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Pricing on the present deal is not only less than half what Cho Hung paid in 2000, but also cheaper than what Shinhan Bank is paying for its fixed rate bond deal.

And evaluates its options for privatizing the bank.

The Korea Deposit Insurance Corporation (KDIC) began pre-marketing a roughly $500 million GDR offering on Monday.

The Korean financial sector stages a return to the international equity markets as Cho Hung is mandated and KorAm sends out an RFP (Request for Proposals).

After a few days delay, the $500 million transaction begins roadshows in Hong Kong today (Friday).

Pre-marketing for a $500 million exchangeable into Cho Hung Bank and Woori Financial Holdings will begin on Monday.

There should be a full box at the Korean opera after the government appears to elicit a performance of musical chairs.