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Freddie Mac sells $3 billion bills at higher rates
June 24, 2013 / 2:01 PM / 4 years ago

Freddie Mac sells $3 billion bills at higher rates

June 24 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, on Monday said it sold $3 billion of reference bills at higher rates and weaker demand compared with the most recent sales of similar maturities and comparable amounts.

Freddie Mac sold $1.5 billion of three-month bills, due Sept. 23, 2013 at a 0.110 percent rate, up from the 0.080 percent rate for $1.5 billion three-month bills auctioned on June 17.

The company sold $1.5 billion of six-month bills, due Dec. 23, at a 0.150 percent rate, up from the 0.112 percent rate $1.5 billion bills sold last week.

Demand for the three-month bills was weaker, with a bid-to-cover ratio of 3.85, down from the 4.82 ratio for the three-month bills auctioned on June 17.

Demand for the six-month bills was also lower, at 3.43 compared with 5.28 for the six-month bills sold last week.

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

Settlement is June 25.

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