BS25124F 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/12/04/bs25124f-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 BS25124F 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.32%, ranging from 1.26% to 1.38%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 1.35%, ranging from 0.75% to 1.95%

My projected yield was 1.40%.

Today (4 December 2025) the auction results for BS25124F was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25124F&issue_date=2025-12-09

BS25124F Cut-Off Yield is 1.41%, 1 basis point above my projected yield of 1.40%.