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Gilts are now back to levels matching the September 2022 peak and, with inflationary pressures largely unchanged in the UK, expectations are for the Bank of England to continue to increase rates to reduce headline inflation. This backdrop, and the general economic uncertainty it brings, continues to make debt markets more cautious, but also causes sponsors and borrowers to pause and consider the affordability of even modest leverage. Nevertheless, the drive to transact and the flexibility and innovation of our market means that options still exist for borrowers.