Company hires and sector developments

Irish BTL RMBS launched

Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securities, the €358m transaction securitises a legacy BTL loan portfolio that was originated by the Bank of Ireland, ICS Building Society and Bank of Ireland Mortgage Bank. The rationale behind the deal is to offload non-performing exposures from the seller’s balance sheet (according to EBA definitions). Rabobank’s structured finance analysts note that the loans in the pool have been restructured, resulting in around 2.5% in arrears longer than one month but there are no delinquencies longer than three months.

ILS

SCOR Investment Partners has promoted Sidney Rostan to head of ILS, effective from 1 April. He replaces Vincent Prabis, who has chosen to pursue a new direction in his career, and reports to cio Fabrice Rossary. Rostan joined SCOR Investment Partners in July 2015 as a senior ILS portfolio manager. Additionally, ILS portfolio manager Pierre Mouilhade will take on extra responsibility for private transactions, while Grégory Scheffer is appointed ILS portfolio manager. The pair report to Rostan.

UMBS exchange

Freddie Mac has completed exchanges of Freddie Mac Gold PCs for UMBS Mirror Certificates via its Dealer Direct portal, as part of the single security initiative. Specifically, the GSE has conducted exchanges of certain eligible Freddie Mac 45-day payment delay Gold Mortgage Participation Certificates (PCs) and Giant PC securities held in its portfolio for Freddie Mac 55-day payment delay, TBA-eligible Uniform Mortgage-backed Securities (UMBS) Mirror Certificates. It expects to complete further controlled exchanges of eligible securities held in its own portfolio and of eligible securities held by certain other holders in April.