The average yield on 2 billion pounds of three-year bonds was 16.18 percent with a range of 16.1 to 16.21 percent, less than the average 16.21 percent yield on three-year bonds sold on June 4.

The average yield on 1.5 billion pounds of re-opened seven-year bonds was 16.91 percent, with the range from 16.875 to 16.93 percent. That was slightly below the average yield of 16.92 percent on bonds of the same maturity sold on June 11.

The seven-year bonds, which mature on April 3, 2019, carry a 16.85 percent coupon. The three-year bonds maturing on July 3, 2015, carry a coupon of 16.15 percent.

Settlement will take place on July 3. Government bonds are sold by the central bank on behalf of the finance ministry.