BANKING & FINANCE - May 4, 1993

T-Bill Rates Mixed: The Treasury Department sold $10.6 billion of new three-month bills at an average discount rate of 2.88%, the same as last week. Another $10.6 billion of new six-month bills was sold at an average discount rate of 2.98%, up from 2.95% last week. The six-month bill rate was the highest since they averaged 3% on April 12. The new discount rates understate the actual return to investors--2.94% for three-month bills, with a $10,000 bill selling for $9,927.20, and 3.07% for a six-month bill selling for $9,849.30. The discount rate reflects the price discount received when government securities are purchased at less than face value.