All the Credit PGIM Fixed Income

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.