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Episode 267: Real Estate Debt Markets: Finding Value in Market Dislocations

Join host Stewart Foley on the InsuranceAUM.com Podcast for insights into private real estate debt. Explore market trends, commercial mortgage yields, and the impact of inflation and migration on real estate investment strategies for insurance portfolios.

Pitfalls & Mitigants of Climate Assessment Software

Global Risks 2025: Turning Points?

M&A in 2025: Opportunity, with a side of Scrutiny

QT or Not QT?

Our macro strategists assess what rightsizing the Fed’s balance sheet in 2025 could mean for its holdings in mortgage-backed securities, Treasury notes and Treasury bills. The composition will significantly impact different asset classes, the shape of the yield curve, and the amount of new stimulus created each month.

Residential Whole Loans: Key Insights for Insurance Investors

Our new paper, "Residential Whole Loans: Key Insights for Insurance Investors," highlights the strategic advantages of this asset class, including improved underwriting standards and attractive risk-adjusted returns. 

Central and Eastern Europe (CEE): Back on the EM radar

Until recently, Central and Eastern Europe (CEE) sovereigns were not on the radar for most Emerging Markets investors searching for yield.  Learn why MetLife Investment Management sees an opportunity to gain exposure to the region and its respective sovereign curves in our analysis of Central and Eastern Europe. 

Investment Grade Spreads: Tighter for Longer?

As part of MetLife Investment Management’s ongoing “A World in Debt” series, we continue to explore key trends across various sectors of the financial markets. In "Investment-Grade Spreads: Tighter for Longer?”, we navigate the 'overheating' stage of the credit cycle, this paper provides an in-depth analysis of the economic indicators influencing tight spreads, lessons from past overheating periods and projections for the future of credit markets. 

U.S. Commercial Real Estate Chartbook November 2024

Our latest chartbook offers a compelling overview and outlook for the current U.S. real estate market, including statistics on real estate pricing, apartment construction starts and appraisal lag. 

3Q24 Corporate Market Review & Outlook

We believe our security selection driven approach will provide enough ammunition to generate relative outperformance – just as it has throughout 2024

Election Economics

Q3 2024 Investment Grade Private Credit Review & Outlook

Q3 2024 Emerging Markets Review and Outlook

ABS: Normalizing Delinquent Behavior

With high volatility, geopolitical dynamics, the Presidential election and Federal Reserve’s course of action keeping the market on the fence, MetLife Investment Management recaps the third quarter for short duration bonds and shares our year-end outlook, sector by sector.

Ag Finance: Too Much of a Good Thing: The Paradox of Perfect Weather

Global Outlook 2025

In 2025, we believe the core question to dominate economic discussions is where the unobservable natural rate, r*, lies and when central banks should stop cutting. Find out what else our Macro Strategists think will drive marks in 2025. Read our latest Economic Monthly:

Episode 248: Why are Residential Whole Loans the Talk of the Town?

Alfred Chang is the Head of Residential Credit at MetLife Investment Management.

Relative Value & Tactical Asset Allocation Q4 2024

Long Duration Bonds in Public Pensions

For over 15 years, public pensions have relied on long duration investment grade bonds like US Treasuries and corporates to achieve their risk reduction goals. MetLife Investment Management’s new white paper examines the chief benefits: capital preservation, reliable cash flow and liquidity, capital efficiency, excess value returns and more. Learn all about the diverse opportunity set in our in-depth analysis, Long Duration Bonds in Public Pensions.

Rate Expectations

Read our latest Economic Monthly to find out how we think Fed Funds cuts could play out and why - despite some headwinds - there are a number of factors supporting consumer resilience.

U.S. Real Estate Chartbook

This chartbook presents a compelling snapshot of the current state of the U.S. real estate market, highlighting signs of emerging stability and solid underlying fundamentals. It reveals that certain segments, with appealing valuations and consistent demand, are exhibiting potential for substantial growth.

What, Me Worry?

The markets had their fun in the first week of August, responding to the Sahm Rule being triggered alongside perceived excess hawkishness by the FOMC. Download our latest Economic Monthly to find out why we think generalized anxieties are driving the market overreaction.

Q2 2024 Emerging Markets Review and Outlook

U.S. Treasuries in the Post-Pandemic Era: More Volatility, Higher Yields

We expect US Treasury issuance to continue to exceed $2 trillion annually in coming years, four times the pre-pandemic average – even as global demand flattens. In the first of our ongoing series, “A World in Debt,” our Macro Strategy team examines why we expect these changes to lead to higher yields and volatility. What are other implications of rising supply and shifting demand?

