BANKING & FINANCE - Dec. 9, 1994
From Times Staff and Wire Reports
52-Week Treasury Bill Rate Soars: The U.S. Treasury sold $17.0 billion of one-year bills at an average rate of 6.75%, the highest in more than four years. The rate was 66 basis points above last month’s average of 6.09% and the highest since 6.81% at the November, 1990, auction of one-year bills, the Treasury said. The average price and yield to maturity on the bills were 93.175 and 7.22%. Tenders totaled $41,926,816,000. Treasury accepted $17,000,426,000 of the tenders, including non-competitive bids of $1,195,776,000 from individual investors. The bid/coverage ratio, which compares securities awarded to bids received, was 2.47.
