BANKING & FINANCE - Jan. 28, 1992

T-Bill Interest Rates Rise: The Treasury sold $10.3 billion worth of new three-month bills at an average discount rate of 3.84%, up from 3.78% last week. An additional $10.2 billion worth of new six-month bills was sold at an average discount rate of 3.93%, up from 3.84%. The three-month bill rate was the highest since the 3.85% of Jan. 6. The six-month rate was the highest since the 4.19% of Dec. 16. The new discount rates understate the actual return to investors--3.94% for three-month bills with a $10,000 bill selling for $9,902.90 and 4.08% for a six-month bill selling for $9,801.30. The discount rate reflects the price discount received when government securities are purchased at less than face value.