BS25114N 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/07/17/bs25114n-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.

__

Refer to BS25114N 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.74%, ranging from 1.68% to 1.80%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 2.29%, ranging from 1.89% to 2.69%

My projected yield was 1.74%.

Today (17 July 2025) the auction results for BS25114N was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25114N&issue_date=2025-07-22

BS25114N Cut-Off Yield is 1.79%, 5 basis points above my projected yield 1.74%.