5.3 8.2
9.8
6.8
3.7
2.9 2.6 3.4 2.9 2.7 2.6 296
312 314
261
204
146
107
91 90
127 124
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
（¥trillion) （issues）
Issuance amount (left scale)
Number of issues (right scale)
May 29, 2015
Japan Securities Dealers Association
Japanese Bankers Association
Securitization Market Trends Survey Report
—Issuance Trends in Fiscal 2014—
The following 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 2014, the period
from April 1, 2014 to March 31, 2015. For chart data, please see the appendix “Chart Data at a
Glance.”
I. Overall Issuance Trends for Securitization Products
Looking at the issuance trends for securitization products in the fiscal 2014, both amount and
number of issues declined year on year. Total issuance amount was ¥2,648.6 billion, declining 2.2%
from the fiscal 2013, while the number of issues was 124, down 2.4% year on year (Chart 1).
Chart 1. Securitization Product Issuance Amount and Number of Issues
Ref.: The total issuance amount of corporate straight bonds
(¥trillion)
※ provisional figure
FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
amount
of issues 5.9 6.9 6.8 9.4 9.6 10.3 9.9 8.3 8.2 8.1 8.7
II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the fiscal 2014 by underlying assets, the
amount of leases increased for the first time in three years. In addition, the amount of CDO
increased for the second consecutive year, and shopping credits increased for the third consecutive year. In contrast, RMBS, CMBS, consumer loans, sales receivables/commercial bills and others
decreased (Chart 2).
Chart 2. Securitization Product Issuance Amount by Underlying Assets
Reference: The specific types of underlying assets 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: Fund receivables, business cash flow, medical fee receivables, and others
RMBS CMBS CDO Leases Consumer
loans
Shopping credits
Sales receivables/
Commercial bills
Others Total
Issuance amount（\100 million） 18,386 274 55 907 65 5,453 581 767 26,486 Year on year change（\100 million) ▲1,569 ▲2 ＋20 ＋521 ▲115 ＋1,081 ▲349 ▲182 ▲595 Year on year change（%) ▲7.9 ▲0.8 ＋56.9 ＋134.8 ▲63.9 ＋24.7 ▲37.5 ▲19.2 ▲2.2 % Ｃｏｍｐｏｓｉｔｉｏｎ 69.4 1.0 0.2 3.4 0.2 20.6 2.2 2.9 100.0
Ref. Number of issues 41 2 3 5 1 41 24 7 124
0 1 2 3 4 5 6 7 8 9 10
FY2004 05 06 07 08 09 10 11 12 13 14
（¥trillion)
Others
Sales receivables/Commercial bills Shopping credits
Consumer loans Leases
CDO CMBS RMBS
0 1 2 3 4 5 6 7 8 9 10
FY2004 05 06 07 08 09 10 11 12 13 14
（¥trillion)
0 1 2 3 4 5 6 7 8 9 10
FY2004 05 06 07 08 09 10 11 12 13 14
（¥trillion)
III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥2,648.6 billion) by product type, bonds
accounted for 55.1% (¥1,460.6 billion), followed by trust beneficiary rights with 40.4% (¥ 1,070.1
billion) (Chart 3).
Chart 3. Securitization Product Issuance Amount by Product Type
IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥2,648.6 billion) by repayment method, pass-through
repayments accounted for 83.0% (¥2,197.6 billion) (Chart 4).
Chart 4. Securitization Product Issuance Amount by Repayment Method
Others Bonds
Trust beneficiary rights
Not noted
Installment repayments
Lump sum repayments at maturity
Pass-through repayments
0 1 2 3 4 5 6 7 8 9 10
FY2004 05 06 07 08 09 10 11 12 13 14
（¥trillion)
Not noted
7 years or more
5 years to 7 years
3 years to 5 years
1 year to 3 years
Under 1 year
0 1 2 3 4 5 6 7 8 9 10
FY2004 05 06 07 08 09 10 11 12 13 14
（¥trillion)
V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥2,648.6 billion) by planned/average term to maturity,
“Not noted” accounted for 94.3% (¥2,498.8 billion), followed by “1 years to 3 years” with 3.2% (¥84.3
billion) and “5 year to 7 years” with 2.3% (¥60.0 billion) (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 (¥2,648.6 billion) by credit rating, AAA accounted for
87.6% (¥2,319.4 billion) (Chart 6).
Chart 6. Securitization Product Issuance Amount by Credit Rating
Not noted Short-term rating CCC
B BB BBB A AA AAA
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14
（¥trillion)
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14
（¥trillion)
＜Supplementary information＞
(i) RMBS Issuance Trends by Originator
Looking at the RMBS issuance amount (¥1,838.6 billion) by originator, the Japan Housing Finance
Agency (JHF) accounted for 67.7% (¥1,243.8 billion), followed by others with 17.3% (¥318.0 billion)
(Chart 7).
Chart 7. RMBS Issuance Amount by Originator
(ii) RMBS Issuance Trends by Product Type
Looking at the RMBS issuance amount (¥1,838.6 billion) by product type, bonds accounted for
72.8% (¥1,337.8 billion) followed by trust beneficiary rights with 27.2% (¥500.8 billion) (Chart 8).
Chart 8. RMBS Issuance Amount by Product Type
Others Nonbanks Regional banks
Commercial /trust banks Japan Housing Finance Agency
Others Bonds
Trust beneficiary rights
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14
（¥trillion)
0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3
└FY 2004┘└ 05 ┘└ 06 ┘└ 07 ┘└ 08 ┘└ 09 ┘└ 10 ┘└ 11 ┘└ 12 ┘└ 13 ┘└ 14 ┘
（％）
S Series
Monthly RMBS
(iii) RMBS Issuance Trends by Repayment Method
Looking at the RMBS issuance amount (¥1,838.6 billion) by repayment method, all repayments were
pass-through repayments (Chart 9).
Chart 9. RMBS Issuance Amount by Repayment Method
(iv) Spread at Issuance (JHF RMBS)
The launch spread (difference between the RMBS coupon rate and Japanese government bond yield
at the time of fixing issuing conditions) for JHF RMBS (monthly issuance bonds) contracted from June
2014 to February 2015, but expanded in March 2015 (Chart 10).
Chart 10. JHF RMBS Launch Spread
*The S Series (The previous housing loan corporation securitized house loan) have not been issued since December 2009.
Not noted
Installment repayments
Lump sum repayments at maturity Pass-through repayments
