BS25125Z 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/12/18/bs25125z-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 BS25125Z 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 1.37%, ranging from 1.30% to 1.44%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 1.35%, ranging from 0.74% to 1.96%

My projected yield was 1.45%.

Today (18 December 2025) the auction results for BS25125Z was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25125Z&issue_date=2025-12-23

BS25125Z Cut-Off Yield is 1.48%, 3 basis points above my projected yield of 1.45%.