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Freddie Mac sells $2 bln bills at higher rates
April 18, 2011 / 2:00 PM / 7 years ago

Freddie Mac sells $2 bln bills at higher rates

NEW YORK, April 18 (Reuters) - Freddie Mac FMCC.OB on Monday said it sold $2 billion of bills at higher rates and weaker demand compared with the most recent sales of similar maturities.

Freddie Mac said it sold $1 billion of three-month bills, due July 18, 2011, at a stop-out rate of 0.076 percent, up from the 0.070 percent rate for last week’s sale of $1 billion of three-month bills.

The company also sold $1 billion of six-month bills, due Oct. 17, 2011 at a 0.143 percent rate, up from 0.140 percent for last week’s sale of $1 billion in six-month bills.

Demand for the three-month bills was weaker, with a bid-to-cover ratio of 4.30 versus 4.42 for bills sold last week.

Demand for the six-month bills was weaker with a 4.08 ratio, versus 4.40 for last week’s sale.

A bid-to-cover ratio reflects the amount of bids compared with the amount offered. A lower ratio indicates weaker demand.

Settlement is April 19. (Reporting by Pam Niimi; Editing by James Dalgleish)

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