BNP Paribas has missed out on a share of the fees for a benchmark bond for Volkswagen, the German carmaker, because of concerns over potential conflicts of interest at the French bank, which is also arranging a bond for Ford Motor Credit Company.

The news will come as a disappointment to BNP Paribas. It was the only bank to be appointed bookrunner on both of the deals, which are among the largest and most high-profile offerings in the European corporate bond pipeline so far in 2003.