BS25109V 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/05/07/bs25109v-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 BS25109V 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 2.28%, ranging from 2.22% to 2.34%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 2.77%, ranging from 2.52% to 3.02%

My projected yield was 2.28%.

Today (7 May 2025) the auction results for BS25109V was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25109V&issue_date=2025-05-13

BS25109V Cut-Off Yield is 2.30%, just 2 basis points above my projected yield 2.28%.