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BRIEFLY

September 29, 1987

Yields rose on short-term T-bills in auctions that had been postponed from last week while Congress considered raising the national debt limit. The Treasury sold $6.41 billion in new three-month bills at an average discount rate of 6.59%, up from 6.32% on Sept. 14. Another $6.42 billion was sold in new six-month bills at an average discount rate of 6.83%.The new discount rates understate the actual return to investors--6.81% for three-month bills with a $10,000 bill selling for $9,833.40 and 7.19% on six-month bills with a $10,000 bill selling for $9,654.70. The Treasury also rescheduled a series of other securities auctions. One-year bills will be auctioned Wednesday, three-month and six-month bills Thursday, four-year notes on Oct. 6 and seven-year notes on Oct. 7.

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