BANKING & FINANCE - Nov. 9, 1993

T-Bill Rates Mixed: The Treasury sold $13.8 billion in new three-month bills at an average discount rate of 3.11%, the same as last week. An additional $13.9 billion in new six-month bills was sold at an average discount rate of 3.28%, up from 3.25% last week. The six-month bill rate was the highest since they averaged 3.30% on June 7. The new discount rates understate the actual return to investors: 3.18% for three-month bills, with a $10,000 bill selling for $9,922.30, and 3.38% for a six-month bill selling for $9,835.10. The discount rate reflects the price discount received when government securities are purchased at less than face value.

T-Bill Auction, 6 month 3.28%, 3 month 3.11%