May 29, 2015
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report—Issuance Trends in Fiscal 2014—
The following report is a summary of the results of the “Securitization Market Trends Survey” (seeJSDA’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 2014, the period
from April 1, 2014 to March 31, 2015. For chart data, please see the appendix “Chart Data at aGlance.”
I. Overall Issuance Trends for Securitization Products
Looking at the issuance trends for securitization products in the fiscal 2014, both amount andnumber of issues declined year on year. Total issuance amount was ¥2,648.6 billion, declining 2.2%
from the fiscal 2013, while the number of issues was 124, down 2.4% year on year (Chart 1).
Chart 1. Securitization Product Issuance Amount and Number of Issues（¥trillion)（issues）

14350
314

312
296

12300
261

10

Number of issues(right scale)Issuance amount(left scale)

250

204

8200
146

6127
107

9.8

91

8.2

4150

124

90

100

6.8
5.3

2

3.7

2.9

2.60910

3.4

50
2.9

2.7

2.6

1213

1400
FY20040506

0708

11Ref.: The total issuance amount of corporate straight bonds
FYamountof issues

2004
5.9

2005
6.9

2006
6.8

2007
9.4

2008
9.6200910.3(¥trillion)
2010
9.9

2011
8.3

2012
8.2

2013
8.1

2014
8.7

※ provisional figure－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the fiscal 2014 by underlying assets, theamount of leases increased for the first time in three years. In addition, the amount of CDO
increased for the second consecutive year, and shopping credits increased for the third consecutiveyear. In contrast, RMBS, CMBS, consumer loans, sales receivables/commercial bills and others
decreased (Chart 2).
Chart 2. Securitization Product Issuance Amount by Underlying Assets
CMBS

RMBS
Issuance amount（\100 million）
Year on year change（\100 million)
Year on year change（%)% Ｃｏｍｐｏｓｉｔｉｏｎ
Ref. Number of issues

18,386▲1,569
▲7.9
69.4
41274
▲2▲0.8
1.02

CDOLeases

55＋20＋56.9
0.2
3907＋521＋134.8
3.4
5Consumerloans

Sales
receivables/Commercialbills
581
5,453
▲349＋1,081▲37.5＋24.7
2.2
20.62441

Shoppingcredits

65▲115▲63.90.2
1Others767▲182▲19.22.97Total
26,486▲595▲2.2100.0124（¥trillion)

10Others

9Sales receivables/Commercial bills

8

Shopping credits
Consumer loans

7Leases

6CDO

5CMBS

4RMBS

3210FY2004

05060708091011121314

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－III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥2,648.6 billion) by product type, bonds
accounted for 55.1% (¥1,460.6 billion), followed by trust beneficiary rights with 40.4% (¥ 1,070.1billion) (Chart 3).
（¥trillion)

Chart 3. Securitization Product Issuance Amount by Product Type

109Others

8Bonds7

Trust beneficiary rights

654
32
10
FY2004

05

06

0708

09

10111213

14

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥2,648.6 billion) by repayment method, pass-throughrepayments accounted for 83.0% (¥2,197.6 billion) (Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method（¥trillion)

109
Not noted

8Installment repayments

7Lump sum repayments at maturity

6Pass-through repayments

54
32
10
FY2004

05

06

0708

09

10

11

12

13

14－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥2,648.6 billion) by planned/average term to maturity,“Not noted” accounted for 94.3% (¥2,498.8 billion), followed by “1 years to 3 years” with 3.2% (¥84.3billion) and “5 year to 7 years” with 2.3% (¥60.0 billion) (Chart 5).
Chart 5. Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion)

109Not noted

87 years or more
5 years to 7 years

73 years to 5 years

6

1 year to 3 years

5Under 1 year

432
10FY2004

05

06

0708

09

10

111213

14

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥2,648.6 billion) by credit rating, AAA accounted for
87.6% (¥2,319.4 billion) (Chart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating（¥trillion)

10

Not noted

9Short-term rating

8CCC

7BBB

6BBB5A

4AA
AAA

3210
FY2004

0506

0708

09

1011121314－4－＜Supplementary information＞(i) RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥1,838.6 billion) by originator, the Japan Housing FinanceAgency (JHF) accounted for 67.7% (¥1,243.8 billion), followed by others with 17.3% (¥318.0 billion)(Chart 7).
Chart 7. RMBS Issuance Amount by Originator（¥trillion)
6Others

5Nonbanks
Regional banks

4

Commercial /trust banks
Japan Housing Finance Agency

3210FY200405060708091011121314(ii) RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥1,838.6 billion) by product type, bonds accounted for
72.8% (¥1,337.8 billion) followed by trust beneficiary rights with 27.2% (¥500.8 billion) (Chart 8).

（¥trillion)

Chart 8. RMBS Issuance Amount by Product Type

6Others

5BondsTrust beneficiary rights

43210
FY20040506

0708091011121314－5－(iii) RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥1,838.6 billion) by repayment method, all repayments werepass-through repayments (Chart 9).

（¥trillion)

Chart 9. RMBS Issuance Amount by Repayment Method

6

Not noted

5Installment repayments
Lump sum repayments at maturity

4Pass-through repayments

32

10
FY2004

05

06

0708

09

1011121314(iv) Spread at Issuance (JHF RMBS)
The launch spread (difference between the RMBS coupon rate and Japanese government bond yieldat the time of fixing issuing conditions) for JHF RMBS (monthly issuance bonds) contracted from June2014 to February 2015, but expanded in March 2015 (Chart 10).
（％）
1.3

Chart 10. JHF RMBS Launch Spread

1.2

S Series

1.1

Monthly RMBS

1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2

└FY 2004 ┘└ 05 ┘└ 06 ┘└ 07 ┘└ 08 ┘└ 09 ┘└ 10 ┘└ 11 ┘└ 12 ┘└ 13 ┘└ 14 ┘*The S Series (The previous housing loan corporation securitized house loan) have not been issued
since December 2009.
－6－