UBS may have pared back large parts of its fixed-income business amid efforts to refocus its investment bank in recent years, but that did not stop it posting a multi-year high in debt market revenues during the second quarter.

The Swiss bank posted revenues of Sfr371 million ($410 million) from debt underwriting in the second quarter, up more than 50% year-on-year, and its best quarter for DCM revenues since the second quarter of 2007.