BS25113W 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/07/03/bs25113w-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 BS25113W 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.76%, ranging from 1.71% to 1.81%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 2.39%, ranging from 2.02% to 2.76%

My projected yield was 1.76%.

Today (3 July 2025) the auction results for BS25113W was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25113W&issue_date=2025-07-08

BS25113W Cut-Off Yield is 1.85%, 9 basis points above my projected yield 1.76%.