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.
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.
Brexit Update—The Path(s) Ahead as Deadlines Loom
Nearly two and a half years after the initial vote, the Brexit process—as well as the country’s deep political divisions—remain as inscrutable and intractable as ever. As the March 29th deadline approaches, the UK’s time for managing the divorce terms and its future relationship with Europe (and the rest of the world for that matter) is quickly running out. This brief note addresses the recent wrinkles in the process, where the situation currently stands, and the hurdles that lie ahead.