Freddie Mac sells $3 bln bills at higher rates, lower demand
Feb 19 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, on Tuesday said it sold $3 billion of reference bills at higher rates and weaker demand compared with last week's sale of similar maturities.
Freddie Mac sold $1.5 billion of three-month bills, due May 20, 2013, at a 0.129 percent rate, up from the 0.090 percent rate for its sale of $1.5 billion three-month bills sold Feb. 11.
The company sold $1.5 billion of six-month bills, due Aug. 19, 2013, at a 0.145 percent rate, up from a 0.125 percent rate for $1.5 billion six-month bills sold last week.
Demand for the three-month bills was lower with a bid-to-cover ratio of 4.29, versus the 4.85 ratio for the three-month bills sold Feb. 11, and demand for the six-month bills was lower at 4.42 compared with 4.53 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.
Settlement is Feb. 20.