In this episode of All the Credit® , we explore the catalysts of recent market turbulence and outline the challenges posed to fixed income investors. With a focus on key market drivers, we share insights into what the current economic landscape reveals about risk, opportunity, and evolving market dynamics. PGIM Fixed Income’s Tom Porcelli , Chief U.S. Economist, hosts Gregory Peters , Co-Chief Investment Officer, and Daleep Singh , Vice Chair and Chief Global Economist. Recorded on May 29, 2025....
Jun 11, 2025•28 min•Season 6Ep. 61
In this episode of All the Credit®, Credit Markets in Transition , we explore the evolving role of liability management in global credit markets and how they’re reshaping outcomes for investors, creditors, and the broader credit market. PGIM Fixed Income’s Brian Barnhurst, CFA , Head of Global Credit Research, hosts Ryan Kelly, CFA , Lead Portfolio Manager and Head of Special Situations, and Rishav Puri , Special Situations Credit Analyst. Recorded on May 21, 2025....
Jun 03, 2025•24 min•Season 6Ep. 60
Shifts in interest rates have thrust Liability-Driven Investing (LDI) into the spotlight, reshaping pension plan liabilities and presenting new de-risking opportunities. This episode of the All the Credit® Credit Markets in Transition sub-series examines impacts on funded status, plan sponsor adaptations, and the interplay of structured products and derivatives in portfolio construction. PGIM Fixed Income’s Brian Barnhurst, CFA , Head of Global Credit Research, hosts T om McCartan, FIA, CFA , Mu...
Apr 03, 2025•20 min•Season 6Ep. 59
Asset-based finance (ABF) has grown in popularity as an attractive alternative to traditional direct lending and its turning heads with those looking to capitalize on investment opportunities. This episode of All the Credit® kicks off our new sub-series, Credit Markets in Transition , with an in-depth look at the rapidly growing ABF sector. We assess ABF's evolution, factors driving the surge in investment, its role within the financial ecosystem, and critical considerations for investors. PGIM ...
Feb 19, 2025•27 min•Season 6Ep. 58
Amid global complexities, China's economic outlook presents both challenges and opportunities that are crucial to investment considerations. In this episode of All the Credit® , we weigh possible growth scenarios for China, the impacts of tariffs, private sector confidence, and property sector challenges. We assess the nation’s fiscal strategies, rising social unrest, and geopolitical tensions with the U.S. and Taiwan. PGIM Fixed Income’s Tom Porcelli , Chief U.S. Economist, hosts Shikeb Farooqu...
Jan 17, 2025•29 min•Season 6Ep. 57
Accelerating demand growth for U.S. power has wide ranging investment implications. In this episode of All the Credit® , we explore the complexities surrounding the demand for power generation driven in part by AI advancements and data centers, discussing logistical implications, regulatory challenges, and regional power dynamics. We address the potential role of nuclear energy and the risks for utilities and consumers amid rising power prices. PGIM Fixed Income’s Brian Barnhurst, CFA , Head of ...
Dec 12, 2024•27 min•Season 5Ep. 56
What challenges and opportunities lie ahead for oil markets amid looming oversupply and fluctuating demand? In this episode of All the Credit® , we delve into the outlook of crude oil, exploring supply-demand dynamics, geopolitical risks, and potential impacts from the 2024 U.S. election. We examine various energy subsectors and the financial health of U.S. energy companies. PGIM Fixed Income’s Tom Porcelli , Chief U.S. Economist, hosts Dave Winans , U.S. Investment Grade Credit Research Analyst...
Oct 29, 2024•15 min•Season 5Ep. 55
As the geopolitical landscape continues to shift in light of recent global election results, the consequential economic effects are becoming a primary focus in the investment sphere. This episode dives into the latest election outcomes in both developed and emerging nations, the growing divide in electorates, and the impact of these elections on fiscal deficits. This episode features PGIM Fixed Income’s Katharine Neiss, PhD , Deputy Head of Global Economics and Chief European Economist, Mehill M...
Jul 25, 2024•26 min•Season 5Ep. 54
Amid global market volatility and potential economic shifts, understanding inflation's impact on bond markets is pivotal for informed investing. This episode delves further into this topic with a focus on developed markets such as the U.S. and Eurozone, exploring the potential path of rate cuts, the attractiveness of bonds versus cash, and how a reflation scenario could impact investment strategies. This episode features PGIM Fixed Income’s Katharine Neiss, PhD , Deputy Head of Global Economics ...
Jul 09, 2024•18 min•Season 5Ep. 53
Bonds are back and with fixed income gaining interest with investors, we’re taking an introspective look at our investment process and how we’re navigating current market dynamics here at PGIM Fixed Income. We touch on our scenario-based approach, investment views, the fixed income opportunity set we see ahead, and what it means for us as we construct portfolios. This episode features PGIM Fixed Income’s Greg Peters , Co-Chief Investment Officer, and host, Brian Barnhurst, CFA , Head of Global C...
