AMMAN: Jordan issued on Wednesday $650 million of Eurobonds at 7.75% that were oversubscribed by more than three times, reflecting investor confidence in the country's fiscal and monetary stability, the finance minister and central bank governor said.

Finance Minister Mohamad Al Ississ said the over-subscription allowed the government to raise the amount over a 5-1/2-year maturity from the original $500 million sought after attracting bids worth more than $1.8 billion.

"This high subscription allowed us to raise the amount," Al Ississ said in a statement sent to Reuters, adding that part of the proceeds would go to meet $1 billion Eurobonds that mature at the end of the month, in a move that will not raise overall public debt.

Central Bank Governor Adel al-Sharkas said the high demand was testimony to strong investor confidence in the country's fiscal and monetary stability.

"This reflects the strength of the fundamentals of the Jordanian economy," Sharkas added.

Bankers said more than 100 financial investment institutions piled into the latest issue allowing a reduction in yields that were considerably lower than similar sovereign rates.

The issuance comes shortly after an International Monetary Fund mission ended last month a successful fourth review of an original $1.3 billion Extended Fund Facility programme, saying the kingdom had met most of the fiscal and monetary targets since the programme began in March 2020.

The IMF praised the authorities for closing tax loopholes and widening the tax base and maintaining healthy foreign currency reserves.

An unprecedented clampdown on tax evasion has pushed the kingdom's domestic revenues beyond IMF targets for the first time in many years.

Jordan's commitment to difficult structural reforms, backed by the IMF and investor confidence in an improved outlook, helped it this year to maintain stable sovereign ratings at a time when other emerging markets were being downgraded.

(Reporting by Suleiman Al-Khalidi; Editing by Chizu Nomiyama and Leslie Adler)