300 400 500 600 700 800
0 2 4 6 8 10 12 14 16 18 20
Sept.2012 Mar.2013 Sept.2013 Mar.2014 Sept.2014 Mar.2015 Sept.2015 Mar.2016 Sept.2016 Mar.2017 Sept.2017
Nu mber of issues (right scale) B alance of amount
( left scale)
¥ i i (issues)
November 30, 2017
Japan Securities Dealers Association
Securitization Market Balances Survey Report
(September 30, 2017)
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, comprised of “JHF Monthly MBS” and “S-series MBS”) balances data of the
Japan Housing Finance Agency (JHF).
In addition, please refer to an attached sheet for the numerical data used in a chart.
1. Outline of Survey Results
The outstanding balance of the securitization product market continued to increase, totaled
¥18,380.9 billion, up ¥442.2 billion, up 2.5%, from the previous survey (March 31,2017).
This figure reflects the recent increasing of the securitization products’ issuance amount.
Chart 1. Balance of Securitization Product Market
2. Balances by underlying asset
The outstanding balance of “RMBS” (comprised of “JHF RMBS” and “excluding JHF RMBS”)
continued to increase, totaled ¥16,096.3 billion and accounted for 87.6% of the total outstanding
balance. (The outstanding balance of “JHF RMBS” amounted to ¥12,415.6 billion and accounted for
JHF RMBS excluding JHF RMBS Balance of amount
\ ii
183,809 124,156 36,807 14 4,619 762 239 12,390 48 4,775 Change from the Previous
\ ii
＋, ＋, ＋, ＋ ＋ － － ＋ － －
Change from the Previous %
＋. ＋. ＋. ＋. ＋ . － . － . ＋. － . －.
% ｉｉ 100.0 67.5 20.0 0.0 2.5 0.4 0.1 6.7 0.0 2.6
Ref. Number of applicable
issues(present period) 713 206 281 2 37 12 5 141 3 26
Change from the Previous
Survey(number) ＋ ＋ ＋ ＋ ＋ － － ＋ ＋ ＋
Change from the Previous %
＋. ＋. ＋. ＋. ＋ . － . － . ＋. ＋. ＋.
Sales receivables /Commercial bills Others Total
Ｍ
Ｍ Ｏ Leases
Consumer loans Shopping credits 300 400 500 600 700 800 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
Sept.2012 Mar.2013 Sept.2013 Mar.2014 Sept.2014 Mar.2015 Sept.2015 Mar.2016 Sept.2016 Mar.2017 Sept.2017
¥ i i (issues)
Balance of amount (left scale)
Number of issues (right scale)
Number of issues excluding J HF RMBS
(right scale)
The amount of “Shopping credits” continued to maintain a high level second only to RMBS and
totaled ¥1,239.0 billion, accounting for 6.7% of the total.
