(Bloomberg) -- The European Union’s first offering of social bonds was said to receive orders of more than 150 billion euros ($177 billion), a record for a dual-tranche issue in the euro area.Investors are being drawn to the sale because of the scarcity of securities stamped with a AAA credit rating and with social bonds the fastest-growing part of sustainable finance. The offering, also the EU’s first joint debt since the bloc agreed a landmark pandemic recovery deal, is aimed at providing funding for a job support program.The bloc is selling 10-year debt via banks Tuesday at three basis points over midswaps, according to a person familiar with the matter. It’s also issuing 20-year securities at 14 basis points over midswaps, as it seeks to build a liquid market.“The books need to be large given that there is another 800 billion euros or so on the way,” said Jan von Gerich, chief strategist at Nordea Bank Abp. “These bonds were clearly eagerly awaited, and these issues only strengthen the picture that there is a huge demand for bonds at the moment.”Demand for debt has hit all-time highs across the region this year, with Italy posting the most for a single sale, garnering 107 billion euros of orders for a 10-year issue in June. In the previous record deal for the social bond space, French agency CADES received more than three times the number of orders for its five billion euro 10-year offering.The EU hired Barclays Plc, BNP Paribas SA, Deutsche Bank AG, Nomura and UniCredit SpA as banks overseeing the sale.The bloc aims to sell as many social bonds as issued globally so far, though the market is rapidly expanding, up four-fold this year at above $72 billion. The EU is also set to dominate the sovereign green bond market, with plans to start selling 225 billion euros from next year.(Updates with details.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.