MANILA -- The Philippines sold 750 million euros (P44 billion) in its first issue of euro-denominated bonds in 10 years that was 6 times oversubscribed, National Treasurer Rosalia de Leon said Friday.

The offer was upsized from 500 million euros after demand peaked at 3 billion euros. The bonds have a 0.875 percent coupon, De Leon said.

"There was good reception from high quality and real money investors especially from Europe despite lower than expected GDP figures and ongoing tensions between US and China," she said.

Last week, S&P Global raised its rating on Philippine by one notch to BBB+, or one notch below the minimum "A" rating.

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The difference between the yield and the benchmark was 70-75 basis points compared to a spread of 294 basis points during the Philippines' last euro bond issue, she said.

A wider spread or difference between yield and the benchmark indicates more perceived risk from investors.

Gross domestic product grew 5.6 percent in the January to March period, the slowest in 4 years, dragged by the delay in the passage of the 2019 budget, officials announced on Thursday.

Also on Thursday, the Bangko Sentral ng Pilipinas cut the benchmark borrowing rate by 25 basis points.

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