Official Result (MOF)
| Auction Date | 2026-01-20 |
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| Issue Date | 2026-01-21 |
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| Issue | JGB (20-Year) No. 195（new） |
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| Coupon (%) | 3.2% |
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| Maturity | 2045-12-20 |
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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 | ¥607.8B |
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| Lowest Accepted Price | 99.10（3.274%） |
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| Weighted Avg Price | 99.35（3.253%） |
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| Allotment Ratio | — |
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| Non-competitive I | ¥191.7B |
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| Non-competitive II | ¥0M |
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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195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47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 | 2026-01-20 11:50 |
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| Payment date | 2026-01-21 |
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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 | 3.19 | 4.10 | 3.34 | 2.50 | 4.10 | -0.33 |
| Tail (sen) | 25 | 3 | 29 | 3 | 114 | -0.12 |
| Non-competitive take-up | 24.0% | 29.7% | |
| Grade | C (score -0.10) | (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) | 2.1 | 0.3 |
Same-tenor Auction History