May 31, 2018

Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in the Second Half of Fiscal 2017)
This report is a summary of the results of the “Securitization Market Trends Survey” (see JSDA’s
website at <http://www.jsda.or.jp/en/index.html>), conducted monthly by the Japan Securities Dealers
Association (JSDA) and the Japanese Bankers Association (JBA), for the second half of fiscal 2017, theperiod from October 1, 2017 to March 31, 2018.
In addition, please refer to an attached sheet for the numerical data used in a chart.
I. Overall Issuance Trends for Securitization Products
Looking at the issuance trends for securitization products in the second half of fiscal 2017, the amountdeclined year-on-year. The total issuance amount was ¥2,232.4 billion, declining 1.2% from the second
half of fiscal 2016,while the number of issues was 80, up 6.7% year-on-year. (see Chart 1).
Reference: The total issuance amount of corporate straight bonds during the second half of fiscal 2017was ¥4086.0 billion (provisional figure).
Chart 1. Securitization Product Issuance Amount and Number of Issues（¥trillion)
6158167（issues）
180

168

1 45 1 46
Number of issues

5150

1 38134(right scale)

1 27
Issuance amount

1 104120(left scale)94
38 0 907975 73

74
5.2
67

6 7 614.862 624.658

5 4 5 3 48

52 53

2
3.460

43 38

3.4 3.4

2.9
2.32 .3 2 .3 2 .3 2 .2

2.3

1

1.9
1.4 1.6

1.3 1.2 1.4

30

1 .7 1 .9
1 .6

1.5 1.5 1.3 1.3 1.4
1.10004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2H－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the second half of fiscal 2017 byunderlying assets, the amount of “CDO,” “Consumer loans,” and “Sales receivables/Commercial bills”
increased, whereas in contrast, “RMBS,” “CMBS,” “Shopping credits” and “Others” decreased. (seeChart 2).
Chart 2. Securitization Product Issuance Amount by Underlying Assets

Issuance amount（\100 million）
Year on year change（\100 million)
Year on year change（%)% Ｃｏｍｐｏｓｉｔｉｏｎ
Ref. Number of issues(present period)
Year on year change(number)Year on year change（%)

RMBS

CMBS

CDO

14,670－753－4.9
65.7
36＋12＋50.0

0－4－100.0
0.0
0-1－100.0

1,069＋210＋24.4
4.8
7－4－36.4

Leases

0＋0
-(＊)
0.0
0＋0
-(＊)

Consumer Shopping
creditsloans
146＋66＋82.5
0.7
2＋1＋100.0

5,907－35－0.6
26.5
26－4－13.3

Sales
receivables/
Commercialbills

526＋252＋91.8
2.4
7＋1＋16.7

OthersTotal

6－7－53.50.02＋0＋0.0

22,324－271－1.2
100.080＋5＋6.7* YoY change in “Leases” is shown as “—“ because there were no issues in the same period last year.

Note: From a survey based on September 30,2016, we reviewed some of the underlying assets
classification. Please refer to the "Explanation Materials" in the attachment for details.

（¥trillion）
654321004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2HOthersFoundation funds, subordinated-loan, business cash flow,
medical receivables, and others

Sales receivables/Commercial bills

Sales receivables, commercial bills

Shopping credits

Shopping loans, credit card loans, automobile loans

Consumer loans

Consumer loans, bank card loans

LeasesLease credits

CDO
CMBS
RMBS

（Collateralized Debt Obligations）
Corporate loans, corporate bonds, credit default swaps, and others（Commercial Mortgage-backed Securities）
Commercial real estate collateralized loans, commercial real estate（Residential Mortgage-backed Securities）
Housing loans and loans to individuals to build commercial apartments－2－III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥2,232.4 billion) by product type, the amountof “Trust beneficiary rights” was ¥1,118.3 billion (50.1% of the total), followed by “Bonds” with
¥1,009.4 billion (45.2%) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type（¥trillion）
65Others
Bonds
4

Trust beneficiary rights
321004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2H

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥2,232.4 billion) by repayment method, the amountof “Pass-through repayments” was ¥1,991.9 billion (89.2 % of the total) (see Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method（¥trillion）
65

Not noted
Installment repayments
4Lump sum repayments at maturity
Pass-through repayments
321004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2H－3－

V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥2,232.4 billion) by planned/average term tomaturity, the most popular term, except for “Not noted”, was “1 year to 3 years ” with ¥227.8 billion(10.2% of the total) (see Chart 5).
Chart 5. Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion）
6Not noted
57 years or more
5 years to 7 years
43 years to 5 years
1 year to 3 years

3Under 1 year
21004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2H

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥2,232.4 billion) by credit rating, the amount of“AAA” was ¥1,878.3 billion (84.1% of the total) (see Chart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating（¥trillion）
6

Not noted
Short-term rating
5ＣＣＣＢ
4

ＢＢ
ＢＢＢ
3ＡＡＡ
ＡＡＡ

21004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2H－4－

＜supplementary information＞（ⅰ）RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥1,467.0 billion) by originator, the amount of “Japan
Housing Finance Agency” (JHF) was ¥936.2 billion (63.8% of the total), followed by “Others” with
¥382.2 billion (26.1%) and “Commercial / trust banks” with ¥139.6 billion (9.5%) (see Chartⅰ).
Chartⅰ. RMBS Issuance Amount by Originator（¥trillion）
4Others
Nonbanks

3Regional banks
Commercial /trust banks
Japan Housing Finance Agency

21004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2H

Note: A breakdown of “Others” is provided the Appendix.（FY2012 1st Half）and later.

（ⅱ）RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥1,467.0 billion) by product type, the amount of “Bonds”
was ¥936.2 billion (63.8% of the total), followed by “Trust beneficiary rights” with ¥478.2 billion(32.6%) (see Chartⅱ).

Chartⅱ. RMBS Issuance Amount by Product Type（¥trillion）
43Others
Bonds
Trust beneficiary rights
21004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2H－5－（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥1,467.0 billion) by repayment method, all repayments were
“Pass-through repayments” (see Chartⅲ).

Chartⅲ. RMBS Issuance Amount by Repayment Method（¥trillion）
4

Not noted
Installment repayments
3Lump sum repayments at maturity
Pass-through repayments
21004/1H 2H 05/1H 2H 06/1H 2H 07/1H 2H 08/1H 2H 09/1H 2H 10/1H 2H 11/1H 2H 12/1H 2H 13/1H 2H 14/1H 2H 15/1H 2H 16/1H 2H 17/1H 2H（ⅳ）Launch Spread at Issuance (JHF Monthly MBS)The launch spread (spread between the coupon rate of “JHF Monthly MBS” and the yield of themost recently priced 10-year reference JGB) for “JHF Monthly MBS” contracted from October 2017to February 2018 (see Chart ⅳ).

Chart ⅳ. JHF Monthly RMBS Launch Spread（％）
0.6

0.5

0.4

0.3
└13/1H ┘└13/2H ┘└14/1H ┘└14/2H ┘└15/1H ┘└15/2H ┘└16/1H ┘└16/2H ┘└17/1H ┘└17/2H ┘－6－