The $1 trillion M&A quarter, not seen since before the global financial crisis, is back. Global deal volume this quarter is $992 billion, according to data compiled by Bloomberg that includes pending, completed and proposed transactions. That number puts this three-month period on pace to be the biggest for M&A since the third quarter of 2007 -- the best year ever for deals -- before Lehman Brothers Holdings Inc.’s 2008 bankruptcy gave Wall Street a near-death experience.

For the middle market, June will prove the deciding factor in how good, or bad, the second quarter turns out to be. April delivered a strong month for completed deals valued at $1 billion, according to Thomson Reuters. But May was much weaker, due, at least in part to the Memorial Day in the U.S. and the Ascension holiday in Europe. (For more on second-quarter middle-market performance so far, see “Month of May Proved the Weakest for M&A in 2014.”)

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