Cho Hung and Woori exchangeable mandated

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

Three banks have been chosen to lead manage a $500 million exchangeable into Cho Hung Bank and Woori Financial Holdings after a second week of intense politicking. Goldman Sachs, JPMorgan and UBS Warburg will merge their respective propositions into one credible structure, which the government hopes to sell by the end of November. 

The three emerged victorious from a shortlist that also comprised Deutsche Bank and ING Barings. But the selection process has been fraught with controversy from the very beginning.

Bankers were initially incensed that they were only given two days notice to devise a complicated pitch, which JPMorgan already seemed to have made its own after six months...

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