---
source: Ministry of Finance, Japan
url: https://www.mof.go.jp/english/policy/jgbs/auction/calendar/etbill/etbillresul/eresul20260317.htm
document_type: html
date_retrieved: 2026-03-17
period: March 2026
parent_publication: Treasury Discount Bills Auction Results
indicators_covered: [52-Week Bill Yield, Treasury Bill Auction Results]
---

# Auction Result of Treasury Discount Bills on March 17, 2026

## Announcement Details

**Announced:** March 10, 2026  
**Ministry of Finance, Japan** (Provisional Translation)

### Auction Parameters

| Parameter | Value |
|-----------|-------|
| **Auction Date** | March 17, 2026 |
| **Issue Date** | March 23, 2026 |
| **Maturity Date** | March 23, 2027 |
| **Offering Amount** | Approximately 3,100 billion yen |
| **Security Type** | Treasury Discount Bills (1-Year) |
| **Issue Number** | 1369 |
| **Note** | Amount subject to adjustment; revised amount to be announced day before auction if changed |

## Auction Results

| Metric | Value |
|--------|-------|
| **Amounts of Competitive Bids** | 8,102.00 billion yen |
| **Amounts of Bids Accepted** | 2,419.58 billion yen |
| **Lowest Accepted Price** | 98.947 per 100 yen |
| **Yield at Lowest Accepted Price** | 1.0642% |
| **Allotment for Bids at Lowest Price** | 43.8490% |
| **Weighted Average Price** | 98.956 per 100 yen |
| **Yield at Average Price** | 1.0550% |
| **Non-price Competitive (Type I)** | 680.40 billion yen |

## Key Metrics

- **Competitive Bid-to-Offer Ratio:** 3.35x (8,102.00 / 2,419.58)
- **Maturity Period:** 365 days (1 year)
- **Average Yield:** 1.0550% (weighted average price basis)
- **Lowest Accepted Yield:** 1.0642%
- **Yield Spread:** 0.92 basis points between lowest and average yields
- **Price Spread:** 0.009 yen between lowest (98.947) and average (98.956) prices

## Market Context

The 1-year Treasury Discount Bills (Issue #1369) auction attracted strong competitive demand, with bids exceeding three times the offered amount. The yield of 1.0550% reflects the shorter maturity profile compared to longer-duration JGBs and demonstrates consistent institutional demand for short-duration Japanese government paper.

Non-price competitive allocations for JGB Market Special Participants (Type I) totaled 680.40 billion yen, representing substantial participation from designated market makers at the accepted prices.

The tight bid distribution (only 92 basis points between lowest and average yields across a ¥2.4 trillion offering) indicates an orderly, competitive auction process with healthy price discovery.

## Note

This is a provisional translation of the official Ministry of Finance announcement. Treasury Discount Bills are zero-coupon instruments priced at discount to par, with the yield calculated based on the discount from 100 yen par value at maturity.