BS25123E 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/11/20/bs25123e-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 BS25123E 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.31%, ranging from 1.25% to 1.37%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 1.42%, ranging from 0.82% to 2.02%

My projected yield was 1.37%.

Today (20 November 2025) the auction results for BS25123E was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25123E&issue_date=2025-11-25

BS25123E Cut-Off Yield is 1.39%, 2 basis points above my projected yield of 1.37%.