Banco Sabadell to let bond investors cancel orders

MADRID, June 26 (Reuters) - Banco Sabadell said on Tuesday it will allow subscribers to a bond issue to cancel their orders following a downgrade of the Spanish lender's debt rating to "junk" status on Monday by Moody's.

Sabadell aims to raise 600 million euros ($749 million)through bonds with an 18-month maturity and a coupon of 4.2 percent.

Investors wishing to revise their order must do so before 1500 GMT Thursday, the bank said. ($1 = 0.8013 euro) (Reporting By Robert Hetz; Writing by Paul Day; Editing by Dan Lalor)