February 25, 2013 / 3:10 PM / in 5 years

Freddie Mac sells $3.5 bln bills at higher rates

Feb 25 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, on Monday said it sold $3.5 billion of reference bills at higher rates and mixed demand compared with the most recent sales of similar maturities.

Freddie Mac said it sold $500 million of one-month bills due March 25, 2013, at a 0.102 percent rate, up from the 0.037 percent rate for $500 million of one-month bills sold Jan. 22.

The agency also sold $1.5 billion of three-month bills, due May 28, 2013, at a 0.137 percent rate, also up from the 0.129 percent rate for its sale of $1.5 billion three-month bills sold last week.

Freddie Mac sold $1.5 billion of six-month bills, due Aug 26, 2013, at a 0.149 percent rate, up from a 0.145 percent rate for $1.5 billion six-month bills sold Feb. 19.

Demand for the one-month bills was lower, with a bid-to-cover ratio of 5.90, down from 6.55 for one-month bills sold Jan. 22.

Demand for three-month bills was up, with a bid-to-cover ratio of 4.82, from the 4.29 ratio for the three-month bills sold on Feb. 19, and demand for the six-month bills was lower, at 3.95, compared with 4.42 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 Feb. 26.

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