UBS has built its Australian fixed income business around breadth. Since the start of 2025, it has been one of the few investment banks active across every sector of the market, spanning domestic and offshore corporates, Australian, Asian, US, Canadian and European financials, federal and state government debt, global sovereigns, and supranationals and agencies. That coverage allows the bank to give issuers advice that is not tied to a single market or investor base.
The reach matters most to public-sector borrowers. Between January 2025 and mid-2026, UBS raised AUD69.1 billion ($48 billion) in fixed-rate funding for federal and state government issuers, putting it close to the AUD72.5 billion arranged by the top-ranked bank.
During the tariff shock of April 2025, trading on UBS’s Australian rates desks increased rather than dried up, as clients rushed to reposition
UBS also uses its global platform to widen funding options in both directions. The share of Australian dollar clients it took into deeper offshore markets to complete their funding rose from 19% to 24%. At the same time, it brought international issuers into the Australian dollar market, which drew growing offshore investor participation in 2025 as global investors looked to diversify away from US dollar assets. That two-way connectivity lets borrowers build a broader investor base without giving up their domestic footprint, and positions UBS on both sides of one of the market’s clearest structural shifts.
Liquidity held up when it was tested. During the tariff shock of April 2025, trading on UBS’s Australian rates desks increased rather than dried up, as clients rushed to reposition – consistent with the desks’ record through earlier episodes of stress such as the start of the Russia-Ukraine war. The bank has backed the business with continued investment in its fixed income capability and a deliberate focus on retaining senior staff, giving clients consistent coverage through volatile markets.
