Auction Implementation Overview
The Ministry of Finance conducted price competitive auctions and JGB market special participants' first non-price competitive auctions for 20-year interest-bearing government bonds (193rd series) on September 17, Reiwa 7 (2025), making successful bid decisions. The issuance of 20-year bonds occupies an important position in medium- to long-term fund raising.
Issuance Terms
Bond Name: Interest-bearing Treasury Bonds (20-year) (193rd series) Coupon Rate: 2.5% per annum Issue Date: September 18, Reiwa 7 (2025) Maturity Date: June 20, Reiwa 27 (2045) Issuance Basis: Public Finance Act Article 4, Paragraph 1 and Special Account Act Article 46, Paragraph 1
Price Competitive Auction Results
Tender Amount: 2,458 billion yen (approximately 4.0x high demand multiple) Successful Bid Amount: 614.9 billion yen Lowest Successful Bid Price: 97 yen 90 sen (highest successful bid yield 2.662%) Average Successful Bid Price: 98 yen 00 sen (average successful bid yield 2.654%) Lowest Price Pro-rata Ratio: 98.6020%
Non-Price Competitive Auction Results
JGB Market Special Participants' First Non-Price Competitive Auction
- Successful Bid Amount: 184.6 billion yen
- Issue Price: 98 yen 00 sen (2.654%) The second non-price competitive auction was also conducted from 2:00 PM on the same day, completing approximately 800 billion yen scale 20-year bond issuance in total. This achieves balance between stable fund raising in the market and investor needs.