IslamicFinance.de

The autumn sukuk pipeline already looks likely to include the first Turkish corporate sukuk from Dogus Group, as well as sovereign issues from Hong Kong, Indonesia, Luxembourg, Pakistan, Sharjah, Tunisia and Turkey. September is typically seen as the earliest that borrowers can expect to find a receptive Gulf investor base. But this year there are good reasons for breaking with tradition, particularly for borrowers who are more novel than others. Ramadan will have finished by the end of July and those borrowers who are not largely dependent on the GCC can steal a lead on the pack. There is good sense in being ahead of the queue since markets can turn. A bad secondary performance by any one deal can quickly dampen appetite for those that follow. Moreover, the proximity of other borrowers can also force compromises.