Tenovis marks a German first with novel deal; trade-tax issues avoided

A unique deal from German telecommunications company Tenovis has been drawing attention in the European market recently for its ability to encompass characteristics of several different types of transactions.

"This deal, Tenovis Finance Limited, is a mixture between a secured corporate bond, a whole-business securitization, as well as having elements of a receivables-securitization transaction," said Marie-Jeanne Kerschkamp, vice president and senior analyst at Moody's Investors Service.