Freddie Mac sells $3 billion bills at lower rates, mixed demand
March 18 (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 mixed demand compared with last week's sale of similar maturities.
Freddie Mac said it sold $1.5 billion of three-month bills, due June 17, 2013, at a 0.107 percent rate, down from the 0.113 percent rate for its sale of $1.5 billion three-month bills on March 11.
The company sold $1.5 billion of six-month bills, due Sept. 16, 2013, at a 0.130 percent rate, down from a 0.137 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 4.72, down from the 5.05 ratio for the three-month bills sold March 11. Demand for the six-month bills was up, at 4.75 compared with 4.28 for six-month 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 March 19.