BS25115V 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/07/31/bs25115v-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 BS25115V 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.62%, ranging from 1.57% to 1.67%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 2.15%, ranging from 1.72% to 2.58%

My projected yield was 1.62%.

Today (31 July 2025) the auction results for BS25115V was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25115V&issue_date=2025-08-05

BS25115V Cut-Off Yield is 1.77%, 15 basis points above my projected yield 1.62%.