2.3 2.9 3.4 4.8 4.6 5.2
3.4 3.4 2.3
1.4 1.6 1.3
1.2 1.4 1.9
1.5 1.5
1.3 1.3 1.4
138 158 145 167 146 168 134 127 110 94 79 67 54 53 48 43 38 52 53 74 0 20 40 60 80 100 120 140 160 180 0 1 2 3 4 5 6 7 8
04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H
（¥trillion) （issues）
May 30, 2014
Japan Securities Dealers Association
Japanese Bankers Association
Securitization Market Trends Survey Report
—Issuance Trends in the Second Half of Fiscal 2013—
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 the second half of fiscal
2013, the period from October 1, 2013 to March 31, 2014. 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 second half of 2013, both amount
and number of issues increased year on year. Total issuance amount was ¥1,414.0 billion, increasing
7% from the second half of fiscal 2012, while the number of issues was 74, up 42% year on year (Chart
1).
Ref.: The total issuance amount of corporate straight bonds during the second half of fiscal 2013 was
¥3,272.4 billion (provisional figure).
Chart 1. Securitization Product Issuance Amount and Number of Issues
Issuance amount (left scale)
0 1 2 3 4 5 6
04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H
（¥trillion)
RMBS CMBS CDO Leases Consumer loans
Shopping credits
Sales receivables/
Commercial bills
Others Total
Issuance amount（\100 million） 9,194 271 22 101 180 3,365 570 438 14,140 Year on year change（\100 million) ▲546 118 22 ▲378 50 1,158 49 413 885
Year on year change（%) ▲6 ＋77 - （※） ▲79 ＋38 ＋52 ＋9 ＋1,651 ＋7
% Ｃｏｍｐｏｓｉｔｉｏｎ 65 2 0 1 1 24 4 3 100
Ref. Number of issues 20 2 2 1 2 22 21 4 74
II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the second half of fiscal 2013 by
underlying assets, the amount of CMBS, CDO, consumer loans, shopping credits, sales
receivables/commercial bills and others increased. In contrast, RMBS and leases decreased (Chart 2).
Chart 2. Securitization Product Issuance Amount by Underlying Assets
* YoY change in CDO is shown as “—“ because there were no issues in the same period last year.
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
Others
Sales receivables/Commercial bills
Shopping credits
Consumer loans
Leases
CDO
CMBS
0 1 2 3 4
04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H
0 1 2 3 4
04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H RMBS Issuance Trends
(i) By Originator
Looking at the RMBS issuance amount (¥ 919.4 billion) by originator, the Japan Housing Finance
Agency (JHF) accounted for 71% (¥649.8 billion) of the total (Chart 3).
Chart 3. RMBS Issuance Amount by Originator
(ii) Product Type
Looking at the RMBS issuance amount (¥919.4 billion) by product type, bonds accounted for 76%
(¥695.3 billion), followed by trust beneficiary rights with 20% (¥188.3 billion) (Chart 4).
Chart 4. RMBS Issuance Amount by Product Type Others
Nonbanks
Regional banks
Commercial /trust banks
Japan Housing Finance Agency
Others
Bonds
0 1 2 3 4
04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H
0.5 0.6 0.7 0.8
（％） (iii) Repayment Method
Looking at the RMBS issuance amount (¥919.4 billion) by repayment method, all repayments were
pass-through repayments (Chart 5).
Chart 5. RMBS Issuance Amount by Repayment Method
(iv) Spread at Issuance
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 to
February and expanded in March 2014 (Chart 6).
Chart 6. JHF RMBS Launch Spread Not noted
Installment repayments
Lump sum repayments at maturity
0 1 2 3 4 5 6
04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥1,414.0 billion) by product type, bonds
accounted for 52% (¥735.3 billion), followed by trust beneficiary rights with 42% (¥593.8 billion)
(Chart 7).
Chart 7. Securitization Product Issuance Amount by Product Type
IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥1,414.0 billion) by repayment method, pass-through
repayments accounted for 80% (¥1,135.4 billion) of the total (Chart 8).
Chart 8. Securitization Product Issuance Amount by Repayment Method
0 1 2 3 4 5 6
04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H Others
Bonds
Trust beneficiary rights
Not noted
Installment repayments
Lump sum repayments at maturity
0 1 2 3 4 5 6
04/1H 04/2H 05/1H 05/2H 06/1H 06/2H 07/1H 07/2H 08/1H 08/2H 09/1H 09/2H 10/1H 10/2H 11/1H 11/2H 12/1H 12/2H 13/1H 13/2H
4 5 6
V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥1,414.0 billion) by planned/average term to maturity,
“Not noted” accounted for 91% (¥1,281.9 billion), followed by “3 year to 5 years” with 5% (¥70
billion) (Chart 9).
Chart 9. Securitization Product Issuance Amount by Planned/Average Term to Maturity
VI. Issuance Trends by Credit Rating
Looking at the securitization issuance amount (¥1,414.0 billion) by credit rating, AAA accounted for
88% (¥1,241.1 billion) (Chart 10).
Chart 10. Securitization Product Issuance Amount by Credit Rating Not noted
7 years or 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
