BNPP scores, but BFBP raises French questions

BNP Paribas Covered Bonds priced its three year issue in the middle of guidance and with a size of Eu2bn this lunchtime, having built a book of more than Eu3bn in what one syndicate official away from the deal called the most successful deal of the week. However, the pricing outlook for French covered bonds is unclear, with the Banque Populaire group (BFBP) coming out with guidance of 20bp-22bp over and still no sign of a deal from Compagnie de Financement Foncier, which gave a mandate for an issue at the beginning of last week.