Tender Implementation Overview
The Ministry of Finance conducted a tender for purchasing government bonds for redemption by the Government Bond Consolidation Fund on September 3, 2025, and published the results. The purchase date was set for September 4, 2025.
Tender Results Details
Bidding and purchase situation:
- Amount of bids: 92.9 billion yen (face value)
- Purchase decision amount: 20 billion yen (face value)
- Successful bid ratio: 4.65 times (92.9 billion yen ÷ 20 billion yen)
Price differential and pro-rata ratio:
- Maximum purchase price differential: ▲25 sen (negative indication)
- Pro-rata ratio: 49.7487% (partial award at maximum price differential)
- Average purchase price differential: ▲28 sen 9 rin
Government Bond Consolidation Fund Purchase and Redemption System
System purpose: Reducing outstanding government bonds in the market and alleviating future interest payment burdens and stabilizing bond markets Funding source: Utilization of redemption resources accumulated in the Government Bond Consolidation Fund Market impact: Serving as a supply-demand balance adjustment function in government bond markets through regular purchases
Tender Method and Competitiveness
This tender was conducted through competitive bidding, with 20 billion yen in purchase decisions against 92.9 billion yen in bids, showing high competitiveness. The negative price differential indicates that bids were submitted below theoretical prices, reflecting the strength of government bond demand in the market.