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Freddie Mac sells $2 bln bills at higher rates
July 2, 2012 / 2:18 PM / 5 years ago

Freddie Mac sells $2 bln bills at higher rates

July 2 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, said on Monday it sold $2.0 billion of reference bills at higher rates and weaker demand compared with the most recent sales of similar maturities.

Freddie Mac said it sold $1.0 billion of three-month bills due Oct. 1, 2012 at a 0.128 percent stop-out rate, up from a 0.123 percent rate for its $1.5 billion three-month bills sold June 25.

The company also sold $1.0 billion of six-month bills due Dec. 31, 2012 at a 0.180 percent rate, up from a 0.160 percent rate for its sale of $1.0 billion bills a week ago.

Demand for the three-month bills was lower with the bid-to-cover ratio at 4.32 versus 4.45 for bills sold June 25, and demand for the six-month bills was also lower at 4.03 ratio versus 4.04 for its bills sold a week ago.

A bid-to-cover ratio reflects the amount of bids compared with the amount offered. A lower ratio indicates weaker demand.

Settlement is July 3.

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