The modest pace of small to midsized takeover announcements, along with the relative absence of mega deal announcements, continued during the second quarter. Given the lack of new deal supply, arbitrage spreads have been generally tighter and have tightened in five out of six months this year. On the other hand, SPAC IPO issuance reached a positive inflection point in the beginning of the quarter, when the new issue pace began to accelerate.

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