The average yield on 2 billion pounds of reopened three-year bonds was 16.15 percent, with a range of 16.07 to 16.18 percent, the same average on three-year bonds sold on July 16.

The average yield on 1.5 billion pounds of reopened seven-year bonds was 16.89 percent, with the range from 16.85 to 16.91 percent. That was over the average yield of 16.85 percent on bonds of the same maturity sold on July 16.

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

Settlement will take place on July 31. Government bonds are sold by the central bank on behalf of the finance ministry.