Welcome to Taking the Credit, 9fin’s weekly observations on the issues affecting the European private credit market. Find out more about what we do for private credit.

With marketeers eager to clear their desks before a few weeks vacationing in the Mediterranean, it comes as no surprise that deal activity this far into July has centred around closing out financings rather than launching new processes.

But for the UK, which has traditionally been less affected by the summer lull than other European geographies, direct lenders 9fin spoke to are noticing a shift more pronounced than previous years.