May 31, 2018

Japan Securities Dealers AssociationJapanese Bankers Association

Securitization Market Trends Survey Report(Issuance Trends in Fiscal 2017)
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 2017, the period from April
1, 2017 to March 31, 2018.
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 2017, the amount declined yearon-year. The total issuance amount was ¥4,493.6 billion, declining 1.9% from fiscal 2016, while thenumber of issues was 153, up 12.5% 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

8200
Issuance amount(left scale)

153
146
136

6127

150
124

125

107
9 .890

91
8.2

4100
6.8

5.3
4.6
2

4.5503.7

3.63 .4
2.9

2.9

2.7

2.6

Reference: The total issuance amount of corporate straight bonds

13142 .600
FY2004 05

FYamountof issues

2004
5.906

2005
6.907

2006
6.808

2007
9.409

2008
9.610

2009
10.3

11

2010
9.912

2011
8.3

151617(¥trillion)

2012
8.2

2013
8.1

2014

2015

8.7

6.9

2016
11.4

2017※
10.1

※ provisional figure－1－II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount (¥4,493.6 billion) for fiscal 2017 byunderlying assets, the amount of “CDO,” “Consumer loans,” “Shopping credits,” and “Sales

receivables/Commercial bills” increased, whereas in contrast, “RMBS,” “CMBS,” “Leases” and“Others” decreased. (see Chart 2).
Chart 2. Securitization Product Issuance Amount by Underlying Assets
RMBS

Issuance amount（\100 million）

29,452

CMBS

CDO

02,316

Sales
receivables/Commercialbills

Consumer Shoppingcreditsloans

Leases0146

11,299708

Others

Total

1,015

44,936－885

Year on year change（\100 million)－3,805－4＋981－604＋66＋2,231＋263－13

Year on year change（%)－11.4－100.0＋73.5－100.0

＋82.5

＋24.6

＋59.3

－1.3

－1.9

65.5

0.0

5.2

0.0

0.3

25.1

1.6

2.3

100.0

650150252

136153% Ｃｏｍｐｏｓｉｔｉｏｎ
Ref. Number of issues(present FY)Year on year change（number)Year on year change（%)＋21-1－1－2＋1－3＋1＋1＋17＋47.7－100.0－6.3－100.0＋100.0

－5.5

＋8.3

＋20.0

＋12.5

08

09

10

11

12

15

16

17（¥trillion）
108

6

4

20
FY2004 05

06

07

13

14Others

Foundation funds, subordinated-loan, business cash flow,
medical receivables, and othersSales 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 TypeLooking at the securitization product issuance amount (¥4,493.6 billion) by product type, the amountof “Bonds” was ¥2,237.8 billion (49.8% of the total), followed by “Trust beneficiary rights” with
¥2,018.8 billion (44.9%) (see Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type（¥trillion）
10Others

8BondsTrust beneficiary rights

64

20FY2004 05

06

07

08

09

10

11

12

13

14

15

1617

IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥4,493.6 billion) by repayment method, the amount of“Pass-through repayments” was ¥3,889.6 billion (86.6% 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

07

08

09

10

11

12

13

14

15

16

17－3－V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥4,493.6 billion) by planned/average term to maturity,
the most popular term, except for “Not noted”, was “1 year to 3 years” with ¥450.6 billion (10.0% of thetotal), followed by “7 years or more” with ¥62.8 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

4

20FY2004 05

060708

09

1011

1213

1415

16

17

VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥4,493.6 billion) by credit rating, the amount of “AAA”
was ¥3,766.9 billion (83.8% 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

16

17－4－

＜supplementary information＞（ⅰ）RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥2,945.2 billion) by originator, the amount of “Japan Housing
Finance Agency” (JHF) was ¥2,004.3 billion (68.1% of the total), followed by “Others” with ¥600.8billion (20.4%)

and “Commercial / trust banks” with 314.9 billion (10.7%)(see Chartⅰ).
Chartⅰ. RMBS Issuance Amount by Originator（¥trillion）
6Others

5NonbanksRegional banks

4
Commercial /trust banks
Japan Housing Finance Agency

32

10
FY2004 05

06

07

08

09

10

11

12

13

14

15

16

１７

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

（ⅱ）RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥2,945.2 billion) by product type, the amount of “Bonds” was¥2,004.3 billion (68.1% of the total) followed by “Trust beneficiary rights” with ¥833.8 billion (28.3%)(see Chartⅱ).

Chartⅱ. RMBS Issuance Amount by Product Type
6Others

5Bonds4

Trust beneficiary rights

32

10
FY2004 05

06

07

08

09

10

11

12

13

14

15

16

17－5－

（ⅲ）RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥2,945.2 billion) by repayment method, all repayments were
“Pass-through repayments”(see Chartⅲ).

Chartⅲ. RMBS Issuance Amount by Repayment Method（¥trillion）
6

Not noted5Installment repayments

4Lump sum repayments at maturity
Pass-through repayments

3210
FY2004 05060708091011121314151617（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” expanded in April 2017, andcontracted from June 2017 to February 2018(see Chart ⅳ).

Chart ⅳ. JHF Monthly RMBS Launch Spread（％）
1.3
1.2
S Series

1.1
Monthly RMBS

1.00.90.8
0.7
0.6
0.5
0.4
0.30.2*The S Series (The previous housing loan corporation securitized house loan) have not been issued
since December 2009.
└FY 20 04┘└ 05 ┘└ 06 ┘└ 07 ┘└ 08 ┘└ 09 ┘└ 10 ┘└ 11 ┘└ 12 ┘└ 13 ┘└ 14 ┘└ 15 ┘└ 16 ┘└ 17 ┘－6－