WASHINGTON - The Treasury yesterday sold $16.58 billion of one-year bills at an average discount rate of 4.71%, up from 4.30% in the previous auction on March 31 and the highest since the 5.12% incurred in the auction of Oct. 17, 1991.

The coupon equivalent was 5.02. The average price was 95.177.

The Treasury received $49.33 billion of tenders for the bills and accepted $16.58 billion, including $724 million offered noncompetitively from the public and $4.63 billion from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities, all at the average.

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