ProMOS skirts Nasdaq

ProMOS Technologies successfully closed its debut convertible one day early to avoid succumbing to a volatile Nasdaq.

With an order book two to three times covered, lead manager Deutsche Bank decided to price the $180 million offering after Taiwan's close on Thursday to make sure that the deal didn't unravel should the Nasdaq fall heavily for a second day running.

As one official explains We had a strong book so why take risks in these markets. The Nasdaq had fallen 6% on the Wednesday and there was a danger that further volatility would scare off investors....

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