Simpson Thacher & Barlett and Cravath, Swaine & Moore represented Cisco Systems in one of the largest buys of the year thus far, a $28 billion grab of machine data monitoring software company Splunk, represented by Skadden, Arps, Slate Meagher & Flom.

It was the only reported deal over $1 billion last week, a departure from the uptick in activity at that level we have seen in previous weeks. No one is panicking, but it should be noted.