Bond market turmoil mounted Monday, as three companies reduced or put off planned bond sales in response to soft investor demand, damped by concerns that a global economic slowdown is taking shape.

Santander Holdings USA, the US arm of Spanish bank Banco Santander, cancelled a planned sale that had been expected at $1 billion or more, a person familiar with the deal said. Chattanooga, Tennessee-based shopping-center company CBL & Associates Properties pulled a $300 million bond sale. Westfield Corp, another shopping-centre firm, canceled the sale of 10-year bonds, though the company was able to sell $1 billion in five-year debt at higher yields than initially expected.