BANKING & FINANCE - Jan. 14, 1992
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T-Bill Rates Mixed: The Treasury sold $10.2 billion of new three-month bills at an average discount rate of 3.83%, down from 3.85% last week. Another $10.3 billion of new six-month bills at an average discount rate of 3.87%, up from 3.86% last week. The three-month bill rate was the lowest since they sold for 3.75% on Dec. 23. The six-month bill rate was the highest since they averaged 3.91% on Dec 30.
The new discount rates understate the actual return to investors: 3.93% for three-month bills, with a $10,000 bill selling for $9,903.20 and 4.01% for a six-month bill selling for $9,804.40. The discount rate reflects the price discount received when government securities are purchased at less than face value.
T-Bill Auction 6-month: 3.87% 3-month: 3.83%
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