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BRIEFLY

February 09, 1988

The Treasury sold $6.4 billion in new three-month bills at an average discount rate of 5.63%, down from 5.74% last week. Another $6.4 billion was sold in new six-month bills at an average discount rate of 5.85%, down from 6.11% last week. The rates on three-month bills were the lowest since Nov. 30, and the six-month bills fell to the lowest level since they averaged 5.54% on July 13. 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 6.13% for six-month bills selling for $9,704.30. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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