May 31, 2017 J apan Securities D ealers A ssociation J apanese B ankers A ssociation
S ecuritization Market T rends S urvey R eport ( Issuance T rends in F iscal 2016)
T his report is a summary of the results of the “S ecuritization Market T rends S urvey” (see J S DA ’s website at <http://www.jsda.or.jp/en/index.html>), conducted monthly by the J apan S ecurities D ealers A ssociation (J S D A ) and the J apanese B ankers A ssociation (J B A ), for fiscal 2016, the period from A pril 1, 2016 to March 31, 2017.
In addition, please refer to an attached sheet for the numerical data used in a chart.
I. Overall Issuance T rends for S ecuritization Products
L ooking at the issuance trends for securitization products in fiscal 2016, both the amount and number of issues increased year on year. T he total issuance amount was ¥ 4,582.1 billion, increasing 27.0% from fiscal 2015, while the number of issues was 136, up 8.8% year on year. T his amount was the largest since fiscal 2008 (see C hart 1).
C hart 1. S ecuritization Product Issuance A mount and Number of Issues
R eference: T he 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
4.6 296
312 314
261
204
146
107
91 90
127 124 125
136
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 16 （¥trillion） （issues）
5.3
8.2
9.8
6.8 3.7
2.9
2.6
3.4
2.9 2.7 2.6 3.6
4.6 296
312 314
261
204
146
107
91 90
127
124 125
136
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 16 （¥trillion） （issues）
FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016※
amount
of i s s ues
5. 9 6. 9 6. 8 9. 4 9. 6 10. 3 9. 9 8. 3 8. 2 8. 1 8. 7 6. 9 11. 4 I s s uanc e amount
( l ef t s c al e)
II. Issuance T rends by Underlying A ssets
L ooking at the securiti zation product issuance amount (¥ 4,582.1 billion) for fiscal 2016 by underlying assets, the amount of “R MB S ,” “C D O,” “L eases,” “S hopping credits” and “Others” i ncr eased, whereas in contrast, “C MB S ,” “C onsumer loans,” and “S ales receivables/C ommercial bills” decreased. A bove all, the issuance amount of “R MB S ” was the largest since the financial crisis of 2008. In addition, “S hopping credits” increased for the fifth consecutive year (see C hart 2).
C hart 2. S ecuritization Product Issuance A mount by Underl ying A ssets
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15 16 （¥trillion）
Others
Foundationfunds,subordinated-loan,businesscashflow, medicalreceivables,andothers
Salesreceivables/Commercialbills Salesreceivables,commercialbills
Shoppingcredits Shoppingloans,creditcardloans,automobileloans
Consumerloans Consumerloans,bankcardloans
Leases Leasecredits
CDO
（CollateralizedDebtObligations）
Corporateloans,corporatebonds,creditdefaultswaps,andothers
CMBS
（CommercialMortgage-backedSecurities）
Commercialrealestatecollateralizedloans,commercialrealestate
RMBS
（ResidentialMortgage-backedSecurities）
Housingloansandloanstoindividualstobuildcommercialapartments
RMBS CMBS CDO Leases
Consumer
loans
Shopping credits
Sales
receivables/
Commercial
bills
Others Total
Issuanceamount（\100million） 33,257 4 1,335 604 80 9,068 444 1,028 45,821
Yearonyearchange（\100million) ＋6,080 －6 ＋932 ＋309 －333 ＋2,552 －291 ＋485 ＋9,729
Yearonyearchange（%) ＋22.4 －58.0 ＋231.3 ＋104.6 －80.6 ＋39.2 －39.6 ＋89.5 ＋27.0
% Ｃｏｍｐｏｓｉｔｉｏｎ 72.6 0.0 2.9 1.3 0.2 19.8 1.0 2.2 100.0
Ref.Numberofissues(presentFY) 44 1 16 2 1 55 12 5 136
Yearonyearchange（number) ＋1 0 ＋10 －1 －1 ＋6 －4 ＋0 ＋11
III. Issuance T rends by Product T ype
L ooking at the securitization product issuance amount (¥ 4,582.1 billion) by product type, the amount of “B onds” was ¥ 2,726.4 billion (59.5% of the total), followed by “T rust beneficiary rights” with ¥ 1,718.4 billion (37.5%) (see C hart 3).
