BANKING

T-Bill Rates Unchanged: The Treasury Department sold $11.7 billion of new three-month bills at an average discount rate of 3.75%, the same as last week. Another $11.7 billion of new six-month bills was sold at an average discount rate of 3.90%, also the same as last week. Rates were last higher April 6, when three-month bills sold for 3.95% and the six-month rate was 4.02%. The new discount rates understate the actual return to investors--3.84% for three-month bills, with a $10,000 bill selling for $9,905.20, and 4.03% for a six-month bill selling for $9,802.80. The discount rate reflects the price discount received when securities are purchased at less than face value.

T-Bill Auction 6-month: 3.90% 3-month: 3.75%