Prices of Eligible Collateral
January 31, 2017
Revision: September 26, 2017
October 5, 2018
July 24, 2019
October 18, 2019
October 9, 2020
October 8, 2021
October 7, 2022
October 10, 2023
The prices of eligible collateral based on the Policy Board decisions listed from 1. to 5. below shall be as follows.
1. Eligible Collateral Stipulated in "Guidelines on Eligible Collateral" (Policy Board Decision on October 13, 2000)
For each collateral category listed in (a) in the following table, the prices of collateral according to its residual maturity prescribed in (b) in the table shall be calculated by multiplying the market prices, etc. prescribed in (c) in the table by the margins for collateral prescribed in (b) in the table according to its residual maturity 1.
| (a) | (b) | (c) | |||||
|---|---|---|---|---|---|---|---|
| up to 1 year | more than 1 year and up to 5 years | more than 5 years and up to 10 years | more than 10 years and up to 20 years | more than 20 years and up to 30 years | more than 30 years | ||
| Government Bonds 2 and Treasury Discount Bills 3 | 99% | 99% | 98% | 97% | 96% | 94% | market price |
| Government Bonds (Floating-Rate Bonds) | -- | -- | -- | -- | -- | -- | market price |
| Government Bonds (STRIPS) | 98% | 98% | 97% | 96% | 95% | 92% | market price |
| Government Bonds (Inflation-Indexed Bonds) | 95% | 95% | 94% | -- | -- | -- | market price |
| Government-Guaranteed Bonds | 98% | 98% | 97% | 96% | 95% | 93% | market price |
| Government-Guaranteed Dematerialized Commercial Paper | 97% | -- | -- | -- | -- | -- | face value |
| Municipal Bonds | 98% | 98% | 97% | 96% | 95% | 93% | market price |
| Fiscal Investment and Loan Program (FILP) Agency Bonds 4 | 97% | 97% | 96% | 95% | 94% | 92% | market price |
| Residential Mortgage-Secured Pass-Through Notes Issued by the Japan Housing Finance Agency 5 | 95% | market price | |||||
| Corporate Bonds | 97% | 97% | 96% | 95% | 94% | 92% | market price |
| Dematerialized Commercial Paper Issued by Domestic Corporations | 96% | -- | -- | -- | -- | -- | face value |
| Dematerialized Commercial Paper Issued by Foreign Corporations with Guarantees | 96% | -- | -- | -- | -- | -- | face value |
| Asset-Backed Securities | 97% | 97% | 96% | 95% | 94% | 92% | market price |
| Dematerialized Asset-Backed Commercial Paper | 96% | -- | -- | -- | -- | -- | face value |
| Bonds Issued by Real Estate Investment Corporations | 97% | 97% | 96% | 95% | 94% | 92% | market price |
| Dematerialized Commercial Paper Issued by Real Estate Investment Corporations | 96% | -- | -- | -- | -- | -- | face value |
| Foreign Government Bonds | 97% | 97% | 96% | 95% | 94% | 92% | market price |
| International Financial Institution Bonds | 97% | 97% | 96% | 95% | 94% | 92% | market price |
| Bills Drawn by Companies | 96% | -- | -- | -- | -- | -- | face value |
| Bills Drawn by Real Estate Investment Corporations | 96% | -- | -- | -- | -- | -- | face value |
| Commercial Paper | 96% | -- | -- | -- | -- | -- | face value |
| (a) | (b) | (c) | ||||
|---|---|---|---|---|---|---|
| up to 1 year | more than 1 year and up to 3 years | more than 3 years and up to 5 years | more than 5 years and up to 7 years | more than 7 years and up to 10 years 6 | ||
| Electronically Recorded Monetary Claims on Companies | 96% | 93% | 86% | 80% | 72% | outstanding principal balance |
| Electronically Recorded Monetary Claims on Real Estate Investment Corporations | 96% | 93% | 86% | 80% | 72% | outstanding principal balance |
| Electronically Recorded Monetary Claims on the Government 7 | 97% | 96% | 91% | 88% | 82% | outstanding principal balance |
| Electronically Recorded Monetary Claims with Government Guarantees | 97% | 96% | 91% | 88% | 82% | outstanding principal balance |
| Electronically Recorded Monetary Claims on Municipal Governments | 97% | 96% | 90% | 86% | 80% | outstanding principal balance |
| Loans on Deeds to Companies | 96% | 93% | 86% | 80% | 72% | outstanding principal balance |
| Loans on Deeds to Real Estate Investment Corporations | 96% | 93% | 86% | 80% | 72% | outstanding principal balance |
| Loans on Deeds to the Government 7 | 97% | 96% | 91% | 88% | 82% | outstanding principal balance |
| Loans on Deeds with Government Guarantees | 97% | 96% | 91% | 88% | 82% | outstanding principal balance |
| Loans on Deeds to Municipal Governments | 97% | 96% | 90% | 86% | 80% | outstanding principal balance |
Notes:
- Among the collateral categories listed in (a) in the table above, bonds whose principal balance may decrease due to prepayments before the final maturity date such as pass-through bonds except for residential mortgage-secured pass-through notes issued by the Japan Housing Finance Agency (including residential mortgage-secured pass-through notes issued by the Government Housing Loan Corporation) shall be treated on the assumption that the remaining principal balance will be redeemed at the final maturity date.
