May 29, 2015
Japan Securities Dealers Association
Japanese Bankers Association

Securitization Market Trends Survey Report—Issuance Trends in the Second 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 second half of fiscal
2014, the period from October 1, 2014 to March 31, 2015. 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 second half of 2014, the amount ofissues increased year on year. Total issuance amount was ¥1,552.4 billion, increasing 9.8% from thefirst half of fiscal 2014, while the number of issues was 62, down 16.2% year on year (Chart 1).
Ref.: The total issuance amount of corporate straight bonds during the second half of fiscal 2014 was¥3,503.5 billion (provisional figure).
Chart 1.

Securitization Product Issuance Amount and Number of Issues（¥trillion)
9
158
8（issues）
180

167

168
160
134

7

138
6

145

127

146

140

110

Issuance amount(left scale)5

Number of issues(right scale)

120

94

100
79

4

74

67

62 62
54 53

3

48

5.2
4.8

52 53
43

4.6

80
60

38
40

2
3.4

3.4

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

1.6

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 14/2H

0

－1－

II.

Issuance Trends by Underlying Assets

Looking at the securitization product issuance amount for the second half of fiscal 2014 byunderlying assets, the amount of RMBS, CMBS, leases and shopping credits increased. In contrast,
CDO, consumer loans, sales receivables/ commercial bills and others decreased (see 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(present period)〃（previous period）〃 （same period of last year）

10,151
＋956
＋10.4
65.4
21
20
20

CMBS
274
＋3
＋1.1
1.8
2
0
2

CDO
0
▲22
▲100
0.0
0
3
2

Sales
Consumer Shopping receivables/
Leasesloans
credits
Commercial
bills
907
65
3,742
339
＋806
▲115
＋377
▲231
＋797.5
▲63.9
＋11.2
▲40.6
5.8
0.4
24.1
2.2
5
1
23
7
0
0
18
17
1
2
22
21

Others
48
▲390
▲89.1
0.3
3
4
4

Total
15,524＋1,384
＋9.8
100.0
62
62
74

（¥trillion)

6

Others5

Sales receivables/Commercial bills
Shopping credits
Consumer loans

4Leases
CDO

3

CMBS
RMBS

2
1
0

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

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－III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥1,552.4 billion) by product type, trust
beneficiary rights accounted for 49.6% (¥769.9 billion), followed by bonds with 43.8% (¥679.8 billion)(see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type6

5

Others
Bonds

4

Trust beneficiary rights

3

2

1

0

IV.

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

Issuance Trends by Repayment Method

Looking at the securitization issuance amount (¥1,552.4 billion) by repayment method, pass-throughrepayments accounted for 82.9% (¥1,287.7 billion) of the total. (see Chart 4).
Chart 4.

Securitization Product Issuance Amount by Repayment Method

65

Not noted
Installment repayments

4

Lump sum repayments at maturity
Pass-through repayments

3

2

1

0

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H14/2H－3－

V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥1,552.4 billion) by planned/average term to maturity,“Not noted” accounted for 94.6% (¥1,468.1 billion), followed by “1 year to 3 years” with 5.4% (¥84.3
billion)(see Chart 5).
Chart 5.

Securitization Product Issuance Amount by Planned/Average Term to Maturity

6
Not noted

5

7 years or more
5 years to 7 years

4

3 years to 5 years
1 year to 3 years

3

Under 1 year

2

1

0

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

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥1,552.4 billion) by credit rating, AAA accounted for
90.4% (¥1,404.1 billion) (see Chart 6).
Chart 6.
6

5

4

Securitization Product Issuance Amount by Credit Rating
Not noted
Short-term rating
CCC
B
BB
BBB

3

A
AA

2

AAA

1

0

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H14/2H－4－

＜supplementary information＞(i) RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥ 1,015.1 billion) by originator, the Japan Housing FinanceAgency (JHF) accounted for 59.1% (¥599.8 billion), followed by others with 27.5% (¥279.2 billion)(Chart 7).
Chart 7.

RMBS Issuance Amount by Originator

4
OthersNonbanks
Regional banks

3

Commercial /trust banks
Japan Housing Finance Agency

2

1

0

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H14/2H(ii) RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥1,015.1 billion) by product type, bonds accounted for
63.9% (¥648.3 billion), followed by trust beneficiary rights with 36.1% (¥366.8 billion) (see Chart 8).
Chart 8.

RMBS Issuance Amount by Product Type

4
Others3

Bonds
Trust beneficiary rights

2

1

0

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

－5－

(iii) RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥1015.1 billion) by repayment method, all repayments werepass-through repayments (see Chart 9).
Chart 9.

RMBS Issuance Amount by Repayment Method

4
Not noted
Installment repayments

3

Lump sum repayments at maturity
Pass-through repayments

2

1

0

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H14/2H(iv) Spread at Issuance (JHF RMBS)
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) leveled out during
October 2014 to February 2015 but widened in March (see Chart 10).
（％）

Chart 10. JHF RMBS Launch Spread

0.6

0.5

0.4

0.3

0.2
└ 12/2H┘ └ 13/1H┘ └ 13/2H┘ └ 14/1H┘ └ 14/2H┘－6－