Official Result (MOF)
| Auction Date | 2026-05-20 |
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| Issue Date | 2026-05-21 |
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| Issue | JGB (20-Year) No. 196（reopen） |
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| Coupon (%) | 3.4% |
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| Maturity | 2046-03-20 |
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| Method | price conventional |
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| Offering | ¥700B |
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| Competitive Bids | ¥2.1T |
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| Accepted Amount | ¥525.8B |
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| Lowest Accepted Price | 96.40（3.715%） |
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| Weighted Avg Price | 96.44（3.711%） |
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| Allotment Ratio | — |
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| Non-competitive I | ¥173.8B |
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| Non-competitive II | ¥15.5B |
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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196回） |
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| Legal basis | 財政法（昭和22年法律第34号）第4条第1項及び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 |
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| Coupon dates | 毎年3月20日及び9月20日 |
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| Planned amount | ¥700B |
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| Bid deadline | 2026-05-20 11:50 |
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| Payment date | 2026-05-21 |
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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 | 4.01 | 4.82 | 3.43 | 2.50 | 4.82 | +1.00 |
| Tail (sen) | 4 | 2 | 23 | 2 | 114 | -0.66 |
| Non-competitive take-up | 26.5% | 31.5% | |
| Grade | B (score +0.83) | (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) | 0.4 | 0.2 |
Same-tenor Auction History