May 30, 2014
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report—Issuance Trends in the Fiscal 2013—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 fiscal 2013, theperiod from April 1, 2013 to March 31, 2014. For chart data, please see the appendix “Chart Data at aGlance.”
I. Overall Issuance Trends for Securitization ProductsLooking at the issuance trends for securitization products in the fiscal 2013, amount of issues
declined year on year. Total issuance amount was ¥2,708.1 billion, declining 5% from the fiscal 2012,
while the number of issues was 127, up 41% year on year (Chart 1).
Chart 1. Securitization Product Issuance Amount and Number of Issues（¥trillion)（issues）

12320
312

10296

314

261

280

Issuance amount9.8(left scale)

Number of issues(right scale)

204

8

240

8.2

200
146
6.8

6160
107

5.3

127
91

490

3.7

2
2.9

2.6

3.4

120
80

2.9

2.70400FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013

Ref.: The total issuance amount of corporate straight bonds(¥trillion)

FY2004

FY2005

FY2006

FY2007

FY2008FY2009FY2010FY2011FY2012FY2013※

5.9

6.9

6.8

9.4

9.6

10.3

9.9

8.3

8.2

8.1

※ provisional figure－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the fiscal 2013 by underlying assets, theamount of CDO increased for the first time in six years. In addition, the amount of salesreceivables/commercial bills increased for four consecutive years, and shopping credit increased
for two consecutive years. In contrast, RMBS, CMBS, leases, consumer loans, and others decreased(Chart 2).
Chart 2. Securitization Product Issuance Amount by Underlying Assets
RMBS
Issuance amount（\100 million）
Year on year change（\100 million)
Year on year change（%)% Ｃｏｍｐｏｓｉｔｉｏｎ
Ref. Number of issues

19,955▲934▲47440

CMBS276▲17▲613Leases

CDO3535- （※）
03Consumerloans386▲313▲4512Sales
receivables/Commercialbills
931
4,371341,185＋4＋373163437Shoppingcredits

180▲470▲7212Others

Total

948
▲1,079▲534627,081▲1,559▲5100127* YoY change in CDO is shown as “—“ because there were no issues in the same period last year.

（¥trillion)

10Others

9Sales receivables/Commercial bills

8Shopping credits

7Consumer loans
Leases

6CDO

5CMBS

4RMBS

3210
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
Reference: 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 (¥1,995.5 billion) by originator, the Japan Housing FinanceAgency (JHF) accounted for 75% (¥1,494.1 billion) of the total (Chart 3).
Chart 3. RMBS Issuance Amount by Originator（¥trillion)
6Others
Nonbanks

5Regional banks
Commercial /trust banks

4

Japan Housing Finance Agency

3210
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013(ii) Product Type
Looking at the RMBS issuance amount (¥1.995.5 billion) by product type, bonds accounted for 79%(¥1,572.6 billion) of the total (Chart 4).

（¥trillion)

Chart 4. RMBS Issuance Amount by Product Type

65Others
Bonds

4

Trust beneficiary rights

3210
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013－3－

(iii) Repayment Method
Looking at the RMBS issuance amount (¥1,995.5 billion) by repayment method, all repayments werepass-through repayments (Chart 5).
（¥trillion)

Chart 5. RMBS Issuance Amount by Repayment Method

6
Not noted
Installment repayments

5Lump sum repayments at maturity
Pass-through repayments

43210
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013(iv) Spread at Issuance
The launch spread (difference between the RMBS coupon rate and Japanese government bond yieldat the time of fixing issuing conditions) for JHF RMBS (monthly issuance bonds) contracted to August
2013, expanded in September 2013, contracted to February 2014 and expanded in March (Chart 6).
（％）
1.3

Chart 6. JHF RMBS Launch Spread

1.2

S Series

1.1

Monthly RMBS1.00.90.80.70.60.50.40.30.2└ FY 2005 ┘└ FY 2006 ┘└ FY 2007 ┘└ FY 2008 ┘└ FY 2009 ┘└ FY 2010 ┘└ FY 2011 ┘└ FY 2012 ┘└ FY 2013 ┘*The S Series (The previous housing loan corporation securitized house loan) have not been issued
since December 2009.
－4－

III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥2,708.1 billion) by product type, bonds
accounted for 61% (¥1,662.6 billion), followed by trust beneficiary rights with 32% (¥ 876.1billion)(Chart 7).
Chart 7. Securitization Product Issuance Amount by Product Type（¥trillion)

1098Others

7BondsTrust beneficiary rights

6543210FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2013 FY2013

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥2,708.1 billion) by repayment method, pass-throughrepayments accounted for 84% (¥2,281.3 billion) (Chart 8).
Chart 8. Securitization Product Issuance Amount by Repayment Method（¥trillion)

109

Not noted

8Installment repayments

7Lump sum repayments at maturity

6Pass-through repayments

543210FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013－5－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥2,708.1 billion) by planned/average term to maturity,“Not noted” accounted for 92% (¥2,497.0 billion), followed by “3 years to 5 years” with 3% (¥70.0billion) and “1 year to 3 years” with 2% (¥58.5 billion) (Chart 9).
Chart 9. Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion)

109Not noted

87 years or more

75 years to 7 years
3 years to 5 years

61 year to 3 years

5Under 1 year

43210
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥2,708.1 billion) by credit rating, AAA accounted for
90% (¥2,426.3 billion) (Chart 10).
Chart 10. Securitization Product Issuance Amount by Credit Rating（¥trillion)

109

Not noted
Short-term rating

8CCC

7B

6BBBBB5A4AA3AAA210FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013－6－