May 31, 2013
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report—Issuance Trends in the 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 fiscal 2012, the period from
April 1, 2012 to March 31, 2013. 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 fiscal 2012, both amount andnumber of issues declined year on year. Total issuance amount was ¥2,864.1billion, declining 16%
from the fiscal 2011, while the number of issues was 90, down 1% year on year, and the lowest figure
since the survey started (Chart 1).
Chart 1.

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

12320
312

10296

314

261

Issuance amount9.8(left scale)

8280

Number of issues(right scale)

204

240

8.2

200
146
6.8

6160
107

5.3

120

91

490

3.722.92.63.480402.900
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

Ref.: The total issuance amount of corporate straight bonds
The fiscal 2012 (provisional figure) (¥trillion)
FY2004

FY2005

FY2006

FY2007

FY2008FY2009FY2010FY2011FY2012

5.9

6.9

6.8

9.4

9.6

10.3

9.9

8.3

8.2－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the fiscal 2012 by underlying assets, theamount of shopping credits increased for the first time in four years, and receivables/commercial bills
increased for three consecutive year. In contrast, RMBS, CMBS, leases, consumer loans, and others
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

20,888▲4,917▲197327293▲1,557▲84120▲125▲10000

LeasesConsumerloans

699▲270▲2823Shoppingcredits

650▲20▲323Sales
receivables/Commercialbills

3,186＋1,552＋951121897＋188＋26330Others

2,028▲273▲1274Total

28,641▲5,422▲1610090（¥trillion)

10Others

9Sales receivables/Commercial bills

8Shopping credits
Consumer loans

7Leases

6CDO

5CMBS
RMBS

43210

FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

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 (¥2,088.8 billion) by originator, the Japan Housing FinanceAgency (JHF) accounted for 85% (¥1,771.7 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

32

10
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012(ii) Product Type
Looking at the RMBS issuance amount (¥2,088.8 billion) by product type, public and corporate
bonds accounted for 87% (¥1,826.7 billion) of the total (see Chart 4).
Chart 4.

RMBS Issuance Amount by Product Type（¥trillion)

654Others
Bonds
Trust beneficiary rights

3210
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012－3－(iii) Repayment Method
Looking at the RMBS issuance amount (¥2,088.8 billion) by repayment method, all repayments werepass-through repayments (see Chart 5).
Chart 5.

RMBS Issuance Amount by Repayment Method（¥trillion)

6
Not noted

5

Installment repayments
Lump sum repayments at maturity

4Pass-through repayments

3210
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012(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 to November
2012, expanded to February 2013 and contracted in March.(see Chart 6).
Chart 6. JHF RMBS Launch Spread（％）
1.3
1.2
1.1
1.0

S Series※

0.9
0.8
0.7
0.6
0.5
0.4

Monthly RMBS

0.30.2└ FY 2004 ┘└ FY 2005 ┘└ FY 2006 ┘└ FY 2007 ┘└ FY 2008 ┘└ FY 2009 ┘└ FY 2010 ┘└ FY 2011 ┘└ FY 2012 ┘*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 (¥2,864.1 billion) by product type, bonds
accounted for 71% (¥2,026.7 billion), followed by trust beneficiary rights with 24% (¥ 697.0billion)(see Chart 7).
Chart 7. Securitization Product Issuance Amount by Product Type（¥trillion)

109Others

8Bonds7

Trust beneficiary rights6543210FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥2,864.1 billion) by repayment method, pass-throughrepayments accounted for 82% (¥2,351.8 billion) (see Chart 8).
Chart 8.

Securitization Product Issuance Amount by Repayment Method（¥trillion)

109Not noted8

Installment repayments

7Lump sum repayments at maturity

6Pass-through repayments

543210FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012－5－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥2,864.1 billion) by planned/average term to maturity,“Not noted” accounted for 86% (¥2,466.9 billion), followed by “5 years to 7 years” with 7% (¥200.0billion) and “1 year to 3 years” with 6% (¥168.6 billion) (see Chart 9).
Chart 9.

Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion)

109

Not noted

87 years or more

75 years to 7 years
3 years to 5 years

61 year to 3 years5Under 1 year

43210
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥2,864.1 billion) by credit rating, AAA accounted for
87% (¥2,481.0 billion) (see Chart 10).
Chart 10.

Securitization Product Issuance Amount by Credit Rating（¥trillion)

109Not noted
Short-term rating

8CCC

7B

6BB
BBB

5A4AA3AAA210FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012－6－