Relative Value | JGB Information

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rv: curve-based relative value

Carry & Rolldown (1y, bp)

Tenor	Yield (%)	Carry	Roll	Total
2Y	1.833	86	28	113
3Y	1.963	99	13	112
4Y	2.129	115	17	132
5Y	2.243	127	11	138
6Y	2.354	138	11	149
7Y	2.469	149	11	161
8Y	2.631	165	16	182
9Y	2.760	178	13	191
10Y	2.891	191	13	205
15Y	3.427	245	11	256
20Y	3.713	274	6	279
25Y	3.977	300	5	305
30Y	3.956	298	-0	297
40Y	3.960	298	0	298

Unit: bp per year.

Spread / Fly Rich-Cheap (1y window)

	Now (bp)	1y mean	Z	%ile	Range
2s5s10s fly	-23.8	-15.8	-1.66	8	-28〜-7
5s10s20s fly	-17.4	-33.9	+1.07	75	-60〜-7
20s30s40s fly	23.9	26.5	-0.64	29	19〜39
10s20s30s fly	57.9	55.3	+0.50	70	46〜74
10s20s	82.2	92.0	-1.77	2	81〜108
10s30s	106.5	128.7	-1.64	1	106〜158
20s30s	24.3	36.7	-1.43	6	20〜52
30s40s	0.4	10.2	-0.84	28	-11〜28
5s10s	64.8	58.1	+0.58	69	41〜83
5s20s	147.0	150.0	-0.32	49	133〜176
2s10s	105.8	100.3	+0.27	64	70〜143
2s5s	41.0	42.3	-0.14	45	27〜61

Auction Concession (last 12, coupon JGBs)

Auction Date	Issue	Auct. yield	Curve interp	Concession (bp)
2026-09-08	JGB (5-Year) No. 187	2.239	2.232	+0.7
2026-09-03	JGB (30-Year) No. 91	4.079	4.053	+2.6
2026-09-01	JGB (10-Year) No. 383	2.995	2.959	+3.6
2026-08-28	JGB (2-Year) No. 488	1.708	1.721	-1.3
2026-08-20	JGB (20-Year) No. 197	3.698	3.709	-1.1
2026-08-18	JGB (5-Year) No. 187	2.163	2.154	+0.9
2026-08-06	JGB (30-Year) No. 91	3.937	3.920	+1.7
2026-08-04	JGB (10-Year) No. 383	2.840	2.830	+1.0
2026-07-30	JGB (2-Year) No. 487	1.483	1.498	-1.5
2026-07-14	JGB (20-Year) No. 197	3.626	3.530	+9.6
2026-07-09	JGB (5-Year) No. 186	2.020	2.029	-0.9
2026-07-07	JGB (30-Year) No. 91	3.993	3.951	+4.2

Unit: bp. Source: Ministry of Finance.