BANKING & FINANCE - April 1, 1994

Treasury Sells $16.6 Billion of 1-Year Bills: The bills were sold at an average rate of 4.30%, the highest rate in almost two years. The rate was 27 basis points above last month’s average of 4.03% and the highest since 4.34% at the April, 1992, auction, the Treasury said. The average price was 95.652, and the yield to maturity on the bills was 4.51%. The high price and low yield on the bills were 95.672 and 4.28%. The low price and high yield were 95.652 and 4.30%, and 100% of the high bids were accepted. Tenders totaled $44,235,793,000. Treasury accepted $16,602,793,000 of the tenders, including non-competitive bids of $717,038,000 from individual investors. The bid-coverage ratio, which compares securities awarded to bids received, was 2.66.