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Despite hopes that European M&A deal activity will pick up in the last few months of 2023, the market continues to be subdued, following the trend of the first half (H1 23 deal count down 22% versus H1 22). The increasingly demanding debt environment, characterized by persistent pressure on interest rates, decreased appetite for leverage, and heightened scrutiny from lenders, has significantly impacted appetite for acquisition financing which has contributed to lower M&A activity. Consequently, having extensive lender coverage has become more critical. While there is appetite for opportunities across the quality spectrum, knowing the right pockets of capital remains key.