August 25, 2008 / 2:03 PM / 9 years ago

Freddie Mac sees stronger demand for $2 bln bill sale

NEW YORK, Aug 25 (Reuters) - Freddie Mac’s FRE.N $2 billion bill sale on Monday drew stronger demand and interest rates rose compared with the most recent sales of the same maturities.

Freddie Mac on Monday sold $1 billion of three-month bills due Nov. 24, 2008 at a 2.580 percent rate, compared with a 2.475 rate for $2 billion of similar maturity bills sold on Aug. 18.

Freddie Mac also sold $1 billion of six-month bills due Feb. 23, 2009 at a 2.858 percent rate, compared with 2.780 percent for the same size sale of the same maturity a week earlier.

Demand for the three-month bills was higher than a week earlier, based on a bid-to-cover ratio of 3.95 compared with 2.19.

Demand for the six-month bills was higher than a week earlier, based on a bid-to-cover ratio of 3.42 compared with 2.42.

A bid-to-cover ratio reflects the amount of bids compared with the amount offered. A lower ratio indicates weaker demand. (Reporting by Rodrigo Campos; Editing by Tom Hals)

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