April 9, 2012 / 2:12 PM / 6 years ago

Freddie Mac $2 billion bill sale-rates up, demand down

(Reuters) - Freddie Mac FMCC.OB, the No. 2 U.S. home funding company, said on Monday it sold $2 billion of reference bills at higher rates and weaker demand compared with the last week’s sale of similar maturities.

The headquarters of mortgage lender Freddie Mac is seen in Mclean, Virginia, near Washington, September 8, 2008. REUTERS/Jason Reed

Freddie Mac said it sold $1 billion of three-month bills due July 9, 2012 at a 0.103 percent stop-out rate, up from the 0.088 rate for its $1 billion three-month bills sold on April 2.

The agency sold $1 billion of six-month bills due October 9, 2012 at a 0.159 percent rate, up from the 0.153 percent rate for its $1 billion six-month bills sold a week ago.

Demand for the three-month bills was lower, with the bid-to-cover ratio at 4.12 versus 4.85 for three-month bills sold April 2, and demand for the six-month bills was also lower at 3.82 versus 4.95 for last week’s sale of six-month bills.

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

Settlement is April 10.

New York Ratings Team; Editing by James Dalgleish

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