May 31, 2013
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report—Issuance Trends in the Second Half of Fiscal 2012—
The following report is a summary of the results of the “Securitization Market Trends Survey” (seeJSDA’s website at <http:www.jsda.co.jp>), conducted monthly by the Japan Securities Dealers
Association (JSDA) and the Japanese Bankers Association (JBA), for the second half of fiscal 2012,
the period from October 1, 2012 to March 31, 2013. For chart data, please see the appendix “ChartData at a Glance.”
I. Overall Issuance Trends for Securitization Products
Looking at the issuance trends for securitization products in the second half of 2012, amount ofissues declined year on year. Total issuance amount was ¥1,325.5 billion, declining 11% from thesecond half of fiscal 2011, while the number of issues was 52, up 21% year on year (Chart 1).
Ref.: The total issuance amount of corporate straight bonds during the second half of fiscal 2012 was¥4,112.5 billion (provisional figure).
Chart 1.

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

167

168

160

7134

65（issues）
180

138

145

127

146

110

Issuance amount(left scale)

140

Number of issues(right scale)

120

94

100
79

480

67354 53

5.2
4.8

48

4.6

52
43

2
3.4

3.4

60

38
40

3.4

2.9

1

2.3

2.3
1.4

0

1.9

1.6
1.3

1.2

1.4

1.5

1.5

1.3

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 12/2H200－1－II.

Issuance Trends by Underlying Assets

Looking at the securitization product issuance amount for the second half of fiscal 2012 byunderlying assets, the amount of shopping credits, sales receivables/commercial bills, and others
increased. In contrast, RMBS, CMBS, leases, and consumer loans decreased. There were no CDO
issues (see Chart 2).
Chart 2.

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

Securitization Product Issuance Amount by Underlying Assets

RMBS

CMBS

CDO

9,741
▲1,001▲973
16153▲1,135▲88110▲100▲10000Leases
479▲250▲3442Consumerloans

Sales
receivables/
Commercialbills
2,207521＋1,185＋132＋116＋34174
1416

Shoppingcredits

130▲540▲8112Others
25＋25－01Total
13,255▲1,684▲1110052* YoY change in others 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
CMBS

3

RMBS

2
1004/1H 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

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 (¥ 974.1billion) by originator, the Japan Housing FinanceAgency (JHF) accounted for 87% (¥846.3 billion) of the total (Chart 3).
Chart 3.

RMBS Issuance Amount by Originator

4Others
Nonbanks

3

Regional banks
Commercial /trust banks
Japan Housing Finance Agency

21004/1H 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(ii) Product Type
Looking at the RMBS issuance amount (¥974.1 billion) by product type, public and corporate bonds
accounted for 89% (¥871.8 billion) of the total (see Chart 4).
Chart 4.

RMBS Issuance Amount by Product Type（¥trillion)
4Others

3BondsTrust beneficiary rights

21004/1H 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－3－

(iii) Repayment Method
Looking at the RMBS issuance amount (¥974.1 billion) by repayment method, all repayments werepass-through repayments (see Chart 5).
Chart 5.

RMBS Issuance Amount by Repayment Method（¥trillion)
4
Not noted
Installment repayments

3

Lump sum repayments at maturity
Pass-through repayments

2

1004/1H 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(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) expanded to February
and contracted in March 2013(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
└

10/2H

┘└

11/1H

┘└

11/2H

┘└

12/1H

┘└

12/2H

┘

－4－

III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥1,325.5 billion) by product type, bonds
accounted for 66% (¥871.8 billion), followed by trust beneficiary rights with 27% (¥364.4 billion) (seeChart 7).
Chart 7. Securitization Product Issuance Amount by Product Type（¥trillion)
6Others

5BondsTrust beneficiary rights

432

10IV.

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 12/2HIssuance Trends by Repayment Method

Looking at the securitization issuance amount (¥1,325.5 billion) by repayment method, pass-throughrepayments accounted for 88% (¥1,168.8 billion) of the total. (see Chart 8).
Chart 8.

Securitization Product Issuance Amount by Repayment Method（¥trillion)
6
Not noted

5Installment repayments
Lump sum repayments at maturity

4Pass-through repayments

321004/1H 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－5－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥1,325.5 billion) by planned/average term to maturity,“Not noted” accounted for 93% (¥1,232.0 billion), followed by “1 year to 3 years” with 6% (¥80.5billion) (see Chart 9).
Chart 9.

Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion)
6Not noted
7 years or more

55 years to 7 years
3 years to 5 years

4

1 year to 3 years
Under 1 year321004/1H 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

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥1,325.5 billion) by credit rating, AAA accounted for92% (¥1,225.3 billion (see Chart 10).
Chart 10.
Securitization Product Issuance Amount by Credit Rating（¥trillion）

6

Not noted

5Short-term rating
CCC

432BBB
BBB
A
AAAAA

1004/1H 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－6－