May 31, 2016 Japan Securities Dealers Association Japanese 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 Products
Looking at the issuance trends for securitization products in the fiscal 2015, both the amount and number 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
Reference: The total issuance amount of corporate straight bonds
(¥trillion)
※ provisional figure
5.3
8.2
9.8
6.8
3.7
2.9 2.6 3.4 2.9 2.7 2.6 3.6
296 312 314 261 204 146 107 91 90
127 124 125
0 50 100 150 200 250 300 350 0 2 4 6 8 10 12 14
FY2004 05 06 07 08 09 10 11 12 13 14 15
（¥trillion）
（issues）
Number of issues (right scale)
Issuance amount (left scale)
FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015※
amount
II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the fiscal 2015 by underlying assets, the amount 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, “Shopping credits” increased for the fourth consecutive year (see Chart 2).
Chart 2. Securitization Product Issuance Amount by Underlying Assets
RMBS CMBS CDO Leases Consumer loans
Shopping credits
Sales receivables/
Commercial bills
Others Total
Issu an c e amo u n t（ \ 1 0 0 millio n ） 26,747 439 403 296 413 6,516 735 543 36,092 Ye ar o n ye ar c h an ge （ \ 1 0 0 millio n ) ＋8 ,3 6 2 ＋1 6 6 ＋3 4 9 ▲6 1 1 ＋3 4 8 ＋1 ,0 6 3 ＋1 5 4 ▲2 2 4 9,606 Ye ar o n ye ar c h an ge （ % ) ＋4 5 .5 ＋6 0 .6 ＋6 3 8 .3 ▲6 7 .4 ＋5 3 5 .4 ＋1 9 .5 ＋2 6 .4 ▲2 9 .2 ＋3 6 .3 % Ｃｏｍｐｏｓ ｉｔｉｏｎ 74.1 1.2 1.1 0.8 1.1 18.1 2.0 1.5 100.0 Re f . N u mbe r o f issu e s( pre se n t FY) 40 4 6 3 2 49 16 5 125 〃 （ pre vio u s FY） 41 2 3 5 1 41 24 7 124
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15
（¥trillion）
Others Foundation funds, subordinated-loan, business cash flow, medical receivables, and others
Sales receivables/Commercial bills Sales receivables, commercial bills
III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥3,609.2 billion) by product type, the amount of “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
IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥3,609.2 billion) by repayment method, the amount of “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
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15
（¥trillion）
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15
（¥trillion）
Others
Bonds
Trust beneficiary rights
Not noted
Installment repayments
Lump sum repayments at maturity
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
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
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15
（¥trillion）
6 8 10
（¥trillion）
Not noted
7 ye ars o r more 5 years to 7 years
3 years to 5 years
1 year to 3 years
Under 1 year
Not noted Short-term rating
ＣＣＣ
Ｂ
ＢＢ
＜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 Originator
（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
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14 15
（¥trillion）
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14 15
（¥trillion）
Others
Nonbanks
Regional banks
Commercial /trust banks
Japan Housing Finance Agency
Others
Bonds
Trust beneficiary rights
（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
（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 the most 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
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14 15
（¥trillion）
0.6 0.7 0.8 0.9 1.0 1.1 1.2
1.3 （％）
S Series
Monthly RMBS
Not noted
Installment repayments
Lump sum repayments at maturity
