Freddie Mac sells $2 bln bills at lower rates, higher demand
March 4 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, on Monday said it sold $2 billion of reference bills at lower rates and higher demand compared with last week's sale of similar maturities.
Freddie Mac said it sold $1 billion of three-month bills, due June 3, 2013, at a 0.123 percent rate, down from the 0.137 percent rate for its sale of $1.5 billion three-month bills sold Feb. 25.
The company sold $1 billion of six-month bills, due Sept. 3, 2013, at a 0.145 percent rate, down from a 0.149 percent rate for $1.5 billion six-month bills sold last week.
Demand for the three-month bills was stronger, with a bid-to-cover ratio of 6.12, up from the 4.82 ratio for the three-month bills sold Feb. 25. Demand for the six-month bills was also higher, at 5.47 compared with 3.95 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 March 5.
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