CAIRO: Egypt's central bank sold 4 billion Egyptian pounds ($661.28 million) in five, seven and ten-year bonds on Monday, more than it had initially sought, the finance ministry said.

The bank said it sold 2 billion pounds of reopened five-year bonds, instead of the 1.5 billion it had offered, 1 billion pounds of reopened seven-year and 1 billion pounds of reopened ten-year bonds.

The average yield for the five-year bonds was 16.62 percent, with a range between 16.55 to 16.65 percent. The average yield was unchanged from an auction of the same reopened five-year bonds earlier in May.

The average yield for seven-year was 16.91 percent, with the range from 16.88 to 16.938 percent. The average yield for the ten-year bonds was 17.03 percent, with the range from 16.92 to 17.045 percent.

The five-year bonds which mature on April 10, 2017, carry a 16.55 percent coupon. The seven-year bonds, which mature on April 3, 2019, carry a 16.85 percent coupon while the ten-year bonds mature on April 3, 2022 and carry a 17 percent coupon.     

Settlement for the bonds will take place on May 22. Government bonds are sold by the central bank on behalf of the Finance Ministry.