Treasury sells one-year bills at 5.04% rate.

WASHINGTON -- The Treasury yesterday sold $16.59 billion of one-year bills at an average discount rate of 5.04%, up from 5.01% in the previous auction on May 26 and the highest since the 5.12% incurred in the auction Of Oct. 17, 1991.

The coupon equivalent was 5.31% The average price was 94.904.

The Treasury received $49.98 billion of tenders for the bills and accepted $16.59 billion, including $973 million offered noncompetitively from the public and $4.74 billion from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities, all at the average.

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