bonds / 20Y / JGB (20-Year) No. 198
Bond Information
| Name | JGB (20-Year) No. 198 |
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| ISIN | — |
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| Issue # | 198 |
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| Coupon (%) | 3.8% semi-annual |
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| Issue Date | 2026-10-21 |
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| Maturity | 2046-09-20 （Remaining 19.9y） |
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| Outstanding | — |
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| BOJ Holding | — |
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| Status | active |
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Results
Yield Calculator (price input) | Simple Yield | 3.800 % |
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| Compound Yield | 3.7974 % |
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| Accrued Interest | 0.395616 (38 days) per 100 |
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| Settlement Amount | — |
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| Modified Duration | 13.83 |
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| Macaulay Duration | 14.09 |
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| DV01 | — |
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| Convexity | 243.5 |
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Estimates based on the input price.
Cashflow Schedule
| Date | Type | Amount (per 100) |
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| 2027-03-20 | coupon | 1.900 |
| 2027-09-20 | coupon | 1.900 |
| 2028-03-20 | coupon | 1.900 |
| …（35 omitted）… |
| 2046-03-20 | coupon | 1.900 |
| 2046-09-20 | coupon + redemption | 101.900 |
Related Auctions
| Auction Date | | Bid/Cover | Tail (sen) | Avg Yield (%) |
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| 2026-10-20 | new | 5.84 | 7 | 3.723 |
Horizon total return settle 2026-10-28 ・ CMT 2026-10-23
| CMT interpolated (rem 19.9y) | 3.639 % → ref. price 102.225 |
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| G-spread (vs interpolated CMT) | — |
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| Horizon | Scenario | Yield@H | Price@H | Carry | Total return | Ann. |
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| 3m 2027-01-28 | -50bp | 3.126 | 109.809 | 0.958 | +8.32% | +33.30% |
| -25bp | 3.376 | 106.022 | 0.958 | +4.63% | +18.54% |
| Unchanged (roll-down) | 3.626 | 102.398 | 0.958 | +1.10% | +4.41% |
| +25bp | 3.876 | 98.929 | 0.958 | -2.28% | -9.11% |
| +50bp | 4.126 | 95.607 | 0.958 | -5.52% | -22.06% |
| 6m 2027-04-28 | -50bp | 3.112 | 109.909 | 1.910 | +9.35% | +18.70% |
| -25bp | 3.362 | 106.150 | 1.910 | +5.69% | +11.37% |
| Unchanged (roll-down) | 3.612 | 102.550 | 1.910 | +2.18% | +4.36% |
| +25bp | 3.862 | 99.103 | 1.910 | -1.18% | -2.36% |
| +50bp | 4.112 | 95.801 | 1.910 | -4.40% | -8.80% |
| 12m 2027-10-28 | -50bp | 3.085 | 110.147 | 3.800 | +11.42% | +11.42% |
| -25bp | 3.335 | 106.445 | 3.800 | +7.82% | +7.82% |
| Unchanged (roll-down) | 3.585 | 102.896 | 3.800 | +4.36% | +4.36% |
| +25bp | 3.835 | 99.495 | 3.800 | +1.04% | +1.04% |
| +50bp | 4.085 | 96.234 | 3.800 | -2.13% | -2.13% |