BS25104H 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/02/27/bs25104h-6-month-t-bill-auction-results-vs-projection/

Disclaimer: This post is just for educational sharing purposes. Please do your own due diligence on any products mentioned in this post.

__

Refer to BS25104H 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 2.63%, ranging from 2.55% to 2.71%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 3.07%, ranging from 2.75% to 3.39%

My projected yield was 2.75%.

Today (27 February 2025) the auction results for BS25104H was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25104H&issue_date=2025-03-04

BS25104H Cut-Off Yield is 2.75%, 15 basis points below previous T-bill issue BS25103S, and 5 basis points below my projected yield 2.80%, quite aligned with my projection.