October 14, 2008 / 2:05 PM / 10 years ago

Freddie sells $4 bln bills at mixed rates vs wk ago

NEW YORK, Oct 14 (Reuters) - Freddie Mac FRE.N FRE.P sold $4 billion of bills on Tuesday at mixed interest rates and weaker demand compared with similar sales a week ago.

Freddie Mac on Tuesday sold $2 billion of three-month bills due Jan. 12, 2009 at a 1.950 percent rate, down from 2.010 percent for a $1 billion sale of the same maturity on Oct. 6.

Freddie Mac also sold $1 billion of six-month bills due April 13, 2009 at a 2.700 percent rate, up from 2.330 percent for the same size sale of the same maturity a week earlier.

In addition, Freddie Mac also sold $1 billion of 12-month bills due Oct. 13, 2009 at a 3.000 percent stop-out rate.

Demand for the three-month bills was lower than a week earlier, based on a bid-to-cover ratio of 2.04 compared with 3.42 on Oct. 6.

The bid-to-cover ratio for the 6-month bills was lower than a week earlier, based on a bid-to-cover-ratio of 2.95 compared with 3.27 on Oct. 6.

The bid-to-cover ratio for the 12-month bills was 2.43.

A bid-to-cover ratio reflects the amount of bids compared with the amount offered. A lower ratio indicates weaker demand. (Reporting by Caryn Trokie; Editing by Theodore d’Afflisio)

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