After a start to the year that’s been dominated by megadeals, a shortage of bite-sized transactions has some dealmakers concerned about the health of the market for mergers and acquisitions (M&A).

Parsing the year’s M&A numbers shows a top-heavy market. There have been US$370 billion of deals globally valued at more than $10 billion announced through April 22, according to data compiled by Bloomberg. That’s more than the combined value of transactions worth $1 billion to $10 billion—typically the bread-and-butter of the dealmaking ecosystem.

It’s an unusual trend that’s only shown up three times in the past 15 years: in 2006, 2009, and (by a very small margin) 2015.

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