This in my mind will depend on the sector and industry to some extent and the impact of Covid on that industry. Some industries are more affected than others.
As an example talking about the Banking sector in the US, Volume of deals is likely to drop for some time due to COVID-19, flat interest rates etc. until things improve but poorer valuations, liquidity shocks, and a new wave of non-performing loans and related provisions worsening capital strength of the banking sector, could accelerate the domestic consolidation trend where troubled banks may look for rescue, restructurings and nationalizations deals as governments/central banks inject liquidity. Moreover, banks with high exposure to stressed industries (hotels, restaurants, travel, oil & gas, etc.) are likely to face an increase in NPLs and a worsening of the asset quality. This could serve as a potential opportunity for asset management companies and PE investors who may see this as a good entry point into the sector.
Digital transformation – Because of the people staying home, the need for digitizing operations will increase leading to more FINTECH deals. This is because of the expectation of a permanent shift from customers to digital services and channels. There is a strong possibility that traditional players will acquire Fintech start-ups as funding sources dry up.