SMBC Nikko Securities Inc.’s head of capital markets APAC ex-Japan and four of the firm’s other bankers have left its Hong Kong office Wednesday, according to people familiar with the matter.

Leo Tong, who ran the Japanese securities firm’s Asian fixed income business outside of Japan, was hired from CLSA Ltd. in 2020, as SMBC sought to expand his unit’s business overseas.

The four others who left also were part of the debt capital market group, the people said, asking not to be named in discussing matters not publicly disclosed. Their departures come as debt capital market deals in the region have slowed this year.

Chinese issuers have only sold about $37 billion of dollar notes so far this year, compared to $67 billion in the year-ago period, according to Bloomberg League Tables.

A spokesperson for SMBC Nikko declined to comment on Tong and others’ departures.

--With assistance from Takashi Nakamichi.

Author: Lorretta Chen, Jackie Cai and Denise Wee