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Toby Gray

Capital Markets Partner, Registered Foreign Lawyer, London

“I specialise in complex securitised derivative products, with a particular emphasis on repackagings, credit-linked notes and synthetic securitisations. Having spent a significant portion of my career in the firm’s Asian offices, I have longstanding experience of working with Asian, predominantly Japanese, clients to assist them bridge cultural, practical and commercial challenges to complete their most strategically important transactions.”

Overview

Professional experience

Education and qualifications

Overview

Toby advises a number of leading global investment banks on derivatives and structured products, with a particular focus on repackagings, credit-linked notes and synthetic securitisations, but also covering other asset classes such as equity, commodities and repo-backed financings. In addition, he advises on OTC derivatives and general structuring and documentation advice. 

Toby also has broad experience of more mainstream capital markets transactions, having advised lead managers and issuers on equity, equity-linked and debt securities offerings.

Toby spent a significant portion of his career based in the firm’s Asian offices, including a total of five years in the firm’s Tokyo office (from 1997 to 2000 and from 2006 to 2008) and four years in the firm’s Hong Kong office (from 2008 to 2012). 

Toby leads the firm’s relationship with two major Japanese investment banks.

Toby advises on many market-leading structured finance transactions. These include:

  • advising a number of leading Japanese banks on their secured repackaging and credit-linked notes platforms
  • advising a major European buy-side investor in connection with its risk sharing (synthetic securitisation) transactions  
  • advising several global investment banks in connection with the establishment of, and participation in, a number of different exchange-traded commodity platforms
  • leading the firm’s Hong Kong team providing OTC derivatives close-out advice to KPMG in their role as liquidators of the Lehman Asian entities. 

Professional experience

Toby speaks regularly at various industry conferences with a particular focus on structured finance and derivatives.

Education and qualifications

Toby studied law at the University of Bristol and at Chester College of Law.

He speaks English and Japanese (conversational).