Jefferies posted record sales and trading revenues during the second quarter, driven by its fixed-income unit, which nearly tripled earnings compared to the same period last year.

The independent investment bank, which is seen as a bellwether for its larger rivals that report their second-quarter results in mid-July, made $493.1m in fixed income, or a 184% surge on the same period in 2019. Overall, its sales and trading unit made $730.2m in the second quarter – a 93% increase on last year.