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PGIM Fixed Income's Podcast Series: All The Credit

Episode 4 Available Now!

In Episode 4 of 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. This episode was recorded on May 18, 2020. 

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Recent Thought Leadership

Globalization 2.0—A New Synthesis

Nathan Sheets, PhD, Chief Economist, Head of Global Macroeconomic Research

The prospects for globalization have shifted appreciably. The shrinking of “effective distances” has slowed and, in some dimensions, even reversed. Globalization is now criticized in many quarters as having failed to deliver on its promises—in terms of both the pace of growth and the distribution of gains across society. The economic expansion in the aftermath of the global financial crisis, although distinguished by its longevity, brought growth rates that were more muted than those following other downturns.

Current EU Crisis to Boost Solidarity, Not Fragmentation

Mehill Marku, Senior Investment Strategist

Given the formidable list of crises faced by the EU, it is understandable why the fragmentation narrative still holds sway among some market participants. However, EU governments and institutions have acted determinedly to stave off the negative consequences of each crisis. In the process, they have ultimately restored market confidence in Europe’s ability to repeatedly rally around a common goal of strengthening the Union’s institutions and their ability to respond to future crises. 

Mounting U.S. Public Debt: How Worried Should We Be?

Nathan Sheets, PhD, Chief Economist, Head of Global Macroeconomic Research, and George Jiranek, Associate, Global Macroeconomic Research

As U.S. fiscal spending ramps up to counter the coronavirus shock, we believe that higher U.S. debt levels can be safely absorbed. The demand for Treasuries is substantial. But the capacity to issue Treasuries cannot be unlimited, and it’s not prudent to find out where the limits might be.  While the use of fiscal tools in the current situation is altogether appropriate, in the aftermath of the crisis, policymakers should focus on putting U.S. fiscal performance on firmer footing.

Market Updates

White Paper The Fed Quickly Surpasses Its Financial Crisis Efforts

Nathan Sheets, PhD, Chief Economist, Head of Global Macroeconomic Research

Over the past week, the Federal Reserve has rolled out an extraordinary phalanx of measures, which already exceed the force and scope of the interventions put in place during the global financial crisis. The Fed is signaling that it will do whatever it takes to restore liquidity and smooth functioning to financial markets, and we expect that the markets should feel the broad effects of the Fed’s measures over the next 10 days, and we expect that these actions will help soothe the extraordinary volatility that has erupted. A question that arises, however, is why the Fed’s actions have not calmed the markets more rapidly? And why have interventions at such massive scale proved necessary?

Market Outlook Second Quarter Market Outlook

In the span of less than three months, the novel coronavirus has shuttered much of the global economy, bringing an 11-year economic expansion to an abrupt end.

The crisis may become a seminal point for global interest rates and credit spreads. After falling for years, U.S. rates have entered the low realm of their developed market counterparts and may be poised to drift only slightly higher going forward. However, credit spreads across securitized credit, investment grade, high yield, and emerging markets offer historically compelling value, and active management will be more critical than ever in both generating alpha and avoiding losses

White Paper The Fed’s Further Action to Combat the Virus Fallout

Nathan Sheets, PhD, Chief Economist, Head of Global Macroeconomic Research

The Fed continues to follow its playbook from the global financial crisis—announcing on Sunday a broad-based package of monetary-easing measures. By any historical standard, the scale and scope of these actions was extraordinary. Even so, markets were expecting extraordinary action and have fallen since the Fed’s announcement. Notwithstanding today’s drop in asset prices, we believe the Fed’s moves are significant and will, over time, provide important support to the economy and markets.

Webinar Webinar: From the Good, Straight to the Ugly

Apr 21, 2020

In this webinar, Greg Peters, Head of Multi-Sector and Strategy at PGIM Fixed Income, provides an overview of global economic and market themes before delving into the current opportunity sets he sees across a number of different fixed income sectors. Learn why he believes we are entering a 'golden age of credit' in this webinar, which can be viewed now!

Webinar Market Update: Oil Market

Apr 21, 2020

With supply/demand imbalances reaching severe levels, the oil market is 'passing a kidney stone,' according to Dave Winans, Principal and U.S. Investment Grade Credit Analyst at PGIM Fixed Income. Mr. Winans explains what he means by this and shares which sectors of the oil market we favor given the current market environment.

Webinar Market Update: Opportunities in Emerging Markets Debt

Apr 17, 2020

After providing a brief backdrop of the current market environment, Cathy Hepworth, CFA, Head of Emerging Markets Debt, outlines where her team is finding the most compelling opportunities across the EM sectors and the rationale behind their current convictions. The webinar was recorded on April 17, 2020.

Webinar Market Update: Considerations for LDI Plan Sponsors

Apr 14, 2020

In this webinar Tom McCartan, Principal of Liability-Driven Strategies, outlines how LDI investors can work to take advantage of attractive credit spreads and what plan sponsors can do now given the ongoing economic volatility stemming from COVID-19. The webinar was recorded on April 14, 2020.


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