Mitsubishi UFJ Morgan Stanley Securities (MUMSS) was on Monday absent from at least eight yen bond deals of the kind that it would usually join as the fallout spreads from allegations of financial wrongdoing.

The Development Bank of Japan, the Japan International Cooperation Agency and NEC dropped MUMSS from arranging planned bond deals. MUMSS also wasn’t listed as an underwriter in five bond mandates announced Monday, including those by Chugoku Electric Power and Hokuriku Electric Power, according to statements from underwriters.

Scandals have a history of causing bond underwriters to lose deals in Japan. SMBC Nikko Securities, the brokerage unit of Sumitomo Mitsui Financial Group, also lost business in 2022 after a market manipulation scandal. MUMSS, a Mitsubishi UFJ Financial Group unit, is usually one of the most active arrangers for yen corporate bonds, ranking third in the fiscal year ended March 31, Bloomberg-compiled data shows.

Before the scandal broke in early June, MUMSS was an underwriter for 41 Japanese-currency corporate debt issues out of 63 credited deals in May, according to Bloomberg-compiled data.

A Mitsubishi UFJ Morgan Stanley spokesperson declined to comment on any specific deals.

MUMSS lost more debt-arranging opportunities on Monday after the Securities and Exchange Surveillance Commission said on Friday that Mitsubishi UFJ Financial Group repeatedly violated its clients’ confidentiality by breaking firewalls among the bank’s units.

The SESC called for the group to be penalized, saying that MUFG Bank, Morgan Stanley MUFG Securities and MUMSS exchanged information at least 10 times in order to win business.

Last week, Kanagawa Prefecture, Japan Housing Finance Agency and Aeon dropped the brokerage from arranging bond deals.