With apologies to Frank Capra, it was a wonderful year for underwriting. There's no shortage of demand for money.
I'm in the camp that says it will be a third down year or at best a little bit higher, ... I'm still waiting to see if Oracle deal gets done. Typically with hostile deals, three out of four never get completed.
There's really an over supply of biotech offerings. That sector has been leading the offerings and it's been a poor year for biotech.