Trickle Down Economics to the Rescue?

The latest Economic Monthly from the MIM Macro team drills down into the ongoing strength of the US consumer sector.

Uruguay: How Governance Drives Fundamentals, Sovereign Ratings, and Credit Risk Premium

We believe the influence of governance on Uruguay’s credit profile and risk premium has been positive. The country has a long history of strong institutions and consensus-based policy-making tradition that leads to durable policy decisions and supports social cohesion.s.

Beyond the Matched Book: How MIM Differentiates in Securities Lending

MetLife Investment Management’s Alex Strickler, Head of Securities Lending, explains how our differentiated “mismatched book” approach can yield incremental income for borrowers comfortable with a measured level of interest rate and credit risk.

The Electric Vehicle Transition: Long-Term Outcomes and Short-Term Uncertainties

“A clear destination without a roadmap” captures the many complexities – and opportunities – of the megatrend transition to a largely electric road transport future. In this new far-ranging analysis, MetLife Investment Management’s Fixed Income team examine key challenges and uncertainties facing the auto industry’s legacy OEMs, new players and policymakers.

The Role of Private Credit in the Transition to A Low Carbon Economy

Global energy transition to a low carbon future will require a record $8 trillion investment annually from 2024 to 2050. 70% of that transition finance is projected to come from the private sector.

Strength or Softness?

MetLife Investment Management continues to see consumers willing and able to spend for the next several months. While credit card delinquencies have risen dramatically, other loan types appear healthy. Weaker GDP is more than offset by stronger private domestic final purchases (PDFP).

Shifting Gears: The Acceleration of Prime Auto Securitization

Auto loan securitizations accounted for over 57% of $256 billion in new ABS volume in 2023. Despite rising interest rates and regulatory changes encouraging banks and credit unions to monetize their prime auto loan portfolios, investment opportunities persist for client portfolios. We map out the analysis in Shifting Gears: The Acceleration of Prime Auto Securitization.

Relative Value & Tactical Asset Allocation Q3 2024

Real Estate Debt: Navigating the New Frontier

Global Risks Midyear Update 2024: Hanging Together

Flying Blind

The U.S. Federal Reserve has reduced the pace of quantitative tightening with a new monthly roll off cap of $25 billion of Treasury securities, down from $60 billion (Source: U.S. Federal Reserve, May 2024).

Are We There Yet? The Road to Recovery for CRE

Harnessing the Potential of Private Structured Credit

Private Structured Credit (PSC) presents a specific investment avenue, seeking to offer insurance investors yield pick-up vs public bonds, capital efficiency, risk mitigation via covenant protection, and sector diversification.

Economic Monthly – Businesses Ride to the Rescue

We now expect the U.S. economy to avoid a recession in 2024. Businesses are emerging as a backstop – largely due to high and rising profit margins, a manufacturing rebound and a resilient services sector. However, we do remain somewhat concerned about the strength of the consumer. Find out why in our latest Economic Monthly.

Relative Value & Tactical Asset Allocation Q2 2024

Decarbonization Metrics for Real Estate Investment

A World in Debt: US Treasuries

The Case for a U.S. Productivity Boom

Are Consumers Weakening?

New paper making the case for U.S. productivity. Drawing on many difference data sources that highlight why the U.S. economy is on the verge of a productivity boom.

A Second Trump Presidency?

President Trump could win the 2024 presidential election. When the incumbent presidential party presides over an improvement in the unemployment rate, it is likely to be returned to power. With unemployment at historic lows, unemployment is likely to get worse, creating headwinds for a Biden re-election.

Strategic Asset Allocation: Balancing Art and Science

Guy Haselmann, Head of Thought Leadership at MetLife Investment Management (MIM), recently sat down with Ruth Farrugia, Global Head of Insurance Asset Management at MIM, to discuss strategic asset management for Insurance Companies.

Gateway Markets and Core Property Types: Not What They Used to Be

What should be considered gateway markets and core property types today? The investing universe and real estate markets have evolved dramatically over the last few decades.  See the list of markets that now rank highly as gateways and which once-niche sectors could be labeled core property types under our proposed definitions.

Robust Jobs and Tight Credit: Will the Consumer Keep Spending?

Looking at the data of the first six weeks of the year, we have seen some promising economic indicators, with consumer health shored up by a robust job market. But we believe the U.S. economy is not out of the woods yet. Find out why in our latest Economic Monthly.