This is Exchanges the Goldman Sachs, where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Stewart, global head of corporate communication

here at the firm.

Today we'll be diving deep into the industrial sector,

which includes everything from airlines and autos to paper and packaging.

We'll be talking about how the industry has been innovating in the wake of the pandemic, both at the company

and the capital markets level, and we'll also spend a little bit of time in the outlook for strategic activity and

consolidation in that industry and much, much more.

To discuss all that, I'm joined by Matt McClure, who's Global Co-head of the Global

Industrial Group in the Investment Banking Division.

Matt, welcome to the program.

Thank you, J.

So the sector, as I said, has been super busy since March in terms of deal activity, particularly in some of the sectors that were most severely

impacted by the pandemic.

Take us back to some of those early conversations with the big clients in March and April. What were the immediate concerns that you and your team are helping them address

and how is the dialogue involved since the early days?

Sure.

So when the coronavirus pandemic hit back in March, our client's immediate focus was on their balance sheets and their potential liquidity needs.

And at that point, most if not all M&A transactions were put on hold and industrial financing activity accelerated dramatically.

All of our clients were impacted by the extreme volatility in the capital markets and very quickly the dialogue the should they draw on the revolvers, that they have access to capitalists they needed it,

what should they do with their dividend payments, and how should they address performance guidance

for investors in light of the business uncertainty.

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