With integrated markets we will see deeper and more liquid markets than was the case beforehand in any of the euro area countries. Private sector issuers in general and companies in particular are by definition heterogeneous and the development of an efficient market for corporate bonds for various types of companies and within various maturity ranges requires the existence of a large market.
In order to guarantee a competitive market price for a given corporate bond, it is necessary for there to be a large number of bonds which share similar characteristics in the market.