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  "domain": "structured-finance",
  "title": "Synthetic securitisation in Japan — bank RWA relief via CLN / CDS on reference loan portfolios",
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  "frontmatter": {
    "title": "Synthetic securitisation in Japan — bank RWA relief via CLN / CDS on reference loan portfolios",
    "aliases": [
      "Japan synthetic securitization",
      "Credit-linked note Japan",
      "Megabank RWA relief",
      "SRT significant risk transfer Japan",
      "Basel III RWA optimization Japan",
      "FSA capital relief synthetic",
      "structured-finance/synthetic-securitization-japan-bank-rwa-relief"
    ],
    "domain": "structured-finance",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-05-25",
    "last_tended": "2026-05-25",
    "review_by": "2026-11-25",
    "confidence": "likely",
    "tags": [
      "structured-finance",
      "synthetic",
      "cln",
      "cds",
      "rwa",
      "basel",
      "bank",
      "megabank",
      "japan",
      "srt",
      "capital-relief"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "FSA capital-adequacy framework disclosures",
      "Megabank IR / Pillar 3 disclosures (MUFG / SMFG / Mizuho)",
      "BOJ Financial System Report",
      "JCR / R&I credit-linked note rating commentaries",
      "BIS Basel framework documentation"
    ]
  },
  "summary": "Synthetic securitisation — where a bank transfers credit risk on a reference loan portfolio to outside investors via a credit-default swap (CDS) or credit-linked note (CLN) structure without selling the underlying loans — is the modern Basel III tool for risk-weighted asset (RWA) relief on bank bala",
  "headings": [
    "Synthetic securitisation in Japan — bank RWA relief via CLN / CDS on reference loan portfolios",
    "TL;DR",
    "Wiki route",
    "1. The problem — bank capital constraints on loan growth",
    "2. The two paths to RWA relief",
    "3. Synthetic securitisation structure",
    "4. FSA capital-relief approval — the structural test",
    "5. Japanese megabank synthetic-SRT activity",
    "6. Investor base",
    "7. Comparison to true-sale ABS"
  ],
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