- Floating-rate bonds, STRIPS, inflation-indexed bonds are excluded.
- Treasury discount bills are treasury bills and financing bills.
- Residential mortgage-secured pass-through notes issued by the Japan Housing Finance Agency (including residential mortgage-secured pass-through notes issued by the Government Housing Loan Corporation) are excluded.
- Residential mortgage-secured pass-through notes issued by the Government Housing Loan Corporation are included.
- Those with maturity date falling in the same month of the tenth year are included.
- Government's special accounts are included.
2. Eligible Collateral Stipulated in "Collateral Guidelines on Eligible Foreign Bonds" (Policy Board Decision on May 22, 2009)
The prices of collateral according to its residual maturity prescribed in the following table shall be calculated by multiplying the market prices (yen equivalent) by the margins for collateral prescribed in the table according to its residual maturity.
| Residual Maturity | |||||
|---|---|---|---|---|---|
| up to 1 year | more than 1 year and up to 5 years | more than 5 years and up to 10 years | more than 10 years and up to 20 years | more than 20 years and up to 30 years | more than 30 years |
| 89% | 88% | 87% | 85% | 82% | 80% |
3. Eligible Collateral Stipulated in "Temporary Rules regarding the Eligibility Standards for Debt of Companies and Municipal Governments" (Policy Board Decision on June 20, 2019)
For each collateral category listed in (a) in the following table, except when the collateral satisfies the standards stipulated in the Table of "Guidelines on Eligible Collateral," the prices of collateral according to its residual maturity prescribed in (b) in the table shall be calculated by multiplying the market prices etc. prescribed in (c) in the table for each collateral category by the margins for collateral prescribed in (b) in the table according to its residual maturity.
| (a) | (b) | (c) | |||||
|---|---|---|---|---|---|---|---|
| up to 1 year | more than 1 year and up to 5 years | more than 5 years and up to 10 years | more than 10 years and up to 20 years | more than 20 years and up to 30 years | more than 30 years | ||
| Corporate Bonds | 97% | 97% | 96% | 95% | 94% | 92% | market price |
| Bills Drawn by Companies | 84% | -- | -- | -- | -- | -- | face value |
| Municipal Bonds | 88% | 88% | 87% | 86% | 85% | 83% | market price |
| (a) | (b) | (c) | ||||
|---|---|---|---|---|---|---|
| up to 1 year | more than 1 year and up to 3 years | more than 3 years and up to 5 years | more than 5 years and up to 7 years | more than 7 years and up to 10 years 1 | ||
| Self-Assessed Electronically Recorded Monetary Claims | 84% | 73% | 61% | 51% | 39% | Outstanding principal balance |
| Electronically Recorded Monetary Claims on Companies other than Self-Assessed Electronically Recorded Monetary Claims | 96% | 90% | 82% | 76% | 66% | Outstanding principal balance |
| Self-Assessed Loans on Deeds | 84% | 73% | 61% | 51% | 39% | Outstanding principal balance |
| Loans on Deeds to Companies other than Self-Assessed Loans on Deeds | 96% | 90% | 82% | 76% | 66% | Outstanding principal balance |
| Electronically Recorded Monetary Claims on Municipal Governments | 87% | 86% | 80% | 76% | 70% | Outstanding principal balance |
| Loans on Deeds to Municipal Governments | 87% | 86% | 80% | 76% | 70% | Outstanding principal balance |
Note:
- Those with maturity date falling in the same month of the tenth year are included.
4. Eligible Collateral Stipulated in "Temporary Rules regarding the Eligibility Standards for Loans on Deeds to Companies Denominated in the U.S. Dollar" (Policy Board Decision on January 29, 2016)
The prices of collateral according to its residual maturity prescribed in the following table shall be calculated by multiplying the outstanding principal balances (yen equivalent) by the margins for collateral prescribed in the table according to its residual maturity.
| Residual Maturity | ||||
|---|---|---|---|---|
| up to 1 year | more than 1 year and up to 3 years | more than 3 years and up to 5 years | more than 5 years and up to 7 years | more than 7 years and up to 10 years 1 |
| 85% | 73% | 61% | 52% | 41% |
Note:
- Those with maturity date falling in the same month of the tenth year are included.
5. Eligible Collateral Stipulated in "Collateral Guidelines on Eligible Beneficial Interest of a Trust in Housing Loans" (Policy Board Decision on March 15, 2016)
The price of collateral shall be calculated by multiplying the sum of the total amount of outstanding principal and repaid principal of housing loans in the trust property by 64%.