WASHINGTON -- The Treasury yesterday sold $15.87 billion of one-year bills at an average discount rate of 3.25%, down from 3.27% in the previous auction on Sept. 16.

The coupon equivalent was 3.38%. The average price was 96.714.

The Treasury received $60.15 billion of tenders for the bills and accepted $15.33 billion, including $395 million offered noncompetitively from the public and $3.64 billion from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities, all at the average. The New York Federal Reserve District applied for $57.24 billion of the bills and received $15.25 billion.

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