Official Result (MOF)
| Auction Date | 2026-08-20 |
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| Issue Date | 2026-08-21 |
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| Issue | JGB (20-Year) No. 197（reopen） |
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| Coupon (%) | 3.7% |
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| Maturity | 2046-06-20 |
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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 | ¥532.1B |
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| Lowest Accepted Price | 99.85（3.713%） |
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| Weighted Avg Price | 100.02（3.698%） |
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| Allotment Ratio | 83.5648% |
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| Non-competitive I | ¥167.4B |
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| Non-competitive II | — |
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Source: https://www.mof.go.jp/jgbs/auction/calendar/nyusatsu/resul20260820.htm
Offering Terms (from MOF notice) documents →
| Official name | 利付国庫債券（20年）（第197回） |
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| Legal basis | 財政法（昭和22年法律第34号）第4条第1項及び財政運営に必要な財源の確保を図るための公債の発行の特例に関する法律（平成24年法律第101号）第3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 |
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| Coupon dates | 毎年6月20日及び12月20日 |
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| Planned amount | ¥700B |
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| Bid deadline | 2026-08-20 11:50 |
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| Payment date | 2026-08-21 |
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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 | 3.98 | 4.52 | 3.65 | 2.97 | 4.82 | +0.55 |
| Tail (sen) | 17 | 0 | 12 | 0 | 31 | +0.51 |
| Non-competitive take-up | 23.9% | 24.1% | |
| 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) | 1.5 | 0.0 |
Same-tenor Auction History