BS25110H 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/05/22/bs25110h-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 BS25110H 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 2.16%, ranging from 2.11% to 2.21%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 2.69%, ranging from 2.41% to 2.97%

My projected yield was 2.16%.

Today (22 May 2025) the auction results for BS25110V was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25110H&issue_date=2025-05-27

BS25110H Cut-Off Yield is 2.20%, 4 basis points above my projected yield 2.16%.