BS25120N 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/10/09/bs25120n-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 BS25120N 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.39%, ranging from 1.33% to 1.45%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 1.62%, ranging from 1.05% to 2.19%

My projected yield was 1.39%.

Today (9 October 2025) the auction results for BS25120N was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25120N&issue_date=2025-10-14

BS25120N Cut-Off Yield is 1.44%, 5 basis points above my projected yield of 1.39% from the Yield Premium Method.