April 15 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
the most recent sales of similar maturities and comparable
Freddie Mac said it sold $1 billion of three-month bills,
due July 15, 2013, at a 0.072 percent rate, down from the 0.085
percent rate for its sale of $1 billion three-month bills on
April 1, 2013.
The company sold $2 billion of six-month bills, due Oct. 15,
2013, at a 0.105 percent rate. By comparison, the last time
Freddie sold $2 billion in six-month bills on Sept. 6, 2011, the
yield was 0.108 percent.
Demand for the three-month bills was lower, with a
bid-to-cover ratio of 5.42, down from the 5.75 ratio for the
three-month bills sold April 1. Demand for the six-month bills
was higher, at 5.40 compared with 3.49 for the six-month bills
sold on Sept. 6, 2011.
A bid-to-cover ratio reflects the amount of bids compared
with the amount offered. A lower ratio indicates weaker demand.
Settlement is April 16.
On April 8, Freddie Mac sold $1.5 billion three-month bills,
and $1.5 billion of six-month bills.