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Freddie Mac sells $3 bln bills at lower rates, higher demand
December 10, 2012 / 3:08 PM / 5 years ago

Freddie Mac sells $3 bln bills at lower rates, higher demand

Dec 10 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, on Monday said it sold $3 billion of reference bills at lower rates and stronger demand compared with last week’s sale of similar maturities.

Freddie Mac said it sold $1.5 billion of three-month bills, due March 11, 2013, at a 0.118 percent rate, up from the 0.120 percent rate for its sale of $1.5 billion three-month bills sold Dec 3.

The company also sold $1.5 billion of six-month bills, due June 10, 2013, at a 0.150 percent rate, down from a 0.158 percent rate for $1.5 billion six-month bills sold last week.

Demand for the three-month bills was higher, with a bid-to-cover ratio of 5.69, up from the 5.33 ratio for the three-month bonds sold Dec. 3, and demand for the six-month bills was also stronger, at 4.78 compared with 4.43 for six-month bills sold a week ago.

A bid-to-cover ratio reflects the amount of bids compared with the amount offered. A higher ratio indicates stronger demand, while a lower ratio indicates weaker demand.

Settlement is Dec. 11.

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