The Philippines raised €1.2 billion through a sale of euro-denominated bonds that included the country's first zero-coupon issuance of the said securities, Reuters reported, citing Finance Secretary Carlos Dominguez.

The offerings included a €600 million, zero-coupon three-year bond at 40 basis points higher than the benchmark, and a €600 million, nine-year bond with a coupon of 0.75%, CNN Philippines reported. Dominguez said the deals were nearly 4x oversubscribed.

The Philippine government aims to finance its 2020 budget through the proceeds from the offering, according to the reports.

UBS, Citigroup, Standard Chartered, and Credit Suisse were joint lead managers and joint book runners.