November 30, 2018
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in the First 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 first half of fiscal 2018, theperiod from April 1,2018 to September 30,2018.
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 fiscal 2018, the amountdeclined year-on-year. The total issuance amount was ¥2,162.6 billion, declining 4.4% from the first halfof fiscal 2017,while the number of issues was 77, up 5.5% year-on-year. (see Chart 1).
Reference: The total issuance amount of corporate straight bonds during the first half of fiscal 2018was ¥5,648.0 billion (provisional figure).
Chart 1. Securitization Product Issuance Amount and Number of Issues（¥trillion)
615851 38167（issues）
180

168

1 45 146
134
127

Issuance amount(left scale)

4150

Number of issues(right scale)110120

94

379
4.8

5.2674.662 62

54 5 3 4 823 .4

7452 536 7 6175 73

80 77 90

5860

43 38

3 .43 .4

2 .9
102.3

2.3
1.41.61.9
1.31 .21 .4

1.51.51 .31 .31.4

1.1

1.6

1 .71 .9

2.32.32.32.22 .2

3004/1H 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 18/1H0－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the first half of fiscal 2018 by underlying
assets, the amount of “CMBS,” “Shopping credits,” and “Sales receivables/Commercial bills”
increased, whereas in contrast, “RMBS,” “CDO,” and “Others” 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（%)

13,166－1,617－10.9
60.9
40＋11＋37.9

CMBS365＋365-(※)
1.766-(＊)

CDO
415－833－66.7
1.9
4－4－50.0

Leases0＋0-(※)
0.0
0＋0
-(＊)

Consumer Shopping
creditsloans
0＋0-(※)
0.0
0＋0-(＊)

Sales
receivables/
Commercialbills

6,936＋1,545＋28.7
32.1
21－5－19.2

244＋62＋34.1
1.1
5－1－16.7

Others500－509－50.4
2.3
1－3－75.0

Total
21,626－986－4.4
100.0
77＋4＋5.5* YoY change in CMBS, Leases and Consumer loans is shown as “—“ because there were no issues in the same period
last year.

（¥trillion）
654321004/1H 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 18/1HOthers

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
CMBSRMBS（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 (¥2,162.6 billion) by product type, the amountof “Bonds” was ¥1,182.6 billion (54.7% of the total), followed by “Trust beneficiary rights” with¥844.7 billion (39.1%) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type（¥trillion）
65Others
Bonds

4

Trust beneficiary rights
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 18/1HIV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥2,162.6 billion) by repayment method, the amountof “Pass-through repayments” was ¥1,827.0 billion (84.5 % 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－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥2,162.6 billion) by planned/average term tomaturity, the most popular term, except for “Not noted”, was “5 year to 7 years ” with ¥50.0 billion(2.3% of the total) (see Chart 5).
Chart 5. Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion）

6

Not noted
5

7 years or more
5 years to 7 years

4

3 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

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥2,162.6 billion) by credit rating, the amount of“AAA” was ¥1,803.1 billion (83.4% of the total) (see Chart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating（¥trillion）

6

Not noted
Short-term rating

5ＣＣＣ
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－4－＜supplementary information＞（ⅰ）RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥1,316.6 billion) by originator, the amount of “Japan
Housing Finance Agency” (JHF) was ¥1,059.0 billion (80.4% of the total), followed by “Others” with
¥142.0 billion (10.8%) and “Commercial / trust banks” with ¥112.3 billion (8.5%) (see Chartⅰ).
Chartⅰ. RMBS Issuance Amount by Originator（¥trillion）
4Others
Nonbanks

3Regional banks
Commercial /trust banks
Japan Housing Finance Agency

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

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 (¥1,316.6 billion) by product type, the amount of “Bonds”
was ¥1,059.0 billion (80.4% of the total), followed by “Trust beneficiary rights” with ¥196.4 billion(14.9%) (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－5－（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥1,316.6 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

2

1004/1H2H05/1H2H06/1H2H07/1H2H08/1H2H09/1H2H10/1H2H11/1H2H12/1H2H13/1H2H14/1H2H15/1H2H16/1H2H17/1H2H18/1H（ⅳ）Launch Spread at Issuance (Japan Housing Finance Agency MBS) 1
The launch spread for“JHF Monthly MBS”began to narrow from the issuance at June 2018 andremained flat thereafter (see Chart ⅳ).
Chart ⅳ. JHF MBS Launch Spread（％）
0.6
MonthlySeries T0.5

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 ┘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 the－6－

most recently priced 5-year reference JGB.
The “Series T” category was added to the data as of the first half of FY2018.

－7－