November 30, 2015
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in the First Half of Fiscal 2015)
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 first half of fiscal 2015, theperiod from April 1, 2015 to September 30, 2015.
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 first half of 2015, the amount ofissues increased year on year. Total issuance amount was ¥1,696.6 billion, increasing 54.8% from thefirst half of fiscal 2014, while the number of issues was 58, down 6.5% year on year (Chart 1).
Ref.: The total issuance amount of corporate straight bonds during the first half of fiscal 2015 was¥3,450.2 billion (provisional figure).
Chart 1. Securitization Product Issuance Amount and Number of Issues（issues）
180（¥trillion)

6167

158
5145

138

168

146

134
127

Issuance amount

4150

Number of issues(right scale)

110(left scale)

120

94
379
4.8 4.6

5.2

67

2.9
102.3

3.462 62

54 53 48

29074
52 53

5860

43 38

3.4 3.4
2.3
1.4 1.6 1.3 1.2 1.4

1.9

1.5 1.5 1.3 1.3 1.4

1.1

1.6 1.7

04/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H14/2H15/1H30

0－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the first half of fiscal 2015 by underlying
assets, the all amount except “Others” increased. Above all, the amount of “RMBS” was ¥504 billion
and accounted for most of the total of year on year change (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）

13,275＋5,040＋61.278.2
212120

CMBS287＋287- (※)
1.7
220

CDO
135＋80＋147.1
0.8
103

Sales
Consumer Shopping receivables/Leases
loans
credits
Commercialbills
128323
1,929362＋128＋323＋218＋120- (※)- (※)＋12.7＋49.3
0.8
1.9
11.4
2.1
11218
5123
700
18
17

Others
527
▲192
▲26.7
3.1
3
34

Total
16,966＋6,004＋54.8
100.0586262※YoY change in CMBS, Leases and Consumer loans is shown as “—“ because there were no issues in the same period
last year（¥trillion)

654321004/1H04/2H05/1H05/2H06/1H06/2H07/1H07/2H08/1H08/2H09/1H09/2H10/1H10/2H11/1H11/2H12/1H12/2H13/1H13/2H14/1H14/2H15/1HOthers

Foundation 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

CDO
CMBS
RMBS

（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 (¥1,696.6 billion) by product type, “Bonds”
accounted for 55.1% (¥935.1 billion), followed by “Trust beneficiary rights” with 42.6% (¥723.4billion) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type6Others
5BondsTrust beneficiary rights

4321004/1H 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 15/1HIV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥1,696.6 billion) by repayment method,“Pass-through repayments” accounted for 85.9% (¥1,457.8 billion) of the total (see Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method（¥trillion)
6Not 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 13/1H 13/2H 14/1H 14/2H 15/1H－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥1,696.6 billion) by planned/average term to maturity,“Not noted” accounted for 94.4% (¥1,600.8 billion), followed by “3 years to 5 years ” with 3.0% (¥50.9billion) (see Chart 5).
Chart 5. Securitization Product Issuance Amount by Planned/Average Term to Maturity
6Not noted
7 years or more

55 years to 7 years
43 years to 5 years
1 year to 3 years

3Under 1 year2

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 13/1H 13/2H 14/1H 14/2H 15/1H

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥1,696.6 billion) by credit rating, “AAA” accounted
for 80.3% (¥1,361.8 billion), followed by “A” with 9.6% (¥163.2 billion) (see Chart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating
6
Not noted

5Short-term rating
CCC

4

B
BB

3

BBB
A
AA2AAA

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 13/1H 13/2H 14/1H 14/2H 15/1H－4－＜supplementary information＞（ⅰ） RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥1,327.5 billion) by originator,” Japan Housing FinanceAgency” (JHF) accounted for 65.3% (¥866.7 billion), followed by “Others” with 28.1% (¥373.5billion) (see Chartⅰ).
Chartⅰ. RMBS Issuance Amount by Originator（¥trillion)

4Others
Nonbanks

3Regional 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 13/1H 13/2H 14/1H 14/2H 15/1HNote; The breakdown of "Others" described to "Appendix".

（ⅱ） RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥1,327.5 billion) by product type, “Bonds” accounted for
65.3% (¥866.7 billion), followed by “Trust beneficiary rights” with 34.7% (¥460.8 billion) (see Chartⅱ).
Chartⅱ. RMBS Issuance Amount by Product Type
4Others
Bonds

3

Trust 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 13/1H 13/2H 14/1H 14/2H 15/1H－5－（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥1,327.5 billion) by repayment method, all repayments were
“Pass-through repayments” (see Chartⅲ).
Chartⅲ. RMBS Issuance Amount by Repayment Method
4
Not noted
Installment repayments
Lump sum repayments at maturity

3

Pass-through repayments

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 13/1H 13/2H 14/1H 14/2H 15/1H（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
10-year reference JGB which is most recently priced) for “JHF Monthly MBS” widened during July
2015 to September 2015 (see Chartⅳ).
Chartⅳ. JHF Monthly RMBS Launch Spread

（％）
0.6

0.5

0.4

0.30.2└ 12/2H┘└ 13/1H┘└ 13/2H┘└ 14/1H┘└ 14/2H┘└ 15/1H┘－6－