The average yield on 1 billion pounds of re-opened five-year bonds was 16.330 percent, with the range from 16 to 16.55 percent. Five-year bonds sold on Aug. 16 had an average yield of 16.59 percent.

The central bank sold 1.5 billion pounds of the five-year bonds on Monday.

The average yield on 1 billion pounds of seven-year bonds sold was 16.65 percent, with the range from 16.15 to 16.90 percent. Seven-year bonds sold on Aug. 16 had an average yield of 16.90 percent.

The re-opened five-year bonds, which mature on Aug. 14, 2017, have a coupon of 16.58 percent and the seven-year bonds maturing on Aug. 21, 2019, carry a 16.90 percent coupon.

Settlement will take place on Sept. 4. Government bonds are sold by the central bank on behalf of the finance ministry.