All the Credit

Hear from PGIM Fixed Income's Lead Economist for Asia Gerwin Bell, PhD, and EMD Portfolio Manager Johnny Mak as they take a deep dive into all things China: the economic growth outlook, potential demographic challenges, the country's fundamentals, industry winners, an update on global trade agreements, and more in this episode of All The Credit. Episode 16 also includes our firm's positioning given the macroeconomic view on China, as well as a follow-up discussion to a recent paper co-authored by Gerwin Bell entitled "Three Focal Points for the U.S.-China Relationship," available now on PGIMFixedIncome.com. Listen and subscribe to All The Credit wherever you find your podcasts. (This episode was recorded on May 18, 2021).

This episode of PGIM Fixed Income's podcast All The Credit provides listeners with, quite literally, a view of all the credit. From corporate fundamentals to sector winners and losers, Rich Greenwood, Head of PGIM Fixed Income's Credit Group, delivers his insights on the credit market amidst the COVID-19 recovery. Greg Peters, Head of Multi-Sector and Strategy, provides his take on the evolution of asset classes, the predicted duration of what he's coined as The Golden Age of Credit, as well as how our team is positioning multi-sector portfolios given market fundamentals and the current opportunity set.

With trillions of dollars in negative yielding debt around the world, money market rates pegged at zero, and relatively tight credit spreads, recent surveys of investors reveal plans for potential large allocation shifts from long-only strategies into a variety of alternatives. On this episode of All The Credit, Host Mike Collins invites Erik Schiller, Head of Liquidity, Mick Meyler from PGIM Fixed Income's Developed Market Rates team, and Mike Niosi from our Client Advisory Group to provide their view of the Alternatives market, including what draws investors to these strategies, the current risks and opportunities in the market, and more.

In this episode of All The Credit, Mike Collins welcomes Chief Economist Nathan Sheets and Chief Investment Strategist Robert Tipp for an analysis of the economic, market, and political journey we've taken in the past year as well as a forward-looking conversation on what investors can expect as the recovery continues. Mike and his guests discuss the pace and magnitude of the recovery thus far, including support in terms of economic fiscal stimulus and private sector innovations. All of this leads to a constructive outlook in 2021, with future thoughts on what happens in the years to come. Listen today to hear the potential investment implications for active, fixed income investors.

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 your podcasts for insights for active, fixed income investors.

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 of the opportunity set for investors now and going forward. Listen and subscribe to All The Credit wherever you get your podcasts.

PGIM Fixed Income's Senior Portfolio Manager and All The Credit host Mike Collins welcomes two guests who possess unique insights into the U.S. political system. In this episode we hear from Nathan Sheets, PGIM Fixed Income's Chief Economist and former Under Secretary of the Treasury Department, and David Burns, a senior member of Prudential's Congressional Government Affairs team, as they share their thoughts on the recent elections and the future political landscape in America. The two guests highlight prospects for new stimulus plans, who they expect to see fill important Washington positions that could impact the development of U.S. monetary and fiscal policy, and what it could mean for your investment portfolio.

As ESG investing continues to make news headlines and discussions are on the rise with asset owners, PGIM Fixed Income is pleased to host a timely interview. In Episode Nine of All The Credit, Host and Senior Portfolio Manager Mike Collins welcomes Eugenia Unanyants-Jackson, in the newly formed role of Head of ESG Research. In this episode, the two delve into the growth of ESG in the fixed income space, the firm's development of an internal ratings framework and its integration into the investment process, how this newly-created role will help PGIM Fixed Income's clients, and general market trends we can expect to see going forward.

Host and Senior Portfolio Manager Michael Collins welcomes two of our London-based investment professionals, Chief European Economist Katharine Neiss, PhD, and Head of European IG Corporate Bonds, Edward Farley. In this episode, they discuss Europe's fiscal response to COVID-19, the EMEA opportunity set for investors, what the European recovery thus far can tell us about what to expect in the United States, ESG investing, and much more. Listen and subscribe today.

With companies less reliant on office space, an ongoing shift to online retail shopping, and a recession in our midst, owning top-of-the-capital structure securitized products in our multi-sector portfolios can be a key differentiator. Join Mike Collins as he hosts John Vibert, PGIM Fixed Income's Head of Securitized Products, for Episode 7 of All The Credit. In this episode, John explains current market risks, his team's process for mitigating those risks, and why he believes PGIM Fixed Income remains well-positioned. Mr. Vibert also covers positions the team is actively adding to in the securitized product space, the team's current best ideas, and how his team incorporates ESG factors into the investment process. Listen to this engaging discussion on All The Credit now and subscribe wherever you get your podcasts!

