JP Morgan Chase has created a new team in Southeast Asia focusing on debt, according to a memo seen by The Wall Street Journal, highlighting the growing importance of both the region and debt capital markets to investment banks in Asia amid an explosion in bond issuance this year.

According to the memo, JP Morgan will relocate its current co-head of high-yield and sovereign debt in Asia excluding Japan, Simon Page, to Singapore from Hong Kong, where he will also assume a new position heading up a Southeast Asian debt capital markets team.