On this special edition of All the Credit®, Mike Collins hands the mic to PGIM Fixed Income’s Co-Chief Investment Officer, Greg Peters, and newly appointed Chief Global Economist, Daleep Singh, to discuss: the current macro backdrop; central bank policy and response; impacts to the fixed income market; possible macro scenarios heading into 2023 and trends we’re watching; opportunities in fixed income; and how our investment process aims to help our clients thrive through this period of heightened risk and uncertainty. Recorded on October 12, 2022 ..read more

With the recent announcement of a major student loan forgiveness program in the U.S., we dissect the program and its implications for fixed income investors. PGIM Fixed Income’s Florence Chan, Head of ABS Research, and Scott Motta, of the Securitized Products portfolio team, are here to sort through all the details, including: a brief history of student loans in the U.S.; details on the new loan forgiveness program; thoughts on the economic and inflationary impact of the program; characteristics of the student loan asset back securities (SLABS) market; and how PGIM Fixed Income views and has ..read more

After a challenging first half of the year for fixed income, we see reason for optimism ahead for a variety of sectors. PGIM Fixed Income Multi-sector Portfolio Manager, Lindsay Rosner, CFA, and Senior Portfolio Manager, Mike Collins, CFA, examine the state of individual fixed income sectors and share their top active management, relative-value ideas. We’re talking “all the opportunities” in this episode of All the Credit®! Recorded on August 2, 2022 ..read more

The current, compressed, and rapidly changing credit cycle, which has experienced dramatic swings in economics, policy, inflation, and corporate fundamentals, has been anything but typical. With a backdrop like this, investors’ and credit analysts’ heads are spinning trying to keep up! In this episode, Janet Crowe and Brian Barnhurst, CFA, PGIM Fixed Income’s Co-Heads of Credit Research, help us see the big picture in the underlying trends in corporate credit fundamentals, from earnings and leverage, to upgrades and downgrades, and more.   Host and Senior Portfolio Manager, Mike Collins ..read more

Although the traditional asset allocation portfolio mix of 60% stocks and 40% bonds has been a widely adopted investment approach that has spanned decades, a lower interest rate environment coupled with the underperformance of equities and bonds, has investors questioning the validity of the 60-40 asset allocation model. While we also see this portfolio structure as flawed, it’s not for the reasons that others have suggested. In this episode, PGIM Fixed Income’s Tom McCartan, FIA, CFA, Custom Multi-Sector and Multi-Sector LDI Portfolio Manager, and Tyler Thorn, of the multi-sector portfolio ma ..read more

In this episode of All The Credit, Senior Portfolio Manager and Host Mike Collins welcomes two of our London-based colleagues to discuss what makes the European High Yield, Bank Loan, and CLO markets attractive for investors. Jonathan Butler, Head of European Leveraged Finance, discusses our current outlook, including the five factors supporting an allocation to European High Yield, and Asha Narayan, CLO Portfolio Manager, discusses PGIM Fixed Income's approach to CLO management and how it can fit into an active, fixed income portfolio. Listen and subscribe to All The Credit wherever you find ..read more

All The Credit host Mike Collins speaks with PGIM Fixed Income's Municipal Bond Team on our final episode of 2020.  Episode 11 features Susan Courtney, Head of the Municipal Bond Team, and Garrett Falzone, Head of Municipal Bond Research.  Listen in as they cover the opportunity set in this unique investment sector that combines politics and public services. This brief program introduces listeners to the muni market, analyzes the impact of the pandemic on cities and states, assesses the low default rate and how ESG factors impact investment decisions, and shares our house view o ..read more

The global impacts of Russia’s invasion of Ukraine are wide-ranging and include the global energy industry amidst the varied reliance on Russian oil and gas by European countries. With COVID-related supply shortages, the exacerbation of the shift away from traditional fossil-fuel-based energy investment, and higher housing, travel, and many food prices, conditions are increasing the need for tighter monetary policies while negative consequences for global demand are being realized.   In this episode of All the Credit®, we turn to Chief European Economist, Katharine Neiss, PhD and glo ..read more

Despite the wildly unique ride that was 2021, which saw a boom in economic growth in most countries, a global inflation surge, and COVID’s constant and pervasive presence, the path of the global economy and financial markets may have been more predictable a year ago than they are today. With economic and earnings growth poised to peak, inflation most likely to subside, and tightening of monetary and fiscal policies expected, the outlook for 2022 is murky. In the latest installment of All the Credit®, we provide our expectations for the global economy, inflation, and the fixed income marke ..read more

Credit fundamentals across most municipal bond issuers have improved markedly and may be more immune from some of the recent geopolitical events in eastern Europe and rising commodity prices relative to many corporate or sovereign credits. That, coupled with aging populations, a steady stream of daily retirements in the U.S., and increased demand for high-quality fixed income securities, especially tax-exempt issues, leaves the municipal bond market well supported. In this episode of All the Credit®, host and Senior Portfolio Manager, Mike Collins, is joined by PGIM Fixed Income's Jason A ..read more