BS25112X 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/06/19/bs25112x-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 BS25112X 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.97%, ranging from 1.92% to 2.02%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 2.49%, ranging from 2.15% to 2.83%

My projected yield was 1.97%.

Today (19 June 2025) the auction results for BS25112X was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25112X&issue_date=2025-06-24

BS25112X Cut-Off Yield is 2%, 3 basis points above my projected yield 1.97%.