Pham, Phung

Phung Pham

Of Counsel
Baker & McKenzie Services Limited

Biography

Phung Pham is of counsel in Baker McKenzie's Structured Capital Markets Practice, focusing on Derivatives. He has spent the majority of his career in private practice, and has also previously worked in-house at a leading US investment bank. Phung has extensive cross-border transactional experience, particularly in emerging markets, and has practised in London, Moscow, New York and Melbourne.

Practice Focus

Phung's practice area covers derivatives and structured products. He has extensive experience advising on transactions across all asset classes (FX, interest rate, credit, commodities and equities) and product types, ranging from portfolio restructurings and close-outs, to the hedging strategy and rating agency requirements related to securitisations, real estate and other asset financings. His clients include financial institutions, corporates, pension schemes and state-owned entities.

Phung is also a key member of Baker McKenzie's internal LIBOR Transition Working Group, which coordinates and assists the Firm's clients globally with benchmark reform initiatives, client outreach, training and transactional work.

Representative Legal Matters

  • Advising corporates and financial institutions on LIBOR transition arrangements, as well as other regulatory compliance matters in connection with BMR, EMIR (Refit), BRRD and Brexit.

  • Acting on all manner of trading, hedging, securities lending and repurchase arrangements, whether documented under industry standard templates (ISDA, FBF, EFET, GMRA. GMSLA) or more bespoke agreements.

  • Assisted a European bank in its response to an ECB "Dear CEO" letter, setting out its LIBOR risk assessment and transition plans, as well as answers to the related questionnaire.

  • Advising a Japanese bank on a large-scale "AI-assisted" document review project across twelve Asia-Pacific jurisdictions related to its LIBOR transition arrangements.

  • Assisted a UK investment bank with a review and analysis of its legacy trading and market hedging documentation in preparation for Brexit.

  • Advised several hedge funds and corporates on deal contingent FX and rate hedges in connection with the acquisition or divestment of portfolio companies.

  • Advised Macquarie Infrastructure and Real Assets (MIRA) and its managed funds on investments and divestments in the infrastructure sector, including as to transactional hedging, vendor and purchaser due diligence on existing hedging arrangements, and implementation of financing related hedging strategies.

  • Advised a UK insurer in connection with the migration of certain investment from an unhedged to a hedged infrastructure investment fund.

  • Advised a pension trustee in connection with a GBP 1.5 billion longevity risk swap, together with a subsequent restructure into a "buy-in".

  • Advised an investor in connection with the entry and restructure of an Equity Swap linked to underlying Dutch shares.


Professional Associations and Memberships

  • Law Society of England and Wales

  • International Swaps and Derivatives Association - Member

Admissions

  • England & Wales~United Kingdom (2005)

Education

  • Monash University (Bachelor of Laws) (2000)
  • Monash University (Bachelor of Commerce) (2000)

Languages

  • English
  • Vietnamese
  • Contributor to various press articles published in Law360, Risk.net, IFLR Practice Insight and Lexology

  • Author, "LIBOR - When the Going gets Tough, the Tough Legacy Contracts get Going", Baker McKenzie Client Alert, June 2020

  • Author, "LIBOR - Redefining the transition timeline", Baker & McKenzie Client Alert, May 2020

  • Author, "LIBOR's Long Goodbye", Baker McKenzie Client Alert, April 2020

  • Author, "UPDATED: LIBOR: What you need to know", Baker McKenzie Client Alert, August 2019