5.3
8.2
9.8
6.8
3.7
2.9 2.6 3.4 2.9 2.7 296
312
314 261
204
146
107 91
90
127
0 40 80 120 160 200 240 280 320
0 2 4 6 8 10 12
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
（¥trillion) （issues）
Issuance amount
(left scale) Number of issues
(right scale)
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013※
5.9 6.9 6.8 9.4 9.6 10.3 9.9 8.3 8.2 8.1
May 30, 2014
Japan Securities Dealers Association
Japanese Bankers Association
Securitization Market Trends Survey Report
—Issuance Trends in the 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 fiscal 2013, the
period from April 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 fiscal 2013, amount of issues
declined year on year. Total issuance amount was ¥2,708.1 billion, declining 5% from the fiscal 2012,
while the number of issues was 127, up 41% 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)
0 1 2 3 4 5 6 7 8 9 10
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
（¥trillion)
RMBS CMBS CDO Leases Consumer loans
Shopping credits
Sales receivables/
Commercial bills
Others Total
Issuance amount（\100 million） 19,955 276 35 386 180 4,371 931 948 27,081
Year on year change（\100 million) ▲934 ▲17 35 ▲313 ▲470 1,185 34 ▲1,079 ▲1,559 Year on year change（%) ▲4 ▲6 - （※） ▲45 ▲72 ＋37 ＋4 ▲53 ▲5
% Ｃｏｍｐｏｓｉｔｉｏｎ 74 1 0 1 1 16 3 4 100
Ref. Number of issues 40 3 3 2 2 34 37 6 127
II. Issuance Trends by Underlying Assets
Looking at the securitization product issuance amount for the fiscal 2013 by underlying assets, the
amount of CDO increased for the first time in six years. In addition, the amount of sales
receivables/commercial bills increased for four consecutive years, and shopping credit increased
for two consecutive years. In contrast, RMBS, CMBS, leases, consumer loans, and others 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
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
Sales receivables/Commercial bills Shopping credits
Consumer loans Leases
0 1 2 3 4 5 6
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 （¥trillion)
0 1 2 3 4 5 6
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 （¥trillion)
RMBS Issuance Trends
(i) By Originator
Looking at the RMBS issuance amount (¥1,995.5 billion) by originator, the Japan Housing Finance
Agency (JHF) accounted for 75% (¥1,494.1 billion) of the total (Chart 3).
Chart 3. RMBS Issuance Amount by Originator
(ii) Product Type
Looking at the RMBS issuance amount (¥1.995.5 billion) by product type, bonds accounted for 79%
(¥1,572.6 billion) of the total (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 5 6
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 （¥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 2005 ┘└FY 2006 ┘└FY 2007 ┘└FY 2008 ┘└FY 2009┘└FY 2010 ┘└FY 2011 ┘└FY 2012 ┘└FY 2013 ┘ （％）
S Series
Monthly RMBS
(iii) Repayment Method
Looking at the RMBS issuance amount (¥1,995.5 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 August
2013, expanded in September 2013, contracted to February 2014 and expanded in March (Chart 6).
Chart 6. 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
0 1 2 3 4 5 6 7 8 9 10
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2013 FY2013 （¥trillion)
0 1 2 3 4 5 6 7 8 9 10
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 （¥trillion)
III. Issuance Trends by Product Type
Looking at the securitization product issuance amount (¥2,708.1 billion) by product type, bonds
accounted for 61% (¥1,662.6 billion), followed by trust beneficiary rights with 32% (¥ 876.1billion)
(Chart 7).
Chart 7. Securitization Product Issuance Amount by Product Type
IV. Issuance Trends by Repayment Method
Looking at the securitization issuance amount (¥2,708.1 billion) by repayment method, pass-through
repayments accounted for 84% (¥2,281.3 billion) (Chart 8).
Chart 8. Securitization Product Issuance Amount by Repayment Method
Not noted
Installment repayments
Lump sum repayments at maturity
Pass-through repayments
Others Bonds
0 1 2 3 4 5 6 7 8 9 10
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 （¥trillion)
1 2 3 4 5 6 7 8 9 10 （¥trillion)
V. Issuance Trends by Planned/Average Term to Maturity
Looking at the securitization issuance amount (¥2,708.1 billion) by planned/average term to maturity,
“Not noted” accounted for 92% (¥2,497.0 billion), followed by “3 years to 5 years” with 3% (¥70.0
billion) and “1 year to 3 years” with 2% (¥58.5 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 (¥2,708.1 billion) by credit rating, AAA accounted for
90% (¥2,426.3 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
