This report reviews investment banking and capital markets activity in FY2020, a year marked by the unprecedented impact of the COVID-19 pandemic. The first half of the year saw a sharp decline in global M&A activity as lockdowns, economic uncertainty, and travel restrictions disrupted both domestic and cross-border transactions. The downturn was especially severe in the second quarter, when deal activity fell to its lowest level in more than a decade, with North America experiencing the largest decline. However, unprecedented monetary stimulus and liquidity support from central banks helped stabilize financial markets and drove record activity in equity and debt capital markets. As economic conditions improved in the second half of the year, investment banking activity gradually recovered

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