 Hi, I'm Suzy with Bloomberg Law Analysis. Here's an update on what we're watching. While the World Health Organization didn't designate COVID-19, an epidemic until March 11, first quarter M&A data reflect there's already an impact on industry activities. Analysis by Grace Burnett and Diane Holt show Q1 global aggregate deal volume to be the lowest first quarter since 2014. Month-over-month data show a significant drop in March of 2020, which was the lowest March since 2013. Looking at deal type, mega deals, which are those valued at $10 billion or greater, also took a hit in Q1 at a seven-year low with only six deals announced all before the pandemic designation. On the IPO front, the market also saw a significant stall after the March 11 announcement, according to analysis by Preston Brewer. Some company IPOs are delayed, while others are in jeopardy. IPO deal count and value started declining in February before the March 11 designation. However, a look at deal size is still trending towards larger offerings, with five in the first quarter exceeding the $1 billion unicorn threshold. While it's only been about a month since the official designation, the volatile IPO and M&A data are only the beginning of the economic fallout created by coronavirus. Our analysts will continue to follow these trends. For more analysis, visit the analysis channel at news.blumberglaw.com.