compared with last year. Year-to-date covered bond issuance to the end of March 2025 was €50 billion, down 31% on 2024.