Official Result (MOF)
| Auction Date | 2025-07-10 |
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| Issue Date | 2025-07-11 |
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| Issue | JGB (20-Year) No. 193（new） |
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| Coupon (%) | 2.5% |
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| Maturity | 2045-06-20 |
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| Method | price conventional |
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| Offering | ¥800B |
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| Competitive Bids | ¥1.9T |
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| Accepted Amount | ¥600.4B |
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| Lowest Accepted Price | 100.05（2.496%） |
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| Weighted Avg Price | 100.23（2.482%） |
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| Allotment Ratio | — |
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| Non-competitive I | ¥199.3B |
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| Non-competitive II | ¥64.1B |
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Source: https://www.mof.go.jp/jgbs/reference/appendix/jgb_historical_data.xls
Offering Terms (from MOF notice) documents →
| Official name | 利付国庫債券（20年）（第193回） |
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| Legal basis | 財政法（昭和22年法律第34号）第4条第1項並びに特別会計に関する法律（平成19年法律第23号）第46条第1項及び第62条第1項 |
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| Coupon dates | 毎年6月20日及び12月20日 |
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| Planned amount | ¥800B |
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| Bid deadline | 2025-07-10 11:50 |
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| Payment date | 2025-07-11 |
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| Non-competitive II | held |
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| Price terms | — |
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Derived Metrics calc auction-v1 / auction-v2
| This | Prev | avg (12) | min | max | z |
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| Bid/Cover | 3.15 | 3.11 | 3.29 | 2.50 | 3.80 | -0.41 |
| Tail (sen) | 18 | 28 | 29 | 4 | 114 | -0.36 |
| Non-competitive take-up | 30.5% | 30.4% | |
| Grade | C (score -0.02) | (z(B/C) − z(tail))/2 bucketed A(≥1)/B(≥0.3)/C/D(≤−0.3)/E(≤−1), vs last 12 same-tenor |
| Yield tail (bp) | 1.4 | 2.1 |
Same-tenor Auction History