BANKING & FINANCE - Jan. 20, 1993

T-Bill Rates Sink Again: The Treasury sold $11.6 billion of new three-month bills at an average discount rate of 3.03%, down from 3.07% last week. An additional $11.7 billion of new six-month bills was sold at an average discount rate of 3.13%, down from 3.19% last week. The three-month bill rate was the lowest since they sold for 2.97% on Oct. 26. The six-month bill rate was the lowest since they averaged 3.10% on Oct. 19. The new discount rates understate the actual return to investors--3.10% for three-month bills--with a $10,000 bill selling for $9,923.40, and 3.22% for a six-month bill selling for $9,841.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.