Alexandre Linden

Current

Director at White Tara Ltd

Past

Senior Director at Fitch Ratings
Senior Director at Fitch Ratings
ISSUER RISK OFFICER at BNP Paribas

MANAGER, CREDIT RISK MANAGEMENT DIVISION at Barclays Capital

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Education

ESSEC - ESSEC Business School

Recommended

1 person has recommended Alexandre

Connections

65 connections

Industry

Publishing

Alexandre Linden’s Summary

Having gained 12 years of working experience in credit risk management in Europe, I now want to further develop my skills by joining an institution that values risk management.

Alexandre Linden’s Specialties:

In-depth knowledge of risk management. Excellent insight into a broad range of credit products, including sophisticated transactions.

Proven ability to use high level delegations to make credit decisions in line with the bank's overall credit policies. Effective communication of credit views and rationale for decisions.

Excellent negotiation skills and ability to work under pressure.
Excellent writing skills.
Experience of team management and project leadership.

Alexandre Linden’s Experience

Director

White Tara Ltd

(Financial Services industry)

May 2009 — Present (11 months)

I am in charge of the commercial development of the books published by White Tara Ltd. I am currently negotiating publishing contracts with one publisher based in Singapore and one based in France. I also deal with Treasury and Finance.
Senior Director

Fitch Ratings

(Privately Held; Financial Services industry)

January 2008 — June 2008 (6 months)

I headed a team of five analysts rating covered bonds issued by Southern European banks. My objectives were to ensure the quality of the ratings and obtain approval to use a new model for public sector covered bonds.

Risk management
Ensured the quality of the rating process by chairing credit committees and challenging rating assumptions.

Writing
Published a paper on Fitch criteria for swaps in covered bonds. In this paper, I clarified issues such as counterparty rating triggers and collateral posting.

Key achievement
Led a task force of four analysts to adapt a model developed for US municipal bonds. Calibrating the model took several weeks. Another obstacle was the large number of assumptions and the lack of historical data. I had to make several submissions to criteria committees before obtaining approval. The covered bonds
team now uses the model to rate USD 700bn of issuance from 30 different banks.
Senior Director

Fitch Ratings

(Privately Held; Financial Services industry)

September 2005 — January 2008 (2 years 5 months)

The Structured Credit group rates collaterised debt obligations, instruments where the credit risk is on a portfolio. I headed a team of five analysts rating transactions originated by European banks focusing on corporate portfolios (ranging from 50
names to 10,000 names). My objectives were to ensure that ratings complied with Fitch credit policies and develop a methodology for new products.

Risk management
Chaired committees and reviewed rating assumptions. For instance, I improved the methodology to reflect the risk of leveraged buyouts on corporate names.

Product and credit knowledge
Acquired an excellent understanding of the modeling of credit portfolios and of the ISDA documentation for derivatives contracts.

Writing
Published five research papers explaining the rating methodology of Fitch.

Public speaking
Made presentations at market conferences in Paris, London and New York.

Networking
Developed excellent relationships with banks, asset managers and researchers.

Key achievement
Led a task force of five quantitative and credit analysts to rate a new and complex product called Constant Proportion Debt Obligation (CPDO). After several months of research, I came to the conclusion that the product could not achieve a AAA or AA rating. I recorded the research in an 18-page paper and published it despite its unusual conclusion. The paper was very well received by market participants with 2,000 downloads and positive press coverage. The conclusion of the research proved correct as other agencies had to heavily downgrade their AAA ratings on the product and change their methodologies.
ISSUER RISK OFFICER

BNP Paribas

(Public Company; 10,001 or more employees; BNP; Banking industry)

September 2000 — August 2005 (5 years )

My objectives were to ensure that no credit losses arose from the primary underwriting activities of fixed income. My role expanded to avoid credit losses in the investments made by Portfolio Management in bonds and structured products (Euro 5bn portfolio).

High level delegations
Represented Credit Risk in underwriting committees where issuance size could exceed USD 1bn for high-grade names. I had delegations to approve Portfolio Management investments up to USD 80m per new name.

Risk management
Developed with senior management procedures for the underwriting activities of Fixed Income and for the investing activities of Portfolio Management. I ensured that the procedures were complied with and regularly updated, taking into account
the business needs for flexibility and quick decision-making. The procedures and their implementation were satisfactorily reviewed by internal audit and external regulators such as the SEC.
Product and credit knowledge
Acquired a working knowledge of high-grade and high-yield bonds, leveraged loans, convertible bonds and structured products.

Key achievement
Worked under very tight deadlines with more than 150 transactions to approve each year. Despite this pressure, I maintained a clean record of no credit losses in the underwriting activities of Fixed Income and very few losses in the investments of Portfolio Management.
MANAGER, CREDIT RISK MANAGEMENT DIVISION

Barclays Capital

(Public Company; BARC; Investment Banking industry)

March 1996 — June 2000 (4 years 4 months)

I started in Paris where I wrote credit analysis on large French corporate clients of the bank. I then moved to London where my objective was to manage the credit risk of large European corporate clients in the automotive, steel and property sectors.

Risk management
Managed total credit limits of GBP 5bn in accordance with the bank's policies. This involved annual reviews, scoring by using KMV Credit Monitor and presenting new transactions to credit committees.

In-depth credit analysis
Reviewed industry risk, analysed financial statements and made cashflow projections.

Writing
Wrote clear and concise minutes of committees and a paper on the nuclear industry in France for which I received positive feedback from senior management.

Key achievement
Obtained approval for the financing of a GBP 1bn hostile takeover bid in the property sector. It involved making a credit analysis of the combination of two property companies and presenting it to the group credit committee chaired by board members of the bank.