The bond facility, which was intended to fund future acquisitions, was set up in July, just weeks before a series of spectacular failures in funds invested in subprime debt caused a worldwide credit seizure that persisted throughout August.

CRH finance director Myles Lee said the the bond was "part of our policy of diversifying our sources of debt", and said the delay would not have an impact on operations. "We are happy to defer that until the market is more settled."

The company had brought forward its 5 July interim trading statement by three days in order to coincide with the commencement of its marketing effort for the debt issue . . . the first for the company denominated in euro. According to a spokesman, the marketing roadshow has been completed, but the company has simply opted not to close the issue.

CRH made a record 2.1bn in acquisitions in 2006 and had already spent a further 1bn on 35 purchases in the first half of 2007, funded mainly by bank debt.

The company has raised finance through bonds in the past, but tends to use the money to write back debt and reorganise the capital base.

According to Lee, CRH is carrying 5.45bn in debt, but has the capability to raise up to 4bn, so short-term acquisition activity should not be under threat.

Just last week, CRH bought out the 55% of Dutch cement supplier Cementbouw BV that it didn't already own, bringing its total investment in the firm to 184m. First half profit at CRH grew 27% to 504m, according to figures reported last Wednesday, although revenue at some of the company's US units declined as the American housing slump started to bite the construction industry.

Additional reporting by Bloomberg