Official Result (MOF)
| Auction Date | 2025-10-31 |
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| Issue Date | 2025-11-04 |
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| Issue | JGB (2-Year) No. 478（new） |
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| Coupon (%) | 1% |
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| Maturity | 2027-11-01 |
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| Method | price conventional |
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| Offering | ¥2.7T |
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| Competitive Bids | ¥9.2T |
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| Accepted Amount | ¥2.1T |
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| Lowest Accepted Price | 100.13（0.933%） |
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| Weighted Avg Price | 100.13（0.932%） |
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| Allotment Ratio | — |
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| Non-competitive I | ¥592B |
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| Non-competitive II | ¥223.6B |
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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（2年）（第478回） |
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| Legal basis | 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項及び第47条第1項 |
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| Coupon dates | 毎年5月1日及び11月1日 |
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| Planned amount | ¥2.7T |
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| Bid deadline | 2025-10-31 11:50 |
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| Payment date | 2025-11-04 |
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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 | 4.35 | 2.81 | 3.70 | 2.81 | 4.87 | +1.10 |
| Tail (sen) | 0 | 3 | 1 | 1 | 3 | -1.33 |
| Non-competitive take-up | 27.9% | 22.6% | |
| Grade | A (score +1.22) | (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) | 0.1 | 1.5 |
Same-tenor Auction History