BS25105T 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/03/14/bs25105t-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.

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Refer to BS25105T 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 2.50%, ranging from 2.43% to 2.57%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 3.02%, ranging from 2.90% to 3.24%

My projected yield was 2.62%.

Yesterday (13 March 2025) the auction results for BS25105T was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25105T&issue_date=2025-03-18

BS25105T Cut-Off Yield is 2.56%, 19 basis points below previous T-bill issue BS25104H, and 6 basis points below my projected yield 2.62%, quite aligned with my projection.