"The bid levels were too low and for only a fraction of the portfolio, " says Taggert.

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CNN's Dan Rivers, Elise Labott, David Mattingly, Athena Jones, Barbara Starr, Jethro Mullen, Tim Lister and Faith Karimi contributed to this report, as did journalists Peter Taggert from Belfast and Said Ben Ali from Algiers.

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"Higher credit risk borrowers will be the most compelled to draw down on their revolver availability now, versus take the risk the commitments fail to be funded in the future, " says Chris Taggert, an analyst at CreditSights.

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