Is the merger boom cresting? Well, according to Dealogic, the value of U.S. deals hit $1 trillion already this year, the earliest date that it has hit that milestone ever. Last year, it took a few more months before the $1 trillion level was breached. Financial sponsors are obviously driving this, accounting for a third of the volume. The four biggest deals this year have been by private equity firms. Of course, all this begs a question: Is this the top? People have been talking about it a long time. But the bond market is really getting nervous and rates could spike from here. The CDO market particularly seems to be causing some concerns. It may be that we get a spate of issuance, as top private equity firms sense that the window is closing for a while. Of course, that will not make buyers buy. So the industry is in for a test. Stay tuned.  

For more:
- here's a Financial News Online article