issuance amount number of issues (right scale)...(right scale) may 29, 2015 japan securities dealers...
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FY2004 05 06 07 08 09 10 11 12 13 14
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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
amountof issues
5.9 6.9 6.8 9.4 9.6 10.3 9.9 8.3 8.2 8.1 8.7
-1-
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 LeasesConsumer
loansShoppingcredits
Salesreceivables/Commercial
bills
Others Total
Issuance amount(\100 million) 18,386 274 55 907 65 5,453 581 767 26,486Year 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 2.9 100.0Ref. 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
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0
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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
-3-
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
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2
3
4
5
6
7
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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
-4-
0
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FY2004 05 06 07 08 09 10 11 12 13 14
(¥trillion)
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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
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0
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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
-6-