Bahrain-based Gulf International Bank BSC said it canceled a planned U.S. dollar bond issuance due to market conditions, Reuters reported.

Although there had been demand for the issuance, the bank told the news agency that investors saw the decision to cancel it as an "understandable" decision.

GIB Capital, Citigroup, First Abu Dhabi Bank, HSBC, JPMorgan, Mizuho and Natixis were hired by the bank to arrange a series of fixed-income investor meetings, ahead of a potential five-year bond sale.