May 31, 2017

Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in Fiscal 2016)
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 fiscal 2016, the period from April
1, 2016 to March 31, 2017.
In addition, please refer to an attached sheet for the numerical data used in a chart.
I. Overall Issuance Trends for Securitization ProductsLooking at the issuance trends for securitization products in fiscal 2016, both the amount and numberof issues increased year on year. The total issuance amount was ¥4,582.1 billion, increasing 27.0% fromfiscal 2015, while the number of issues was 136, up 8.8% year on year. This amount was the largest since
fiscal 2008 (see Chart 1).
Chart 1. Securitization Product Issuance Amount and Number of Issues（¥trillion）（¥trillion）
14
14
3 31212
296
2 96
1212

（issues）（issues）
350
350

3 31414

Number of issues(right scale)

300
300

2 261611010

2502502 20404
88200
200

Issuance amount(left scale)

1 1464666

1 12727 1 12424 1 12525

1 10707
9 9.8.8

9 91 1

1 13636 150
150

9 90 08 8.2.2

44100
100

6 6.8.8
5 5.3.3

4 4.6.6

22

3 3.7.7
2 2.9.9

2 2.6.6

0909

1010

3 3.6.6

3 3.4.4

2 2.9.9

2 2.7.7

2 2.6.6

1111

1212

1313

1414

00

5050
00

FY2004 0505
FY2004

0606

0707

0808

Reference: The total issuance amount of corporate straight bonds
FYamountof issues

2004
5.9

2005
6.9

2006
6.82007
9.4

2008
9.6

2009
10.3

2010
9.9

2011
8.3

15151616(¥trillion)
2012
8.2

2013
8.1

2014
8.7

2015
6.9

2016※11.4※ provisional figure－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount (¥4,582.1 billion) for fiscal 2016 byunderlying assets, the amount of “RMBS,” “CDO,” “Leases,” “Shopping credits” and “Others”

increased, whereas in contrast, “CMBS,” “Consumer loans,” and “Sales receivables/Commercial bills”
decreased. Above all, the issuance amount of “RMBS” was the largest since the financial crisis of 2008.
In addition, “Shopping credits” increased for the fifth consecutive year (see Chart 2).
Chart 2. Securitization Product Issuance Amount by Underlying Assets

RMBSIssuance amount（\100 million）
Year on year change（\100 million)
Year on year change（%)% Ｃｏｍｐｏｓｉｔｉｏｎ
Ref. Number of issues(present FY)Year on year change（number)Year on year change（%)

33,257＋6,080＋22.4
72.6
44＋1＋2.3

CMBS4－6－58.0
0.0
10＋0.0

CDOLeases

1,335＋932＋231.3
2.9
16＋10＋166.7

604＋309＋104.6
1.3
2－1－33.3Salesreceivables/
Commercialbills
9,068
444＋2,552－291＋39.2－39.6
19.8
1.0
55
12＋6－4＋12.2－25.0

Consumer Shopping
creditsloans
80－333－80.6
0.2
1－1－50.0

OthersTotal

1,028＋485＋89.5
2.2
5＋0＋0.045,821＋9,729
＋27.0
100.0
136＋11＋8.81516（¥trillion）
1086

420
FY20040506070809

1011

1213

14

OthersFoundation funds, subordinated-loan, business cash flow,
medical receivables, and others

Sales receivables/Commercial bills

Sales receivables, commercial bills

Shopping creditsShopping 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 (¥4,582.1 billion) by product type, the amountof “Bonds” was ¥2,726.4 billion (59.5% of the total), followed by “Trust beneficiary rights” with
¥1,718.4 billion (37.5%) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type（¥trillion）
10Others
Bonds

8

Trust beneficiary rights
6

4

20FY2004

05

06

0708

09

10

11

12

13

14

15

16

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥4,582.1 billion) by repayment method, the amount of“Pass-through repayments” was ¥3,981.9 billion (86.9% of the total) (see Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method（¥trillion）
10

Not noted
Installment repayments

8Lump sum repayments at maturity
6Pass-through repayments

420FY2004

05

060708091011121314

1516－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥4,582.1 billion) by planned/average term to maturity,
the most popular term, except for “Not noted”, was “1 year to 3 years” with ¥306.3 billion (6.7% of thetotal), followed by “5 years to 7 years ” with ¥100.0 billion (2.2%)(see Chart 5).
Chart 5. Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion）
10Not noted
7 years or more

85 years to 7 years
3 years to 5 years

6
1 year to 3 years
Under 1 year

4

20FY2004

05

06

07

08

09

10

11

12

13

14

15

16

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥4,582.1 billion) by credit rating, the amount of “AAA”
was ¥3,934.7 billion (85.9% of the total) (see Chart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating（¥trillion）
10Not noted
Short-term rating
ＣＣＣ8Ｂ
ＢＢ
ＢＢＢ

6ＡＡＡ
ＡＡＡ

420
FY20040506070809

101112131415

16－4－＜supplementary information＞（ⅰ）RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥3,325.7 billion) by originator, the amount of “Japan Housing
Finance Agency” (JHF) was ¥2,528.0 billion (76.0% of the total), followed by “Others” with ¥493.3billion (14.8%) and “Commercial / trust banks” with 295.8 billion (8.9%)(see Chartⅰ).
Chartⅰ. RMBS Issuance Amount by Originator（¥trillion）
6Others

5Nonbanks
Regional banks

4
Commercial /trust banks
Japan Housing Finance Agency

3210FY2004

05

06

07

08

09

101112131415

16

Note: A breakdown of “Others” is provided in the “Appendix”.（FY2012） and later.

（ⅱ）RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥3,325.7 billion) by product type, the amount of “Bonds” was¥2,528.0 billion (76.0% of the total) followed by “Trust beneficiary rights” with ¥771.3 billion (23.2%)(see Chartⅱ).

Chartⅱ. RMBS Issuance Amount by Product Type（¥trillion）
6Others

5BondsTrust beneficiary rights

432

10
FY20040506

070809101112131415

16－5－（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥3,325.7 billion) by repayment method, all repayments,
except for “Not noted”, were “Pass-through repayments” with ¥3,318.6 billion (99.8%) (see Chartⅲ).
Chartⅲ. RMBS Issuance Amount by Repayment Method（¥trillion）
6Not noted

5Installment repaymentsLump sum repayments at maturity

4Pass-through repayments

32

10
FY200405060708

0910111213141516（ⅳ）Launch Spread at Issuance (JHF Monthly MBS)The launch spread (the spread between the coupon rate of “JHF Monthly MBS” and the yield of themost recently priced 10-year reference JGB) for “JHF Monthly MBS” contracted from April 2016 toJanuary 2017 and thereafter remained flat (see Chart ⅳ).

Chart ⅳ. JHF Monthly RMBS Launch Spread（％）
1.3
1.2
S Series

1.1
Monthly RMBS

1.0
0.9
0.8
0.70.60.5
0.4
0.3
0.2
└FY 20 04┘└ 05 ┘└ 06 ┘└ 07 ┘└ 08 ┘└ 09 ┘└ 10 ┘└ 11 ┘└ 12 ┘└ 13 ┘└ 14 ┘└ 15 ┘└ 16 ┘*The S Series (The previous housing loan corporation securitized house loan) have not been issued
since December 2009.
－6－