Compagnie de Financement Foncier (CFF) is a Société de Crédit Foncier (SCF), 100% subsidiary of the Crédit Foncier group. The transaction came in an extremely busy market environment for covered bonds with 15 transactions already launched so far this year with a focus on the 5-7y spectrum. In this challenging context CFF managed to distinguished itself by launching the first benchmark covered bond in the 3-year maturity since the beginning of the year. This transaction is also the largest 3-year covered bond launched since May 2008.