Well, duh!

From City AM:

THE FIRST bond issue by Europe’s bailout fund since it was given new powers was postponed yesterday on fears that there is not enough investor appetite for its debt.

Initially the fund, the European Financial Stability Facility (EFSF), had planned to raise €5bn (£4.3bn), before cutting the size of the issue to €3bn earlier this week and then postponing it entirely yesterday.

A banker close to the deal told City A.M. that the EFSF feared there was too little interest from investors, despite a spokesman blaming "market conditions"...

This will hardly be a surprise to anybody who's bothered to look at the numbers. That much vaunted €440 billion (or €1 trillion or whatever) is still a long way off, eh?