Venezuela at the Crossroads
This paper provides an update on the current situation in Venezuela, provides potential market implications, and explores factors for a successful transition.
The Outlook for the Trade War: Assessing President Trump’s Next Move
With the trade negotiations between the United States and China appearing to gain traction, it’s useful to step back and consider the outlook and prospects for the trade war. What are the key factors shaping President Trump’s choice set? What are some possible outcomes for the year ahead? And what does it mean for markets? This paper includes our observations regarding President Trump’s incentives and some lessons that we have drawn from his actions over the past year.
Africa’s Rising External Debt, Part 1: A Tempest in a Teapo
The growth of government debt in Africa has accelerated in recent years, giving it renewed prominence in the debate amongst investors, international organizations, and policymakers. In this paper, PGIM Fixed Income analyzes Africa’s external debt and concludes that market chatter about a debt restructuring is premature, and African countries have a viable path forward.
Is Your LDI Strategy Recession Ready?
PGIM Fixed Income’s Tom McCartan discusses the key risks to a U.S. corporate pension plan's funded status--declining long-term interest rates, tightening long-dated corporate spreads, credit migration, and falling risk assets--and shares practical steps plan sponsors can take now to protect funding levels ahead of the next recession.