November 28, 2014
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report—Issuance Trends in the First Half of Fiscal 2014—
The following report is a summary of the results of the “Securitization Market Trends Survey” (seeJSDA’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 first half of fiscal
2014, the period from April 1, 2014 to September 30, 2014. For chart data, please see the appendix“Chart Data at a Glance.”

I. Overall Issuance Trends for Securitization Products
Looking at the issuance trends for securitization products in the first half of 2014, amount of issues
declined year on year. Total issuance amount was ¥1,096.2 billion, declining 15.3% from the first halfof fiscal 2013, while the number of issues was 62, up 17.0% year on year, down 16.2% from theprevious period (Chart 1).
Ref.: The total issuance amount of corporate straight bonds during the first half of fiscal 2014 was¥5,212.0 billion (provisional figure).
Chart 1.

Securitization Product Issuance Amount and Number of Issues（¥trillion)
8158

167

168

160

765（issues）
180

134
145

127

146

138
Issuance amount(left scale)

140

Number of issues(right scale)

110

120
94

100
79

474

67
354 53

5.2
4.8

62
48

4.652 53
432
3.4

3.4

80
60

38
40

3.4

2.9

1

2.3

2.3
1.4

0

1.6

1.9
1.3

1.2

1.4

1.5

1.5

1.3

1.3

1.4

20
1.1

04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H 14/1H

0－1－II.

Issuance Trends by Underlying Assets

Looking at the securitization product issuance amount for the first half of fiscal 2014 by underlying
assets, the amount of CDO, shopping credits and others increased. In contrast, RMBS, CMBS, Leases
and Sales receivables/ Commercial bills decreased. (see Chart 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)〃（previous period）〃 （same period of last year）

RMBS

CMBS

CDO

8,235
▲2,526▲23.5
75.1
2020200▲5▲100.0
0.0
02155
41＋310.5
0.5
321SalesConsumer Shopping receivables/loans
credits
Commercialbills
00
1,711242▲2850704▲118▲100.0
- （※）
＋69.9
▲32.7
0.0
0.0
15.6
2.2
00181712
2221
101216

LeasesOthers
719
209
＋40.9
6.6
442

Total
10,962▲1,979▲15.3
100.0627453* YoY change in Consumer loans is shown as “—“ because there were no issues in the same period last year.

（¥trillion)

6Others
Sales receivables/Commercial bills

5

Shopping credits
Consumer loans

4Leases
CDO

3

CMBS
RMBS

210

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1HReference: The specific types of underlying assets for each securitization product category are as follows.
RMBS (Residential Mortgage Backed Securities): Housing loans and loans to individuals to build
commercial apartments
CMBS (Commercial Mortgage Backed Securities): Commercial real estate collateralized loans, commercial
real estate
CDO (Collateralized Debt Obligations): Corporate loans, corporate bonds, credit default swaps, and others
Leases: Lease credits
Consumer loans: Consumer loans, bank card loans
Shopping credits: Shopping loans, credit card loans, automobile loans
Sales receivables/Commercial bills: Sales receivables, commercial bills
Others: Fund receivables, business cash flow, medical fee receivables, and others－2－

RMBS Issuance Trends(i) By Originator
Looking at the RMBS issuance amount (¥ 823.5 billion) by originator, the Japan Housing FinanceAgency (JHF) accounted for 78% (¥644.0 billion) of the total (Chart 3).
Chart 3.

RMBS Issuance Amount by Originator

4
OthersNonbanksRegional banks

3

Commercial /trust banks
Japan Housing Finance Agency

210

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H(ii) Product Type
Looking at the RMBS issuance amount (¥823.5 billion) by product type, bonds accounted for 84%(¥689.5 billion).(see Chart 4).
Chart 4.

RMBS Issuance Amount by Product Type

4Others

3BondsTrust beneficiary rights

210

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H－3－(iii) Repayment Method
Looking at the RMBS issuance amount (¥823.5 billion) by repayment method, all repayments werepass-through repayments (see Chart 5).
Chart 5.

RMBS Issuance Amount by Repayment Method

4
Not noted
Installment repayments

3Lump sum repayments at maturity
Pass-through repayments

210

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H(iv) Spread at Issuance
The launch spread (difference between the RMBS coupon rate and Japanese government bond yieldat time of fixing issuing conditions) for JHF RMBS (monthly issuance bonds) contracted from June toSeptember (see Chart 6).
Chart 6. JHF RMBS Launch Spread（％）
0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1
└ 12/1H┘ └ 12/2H┘ └ 13/1H┘ └ 13/2H┘ └ 14/1H┘－4－III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥1,096.2 billion) by product type, bonds
accounted for 71% (¥780.8 billion), followed by trust beneficiary rights with 27% (¥300.2 billion) (seeChart 7).
Chart 7. Securitization Product Issuance Amount by Product Type
6Others

5BondsTrust beneficiary rights

432

10IV.

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1HIssuance Trends by Repayment MethodLooking at the securitization issuance amount (¥1,096.2 billion) by repayment method, pass-throughrepayments accounted for 83% (¥909.9 billion) of the total. (see Chart 8).
Chart 8.

Securitization Product Issuance Amount by Repayment Method

65

Not noted
Installment repayments

4Lump sum repayments at maturity
Pass-through repayments

32

10

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H－5－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥1,096.2 billion) by planned/average term to maturity,“Not noted” accounted for 94% (¥1,030.7 billion), followed by “5 year to 7 years” with 5% (¥60billion) (see Chart 9).
Chart 9.

Securitization Product Issuance Amount by Planned/Average Term to Maturity

6
Not noted

57 years or more
5 years to 7 years

4

3 years to 5 years
1 year to 3 years

3

Under 1 year210

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥1,096.2 billion) by credit rating, AAA accounted for84% (¥915.3 billion) (see Chart 10).
Chart 10.

65432Securitization Product Issuance Amount by Credit Rating

Not noted
Short-term rating
CCCBBBBBBAAAAAA

1004/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H－6－