Egypt sells 3- and 5-year bonds worth 3.5bn EGP

CAIRO: Egypt's central bank said it sold 3.5 billion Egyptian pounds ($579.8 million) in three and five-year bonds on Monday, the same amount it had offered.

It sold 2 billion pounds in reopened three-year bonds at an average yield of 16.12 percent, with yields ranging from 16.05 to 16.15 percent. The bonds have a 16.15 percent coupon and mature on April 3, 2015.

It also sold 1.5 billion pounds in new five-year bonds at an average yield of 16.59 percent, with yields ranging from 16.4 to 16.62 percent. The bonds have a 16.55 percent coupon and mature on April 10, 2017.

The central bank sells government bonds on behalf of the finance ministry . Settlement will take place on April 10.