By Guney Kaya
The world of capital markets has been turned upside-down due to the pandemic. Indeed, the brokers of corporate assets, advisors like Lazard (LAZ), are not being expected by markets to have done much in this period. This is mainly because transaction velocity does not tend to be high in a recessionary environment. However, investment banking fees have been outperforming expectations with DCM and ECM activity at record levels. We think that with many more chips on restructuring experts like Houlihan Lokey (HLI), since markets have expected more distress, Lazard, which