How is an eppf S.A. compartment bond to be classified under the German investment regulation (Anlageverordnung)?

eppf has consulted several leading law firms on this matter and the unanimous opinion is that eppf compartment bonds with a direct guarantee are to be treated as the guarantor itself.This means that if the guarantor is a company, the compartment bond is to be treated as a corporate bond. If the guarantor is a public entity, e.g. a city, the compartment bond is to be treated as a public bond.