BANKING & FINANCE - March 2, 1993
From Times Staff and Wire Reports
T-Bill Rates Mixed: The Treasury sold $11.7 billion of new three-month bills at an average discount rate of 2.97%, up from 2.96% last week. Another $11.7 billion of six-month bills was sold at an average discount rate of 3.05%, down from 3.06% last week. The three-month bill rate was the highest since they sold for 2.98% on Jan. 25. The six-month bill rate was the lowest since they averaged 2.95% on Oct 13. The new discount rates understate the actual return to investors--3.04% for three-month bills with a $10,000 bill selling for $9,924.90 and 3.14% for a six-month bill selling for $9,845.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.