C hart 3. S ecuritization Product Issuance A mount by Product T ype
IV . Issuance T rends by R epayment Method
L ooking at the securitization issuance amount (¥ 4,582.1 billion) by repayment method, the amount of “Pass-through repayments” was ¥ 3,981.9 billion (86.9% of the total) (see C hart 4).
C hart 4. S ecuritization Product Issuance A mount by R epayment Method
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15 16 （¥trillion）
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15 16 （¥trillion）
Notnoted
Installmentrepayments
Lumpsumrepaymentsatmaturity Pass-throughrepayments
Others Bonds
V . Issuance T rends by Pl anned/A verage T erm to Maturity
L ooking at the securitization issuance amount (¥ 4,582.1 billion) by planned/average term to maturity, the most popular term, except for “Not noted”, was “1 year to 3 years” with ¥ 306.3 billion (6.7% of the total), followed by “5 years to 7 years ” with ¥ 100.0 billion (2.2%)(see C hart 5).
C hart 5. S ecuritization Product Issuance A mount by Planned/A verage T erm to Maturity
V I. Issuance T rends by C redit R ating
L ooking at the securitization issuance amount (¥ 4,582.1 billion) by credit rating, the amount of “A A A ” was ¥ 3,934.7 billion (85.9% of the total) (see C hart 6).
C hart 6. S ecuritization Product Issuance A mount by C redit R ating
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15 16 （¥trillion）
0 2 4 6 8 10
FY2004 05 06 07 08 09 10 11 12 13 14 15 16 （¥trillion）
Notnoted 7yearsormore 5yearsto7years 3yearsto5years 1yearto3years Under1year
Notnoted
Short-termrating
ＣＣＣ
Ｂ
ＢＢ
ＢＢＢ
Ａ
ＡＡ
＜supplementary information＞
（ⅰ）R MB S Issuance T rends by Originator
L ooking at the R MB S issuance amount (¥ 3,325.7 billion) by originator, the amount of “J apan Housing F inance A gency” (J HF ) was ¥ 2,528.0 billion (76.0% of the total), followed by “Others” with ¥ 493.3 billion (14.8%) and “C ommercial / trust banks” with 295.8 billion (8.9%)(see C hartⅰ).
C hartⅰ. R MB S Issuance A mount by Originator
（ⅱ）R MB S Issuance T rends by Product T ype
L ooking at the R MB S issuance amount (¥ 3,325.7 billion) by product type, the amount of “B onds” was ¥ 2,528.0 billion (76.0% of the total) followed by “T rust beneficiary rights” with ¥ 771.3 billion (23.2%) (see C hartⅱ).
C hartⅱ. R MB S Issuance A mount by Product T ype
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14 15 16 （¥trillion）
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14 15 16 （¥trillion）
Others
Nonbanks
Regionalbanks
Commercial/trustbanks
JapanHousingFinanceAgency
Others Bonds
Trustbeneficiaryrights
（ⅲ）R MB S Issuance T rends by R epayment Method
L ooking at the R MB S issuance amount (¥ 3,325.7 billion) by repayment method, all repayments, except for “Not noted”, were “Pass-through repayments” with ¥ 3,318.6 billion (99.8%) (see C hartⅲ).
C hartⅲ. R MB S Issuance A mount by R epayment Method
（ⅳ）L aunch S pread at Issuance (J HF Monthly MB S )
T he launch spread (the spread between the coupon rate of “J HF Monthl y MB S ” and the yield of the most recentl y priced 10-year reference J GB) for “J HF Monthly MB S ” contracted from A pril 2016 to J anuary 2017 and thereafter remained flat (see C hart ⅳ).
C hart ⅳ. J HF Monthly R MB S L aunch S pread
*T he S S eries (T he previous housing loan corporation securitized house loan) have not been issued since D ecember 2009.
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 20 04┘└ 05 ┘└ 06 ┘└ 07 ┘└ 08 ┘└ 09 ┘└ 10 ┘└ 11 ┘└ 12 ┘└ 13 ┘└ 14 ┘└ 15 ┘└ 1 6 ┘
（％）
SSeries
MonthlyRMBS
0 1 2 3 4 5 6
FY2004 05 06 07 08 09 10 11 12 13 14 15 16 （¥trillion）
Notnoted
Installmentrepayments
