May 31, 2019Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in 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 fiscal 2018, the period from April
1, 2018 to March 31, 2019.
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 fiscal 2018, the amount increased yearon-year. The total issuance amount was ¥4,786.7 billion, increasing 6.5% from fiscal 2017, while thenumber of issues was 160, up 4.6% year on year. (see Chart 1).
Chart 1. Securitization Product Issuance Amount and Number of Issues（¥trillion）
14312
2 96
12（issues）
350
314

Number of issues(right scale)

300

261
10250
204

8160

Issuance amount(left scale)6153

1 46127 1 24 125

107
9 .891

8 .24136

150

90

100

6.8
5.3

23.72002.92 .6

09

10

3.4

2.9

2.7

2 .6

111213143 .6

4.6

4.5

4.8

16

1718

50

00
FY2004 05

06

0708

15

Reference: The total issuance amount of corporate straight bondsFYamountof issues(¥trillion)

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018*

5.9

6.9

6.8

9.4

9.6

10.3

9.9

8.3

8.2

8.1

8.7

6.9

11.4

10.1

10.5

*provisional figure－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount(¥4,786.7 billion) for fiscal 2018 byunderlying assets, the amount of “CMBS,” “Leases” “Consumer loans,” and “Shopping credits,”
increased, whereas in contrast, “RMBS,” “CDO,” “Sales receivables/Commercial bills” 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)

CMBS

CDO

28,251365

Consumer Shoppingcreditsloans

Leases

1,837

436

406

15,578

Sales
receivables/Commercialbills

424

OthersTotal571

47,867＋2,931－1,201＋365－480＋436＋260＋4,279－284－444Year on year change（%)

－4.1

-(＊)

－20.7

-(＊)

＋178.1

＋37.9

－40.1

－43.7＋6.5% Ｃｏｍｐｏｓｉｔｉｏｎ

59.00.8

3.8

0.90.8

32.5

0.9

1.2

100.080

6112345112160Ref. Number of issues(present FY)Year on year change（number)Year on year change（%)＋15＋6－4＋2＋1－7－2－4＋7＋23.1

-(＊)

－26.7

-(＊)

＋50.0

－13.5

－15.4

－66.7

＋4.6

* YoY change in “CMBS” and “Leases” is shown as “—“ because there were no issues in the same period last year.

（¥trillion）
1086420FY2004 05060708

09101112131415

16Others

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

1718

（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 (¥4,786.7 billion) by product type, the amountof “Trust beneficiary rights” was ¥2,246.8 billion (46.9% of the total), followed by “Bonds” with
¥2,221.7 billion (46.4%) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type（¥trillion）
10Others

8BondsTrust beneficiary rights
6420FY2004 0506070809101112131415161718

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥4,786.7 billion) by repayment method, the amount of“Pass-through repayments” was ¥4,104.7 billion (85.8% of the total) (see Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method（¥trillion）
10

Not noted
8Installment repayments
Lump sum repayments at maturity

6

Pass-through repayments

420FY2004 05

06

07080910111213

1415

16

17

18－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥4,786.7 billion) by planned/average term to maturity,
the most popular term, except for “Not noted”, was “1 year to 3 years” with ¥102.6 billion (2.1% of thetotal), followed by “5 years to 7 years” with ¥50.0 billion (1.0%)(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

61 year to 3 years
Under 1 year

420FY2004 0506070809

101112131415161718VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥4,786.7 billion) by credit rating, the amount of “AAA”
was ¥4,080.5 billion (85.2% 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

420
FY2004 05

06

0708

09

10

1112131415

16

1718－4－＜supplementary information＞（ⅰ）RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥2,825.1 billion) by originator, the amount of “Japan Housing
Finance Agency” (JHF) was ¥2,008.9 billion (71.1% of the total), followed by “Commercial / trust banks”
with ¥433.6 billion (15.3%) and “Others” with 379.4 billion (13.4%)(see Chartⅰ).
Chartⅰ. RMBS Issuance Amount by Originator（¥trillion）
6Others
Nonbanks

5Regional banks
Commercial /trust banks

4

Japan Housing Finance Agency

3210
FY2004 05

06

07

08

09

1011121314

15

Note: A breakdown of “Others” is provided in the “Appendix”.（FY2012） and later.

161718（ⅱ）RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥2,825.1 billion) by product type, the amount of “Bonds” was¥2,008.9 billion (71.1% of the total), followed by “Trust beneficiary rights” with ¥703.7 billion (24.9%)(see Chartⅱ).
Chartⅱ. RMBS Issuance Amount by Product Type
6Others
5BondsTrust beneficiary rights

43
2

10
FY2004 05

06

07

08

09

10

11

12

13

14

15

16

17

18－5－

（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥2,825.1 billion) by repayment method, all repayments were
“Pass-through repayments”(see Chartⅲ).
Chartⅲ. RMBS Issuance Amount by Repayment Method（¥trillion）
6
Not noted

5Installment repayments
Lump sum repayments at maturity

4Pass-through repayments

32
10FY2004 0506070809

101112131415

161718（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 Monthly RMBS Launch Spread
1.3（％）

1.2Monthly

1.1
1.0

Series S2

0.9

Series T3

0.8
0.7
0.6

0.5
0.4
0.30.2└2004┘└ 05 ┘└ 06 ┘└ 07 ┘└ 08 ┘└ 09 ┘└ 10 ┘└ 11 ┘└ 12 ┘└ 13 ┘└ 14 ┘└ 15 ┘└ 16 ┘└ 17 ┘└ 18 ┘
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.

－6－2

The S Series (The previous housing loan corporation securitized house loan) have not been issued since December

2009.
3

The “Series T” Launch Spread refers to the spread between the coupon rate of JHF Series T MBS and yield of themost recently priced 5-year reference JGB.
The “Series T” category was added to the data as of the first half of FY2018.

－7－