WASHINGTON - The Treasury yesterday sold $16.59 billion of one-year bills at an average discount rate of 5.01%, up from 4.77% in the previous auction on April 28 and the highest since the 5.12% incurred in the auction of Oct. 17, 1991.
The coupon equivalent was 5.28% The average price was 94.934.
The Treasury received $59.39 billion of tenders for the bills and accepted $16.59 billion, including $946 million offered noncompetitively from the public and $4.33 billion from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities, all at the average.