Michael Hardy

Hong Kong
  • 18th Floor, One Exchange Square
  • 8 Connaught Place, Central
  • Hong Kong
 
 

Michael Hardy is a counsel in the Hong Kong office of Latham & Watkins. He is a member of the Derivatives and Structured Finance Practices. 

Mr. Hardy advises on a range of structured finance and derivatives transactions, including securitizations, structured credit and equity derivatives, securities lending and repo arrangements, repackagings, and structured hedging arrangements. His clients include asset accumulators / private equity funds, banks, other financial institutions, and financial market infrastructures (FMIs). He also advises in relation to regulatory capital, insolvency issues, clearing documentation, netting arrangements, derivatives regulation, and recovery and resolution. Mr. Hardy regularly speaks at derivatives and securitisation industry conferences, seminars, and meetings.

Mr. Hardy's recent transactional experience includes advising:

  • A leading international bank, as senior lender to two securitisation vehicles, in connection with the restructuring and pre-pack administration of the originator
  • The joint lead managers and the underwriters of the issuance by Astrea V Pte Ltd of a US$600 million bond issuance backed by cash flows from a portfolio of private equity funds
  • A leading sponsor in relation to the multi-tranche issuance of securities backed by a portfolio of project finance receivables
  • A leading Hong Kong property development group in relation to the group’s landmark residential mortgage warehouse programme
  • An international bank in connection with a US$400 million trade receivables securitisation programme with 14 originators in 10 jurisdictions
  • Leading dealers in connection with the issuance of various covered bonds (with a particular focus on intercreditor, hedging, and continuity arrangements), stock borrow arrangements, and synthetic shorts in connection with convertible bond issuances*
  • Various lenders in relation to a range of structured sub-participation, LCDS, and first loss-guarantee arrangements*
  • Leading financial institutions in relation to various structured equity financings using LMA/APLMA, and ISDA documentation, including margin loans, collars, and a structured pre-IPO financing for an entity in the manufacturing sector*
  • Various lenders/arrangers/dealers in relation to a range of interest rate, commodity, FX, and other hedging arrangements (together with associated credit support and intercreditor arrangements), including structured deal-contingent hedging arrangements in connection with a significant UK takeover and acting for the hedge coordinators on a landmark renewables project financing*
  • Leading dealers in connection with repackagings (standalone and under existing programs) of various assets, including loans, fund units, portfolios of bonds, etc.*
  • Leading financial institutions in connection with various contingent asset arrangements and other credit support arrangements, including acting for trustees regarding intercreditor and security sharing arrangements in relation to a £1 billion refinancing for a plc and a cross-border collateral pooling arrangement* 

Mr. Hardy's recent advisory experience includes advising:

  • Numerous exchanges, CCPs, and other financial market infrastructures (and members of such entities) in Asia, Europe, and the US, including drafting new rulebook sections and ancillary documentation to accommodate new product types, risk mitigation measures, and collateral types*
  • On the recovery and resolution frameworks under the Banking Act 2009, the BRRD, and other existing and proposed regimes in Asia and Europe*
  • On all aspects of netting arrangements (including advice on industry and non-standard documentation in cleared and non-cleared contexts)*
  • On Basel III, CRD IV, and other prudential requirements in Europe and Asia for cleared and non-cleared derivatives and other arrangements/exposures* 

*Matter handled prior to joining Latham

 
 
  • Bar Qualification
    • England and Wales (Solicitor)
    Education
    • BCL, Magdalen College, Oxford University, 2009
      (Distinction)
    • LLB, University of Queensland, Australia, 2008
      (Hons I)
    • BS in Software Engineering, Queensland University of Technology, Australia, 2003
      (Distinction)
  • Practices
  • Industries
 
 
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