In this month's edition of PGIM Fixed Income's podcast "All The Credit," Host and Senior Portfolio Manager Mike Collins welcomes PGIM Fixed Income's two distressed credit analysts, Gregory Cass and Carras Holmstead. Mike, Gregory, and Carras discuss the recent uptick in distressed credits given the current economic environment, the inner workings of the distressed credit market, the value they bring to our clients, and how PGIM Fixed Income is well-positioned given the current environment.

PGIM Fixed Income's June 2020 episode of All The Credit provides listeners with an inside look at how our firm prepared for COVID-19 and the changes that came with the work-from-home shift of more than 90% of our employees. In this episode, PGIM Fixed Income's Head of Operational Risk, Jennifer Finnerty, sits down with our host Mike Collins to share these latest insights.

In Episode 4 of PGIM Fixed Income's "All The Credit," Host and Senior Portfolio Manager Mike Collins is joined by PGIM Fixed Income's Head of Emerging Markets Debt, Cathy Hepworth. Cathy discusses her long-term tenure at PGIM Fixed Income, her path to being named Head of the EMD team, the state of the EMD sector, and why this asset class is important for investors going forward.

In Episode 3 of All The Credit, host and Senior Portfolio Manager Mike Collins welcomes Nathan Sheets, PGIM Fixed Income's Chief Economist and Head of Global Macroeconomic Research, for a discussion about the current market crisis. Nathan draws on his prior experience at the Federal Reserve to compare the fiscal and monetary policy response to the recent economic volatility with that of the recession of 2008 while providing potential scenarios on what a recovery and return to normal could look like. The two also discuss the potential path forward for global interest rates, where risks and opportunities for active investors are emerging, and more. Listen now and subscribe to PGIM Fixed Income's All The Credit. To read Nathan's recent thought leadership on the Fed's response to COVID-19, visit PGIMFixedIncome.com.

In Episode 2 of All The Credit, Host and Senior Portfolio Manager Mike Collins welcomes Greg Peters, Head of Multi-Sector and Strategy, and Tom McCartan, Principal, LDI Strategies, for a discussion about how active fixed income managers like PGIM Fixed Income extract alpha across global fixed income markets. In addition to discussing their recent paper on the topic, Capturing the Opportunity of Constraints, Greg and Tom also share their insights on their current best ideas in the fixed income market and where investors could benefit from market dislocations and mispricings.

On the inaugural episode of 'All the Credit,' Host and Senior Portfolio Manager Mike Collins welcomes Mike Lillard, Head of PGIM Fixed Income and Chief Investment Officer. In this wide-ranging interview, the two discuss the debate over active vs. passive investing, how PGIM Fixed Income thinks about ESG, global growth and macro views in 2020, and the firm's overall view of the top trends and opportunities in the fixed income markets. Key Takeaways: [1:40] How did Mike L. first get started in investment management? [6:35] Mike L. is also a member of the Treasury Borrowing Advisory Committee. What are some of his responsibilities as a member? [10:10] The two weigh in on the active vs. passive investment management debate. [13:45] How does PGIM Fixed Income navigate through Environmental Social Governmental (ESG) issues when making investments for clients? [17:45] How does PGIM Fixed Income rank and determine if an issuer is ESG friendly? [21:10] Where does Mike L. see global growth headed in 2020? [24:40] We have low inflation on a global scale, what does that mean for interest rates? [27:30] Companies are struggling to see where the growth will come from long-term and therefore are more cautious about hiring talent and leveraging debt. [27:55] Are we in a bubble? [31:35] Mike L. shares his thoughts on some of the long-term risks to be aware of, such as the budget deficit in the United States. [32:45] What industries/sectors should investors be focused on in the fixed income markets? Mentioned in This Episode: PGIMFixedIncome.com Tweetables: "Thinking about the amount of risk you want to take vs. an index is more important than this active/passive label, which is pretty arbitrary." "A lot of countries added significantly to the debt following the 2008 financial crisis and nobody has paid it back, no one has paid down that GDP."