Freddie Mac sells $2 billion in bills at lower rates
Sept 3 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, on Tuesday said it sold $2 billion of reference bills at lower rates and weaker demand compared with the most recent sales of similar maturities and comparable amounts.
Freddie Mac sold $1 billion of three-month bills, due Dec. 2, 2013, at a 0.045 percent rate, down from the 0.048 percent rate for $1 billion three-month bills sold Aug. 26.
The company sold $1 billion of six-month bills, due March 3, 2014, at a 0.080 percent rate, down from the 0.083 percent rate for its sale of $1 billion six-month bills a week ago.
Demand for the three-month bills was weaker, with a bid-to-cover ratio of 3.90, down from the 5.75 ratio for the three-month bills sold Aug. 26.
Demand for the six-month bills was also weaker, at 4.62 compared with the bid-to-cover ratio of 5.55 for the six-month bills sold on Aug. 26.
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 Sept. 4.
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