The market is in a hangover from the flurry of activity driven by the threat of tax changes. Sponsor buyout and dividend activity is light, and private company activity is sparse. Around those deals that are high quality, there is literally a feeding frenzy. Lenders are pushing all the levers, and for the right transactions, everything is on the table. Higher leverage levels, lower pricing, and more aggressive structures are expected this year given the amount of capital to put to work.