Jun 11, 2024•40 min•Season 5Ep. 52
Navigating the volatile landscape of geopolitics and its implications on emerging markets has become critical in this uncertain economic climate. In this episode, we provide an in-depth analysis of the current geopolitical landscape, its profound impact on emerging markets, and the risk factors on our radar. This episode features PGIM Fixed Income’s Cathy Hepworth, CFA, Head of Emerging Markets Debt, Mehill Marku, Lead Geopolitical Analyst, and host, Tom Porcelli, Chief U.S. Economist. Recorded ...
May 02, 2024•23 min•Season 5Ep. 51
With significant repricing across all commercial real estate (CRE) sectors, normalizing rent growth, and rising expenses, it’s time to revisit and reassess the CRE space. Get our thoughts on the CRE market today, implications for the banking sector, and risk factors we’re monitoring. This episode features PGIM Fixed Income’s David Jiang , U.S. Investment Grade Credit Research Analyst, Jason Pan , CFA , FSA , Securitized Products Credit Research Analyst, and host, Tom Porcelli , Chief U.S. Econom...
Mar 19, 2024•19 min•Season 5Ep. 50
Despite fluctuating post-pandemic interest rates, the U.S. economy has shown unexpected resilience. Contrary to predictions of a possible recession the U.S. economy continues to show signs of economic growth. In this episode of All the Credit® , Tom Porcelli , Chief U.S. Economist, hosts Guillermo Felices, PhD and George Jiranek, CFA, two of PGIM Fixed Income’s global investment strategists, for an analysis of U.S. interest rate fluctuations and their ripple effect on the economy, including resp...
Mar 07, 2024•22 min•Season 5Ep. 49
In the current climate of rising premiums and inflationary pressures, the insurance industry faces significant challenges. In this episode of All the Credit® , Tom Porcelli , Chief U.S. Economist, and Pinto Suri , U.S. Investment Grade Credit Research Analyst, examine the complexities of the auto and home insurance sectors, challenges facing issuers in the post-pandemic environment, effects on insurers' pricing strategies, implications for CPI, and considerations for investors. Recorded on Janua...
Feb 06, 2024•26 min•Season 5Ep. 48
In recent months, GLP-1 drugs have been thrust into the spotlight, amplified by increased media attention and several headline-grabbing comments from large retailers. In this episode of All the Credit® , host Brian Barnhurst, CFA , Co-Head of Credit Research, is joined by U.S. Leveraged Finance Credit Research Analysts, Elizabeth Halpin, CFA , Richard Kus, CFA , and Scott Swanson, CFA , to consider the investment implications of GLP-1s across fixed income markets and industries. Recorded on Dece...
Dec 26, 2023•20 min•Season 4Ep. 47
Rates have sharply increased in the past 18 months and at PGIM Fixed Income, we anticipate they will remain elevated. In this episode of All the Credit® , Brian Barnhurst, CFA , Co-Head of Credit Research, is joined by guests Mick Meyler , Head of Developed Market Rates, and Tom Porcelli , Chief U.S. Economist, to examine the core factors supporting our view of higher-for-longer rates. The trio also discuss the end of the hiking cycle, weigh the impact of fiscal deficits on long-term rates, and ...
Nov 30, 2023•23 min•Season 4Ep. 46
While U.S. money center banks have emerged as an attractive subsegment of the U.S. investment grade corporate market, European banks face unique challenges sustaining their market prominence. Given the fragility of the Eurozone’s economy, with an anticipated growth of 0.5% both this year and next, the spotlight on the relative attractiveness of European banks has made its way to the forefront. In this episode of All the Credit ®, host Michael Roper, CFA, European Investment Grade Corporate Bond ...
Nov 07, 2023•26 min•Season 4Ep. 45
Investors could be pardoned if they have whiplash, but the fact is that interest rates go through paradigm shifts. Indeed, they just migrated from a decade of ultra-low levels back to what may be a sustained period back “home” in their long-term 3-5% range. Just as investors never caught up with the 40-year secular decline in rates, the inverted curve could be with us for some time, leaving a boon for yield-curve strategies. Furthermore, with the vast majority of rate hikes behind us, market vol...
Oct 12, 2023•22 min•Season 4Ep. 44
With our macro base case calling for below trend, but positive growth and elevated inflation, we see a fairly healthy environment for credit and credit returns looking forward. In this episode of All the Credit ®, we’ll take a closer look at the high-quality credit spectrum, where solid nominal yields, reasonable credit spreads, and durable credit fundamentals could be attractive to fixed income investors. Alternatively, even if the economy proves less resilient than expected, tactically allocat...
