The Philippines raised 1.2 billion euros ($1.33 billion) from the capital market by selling its first ever zero coupon three-year euro-denominated bond and securing the lowest coupon ever for a nine-year deal, its finance secretary said on Wednesday.

The three-year and nine-year issues, which follow a similar offering in May, was nearly four times oversubscribed, Carlos Dominguez said, citing a report from the Bureau of Treasury. Dominguez said the three-year euro bond had a coupon of 0% and offers 40 basis points over benchmark, while the nine-year bond's 0.75% coupon was tighter than on the Philippines' existing euro bonds due 2027, which pay out 0.875%.