Chart 2-1. Balances by Product Category
(Units: ¥100million, issues, %)
Chart 2-2. Balances by Product Category
Others 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
Leases Lease credits
CDO i O ig i
Corporate loans, corporate bonds, credit default swaps, and others
CMBS i M gg ii
Commercial real estate collateralized loans, commercial real estate RMBS
(excluding JHF RMBS) RMBS
(JHF RMBS)
i i M gg ii
0.0 1.0
2.0
3.0 4.0
5.0
Sept.2012 Mar.2013 Sept.2013 Mar.2014 Sept.2014 Mar.2015 Sept.2015 Mar.2016 Sept.2016 Mar.2017 Sept.2017 RMBS(excluding JHF RMBS)
0.0 0.5 1.0
Sept.2012 Mar.2013 Sept.2013 Mar.2014 Sept.2014 Mar.2015 Sept.2015 Mar.2016 Sept.2016 Mar.2017 Sept.2017 CMBS
0.0 0.1 0.2
0.3 0.4 0.5
Sept.2012 Mar.2013 Sept.2013 Mar.2014 Sept.2014 Mar.2015 Sept.2015 Mar.2016 Sept.2016 Mar.2017 Sept.2017 CDO
0.0
0.1
0.2 0.3
Sept.2012 Mar.2013 Sept.2013 Mar.2014 Sept.2014 Mar.2015 Sept.2015 Mar.2016 Sept.2016 Mar.2017 Sept.2017 Le ases
(¥trillion)
0.0 0.1 0.2
Sept.2012Mar.2013 Sept.2013Mar.2014 Sept.2014Mar.2015 Sept.2015Mar.2016 Sept.2016Mar.2017 Sept.2017 Consumer loans
0.0 0.5
1.0 1.5
Sept.2012 Mar.2013 Sept.2013 Mar.2014 Sept.2014 Mar.2015 Sept.2015 Mar.2016 Sept.2016 Mar.2017 Sept.2017 Shopping credits
0.00
0.02
0.04
0.06 0.08
Sept.2012Mar.2013 Sept.2013Mar.2014 Sept.2014Mar.2015 Sept.2015Mar.2016 Sept.2016Mar.2017 Sept.2017 Sales receivables/Commercial bills
0.0 0.2 0.4 0.6 0.8 1.0
Sept.2012 Mar.2013 Sept.2013 Mar.2014 Sept.2014 Mar.2015 Sept.2015 Mar.2016 Sept.2016 Mar.2017 Sept.2017 Others
(Units: \100 million, %)
JHF RMBS excluding JHF RMBS Balance of amount
\ i i
183,809 45,758 124,156 9,924 3,970
Change from the Previous
\ i i
＋ , ＋ , ＋ , － ＋
Change from the Previous %
＋ . ＋ . ＋ . － . ＋ .
Note: "Others" include asset backed loans (ABL) and equity instruments, etc.
Total Trust
beneficiary rights
Bonds
Others*
10.4 10.6 10.8 10.9 11.0 11.0 11.2 11.7 12.0 12.1 12.4
1.8 1.6 1.5 1.5 1.5 1.5 1.3
1.2 1.1 1.1 1.0
5.4 4.9 4.7 4.4
4.0 4.2 4.2 4.3 4.3
4.5 4.6 0.3
0.3 0.3 0.4
0.3 0.4 0.4
0.4 0.3
0.3 0.4
0 2 4 6 8 10 12 14 16 18 20
Others
Trust beneficiary rights
RMBS
(excluding JHF RMBS)
RMBS (JHF RMBS)
(¥trillion)
3. Balances by Product Type
The outstanding balance of “Bonds” (comprised of “JHF RMBS” and “excluding JHF RMBS”)
continued to increase, totaled ¥13,408.1 billion and accounted for 72.9% of the total outstanding
balance.
Chart 3-1. Balances by Issuance Category
＜Notes for the Survey＞
1. Issuance dates
(i) JHF RMBS
All existing JHF RMBS (including Government Housing Loan Corporation Mortgage-backed
Securities) are covered by this survey.
(ii) Securitization products other than JHF RMBS
Securitization products reported by the “Securitization Market Trends Survey”1 (issues made
since April 2004).
2. Coverage
(i) Reporting is voluntary.
(ii) Issues securitized through programs including asset-backed commercial paper are not covered.
(iii) Issues that used the derivative format or loan format2 are covered when more than one tranches
of either securities or trust beneficiary rights are included in the issues. (If only the loan format is
used, the issue is not covered.)
3. Others
(i) 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.
(ii) Products that have reached their final legal maturity date are deemed to have no balance.
(iii) In the case of securitization products issued during the base month for reporting, issuance
amounts are considered as balances in basic date.
(iv) We reviewed some of the underlying assets classification from a survey based on September 30,
2016. Please refer to the "Explanation Materials" in the attachment for details.
Note 1: The survey was conducted by Bank of Japan from May 2004 to March 2006 and has been conducted by the
Japan Securities Dealers Association (JSDA) and the Japanese Bankers Association (JBA) since April 2006.
