---
title: "Repackaging note in Japan — named-transaction evidence guide"
aliases:
  - "Japan repackaging note"
  - "Japan repack"
  - "structured-finance/repackaging-note-japan"
domain: structured-finance
created: 2026-05-25
last_updated: 2026-07-29
last_tended: 2026-07-29
review_by: 2027-01-29
confidence: likely
tags: [structured-finance, repackaging, note, derivatives, japan]
status: active
sources:
  - "https://www.jcr.co.jp/en/rrinfo/meth_sf/"
  - "https://www.jcr.co.jp/en/pdf/dm28/General_Methodology20210802.pdf"
  - "https://www.fsa.go.jp/policy/marketentry/guidebook/reference1.html"
---

# Repackaging note in Japan — named-transaction evidence guide

## 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.

## Wiki route

Use this page with [[structured-finance/japan-securitization-product-matrix]], [[structured-finance/credit-rating-methodology-jcr-r-and-i]], and [[derivatives/INDEX]].

## 1. Transaction identity

[JCR's structured-finance methodology library](https://www.jcr.co.jp/en/rrinfo/meth_sf/) 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](https://www.jcr.co.jp/en/pdf/dm28/General_Methodology20210802.pdf) 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](https://www.fsa.go.jp/policy/marketentry/guidebook/reference1.html) 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](https://www.jcr.co.jp/en/pdf/dm28/General_Methodology20210802.pdf) 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.

## Related

- [[structured-finance/INDEX]]
- [[structured-finance/japan-securitization-product-matrix]]
- [[structured-finance/credit-rating-methodology-jcr-r-and-i]]
- [[derivatives/INDEX]]

## Sources

- [JCR, structured-finance methodology library](https://www.jcr.co.jp/en/rrinfo/meth_sf/).
- [JCR, General Methodology for Structured Finance Rating](https://www.jcr.co.jp/en/pdf/dm28/General_Methodology20210802.pdf).
- [FSA, examples of FIEA paragraph-1 and paragraph-2 securities](https://www.fsa.go.jp/policy/marketentry/guidebook/reference1.html).