Hi!
Frenchie here !
It's rude. At best bad humor.
It's an abbreviation of the word "pédéraste" which was also used, if I'm not wrong, in a pejorative way.
I just checked (curiosity. Thanks, by the way, it was interesting ^^) and it seems the source was a greek word which was NOT pejorative. It had to do with kind of "sensei" relationship ......
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