November 28, 2014 Japan Securities Dealers Association
Securitization Market Balances Survey Report —At September 30, 2014—
This report compiles together the outstanding balances data of Japanese Securitization products from two sources. The first source is the balances data of the securitization products covered by “Securitization Market Trends Survey”. The second source is the residential mortgage-backed securities (RMBS) balances data of the Japan Housing Finance Agency (JHF).
I. Outline of Survey Results
The outstanding balance of the securitization product market totaled ¥16,771.2 billion, down ¥423.6 billion, or 2.5%, from the previous survey (at March 31, 2014). Excluding JHF RMBS, the outstanding balance amounted to ¥5,792.8 billion, declining ¥504.6 billion, or 8.0% from the previous survey.
II. Survey Results
1. Balances by Product Category
(Units: ¥100 million, issues,%)
Month Sept. Mar. Sept. Mar. Sept. Change
Category 2012 2013 2013 2014 2014
Total 179,444 174,609 172,679 171,948 167,712 ▲4,236 （▲2.5）
[ 681 ] [ 623 ] [ 602 ] [ 603 ] [ 600 ] [ ▲3 ]
〃（excluding JHF RMBS） 75,701 68,715 64,830 62,974 57,928 ▲5,046 （▲8.0） [ 535 ] [ 471 ] [ 444 ] [ 439 ] [ 430 ] [ ▲9 ]
RMBS 146,302 144,688 147,072 145,596 143,865 ▲1,731 （▲1.2）
[ 398 ] [ 402 ] [ 406 ] [ 403 ] [ 405 ] [ 2 ]
〃（excluding JHF RMBS） 42,559 38,794 39,223 36,622 34,081 ▲2,541 （▲6.9） [ 252 ] [ 250 ] [ 248 ] [ 239 ] [ 235 ] [ ▲4 ]
CMBS 13,274 11,026 7,630 6,093 4,236 ▲1,856 （▲30.5）
[ 77 ] [ 58 ] [ 44 ] [ 37 ] [ 28 ] [ ▲9 ]
CDO 4,017 3,958 3,471 3,359 3,571 212 （6.3）
[ 34 ] [ 30 ] [ 29 ] [ 27 ] [ 23 ] [ ▲4 ]
Leases 2,302 1,914 1,674 1,396 1,180 ▲216 （▲15.4）
[ 68 ] [ 33 ] [ 26 ] [ 18 ] [ 16 ] [ ▲2 ]
Consumer loans 1,802 801 765 753 579 ▲174 （▲23.1）
[ 11 ] [ 8 ] [ 7 ] [ 8 ] [ 7 ] [ ▲1 ]
Shopping credits 3,150 4,184 4,015 6,272 6,413 141 （2.2）
[ 64 ] [ 63 ] [ 58 ] [ 69 ] [ 82 ] [ 13 ]
Sales receivables/ Commercial bills 393 460 521 545 414 ▲131 （▲24.0）
[ 8 ] [ 11 ] [ 13 ] [ 17 ] [ 17 ] [ 0 ]
Others 8,204 7,579 7,531 7,935 7,454 ▲481 （▲6.1）
[ 21 ] [ 18 ] [ 19 ] [ 24 ] [ 22 ] [ ▲2 ]
Note: 1. Figures in brackets represent the number of applicable issues, figures in parentheses represent the
percentage change from the previous survey; the same applies hereinafter.
Note: 2. Figures represent the five recent survey results, including the current survey; the same applies
hereinafter.
2. Balances by Issuance Category
(Units: ¥100 million, %)
Month Sept. Mar. Sept. Mar. Sept. Change
Category 2012 2013 2013 2014 2014
Total 179,444 174,609 172,679 171,948 167,712 ▲4,236 （▲2.5）
〃（excluding JHF RMBS） 75,701 68,715 64,830 62,974 57,928 ▲5,046 （▲8.0）
Trust beneficiary rights 54,357 48,909 47,123 44,043 39,833 ▲4,210 （▲9.6） Bonds 121,955 122,390 122,686 124,203 124,584 381 （0.3）
〃（excluding JHF RMBS） 18,212 16,495 14,838 15,229 14,800 ▲428 （▲2.8） Others 3,132 3,311 2,869 3,702 3,295 ▲408 （▲11.0）
Reference: The specific types of underlying asset 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: Foundation funds, subordinated-loan, business cash flow, infrastructure-loan,
medical receivables, and others
Reference: Japan Housing Finance Agency RMBS balances
The outstanding balance of JHF RMBS amounted to ¥10,978.4 billion.
(Units: ¥100 million, issues, %)
Month Sept. Mar. Sept. Mar. Sept. Change 2012 2013 2013 2014 2014
Balance 103,743 105,895 107,849 108,974 109,784 810（0.7）
Balance of issues 146 152 158 164 170 6（3.7）
Cumulative issuance 162,643 171,106 179,549 186,047 192,487 6,440（3.5）
Note: Compiled from materials publicly announced by JHF. Includes all issues made by JHF from March
2001 to current base date (including Government Housing Loan Corporation Mortgage-backed Securities).
Figures in parentheses represent percentage change from the previous period.
III. Notes for the Survey
1. Issuance dates
Please be aware that the issuance dates included in the survey differ for JHF RMBS and other securitization products as follows.
(i) For issues other than JHF RMBS, securitization products reported by the “Securitization Market Trends Survey” (issues made since April 2004) are covered by this survey.
—Products issued before the start of the “Securitization Market Trends Survey” (April 1, 2004) are not included.
(ii) All existing JHF RMBS are covered by this survey.
— All issues made by JHF from March 2001 to current base date (including Government Housing Loan Corporation Mortgage-backed Securities) are included.
2. Coverage
Please be aware of the following points regarding coverage of securitization product balances announced based on the “Securitization Market Trends Survey”.
• Reporting is voluntary.
• Reporting only applies to products issued since April 2004.
• Asset-backed loans (ABL) are only covered when either securities or trust beneficiary rights are issued in separate tranches. If only the loan format is used, the issue is not covered.
• Asset-backed commercial paper (ABCP) is, in principle, not covered.
• In the case of securitization products with trust beneficiary rights as their underlying assets, in principle, only the reported securitized products are covered; the underlying trust beneficiary rights are outside the scope of coverage.
3. Supplemental Information
• Products that have reached their final legal maturity date are deemed to have no balance. In addition, securitization products that were issued during the base month for reporting are deemed to have full issuance amount balances.
• The following are the percentages of products within the scope of the survey for which balances could not be determined.
On a number of issues basis: 0.22%; on an issuance amount basis: 0.004%
