WHILE A LOT OF DEAL ACTIVITY has been put on ice in recent months, in one area of investment banking business has never been brisker. According to Dealogic, global debt capital markets activity (not including high yield) reached $2167bn in the first three months of 2020 - the highest quarterly total on record. It continued to be robust throughout April and into May. Corporate and sovereigns, supranationals and agencies (SSA) desks have been working hard to keep up with issuer appetite, while simultaneously adapting to the majority of their staff operating from home.
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