CFF at last with threes after Dexia MA’s novel marketing

Lead managers Calyon, HSBC and Natixis have opened books on a new three year obligations foncières (OF) for Compagnie de Financement Foncier (CFF). The deal’s pricing and reception have given further clues to the shape of the new French issuing world, as well as other top notch covered bonds such as Pfandbriefe.