Yesterday the three-month issue was at 5.51 percent, down 1/4 percentage point.

Late Friday, the outstanding three-month issue was bid at a rate of 5.67 percent.

In the Treasury bill market, the three-month and six-month issues ended little changed at 5.59 percent.

The three-month issue was awarded at 4.72 percent, a little better than expected.

The average rate on a three-month issue was 5.29 percent, up 4 basis points from last week.

The average discount rate at auction for a new three-month issue was 7.12 percent, down from 7.20 percent a week earlier.

The three-month issue came in at an average rate of 4.940 percent, down from 4.985 percent last week.

But bill rates were mixed, with a three-month issue down a basis point, to 5.73 percent.

The average discount rate for the three-month issue was 5 percent, down 6 basis points from last week.

The average discount rate for the three-month issue rose to 7.36 percent from 7.32 percent, the highest level since May 1985.