WASHINGTON -- The Treasury yesterday sold $14.30 billion of one-year bills at an average discount rate of 3.93%, down from 4.07% in the previous auction on May 28 and the lowest since the 3.84% incurred on Jan. 9, 1992.

The coupon equivalent was 4.11%. The average price was 96.026.

The Treasury received $44.29 billion of tenders for the bills and accepted $14.30 billion, including $589 million offered noncompetitively from the public and $3.53 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 $42.24 billion of the bills and received $13.63 billion.

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