Taking in consideration the 2009 events that changed access to most debt market activity, the low interest rate environment that followed encouraging companies to borrow, and the rush to raise billions of corporate debt, what should be the preferred way of U.S. companies to raise capital?How do you see the capital structures and associated pricing change in the future? Debt Vs. equity, what will be the future of companies' balance sheets? Also, remember that during the period of 2012-2020, many companies have taken advantage of historically low rates to borrow large amounts of money and while many predicted that the window of opportunity would narrow with rising rates, rates moved lower in 2019 and 2020 and American companies continued to take advantage of cheap debt and despite much stronger earnings and cash flow, many corporations are heavily in debt, much more debt than prior to 2009.

In summary, provide an analysis of the debt and equity capital markets right now and what you think of it as sources of capital.