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Banking & Finance

May 25, 1993|From Times Staff and Wire Reports

Treasury Bill Rates Climb: The Treasury Department sold $12 billion of new three-month bills at an average discount rate of 3.06%, up from 3.00% last week. Another $12 billion of six-month bills was sold at an average discount rate of 3.19%, up from 3.10% last week. The rates were the highest since Jan. 11, when three-month bills sold for 3.07% and the six-month rate averaged 3.19%. The new discount rates understate the actual return to investors--3.12% for three-month bills, with a $10,000 bill selling for $9,922.70, and 3.29% for a six-month bill selling for $9,837.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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