Gaz de France (GdF), Europe's third-largest gas company, is expected to launch its long-awaited inaugural bond issue before the year-end after appointing BNP Paribas to arrange a €3bn ($2.9bn) euro medium-term note programme.

The French state-owned utility also named ABN Amro, BNP Paribas, Deutsche Bank, HSBC, Morgan Stanley and Natexis Banques Populaires as dealers under the programme designed to open the capital markets for GdF.