Deal, No Deal (First of a Series)

“I left it right on the piano bench. Now I can’t find it!” Our daughter’s flute instruction book had somehow vanished or walked off on its own. Her father is notified of this catastrophe three minutes before she is to be dropped off for her 7:30 a.m. lesson.

Well, when was the last time you saw it? we demanded, dashing around madly, opening every conceivable drawer and closet in the house. “July,” she answered.

Alas, time stands still for no lost thing, woodwind or otherwise. Take loan syndications deal flow. According to Refinitiv, both large cap and middle market volume was off, 28% and 14%, respectively, for the quarter just ended.

Similarly, 3Q midcap LBO activity slumped. Refinitiv’s numbers show buyout volume declined 13% over 2Q, with the actual number of deals falling to 83 from 104.