Sep 28, 2023•27 min•Season 4Ep. 43
Amid the dog days of summer, we’re serving up the latest episode of All the Credit® on an industry that produces the alcoholic beverage of choice for a large swath of consumers—beer. Who are the main players in the big brewing industry and what’s their market share? How are their products holding their own in a market saturated with options such as craft brews, seltzers, and non-alcoholic substitutes? PGIM Fixed Income’s Elitza Fleischman, CPA, U.S. Investment Grade Credit Research Analyst , cov...
Jul 27, 2023•14 min•Season 4Ep. 42
Quantitative tightening (QT), the unwinding of the large scale of purchases of a broad range of financial assets by central banks, has become a feature of monetary policy since the great financial crisis. Though central banks around the world have already started this process, given the many distractors in the market, such as the global banking crisis and the U.S. debt ceiling brinkmanship, QT has gone on somewhat unnoticed. That said, as we near the end of hiking cycles and the paths of short-t...
Jun 22, 2023•40 min•Season 4Ep. 41
Just a few months ago, the market was confident that post global financial crisis, financial sector reforms, and regulatory scrutiny ensured that the U.S. banking system was rock solid, and that the next cycle's culprit would emanate from elsewhere. However, banking is once again front and center as investors weigh systematic risks from another prospective real estate crunch—this time in the commercial property sector. In this episode of PGIM Fixed Income’s All the Credit® , with guests Jason Pa...
Jun 13, 2023•31 min•Season 4Ep. 40
With “x-date” looming, concerns about a potential default are weighing on financial markets and the global economy. As the nation’s solvency hangs in the balance, Daleep Singh, PGIM Fixed Income’s Chief Global Economist and Head of Macroeconomic Research , joins this episode of All the Credit ® to discuss this U.S. government fiscal fiasco. To begin, Daleep lays the groundwork with a brief history of the U.S. debt ceiling, including some of the recent impasses that may act as a guide for the cur...
May 10, 2023•27 min•Season 4Ep. 39
After years of strict COVID lockdowns, China’s domestic consumer economy is rapidly re-opening. Meanwhile, global manufacturing—normally an area of Chinese dominance—is being challenged by tighter credit conditions after years of progressive central bank hawkishness. In addition, the country still finds itself in the global geopolitical crosshairs as highly restrictive policies against China remain. In this episode of All the Creditâ , PGIM Fixed Income’s Gerwin Bell, PhD, Lead Economist for Asi...
May 03, 2023•30 min•Season 4Ep. 38
Recent global banking failures shook investors and markets alike, leaving many wondering if we’re witnessing a repeat of the 2008 global financial crisis. In this episode of All the Credit ® , Mick Meyler, Head of Developed Market Rates , and David Jiang, U.S. Investment Grade Credit Research Analyst , review the events of this latest crisis, discuss the potential for more bank runs, outline potential regulatory responses, and assess the impacts on bank earnings and credit fundamentals. The duo ...
Mar 29, 2023•34 min•Season 4Ep. 37
A confluence of higher debt levels, tightening central bank policies, and weakening growth are raising red flags around borrower credit quality as signs of financial strain are beginning to emerge. Against this backdrop and as a part of our integrated credit research processes, we remain on the lookout for potential problems across corporate borrowers, consumers, and commercial real estate, both in the near and long term. Listen to this episode of PGIM Fixed Income’s All the Credit ® podcast as ...
Feb 28, 2023•34 min•Season 4Ep. 36
The residential real estate market directly or indirectly impacts everyone. After all, everyone is born short a house. Home prices and construction activity also largely impact economic growth, wealth, inflation, and, for fixed income investors, residential mortgage-backed securities (RMBS). With the market suddenly in a downturn, should investors be prepared for lower house prices and rents? Declines in home construction and sales? Increased delinquencies and defaults on mortgages? In this epis...
Jan 24, 2023•34 min•Season 3Ep. 35
Earlier this year, PGIM Fixed Income developed an inflation indicator tool that uses various economic variables to segregate the supply factors that explain the change in inflation, from those associated with demand. The end result helps us gain insight into the future direction of core goods inflation. On this episode of All the Credit® , Guillermo Felices, PhD, Global Investment Strategist, explains our proprietary inflation model and reviews the findings. Guillermo also: provides an update on...
Dec 19, 2022•32 min•Season 3Ep. 34
For the first time in decades, long-term interest rates have broken out of their steady downtrend with recent spikes. Is this a temporary irregularity? Or has the rate environment reverted to a paradigm of sustained higher yields and returns from bonds? In this episode, Robert Tipp, CFA, examines how we arrived at “low for long,” and why it’s given way to generational highs in growth, inflation, and interest rates, creating a strategic buying opportunity in fixed income. Robert also provides his...
Nov 29, 2022•38 min•Season 3Ep. 33
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 heighten...
Oct 19, 2022•30 min•Season 3Ep. 32
