Shipping Firm Pulls Bond Sale After Investors Balk at Price (1)

Europe’s primary debt market has logged its first canceled bond deal since the summer after investors pushed back on pricing.

CMB Tech said it would not proceed with the sale of a $300 million five-year note through its Norwegian entity in a filing on Thursday, citing “less favourable” indicative terms offered under current market conditions “compared to other funding sources available to the company.” The Belgium-based shipping company had hired four Nordic banks on Oct. 20 to arrange the bond.

“The pricing was too tight,” said David Sherman, chief investment officer at Crossingbridge Advisors LLC, noting the firm was ...