Jordan Finance Minister Mohammad Al Ississ said the over-subscription allowed the government to raise the amount over a five-year and nine-month maturity from the original $750 million sought after attracting bids worth more than $4.7 billion.

"Investors applauded Jordan's fiscal and monetary stability ... this reduced the risks and the costs," Al Ississ said in a statement sent to Reuters.

Central Bank Governor Adel al-Sharkas said the high demand was testimony to the "strength of the fundamentals of the Jordanian economy."

Al Ississ said more than 230 investment institutions, including top funds in the US, Europe and the Gulf, piled into the latest issue, allowing a reduction in yields at a time other sovereigns were struggling to attract investor interest.

The move to global markets also eases government debt issues to local banks to fund the deficit that has crowded out credit to the private sector, bankers say.

Jordan’s commitment to International Monetary Fund reforms and investor outlook confidence helped it maintain stable sovereign ratings at a time when other emerging markets were being downgraded, Al Ississ said.

Several ratings agencies have in recent months either upgraded or affirmed the country's credit ratings, including Moody's which last November upgraded the kingdom's rating outlook to positive from stable.

Ratings agency S&P last month noted that Jordan was moving ahead with reforms aimed at enhancing investment, widening the tax base and targeting corruption, forecasting that fiscal imbalances will moderate in the coming years.

Al Ississ, an advocate of fiscal prudence, said an unprecedented clamp down on tax evasion has pushed the kingdom's domestic revenues beyond IMF targets for the first time in many years without hurting growth.

The IMF at the end of last year said progress with structural reforms had cushioned the economy and strengthened macro-economic stability, boosting Jordan's growth in 2022 despite global economic turbulence.