Great question, Sebastian and I feel that there will be a very nuanced response to the covid crisis, depending on industry, sector and geography.
It is obvious that some industries are more affected than others. However, even within those industries we will see more consolidations, acquisitions and partnerships being born out of necessity. Another aspect to consider will be how quickly the pandemic will be brought under control in certain countries. For eg. The transaction volume will bounce back in countries like Australia where the pandemic is under control compared to the rest of the world. Lastly, organization which has cash are using this as an opportunity to pick up good great assets at good value.