Bank of America Merrill Lynch has matched its Wall Street rivals by posting soaring fixed income trading revenues in the second quarter, while bucking another trend among US bulge-bracket investment banks by posting a healthy rise in mergers and acquisitions advisory revenues.

The US bank on July 18 reported its results for the three months to June 30, announcing that fixed income trading revenues, excluding the effects of debt valuation adjustments, surged 22% to $2.6 billion - the highest quarterly tally since the first three months of 2015, matching earlier results of JP Morgan and Citigroup.