Japan’s Ministry of Finance published the full result of its October 23 treasury discount bill auction, the item this site recorded without figures yesterday because the table could not be extracted. Issue number 1415, maturing February 1, 2027, drew 9,771.40 billion yen of competitive bids. The ministry accepted 2,547.38 billion yen at a lowest accepted price of 99.6585, a yield of 1.2762 percent, with allotment of 67.7052 percent at that price, and a weighted average price of 99.6607, a yield of 1.2680 percent. A further 752.60 billion yen was allotted through the non-price-competitive auction for JGB market special participants. A three-month bill clearing at an average yield of 1.2680 percent, just above the Bank of Japan’s 1.25 percent policy rate, is the front end pricing the Bank’s next move ahead of its meeting next week.
India’s supply calendar for the coming week is set. The Reserve Bank will auction 23,000 crore rupees of treasury bills on Wednesday, October 28: 8,000 crore of 91-day bills, 8,000 crore of 182-day bills and 7,000 crore of 364-day bills, with settlement on October 29. Thirteen state governments will sell 23,300 crore of state securities on Tuesday, October 27, led by Tamil Nadu with 9,000 crore across four re-issued lines and Uttar Pradesh with 3,500 crore. The bill auction is the first since the Reserve Bank rejected every bid at the October 21 sale, so its cut-offs will be read as the market’s price for the front end after a week of repo escalation.
The Reserve Bank’s October Bulletin carried a measured verdict on transmission. In response to a cumulative 125 basis point reduction in the policy repo rate, the weighted average lending rate on fresh loans fell 93 basis points between February 2025 and March 2026, decomposed into an 80 basis point interest rate effect and a 13 basis point composition effect. The Bulletin’s State of the Economy article recorded that headline CPI inflation edged up in September on a broad-based increase in food, fuel and core components, and that elevated sovereign bond yields in advanced economies have brought fiscal sustainability and financial stability concerns into focus.
US consumer sentiment, published as its own story on this site on Friday, carries a rates-relevant detail into FOMC week: the University of Michigan’s final October reading put year-ahead inflation expectations at 4.7 percent and long-run expectations at 3.5 percent, both the highest since May and up for a second straight month. In Europe, the next dated rating event for France is S and P’s scheduled review on November 27, following Moody’s decision on Friday to keep the Aa3 rating with a negative outlook. The Bank of Japan also published its statistical file of Japanese government bonds held by the Bank, dated October 20, 2026, in the window; no figure from the file is stated here because the workbook was not extracted in this run.