At the auction, the Treasury received a record $1.57 billion worth of non-competitive bids for the new bills.

In recent months, non-competitive bids for one-year bills have averaged around $500 million.

It was the largest non-competitive bid since the two-year auction held on April 26.

When you make a non-competitive bid, you agree to accept whatever interest rate is decided at the auction.

As measured by the size of non-competitive bids for the new bills, individual interest in the issues was strong.

While not a record, non-competitive bids for the six-month bills were heavy, at $1.4 billion.

Before you buy a bill, you have to decide whether to make a competitive or non-competitive bid.

More impressive than the total ofbids, some analysts said, was the size of the non-competitive bid.

Individual investors and smaller commercial banks placed $565 million worth of non-competitive bids for the issue, the highest total in more than four years.

The Treasury said it received $1.15 billion worth of non-competitive bids for the issue.