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.
Phung's practice area covers derivatives and structured products. He has extensive experience advising on transactions across all asset classes (foreign exchange, interest rate, credit, commodities and equities) and product types, ranging from portfolio restructurings and closeouts 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.
Representative Legal Matters
- 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.
- Advising corporates, financial institutions and pension schemes on regulatory compliance matters in connection with EMIR, in particular trade reporting, risk mitigation procedures, clearing obligations and margining requirements.
- 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 £1.5bn 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.
- Advised an Israeli developer of a solar power project located in Spain in connection with a power purchase agreement (PPA) documented under an ISDA Master Agreement and confirmation.
- Advised Taqa Arabia
on hedging arrangements with a multilateral development bank
in connection with the USD 20 million financing of a Mongolian
photovoltaic plant under Round 2 of
Egypt's solar Feed-in Tariff programme.
- Advised the Arrangers on behalf of a syndicate of lenders in connection with a GBP 500 million refinancing by AGS Airports Limited (which owns Glasgow, Aberdeen and Southampton Airports), including restructure and roll-overs of existing hedging portfolios.
- Advised the Borrower, a major UK operator of motorway service locations, in the refinancing of its existing bank facilities and whole business securitisation (including existing listed bonds) and the implementation of a hedging strategy, including rollover of existing hedging arrangements and post-close clearing and novations.
Professional Associations and Memberships
Law Society of England and Wales
International Swaps and Derivatives Association
- England & Wales - United Kingdom (2005)
- Monash University (Bachelor of Laws) (2000)
- Monash University (Bachelor of Commerce) (2000)
Contributor to various press articles published in Law360, Risk.net, and Lexology
Author, "LIBOR: What you need to know at the beginning of 2019," Baker McKenzie Client Alert, January 2019
Author, "EC's proposed EMIR reform raises questions for Securitisation SPVs," Baker McKenzie Client Alert, May 2017
Lecturer, "Master of Banking and Finance, Derivatives Module," Sorbonne University, Paris, March 2014 and 2015
Speaker, "Seminar on Credit Default Swaps," Euromoney Training Series, London, July 2008