METLIFE INVESTMENT MANAGEMENT ORIGINATES $6.2 BILLION IN PRIVATE PLACEMENT DEBT FOR 1H 2020
Private placement debt portfolio grows to $91.2 billion1
Whippany, NJ, August 26, 2020
MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced it originated $6.2 billion in private placement debt for the first half of 2020, across nearly 100 transactions. This included $1.7 billion of investments originated on behalf of institutional clients.
“Despite COVID-driven economic uncertainty and associated volatility in the fixed income markets, we remained active throughout the first six months of 2020, serving as a key capital partner to our issuers,” said John Wills, global head of private placements at MIM.
MIM’s private placement debt origination for the first half of 2020 comprised $4.5 billion in corporate private placement debt transactions and $1.7 billion in infrastructure private placement debt transactions. This origination activity, which added 29 new credits, helped grow MIM’s total private placement debt portfolio to $91.2 billion as of June 30, 2020.
MIM’s corporate private placement activity was diversified across industry sectors, including general industrial, healthcare, professional services, retail and utilities. MIM was selective in its infrastructure private placement opportunities and participated in transactions that provided strong structural protections and relative value across the following sectors: electric transmission, renewable power, social housing and infrastructure, and stadiums. Investments included nearly $550 million in six transactions across the renewable power and social housing and infrastructure sectors.
“I am proud of our team’s efforts to support our borrowers and institutional investor clients,” added Wills. “The breadth, depth and experience of our deal sourcing and credit management capabilities served our clients across the corporate, insurance and pension communities well during these extremely difficult times. We expect that MIM will continue to be a leading private placement provider in corporate and infrastructure debt, benefiting from our size, sector expertise and global footprint.”
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 June 30, 2020, had $629.1 billion2 in total assets under management. For more information, visit https://investments.metlife.com.
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 its individual and institutional customers navigate their changing world. 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.
The forward-looking statements in this news release, such as “expect,” “will,” and “continue” 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 has no obligation to correct or update any of these statements.
1 As of June 30, 2020. At estimated fair value. Includes corporate and infrastructure private placement debt contained in MetLife’s general account, separate accounts and non-proprietary assets of unaffiliated/third party clients.
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.