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Banking & Finance

September 24, 1996|Times Staff and Wire Reports

Rates on Short-Term T-Bills Rise: The Treasury Department sold $11.6 billion in three-month bills at an average discount rate of 5.18%, up from 5.07% last week. An additional $11.5 billion was sold in six-month bills at an average rate of 5.30%, up from 5.19%. The three-month rate is the highest since the bills sold for 5.19% on Sept. 3. The six-month rate is the highest since they averaged 5.38%, also on Sept. 3. The new discount rates understate the actual return to investors--5.32% for three-month bills with a $10,000 bill selling for $9,869.10 and 5.52% for a six-month bill selling for $9,732.10. In a separate report, the Federal Reserve Board said the average yield for one-year Treasury bills fell to 5.82% last week from 5.88% the previous week. The next auction of two-year notes is Wednesday; five-year notes will be auctioned Thursday.

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