May 31, 2016
Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in 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 fiscal 2015, the period from
April 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 ProductsLooking at the issuance trends for securitization products in the fiscal 2015, both the amount andnumber of issues increased year on year. The total issuance amount was ¥3,609.2 billion, increasing
36.3% from the fiscal 2014, while the number of issues was 125, up 0.8% year on year. This amount
was the largest since fiscal 2009 (see Chart 1).
Chart 1. Securitization Product Issuance Amount and Number of Issues（¥trillion）
14312（issues）
350

314

296

Number of issues(right scale)

12261

300

10250
204

8200

Issuance amount(left scale)

6146

9.8
8.24127107

124

91

90

3.4

2.9

2.7

2.6

111213

14

125

100

6.8
5.3

2

3.7

2.9

2.6

09

10

150

3.6

0

50
0

FY2004

05

06

0708

15

Reference: The total issuance amount of corporate straight bonds(¥trillion)
FY
amountof issues

2004
5.9

2005
6.9

2006
6.8

2007
9.4

2008
9.6

2009
10.3

2010
9.9

2011
8.3

2012
8.2

2013
8.1

2014
8.7

2015※
6.9

※ provisional figure－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the fiscal 2015 by underlying assets, theamount of “RMBS,” ”CMBS,” ”CDO,” ”Consumer loans,” “Shopping credits” and ”Sales
receivables/Commercial bills” increased, whereas in contrast, “Leases” and “Others” decreased.
Above all, the issuance amount of “RMBS” was the largest since fiscal 2008. In addition, “Shoppingcredits” increased for the fourth consecutive year (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 FY)〃（previous FY）

CMBS

CDOLeases

Sales
receivables/
Commercialbills
6,516735＋1,063＋154＋19.5＋26.4
18.1
2.0
49164124

Consumer Shopping
creditsloans

26,747＋8,362＋45.5
74.1
40
41

439＋166＋60.6
1.2
42403＋349＋638.3
1.1
63

296
▲611
▲67.4
0.8
35413＋348＋535.4
1.1
2
107

08

09

1011Others

Total543
▲224
▲29.2
1.5
5
7

36,092
9,606
＋36.3
100.0
1251241415（¥trillion）
108

6

4

20
FY20040506

1213Others

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 (¥3,609.2 billion) by product type, the amountof “Bonds” was ¥1,970.2 billion (54.6% of the total), followed by “Trust beneficiary rights” with
¥1,518.0 billion (42.1%) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type（¥trillion）
10Others
8BondsTrust beneficiary rights

6420
FY20040506070809

1011121314

15

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥3,609.2 billion) by repayment method, the amountof “Pass-through repayments” was ¥3,148.0 billion (87.2% of the total) (see Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method（¥trillion）
10

Not noted
Installment repayments

8Lump sum repayments at maturity
6

Pass-through repayments

4

20FY2004

05

06

07

08

09

10

11

12

13

14

15－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥3,609.2 billion) by planned/average term to maturity,
the amount of “Not noted” was ¥3,424.9 billion (94.9% of the total), followed by “1 years to 3 years”
with ¥114.4 billion (3.2%) and “3 year to 5 years” with ¥52.3 billion (1.4%) (see Chart 5).
Chart 5. Securitization Product Issuance Amount by Planned/Average Term to Maturity（¥trillion）
10
Not noted
7 years or more

85 years to 7 years
3 years to 5 years

6

1 year to 3 years
Under 1 year

420
FY2004

05

06

0708

09

10

1112131415

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥3,609.2 billion) by credit rating, the amount of“AAA” was ¥3,042.9 billion (84.3% of the total) (see Chart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating（¥trillion）
10

Not noted
Short-term rating
ＣＣＣ

8Ｂ
ＢＢ
ＢＢＢ

6Ａ
ＡＡ
ＡＡＡ

4

20
FY2004

05

06

07

08

09

10

11

12

13

14

15－4－

＜supplementary information＞（ⅰ）RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥2,674.7 billion) by originator, the amount of “Japan
Housing Finance Agency” (JHF) was ¥1,875.3 billion (70.1% of the total), followed by “Others” with¥637.6 billion (23.8%) (see Chart ⅰ).
Chart ⅰ. RMBS Issuance Amount by Originator6（¥trillion）
OthersNonbanks

5Regional banks

4

Commercial /trust banks
Japan Housing Finance Agency

32
10
FY2004

05

06

07

08

09

10

11

12

13

1415

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

（ⅱ）RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥2,674.7 billion) by product type, the amount of “Bonds”
was ¥1,875.3 billion (70.1% of the total) followed by “Trust beneficiary rights” with ¥799.4 billion(29.9%) (see Chart ⅱ).
Chart ⅱ. RMBS Issuance Amount by Product Type（¥trillion）
6Others
5BondsTrust beneficiary rights

432
10FY2004

05

06

07

08

09

1011

1213

14

15－5－（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥2,674.7 billion) by repayment method, all repayments were
“Pass-through repayments” (see Chart ⅲ).
Chart ⅲ. RMBS Issuance Amount by Repayment Method（¥trillion）
6

Not noted
5Installment repayments
Lump sum repayments at maturity4Pass-through repayments
3210FY2004

05

06070809

101112131415（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” gradually expanded from July
2015, while contracted in March 2016 (see Chart ⅳ).
Chart ⅳ. JHF Monthly RMBS Launch Spread
1.3
1.2
1.1
1.0（％）S SeriesMonthly RMBS

0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
└FY 20 04┘└ 05 ┘└ 06 ┘└ 07 ┘└ 08 ┘└ 09 ┘└ 10 ┘└ 11 ┘└ 12 ┘└ 13 ┘└ 14 ┘└ 15 ┘*The S Series (The previous housing loan corporation securitized house loan) have not been issued
since December 2009.
－6－