Notwithstanding the SPAC exuberance and resulting SEC ire over valuing warrants, the old ways were still at work in Q1. The pent up cash savings during the latter half of 2020 resulted in a wave of corporate carve-out activities and creative transaction strategies for public companies, let alone private equity investors. In addition, with fears of inflation and or policy changes, many companies have been brought to market for debt refinancing.  

Ultimately, should earnings continue to run up along with deal multiples, we could be in for quite a bubble or an expanding Milky Way. In any event, grab your HP 12C - finance officers will be quite busy...