Freddie Mac sells $2 billion bills at lower rates
Sept 16 (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 stronger demand compared with last week's sale of similar maturities and comparable amounts.
Freddie Mac sold $1 billion of three-month bills, due Dec. 16, 2013, at a 0.030 percent rate, down from the 0.040 percent rate for $1 billion three-month bills sold Sept. 9.
The company sold $1 billion of six-month bills, due March 17, 2014, at a 0.063 percent rate, down from the 0.080 percent rate for its sale of $1 billion six-month bills a week ago.
Demand for the three-month bills was stronger, with a bid-to-cover ratio of 5.60, up from the 4.12 ratio for the three-month bills sold last week.
Demand for the six-month bills was also stronger, at 4.40 compared with the bid-to-cover ratio of 4.10 for the 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, while a lower ratio indicates weaker demand.
Settlement is Sept. 17.
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