Tracking data in our market is often a challenge. As we’ve said in other contexts, there are three levels of fabrication: lies, damnable lies, and leveraged loan statistics.

Yet when a variety of metrics point in the same direction, we suspect a semblance of truth is buried somewhere.

Such is the case with data showing both M&A and related loan volume slumped for the third quarter. As we covered last week, this applies to large and mid caps, as well as U.S. and non-U.S. transactions, according to Refinitiv LPC.

S&P LCD also showed all institutional M&A loan volume being off for last quarter, though opportunistic refinancings were up. That did not include dividend recaps, which declined for both the broadly syndicated and middle markets.