Repackaging note in Japan — named-transaction evidence guide
ConfidenceLikelyUpdated2026-07-29Review by2027-01-29Sources3Machine-translatedOriginal (JA)
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TL;DR
The prior page generalized ticket sizes, offshore vehicles, dealer dominance, rating patterns and investor use cases without named public notes. Those claims are removed. A repackaging note must be analyzed as one integrated transaction: underlying asset, issuer, note terms, derivatives, collateral, counterparties and selling restrictions.
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Use this page with japan-securitization-product-matrix, credit-rating-methodology-jcr-r-and-i, and INDEX.
1. Transaction identity
JCR’s structured-finance methodology library supplies an analytical entry point; the following table states the named-note evidence required.
| Field | Required public evidence |
|---|---|
| Issuer / vehicle | Formation and offering documents |
| Underlying asset | Custody / purchase and eligibility terms |
| Note | Principal, coupon, maturity, calls and loss terms |
| Derivatives | Executed swap / option / CDS terms and collateral |
| Counterparties | Obligations, ratings and replacement provisions |
| Distribution | Offer category and selling restrictions |
2. Transformation claims
JCR’s general methodology supports the following evidence controls.
| Transformation | Required transaction evidence | Do not infer |
|---|---|---|
| Currency | Asset, note, FX swap and collateral terms | “No FX risk” |
| Fixed / floating | Asset coupon, note coupon and rate swap | Perfect matching |
| Maturity | Asset / note maturity, call and liquidation mechanics | Risk-free maturity shortening |
| Basket / tranche | Eligibility, waterfall and concentration | Diversification or rating benefit |
| Credit derivative | Reference, settlement and counterparty terms | Complete protection |
| Retail payoff | Scenarios, fees and restrictions | Suitability or investor motive |
3. FIEA and offer boundary
FSA’s FIEA classification guide supports the following checklist.
| Question | Required evidence |
|---|---|
| Security category | Actual note / interest and FIEA classification |
| Public or private offer | Offer conditions and disclosure |
| Professional / retail route | Selling restrictions and investor category |
| Derivatives regulation | Actual contract and counterparties |
| Foreign vehicle | Formation law plus Japan offer rules |
4. Rating and pricing
JCR’s general methodology supports analyzing dependencies; the following claims require named evidence.
| Claim | Required evidence |
|---|---|
| Rating | Named note, date, criteria and dependency analysis |
| Credit uplift / cap | Published agency rationale |
| Ticket size | Named offer terms |
| Spread / coupon | Dated pricing result and payoff definition |
| Dealer / market share | Defined population, period and calculation |
5. Deferred claims
Standard vehicle, minimum ticket, dealer dominance, rating outcome and investor-use hierarchy remain deferred without a public named note.
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