The Credit Continuum

Credit Continuum

PGIM has nearly 150 years¹of credit investing experience for Prudential Financial. Our strong underwriting standards, disciplined approach to risk management, and deep expertise in portfolio diversification have helped us and our clients navigate volatile credit markets. As the credit landscape shifts, opportunities emerge and PGIM remains confident in our investment expertise and ready to scrutinize these opportunities and provide funding to companies where others may step back.

This Insights Hub showcases our latest views and convictions on credit markets, ways clients can invest, and emerging opportunities. To learn more about PGIM's credit offerings, click here.

The Wide Spectrum of Credit

Beyond Convergence

Public and private credit markets have been merging, changing how capital is allocated. Investors now need frameworks that integrate both, aiming for better results and liquidity.

The main challenge is managing public and private assets together effectively. The integration spotlights their combined performance in a single portfolio.

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The Compelling Convergences in a Credit Income Approach

The challenge no longer lies in choosing between public and private, but in managing both together with clarity. This convergence sharpens the focus on how these assets perform together in a single portfolio.

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Senior CLO Liquidity: A Class of its Own

Benefiting from structural and technical characteristics unique to securitized products, senior CLO tranches are among the more liquid instruments in the fixed income universe.

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Sector Concentration and Diversification

Headline vs. Health in Private Credit

BDCs have come under increased scrutiny amid concerns emanating from AI uncertainty and redemption requests that exceed their contractual obligations. Our exposure to software in our BDC strategies is less than 6% versus the industry exposure of 20%.

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The Case of AI Disruption and CLO Dispersion

AI-driven volatility is also fueling dispersion across the leveraged loan market with pronounced effects on CLOs. Pressure has so far been concentrated in subordinated tranches, while senior tranches have remained stable.

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Investors at the Private Credit Gate

We believe the recent change in sentiment is a welcome phase of the investment cycle, which will allow stronger managers to demonstrate better returns.

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