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Freddie Mac to sell $3bn bills

NEW YORK : Freddie Mac said Friday it plans to sell $3.0 billion of reference bills on Monday. The scheduled offering
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By Muhammad Iqbal
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macNEW YORK: Freddie Mac said Friday it plans to sell $3.0 billion of reference bills on Monday.

The scheduled offerings are:

$1.5 billion of three-month bills due Sept. 6, 2011 to be sold Monday and settle Tuesday; and

$1.5 billion of six-month bills due Dec. 5, 2011 to be sold Monday and settle Tuesday.

The bills will be sold over the Internet in a Dutch auction. In such uniform price auctions, successful bidders pay only the price of the lowest accepted bid rather than the actual price as in a conventional multiple-price auction.

Bids will be accepted from authorized dealers from 8:00 a.m. (1200 GMT) until 9:45 a.m.(1345 GMT).

Copyright Reuters, 2011

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