The structured finance landscape experienced significant shifts in November as central bank policies and market sentiment shaped investor behavior.

Following the longest government shutdown in US history, delayed economic data releases created uncertainty, though September payroll figures (+119k) provided some reassurance amid labor market concerns.

Both the Federal Reserve and Bank of England signaled potential December rate cuts, with UK inflation dropping to 3.6% from 3.8% supporting dovish expectations. Meanwhile, artificial intelligence and technology valuations came under intense scrutiny, with the Nasdaq experiencing a notable 7.5% trading range that rippled through credit markets.

November issuance totaled €23.1 billion across 52 transactions, representing a natural cooling period following October's exceptional €31 billion in volume. This activity brought year-to-date structured finance issuance to 469 transactions, marking the highest deal count since the Global Financial Crisis.

Collateralized Loan Obligations maintained their market dominance with 30 transactions totaling €12.5 billion, comprising nine new issues, 19 resets, and two refinancings. The broader market also saw activity across RMBS, auto ABS, consumer loan ABS, and CMBS sectors, including notable data center ABS transactions.