Freddie Mac bills sale; lower rates, weaker demand - News

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Freddie Mac bills sale; lower rates, weaker demand

By: AFX | 02 Nov 2009 | 10:06 AM ET

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NEW YORK, Nov 2 (Reuters) - Freddie Mac on Monday said it sold $2.0 billion of bills at lower rates than at the most recent sales of the same maturities, while demand was weaker. Freddie Mac said it sold $1.0 billion of three-month bills due Feb. 1, 2010 at a 0.066 percent rate, down from 0.078 percent for its $1.0 billion bills auctioned on Oct. 26. It also sold $1.0 billion of six-month bills May 3, 2010 at a 0.170 percent rate, down from 0.185 percent for its $1.0 billion of six-month bills sold a week ago. Demand for the three-month bills was weaker than last week, with a bid-to-cover ratio of 4.53 compared with 5.12 on Oct. 26, while demand was also weaker for the six-month bills at 4.20 versus 4.55 last week. A bid-to-cover ratio reflects the amount of bids compared with the amount offered. A lower ratio indicates weaker demand. Settlement for all bills is Nov. 3. (Reporting by Caryn Trokie; Editing by James Dalgleish) Keywords: FREDDIEMAC BILLS/SALE (caryn.trokie@thomsonreuters.com; Tel: +1 646-223-6318; Reuters Messaging: caryn.trokie.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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