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Outside the U.S. and Europe, structured finance issuance has declined 36% 12 months over 12 months. All areas, except Japan recorded double-digit declines. Japan was capable of subject volumes just like earlier years, while Australia noticed a 37% drop in new volume in 2020. Both countries account for almost all of volume outdoors the U.S. and Europe. In 2021, we expect paper cp review new issuance to remain largely unchanged from 2020. In Japan, both the ABS and RMBS sectors are expected to situation at roughly the identical tempo as 2020. As for Australia, which is also a primarily ABS and RMBS market, we anticipate issuance to remain little changed in 2021 however highly resilient in the face of low rates of interest and financial stimulus.