Freddie Mac sells $3 billion in bills at mixed rates
Aug 19 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, on Monday said it sold $3 billion of reference bills at mixed rates and mixed demand compared with the most recent sales of similar maturities and comparable amounts.
Freddie Mac sold $500 million of one-month bills, due Sept. 16, 2013, at a 0.045 percent rate, up from the 0.018 percent rate for its $500 million one-month bills auctioned July 22.
Freddie Mac sold $1 billion of three-month bills, due Nov. 18, 2013, at a 0.075 percent rate, up from the 0.072 percent rate for its $1 billion three-month bills sold Aug. 12.
The company sold $1 billion of six-month bills, due Feb. 18, 2014, at a 0.100 percent rate, up from the 0.095 percent rate for its Aug. 12 sale of $1 billion six-month bills.
Freddie Mac sold $500 million of 12-month bills, due Aug. 18, 2014, at a 0.159 percent rate, down from the 0.164 percent rate for its $500 million 12-month bills sold July 8.
Demand for the one-month bills was weaker, with a bid-to-cover ratio of 5.05, down from the 6.13 ratio for the one-month bills sold July 22.
Demand for the three-month bills was stronger, with a bid-to-cover ratio of 4.95, up from the 4.00 ratio for the three-month bills sold Aug. 12.
Demand for the six-month bills was weaker, at 4.12 down from the bid-to-cover ratio of 4.18 for the six-month bills sold on Aug. 12.
Demand for the 12-month bills was weaker, with a bid-to-cover ratio of 4.68, down from the 5.80 ratio for the 12-month bills sold July 8.
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 Aug. 20.