Economic winds have not shifted much since our last edition of Optimize. "There is still abundant liquidity," said Duane Morris partner James Holman. "The search for higher yields continues to dominate investor outlook. Interest rates remain steady. There’s a perpetual threat of interest rates rising." Spreads are tight, and commodity prices continue to drop.

Consumer spending is down. Inflation is still very low. Exports have declined for the first time since 2009. If there is one change, said Berkeley Research Group’s Peter Chadwick, it's that "companies that previously weathered a storm by tapping high-yield markets may not have access to those markets today."

Holman noted that our clients and their professionals have adapted many workarounds in an environment that has been slow to change on the legislative front. Dealmakers can work around restrictions. "We've seen a lot of new structures come into place," he said.