May 31, 2016
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in the Second 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 second half of fiscal 2015,
the period from October 1, 2015 to March 31, 2016.
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 second half of fiscal 2015, both theamount and number of issues increased year on year. The total issuance amount was ¥1,912.6 billion,
increasing 23.2% from the second half of fiscal 2014, while the number of issues was 67, up 8.1% year
on year. This amount was the largest since the second half of fiscal 2008 (see Chart 1).
Reference: The total issuance amount of corporate straight bonds during the second half of fiscal
2015 was ¥3,491.0 billion (provisional figure).
Chart 1. Securitization Product Issuance Amount and Number of Issues（¥trillion)
61585168

167
145

138（issues）
180

146

134
127(right scale)

110Issuance amount

4150

Number of issues

120(left scale)

94
390

79
4.8

5.2

74
67

4.6

54 53 482
3.462 6252 53

67586043 38

3.4 3.4

2.9
10

2.3

2.3
1.4 1.6 1.3

1.9
1.2

1.4

1.5 1.5 1.3 1.3 1.4

1.6 1.7

1.930

1.104/1H 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 2H0－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the second half of fiscal 2015 byunderlying assets, the amount of “RMBS,” “CDO,” “Consumer loans,” “Shopping credits” and “Sales
receivables/Commercial bills” increased, whereas in contrast, “CMBS,” “Leases” and “Others”
decreased. Above all, the issuance amount of “RMBS” was the largest since the second half of fiscal
2011 (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）

13,472＋3,321＋32.7
70.4
192121

CMBS152
▲122
▲44.4
0.8
222

CDO
268＋268- (※)
1.4
5
10Leases
168▲739▲81.5
0.9
215Salesreceivables/
Commercialbills
4,587
373＋845＋34＋22.6＋10.0
24.0
2.0
288
218237

Consumer Shopping
creditsloans90＋25＋38.50.5111OthersTotal

16▲32▲67.30.123319,1263,601＋23.2
100.0675862※YoY change in CDO 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 2HOthers

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 (¥1,912.6 billion) by product type, the amountof “Bonds” was ¥1,351.0 billion (54.1% of the total), followed by “Trust beneficiary rights” with
¥794.6 billion (41.5%) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type（¥trillion）
6Others
5BondsTrust beneficiary rights

4321004/1H 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

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥1,912.6 billion) by repayment method, the amountof “Pass-through repayments” was ¥1,690.2 billion (88.4% of the total) (see Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method（¥trillion）
6

Not noted
54

Installment repayments
Lump sum repayments at maturity
Pass-through repayments

32

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－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥1,912.6 billion) by planned/average term to maturity,
the amount of “Not noted” was ¥1,824.0 billion (95.4% of the total), followed by “1 years to 3 years”
with ¥73.1 billion (3.8%) (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

3Under 1 year2

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

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥1,912.6 billion) by credit rating, the amount of“AAA” was ¥1,681.1 billion (87.9% of the total), followed by “A” with ¥142.5 billion (7.5%) (seeChart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating（¥trillion）
6

Not noted5

Short-term rating
ＣＣＣＢ

4

ＢＢ
ＢＢＢ

3ＡＡＡ
ＡＡＡ

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－4－＜supplementary information＞（ⅰ）RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥1,347.2 billion) by originator, the amount of “Japan
Housing Finance Agency” (JHF) was ¥1,008.6 billion (74.9% of the total), followed by “Others” with
¥264.1 billion (19.6%) (see Chart ⅰ).
Chart ⅰ. RMBS Issuance Amount by Originator（¥trillion）
4Others
Nonbanks3Regional 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

Note; The breakdown of "Others" described to "Appendix".

（ⅱ）RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥1,347.2 billion) by product type, the amount of “Bonds”
was ¥1,008.6 billion (74.9% of the total), followed by “Trust beneficiary rights” with ¥338.6 billion(25.1%) (see Chart ⅱ).
Chart ⅱ. RMBS Issuance Amount by Product Type（¥trillion）
4OthersBonds
3

Trust 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－5－

（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥1,347.2 billion) by repayment method, all repayments were
“Pass-through repayments” (see Chart ⅲ).
Chart ⅲ. RMBS Issuance Amount by Repayment Method（¥trillion）
4

Not noted
Installment repayments
3

Lump sum repayments at maturity
Pass-through repayments

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（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” remained at around 0.55%
during October 2015 to February 2016, while contracted in March 2016 (see Chart ⅳ).
Chart ⅳ. JHF Monthly RMBS Launch Spread（％）
0.6

0.5

0.4

0.3
└12 / 2H ┘└13 / 1H ┘└13 / 2H ┘└14 / 1H ┘└14 / 2H ┘└15 / 1H ┘└15 / 2H ┘－6－