BS25121V 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/10/23/bs25121v-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 BS25121V 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.33%, ranging from 1.27% to 1.39%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 1.51%, ranging from 0.93% to 2.09%

My projected yield was 1.33%.

Today (23 October 2025) the auction results for BS25121V was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25121V&issue_date=2025-10-28

BS25121V Cut-Off Yield is 1.41%, 8 basis points above my projected yield of 1.33% from the Yield Premium Method.