The big question for markets is now whether the unfolding global COVID-19 pandemic represents a hiatus or a fundamental downgrading of economic prospects. Inevitably as last quarter came to an end global debt capital markets activity broke all time quarterly records while global ECM activity, amidst record volatility hit a four-year low. Meanwhile as Q1 came to an end worldwide M&A activity was the slowest opening three-month period since Q1 2016.
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