Corporate debt is at a record $10.5 trillion (chart 1). Yet as a percentage of U.S. corporate equity market values, debt is a small percentage relative to previous years (chart 2). Thank the Fed for boosting equity valuations. Smart, heavily-levered companies used the opportunity presented over the past few weeks to capitalize on inflated equity valuations and issued stock. For many companies it would be more difficult to issue equity today given the COVID outbreak across the U.S. south and southwest. However, for high-quality companies there may be a window. “Raise capital when you don’t need it, not when you need it” as the old I-Banker saying goes.