BANKING

T-Bill Rates Decline: The Treasury Department sold $12.9 billion in new three-month bills at an average discount rate of 5.63%, down from 5.74% last week. Another $12.9 billion of new six-month bills were sold at an average discount rate of 5.65%, down from 5.84%. The three-month bill rate was the lowest since they sold for 5.56% on April 17. The six-month bill rate was the lowest since they averaged 5.51% on Oct. 31. The new discount rates understate the actual return to investors: 5.81% for three-month bills, with a $10,000 bill selling for $9,857.70, and 5.91% for a six-month bill selling for $9,714.40. The discount rate reflects the price discount received when government securities are purchased at less than face value.