MetLife Investment Management Originates $15.1 Billion in Private Placement Debt and Private Structured Credit In 2022
March 10 2023 - 8:00AM
Business Wire
MetLife Investment Management (MIM), the institutional asset
management business of MetLife, Inc. (NYSE: MET), today announced
it originated $15.1 billion in private placement debt and private
structured credit across 245 transactions in 2022. This included
$4.1 billion of investments originated on behalf of unaffiliated
institutional clients. MIM’s total private placement assets under
management stood at $89.5 billion as of December 31, 2022.1
MIM’s private placement origination for 2022 included $8.5
billion, $4.7 billion, and $1.9 billion in corporate,
infrastructure, and structured credit transactions, respectively,
and added 94 new issuers to the portfolio.
“While an elevated interest rate environment and macroeconomic
headwinds present near term-challenges for the capital markets, our
global relationships combined with our team of experienced sector
and structuring specialists position us well to continue to source
and execute on financing opportunities tailored to meet the needs
of our clients and issuers,” said Nancy Mueller Handal, global head
of Private Fixed Income and Alternatives at MIM.
Corporate private placement origination in 2022 continued to be
diversified across a range of industries. Origination included over
$3.1 billion in financing for U.K. and European issuers, reflecting
approximately 37% of total origination for 2022. Credit tenant
leases (CTLs) accounted for over $935 million of 2022’s
origination, more than a 50% increase versus 2021’s CTL origination
volume, reflecting MIM’s continued capability in sourcing and
executing on opportunities in this sector. Investment also included
$520 million in long-term, taxable loans made to three
not-for-profit U.S. hospital systems in the second half of
2022.
“MIM’s corporate private placements team was able to grow its
origination volume in 2022 despite a broader slowdown in capital
markets activity due to the strength of our relationships with
traditional agent banks and boutique advisory firms as well as
MIM’s direct and propriety origination platform,” commented
Jennifer Potenta, global head of Corporate Private Placements,
Private Structured Credit and Strategy at MIM.
Infrastructure origination in 2022 was also well diversified,
led by $1.3 billion of investment in transportation-related assets,
including rail, port, airport, toll road, and marine projects.
Financing for communication, renewable power, social housing assets
and projects, and water utilities rounded out the top five areas of
infrastructure investment in 2022.
Notably, floating-rate origination volume represented over 25%
of the infrastructure team’s investment in 2022, the highest annual
percentage recorded by MIM since 2014. “Given project sponsors’
desire to manage recent interest rate volatility, MIM’s
infrastructure group partnered with sponsors and agents on over 20
floating-rate transactions in 2022,” said John Tanyeri, head of
Infrastructure/Project Finance at MIM.
MIM’s team focused on private structured credit executed on a
diverse pipeline of deals across residential credit, Commercial
Property Assessed Clean Energy, low-income housing, energy and
alternatives financing during a volatile year in which issuers
increasingly looked for private market solutions with certainty of
execution.
About MetLife Investment
Management
MetLife Investment Management, the institutional asset
management business of MetLife, Inc. (NYSE: MET), is a global
public fixed income, private capital and real estate investment
manager providing tailored investment solutions to institutional
investors worldwide. MetLife Investment Management provides public
and private pension plans, insurance companies, endowments, funds
and other institutional clients with a range of bespoke investment
and financing solutions that seek to meet a range of long-term
investment objectives and risk-adjusted returns over time. MetLife
Investment Management has over 150 years of investment experience
and, as of December 31, 2022, had $579.8 billion in total assets
under management. 2
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help individual and institutional
customers build a more confident future. Founded in 1868, MetLife
has operations in more than 40 markets globally and holds leading
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
Forward-Looking Statements
The forward-looking statements in this news release, using words
such as “continue” and “seek,” are based on assumptions and
expectations that involve risks and uncertainties, including the
“Risk Factors” MetLife, Inc. describes in its U.S. Securities and
Exchange Commission filings. MetLife’s future results could differ,
and it does not undertake any obligation to publicly correct or
update any of these statements.
Endnotes 1 At estimated fair value.
Includes all corporate and infrastructure private placement debt
(collectively, private placement debt) and private structured
credit investments managed by MIM.
2 Total assets under management is comprised of all MetLife
general account and separate account assets and unaffiliated/third
party assets, at estimated fair value, managed by MIM.
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version on businesswire.com: https://www.businesswire.com/news/home/20230310005066/en/
For Media: Dave Franecki +1 (973) 264-7465
dave.franecki@metlife.com Shree Dhond + 1 (646) 722-6531
mim@dlpr.com
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