More than two-thirds of corporate dealmakers are bullish about mergers and acquisitions activity over the next 12 months, although 48% consider a Joe Biden presidency a threat to M&A, while 31% view a reelection of President Donald Trump as bad for deals, according to a new survey.

Despite the long-range optimism, nearly two-thirds of the 225 dealmakers who participated in Dykema Gossett‘s 16th annual M&A Outlook Survey said the continued spread of COVID-19 is among the three greatest threats to the M&A market over the next year. The survey went to CEOs, CFOs and other C-level executives at companies in more than a dozen industries, as well as professional advisors in the M&A industry.