The Commission’s examination showed that there were only limited horizontal overlaps between Hypo Real Estate and Depfa, particularly as regards jumbo covered bonds issued under German law (which are highly standardised and liquid products with an issuing volume of at least one billion euros), and that the combined entity would still face sufficient competition from a number of operators.
Die Prüfung der Kommission ergab nur beschränkte horizontale Überschneidungen zwischen Hypo Real Estate und Depfa, die insbesondere im Bereich der nach deutschem Recht emittierten Jumbo-Covered-Bonds (stark standardisierte liquide Produkte mit einem Emissionsvolumen von mindestens einer Milliarde Euro) bestehen.
