BANKING

T-Bill Rates Rise: The Treasury Department sold $12 billion of new three-month bills at an average discount rate of 3.08%, up from 3.06% last week. Another $12 billion of new six-month bills was sold at an average discount rate of 3.22%, up from 3.19% last week. The rates were the highest since Jan. 4, when three-month bills sold for 3.15% and six-month bills averaged 3.28%. The new discount rates understate the actual return to investors--3.15% for three-month bills, with a $10,000 bill selling for $9,922.10 and 3.32% for a six-month bill selling for $9,837.20. The discount rate reflects the price discount received when government securities are purchased at less than face value.

T-Bill Auction

6-month: 3.22%

3-month: 3.08%