November 30, 2012
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report—Issuance Trends in the First Half of 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 first half of fiscal 2012, theperiod from April 1, 2012 to September 30, 2012. 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 first half of 2012, both amount andnumber of issues declined year on year. Total issuance amount was ¥1,538.5 billion, declining 20%
from the first half of fiscal 2011, while the number of issues was 38, down 21% year on year, and thelowest figure since the survey started (Chart 1).
Ref.: The total issuance amount of corporate straight bonds during the first half of fiscal 2012 was¥4,033.9 billion (provisional figure).
Chart 1.

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

180

8167

158

168
160

7134
6145

127

1461385140

Number of issues(right scale)

110Issuance amount(left scale)

120
94

4100
79
80

67
354

5.2
4.8

53

48

4.6

60
432
3.4

3.4

38
40

3.4

2.9

1

2.3

2.3
1.4

0

1.9

1.6
1.3

1.2

1.4

1.5

1.5

04/1H 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 12/1H200－1－II.

Issuance Trends by Underlying Assets

Looking at the securitization product issuance amount for the first half of fiscal 2012 by underlying
assets, the amount of consumer loans, shopping credits, and sales receivables/commercial bills
increased. In contrast, RMBS, CMBS, leases, and others decreased. There were no CDO issues (seeChart 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

11,148▲3,916▲2672
11CMBS140▲422▲7511CDO0▲25▲10000Sales
Consumer Shopping receivables/Leases
loans
credits Commercialbills
220520979376▲20＋520＋367＋56－ （※）▲8＋60＋17136211714Others
2,003
▲298
▲13133Total
15,385▲3,738▲2010038* YoY change in consumer loans is shown as “—“ because there were no issues in the same period last year.

（¥ trillion）
6Others
Sales receivables/Commercial bills

5Shopping credits
Consumer loans

4Leases
CDO
CMBS

3RMBS

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 12/1HReference: 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 (¥1,114.8 billion) by originator, the Japan Housing FinanceAgency (JHF) accounted for 83% (¥925.4 billion) of the total (Chart 3).
Chart 3.

RMBS Issuance Amount by Originator（¥ trillion）
4Others
NonbanksRegional banks

3

Commercial /trust banksJapan 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(ii) Product Type
Looking at the RMBS issuance amount (¥1,114.8 billion) by product type, public and corporate
bonds accounted for 86% (¥954.9 billion) of the total (see Chart 4).
Chart 4.

RMBS Issuance Amount by Product Type（¥ trillion）
4

Others
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－3－(iii) Repayment Method
Looking at the RMBS issuance amount (¥1,114.8 billion) by repayment method, all repayments werepass-through repayments (see Chart 5).
Chart 5.

RMBS Issuance Amount by Repayment Method（¥ trillion）
4
Not noted
Installment repayments

3

Lump sum repayments at maturity
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(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 during thefirst half of fiscal 2012 (see Chart 6).
Chart 6. JHF RMBS Launch Spread
（％）
0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1
└

10 / 1H ┘ └10 / 2H ┘ └11 / 1H ┘ └11 / 2H ┘ └12 / 1H ┘－4－III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥1,538.5 billion) by product type, bonds
accounted for 75% (¥1,154.9 billion), followed by trust beneficiary rights with 22% (¥332.6 billion)(see Chart 7).
Chart 7. Securitization Product Issuance Amount by Product Type（¥ trillion）
6Others

5BondsTrust beneficiary rights

432

10IV.

04/1H 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 12/1HIssuance Trends by Repayment Method

Looking at the securitization issuance amount (¥1,538.5 billion) by repayment method, pass-throughrepayments accounted for 77% (¥1,183.0 billion), followed by lump-sum repayments at maturity with15% (¥237.6 billion) (see Chart 8).
Chart 8.

Securitization Product Issuance Amount by Repayment Method（¥ trillion）
6
Not noted

5Installment repayments
Lump sum repayments at maturity

4Pass-through repayments

32

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－5－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥1,538.5 billion) by planned/average term to maturity,“Not noted” accounted for 80% (¥1,234.9 billion), followed by “5 years to 7 years” with 13% (¥200.0billion) (see Chart 9).
Chart 9.

Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥ trillion）
6
Not noted

57 years or more
5 years to 7 years

4

3 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 12/1HVI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥1,538.5 billion) by credit rating, AAA accounted for82% (¥1,255.6 billion (see Chart 10).
Chart 10. Securitization Product Issuance Amount by Credit Rating（¥ trillion）
6
Not noted
Short-term rating

5CCC
B

4

BBBBB

3

A
AA2

AAA

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－6－