BANKING & FINANCE - Dec. 21, 1993

Treasury Bill Rates Mixed: The Treasury Department sold $13 billion of new three-month bills at an average discount rate of 3.06%, the same as last week. An additional $13.1 billion of new six-month bills were sold at an average discount rate of 3.25%, down from 3.26% last week. The six-month bill rate was the lowest since they averaged 3.19% on Oct. 25. The new discount rates understate the actual return to investors--3.12% for three-month bills, with a $10,000 bill selling for $9,922.70, and 3.35% for a six-month bill selling for $9,835.70. The discount rate reflects the discount received when government securities are purchased at less than face value.