May 31, 2019Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in the Second Half of Fiscal 2018)
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 2018, theperiod from October 1, 2018 to March 31, 2019.
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 2018, the amountincreased year-on-year. The total issuance amount was ¥2,624.2 billion, increasing 17.6% from thesecond half of fiscal 2017, while the number of issues was 83, up 3.8% year-on-year. (see Chart 1).
Reference: The total issuance amount of corporate straight bonds during the second half of fiscal 2018was ¥4,803.6 billion (provisional figure).
Chart 1. Securitization Product Issuance Amount and Number of Issues－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the second half of fiscal 2018 byunderlying assets, the amount of “RMBS,” “CDO,” “Leases,” “Consumer loans,” and “Others”
increased, whereas in contrast,“Sales receivables/Commercial bills” 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)
Year on year change(number)Year on year change（%)

15,086＋416＋2.8
57.5
40＋4＋11.1

CMBS0＋0-(＊)
0.0
0＋0-(＊)

CDO
1,422＋353＋33.0
5.4
7＋0＋0.0

Leases436＋436-(＊)
1.7
2＋2-(＊)

Consumer Shopping
creditsloans
406＋260＋178.1
1.5
3＋1＋50.0

Sales
receivables/
Commercialbills

8,641＋2,734＋46.3
32.9
24－2－7.7

OthersTotal

180
71－346＋65－65.8 ＋1,083.3
0.7
0.3
6
1－1－1－14.3－50.0

26,242＋3,918
＋17.6
100.0
83＋3＋3.8* YoY change in “CMBS” and “Leases” is shown as “—“ because there were no issues in the same period last year.

（¥trillion）
654321004/1H2H05/1H2H06/1H2H07/1H2H08/1H2H09/1H2H10/1H2H11/1H2H12/1H2H13/1H2H14/1H2H15/1H2H16/1H2H17/1H2H18/1H2HOthersFoundation 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

CDOCMBSRMBS（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 (¥2,624.2 billion) by product type, the amountof “Trust beneficiary rights” was ¥1,402.1 billion (53.4% of the total), followed by “Bonds” with¥1,039.2 billion (39.6%) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type（¥trillion）
6Others
5BondsTrust beneficiary rights

4321004/1H 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 18/1H 2H

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥2,624.2 billion) by repayment method, the amountof “Pass-through repayments” was ¥2,277.8 billion (86.8 % of the total) (see Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method（¥trillion）
6Not noted
54Installment repayments
Lump 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 18/1H 2H－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥2,624.2 billion) by planned/average term tomaturity, the most popular term, except for “Not noted”, was “1 year to 3 years ” with ¥80.9 billion(3.1% of the total) (see Chart 5).
Chart 5. Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion）

6

Not noted
57 years or more
5 years to 7 years

43 years to 5 years
1 year to 3 years

3

Under 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 18/1H 2H

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥2,624.2 billion) by credit rating, the amount of“AAA” was ¥2,277.5 billion (86.8% of the total) (see Chart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating（¥trillion）

6

Not noted
5Short-term rating
ＣＣＣ
Ｂ

4

ＢＢ
ＢＢＢ

3ＡＡＡ

2ＡＡＡ

1004/1H 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 18/1H 2H－4－

＜supplementary information＞（ⅰ）RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥1,508.6 billion) by originator, the amount of “Japan
Housing Finance Agency” (JHF) was ¥949.9 billion (63.0% of the total), followed by “Commercial /trust banks” with ¥321.3 billion (21.3%) and “Others” with ¥237.4 billion (15.7%) (see Chartⅰ).
Chartⅰ. RMBS Issuance Amount by Originator（¥trillion）
4Others
Nonbanks

3Regional banks
Commercial /trust banks
Japan Housing Finance Agency

21004/1H2H05/1H2H06/1H2H07/1H2H08/1H2H09/1H2H10/1H2H11/1H2H12/1H2H13/1H2H14/1H2H15/1H2H16/1H2H17/1H2H18/1H2H

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 (¥1,508.6 billion) by product type, the amount of “Bonds”
was ¥949.9 billion (63.0% of the total), followed by “Trust beneficiary rights” with ¥507.2 billion(33.6%) (see Chartⅱ).
Chartⅱ. RMBS Issuance Amount by Product Type（¥trillion）
4Others

3BondsTrust 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 18/1H 2H－5－（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥1,508.6 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
3

Lump sum repayments at maturity
Pass-through repayments
21004/1H2H05/1H2H06/1H2H07/1H2H08/1H2H09/1H2H10/1H2H11/1H2H12/1H2H13/1H2H14/1H2H15/1H2H16/1H2H17/1H2H18/1H2H（ⅳ）Launch Spread at Issuance (Japan Housing Finance Agency MBS) 1
The launch spread for“JHF Monthly MBS”remained flat (see Chart ⅳ).
Chart ⅳ. JHF Monthly RMBS Launch Spread（％）
0.6

Monthly
Series T

0.5

0.4

0.3

0.2
└13/1H ┘└13/2H ┘└14/1H ┘└14/2H ┘└15/1H ┘└15/2H ┘└16/1H ┘└16/2H ┘└17/1H ┘└17/2H ┘└18/1H ┘└18/2H ┘1The “Monthly” Launch Spread refers to the spread between the coupon rate of JHF Monthly MBS and yield of themost recently priced 10-year reference JGB.
The “Series T” Launch Spread refers to the spread between the coupon rate of JHF Series T MBS and yield of themost recently priced 5-year reference JGB.
The “Series T” category was added to the data as of the first half of FY2018.

－6－