All the Credit

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 Marku, Head Geopolitical Analyst, Cathy Hepworth, CFA, Head of Emerging Markets Debt, and host Tom Porcelli, Chief U.S. Economist.

Recorded on July 16, 2024.

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 and Chief European Economist, Robert Tipp, CFA, Chief Investment Strategist and Head of Global Bonds, and host Michael Roper, CFA, Portfolio Manager, European Investment Grade Corporate Bonds.    Recorded on June 24, 2024.

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 Credit Research.

Recorded on May 31, 2024.

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 on April 23, 2024.

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. Economist.

Recorded on March 12, 2024.

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 responses across sectors, shifts in consumer financial health, and labor market dynamics.

Recorded on February 23, 2024.

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 January 25, 2024.

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 December 19, 2023. This content is not intended to be a substitute for professional medical or health advice, diagnosis, or treatment, and does not constitute medical or other professional advice in any form.

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 explore the interplay between rates, curve shape, and the economy.

Recorded on November 17, 2023.

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 Portfolio Manager, along with guests Chris Alquiza, CFA, U.S. Investment Grade Corporate Bond Portfolio Manager, and James Hyde, European Investment Grade Credit Research Analyst, dissect the perception of risk and relative value between U.S. banks and EU banks from a U.S. market perspective, how trading relationships might be impacted by this, and provide bottom-up thoughts on European bank fundamentals and where we think they’re headed.

Recorded on October 20, 2023.