This report provides an overview of European trading activity for both the sovereign bond and corporate bond markets, comparing our latest findings with past performances since January 2022. Specific changes and trends relative to past reports can be summarised as follows: Traded volume for sovereign bonds in H1 2023 has increased by 2.7% compared to H1 2022, representing 53.8% of total traded volume in the full year of 2022; In both sovereign and corporate bonds, a decrease in average and median trade sizes is observed; The average trade size decrease varied between 10% and 37%, depending on the issuing country for sovereign bonds; For corporate bonds, the average trade size decrease from H1 2022 to H1 2023 ranges between 3% and 19%, depending on currency;  The only subclass where the average trade size seems to have increased were US issued sovereign debt, as well as USD denominated non sovereign debt;  In terms of number of trades, it is worth noting that trade counts have increased 21% for sovereign bonds and 8% on the credit side; In both segments, bonds are mainly traded via systematic internalisers (SI) (59% in sovereign bonds and 56% in corporate bonds, respectively). We also analysed traded notional and trade count across different trade size bins, observing an increase in the proportion of SI trades as trade size increases; Contrary to what has been observed on the sovereign bonds side, we could identify an increase in D2C transactions on the credit side, compared to H1, 2022.