(Bloomberg) -- The European Union raised more than anticipated from a sale of two bonds through banks, after investors bid over €166 billion ($182 billion) for the debt.

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The dual-tranche offering saw €5 billion of three-year debt and €6 billion of 15-year notes sold, with the latter a €1 billion increase on the initial target. The sales were priced tighter than early guidance, at 11 basis points and 66 basis points respectively over comparable swaps, according to people familiar with the matter, who asked not to be identified.

Such debt syndications are typically more expensive than auctions, but they allow governments to raise large sums quickly while diversifying their investor base.

Bookrunners on the deal are Barclays Plc, BNP Paribas SA, Goldman Sachs Group Inc., LBBW and Nordea Bank Abp. A co-lead group is comprised of Banca Monte dei Paschi di Siena SpA, Danske Bank A/S, Intesa Sanpaolo SpA, KBC Group NV, Natixis SA and Banco Santander SA.

The EU is aiming to get its bonds reclassified as sovereign debt to reduce its borrowing costs. Bloomberg Index Services Limited (BISL) opened a client consultation last week on changes to its fixed income benchmarks, including the potential reclassification of the bloc from a “supranational” to a “treasury” issuer. Intercontinental Exchange Inc. and MSCI Inc. already rejected such a move in a blow to the bloc’s quest to attract a larger pool of investors.

(Updates throughout.)

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