Let's take a superficial sideways glance at a few securities exchange market statistics, with some $4.8 billion of secondary capital raised on the ASX in March 2015.
This is the largest volume of secondary capital raised in the month of March since the glut of 2009 as a rush of listed companies hurriedly refinanced and recapitalised.
The rolling annual level of initial capital raised has been tracking at its highest level in well over a decade.
The volume of initial capital raised has been kicked ahead by the $6 billion Medibank float which became evident in the November figures, the largest privatisation since Telstra.
In total $8.2 billion of initial capital was raised in the month of November 2014 alone.
Over the year to March 2015 $68.9 billion of capital raisings been recorded in the ASX market stats.
Such data is interesting but does need to be understood in the context of what is happening in the market.
Transactional activity in aggregate has picked up since a lull through 2012, and this tends to be a positive sign where businesses are raising capital for the purposes of investment or growth.
However, high levels of secondary raisings can also be an indication of refinancing under duress, as the huge swell of capital raised through 2008 and 2009 showed.
Between December 2008 and December 2009 more than $111 billion of secondary capital was raised as balance sheets were shored up.
If commodity prices remain under pressure then it is possible that we'll see further secondary capital raisings for capital restructuring or refinancing purposes, which is clearly a less positive signal.