PGIM Fixed Income
655 Broad Street
Newark, NJ, USA 07102
Phone: 973-367-7475
Rupal Shah
Principal, Client Advisory Group
rupal.shah@pgim.com
About PGIM Fixed Income
PGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. The company has
portfolio management and research teams in Newark, New Jersey, London, Amsterdam, Zurich, Munich, Singapore, Hong
Kong, and Tokyo. As of December 31, 2022, the firm has $770 billion of assets under management, including $350 billion
in institutional assets, $169 billion in retail assets, and $251 billion in proprietary assets. Nearly 1000 institutional investors
entrust PGIM Fixed Income with their assets.
A Rangebound Study in Long U.S. Corporates
Insurance in an Inflationary Age
With rising premiums and inflationary pressures, the insurance industry faces significant challenges.
First Quarter 2024 Market Outlook
PGIM Fixed Income's First Quarter 2024 Market Outlook
A Growing Gap: Exploring Progress on Global Decarbonisation
Exploring the widening gap between actual progress and policies on decarbonisation, and what would be needed to limit global warming to well below 2°C.
All the Credit, Ep. 47 - Holiday Indigestion: The Investment Implications of GLP-1s
Fixed on ESG, Ep. 20 – COP28: Dissecting Climate Progress and Pledges
The Monroe Doctrine at 200: Its New Implications for LatAm Assets
The Balance Between Corporate Profit Margins and Economic Resilience
This blog shares our views on the relationship between corporate margins and different U.S. economic growth scenarios using our corporate profit model to estimate performance.
Tracking the Transition from Tighter Policy to Corporate Spreads
We explore the historical transmission from tighter monetary policy to corporate bond spreads and the respective investment implications under our "weakflation" scenario.
Assessing the U.S. Economy's Evolving Sensitivity to Interest Rates
Our research series reveals that a varied adjustment process across certain sectors lowered the broader economy’s sensitivity to interest rates.
Office Space: The CRE Effects On Major U.S. Cities
Rising office vacancy rates, declining property valuations, and the respective impact on tax revenues and city budgets are a source of growing concern for municipal bond investors.
All the Credit, Ep. 46 - Realities in Rates
A discussion on the end of the hiking cycle, the impact of fiscal deficits on long-term rates, and the interplay between rates, curve shape, and the economy.
From NICE to VILE—The Future of Inflation
We explore the type of inflationary environment that we might expect across developed markets in the future and its potential effect on global asset prices.
Fixed on ESG, Ep. 19 - Climate Finance
A look into the current state of international climate finance and how it's been integrated into our sovereign ESG framework considerations.
Grabbing the Bull by the Tail: Assessing Tail Risks Amid Complexity
As a case study into our assessment of tail risks, we discuss how the market-implied probability distribution for a recession has evolved over the past year.
All the Credit, Ep. 45 - Value Through Headwinds: What's Next for European Banks?
What's next for the European banking sector and insights into its relative attractiveness during a time of economic fragility for the EU.
Fixed on ESG, Ep. 18 - Plastic Packaging Predicament: The Best-Worst Option
A conversation on the implications of plastic packaging and what investors should consider when it comes to the plastic packaging sector.
No Regrets: The ECB Keeps Policy on Hold
Inflation in the euro area is falling and the economy is rapidly weakening. Against that background, the ECB kept rates on hold at its policy meeting on October 26.
The Ubiquity of Plastic Packaging and its Investment Implications
Inordinate plastic packaging waste but limited alternatives highlights the distinction between sustainable management of ESG impacts and financial credit risks.
PREPA Restructuring Unlikely to Dim the Outlook for Revenue Bonds
While we believe the outcome in PREPA is unlikely to dim the prospects for revenue bonds, the case serves as a reminder that investors cannot passively assume that all revenue bonds are equal.
All the Credit, Ep. 44 - From Low Ranger to High Plains Drifter
With the vast majority of rate hikes behind us, market volatility is set to fall. A tailwind from the reemergence of the “search for yield” is likely to follow.
Fourth Quarter 2023 Market Outlook
Explore our fourth quarter market outlook for insights into the potential path ahead for the global bond market, assessments of regional macro environments, and sector-by-sector outlooks with associated opportunities.
All the Credit, Ep. 43 - View from the Top: Opportunities in High-Quality Credit
A look at the high-quality credit spectrum where solid nominal yields, reasonable spreads, and durable credit fundamentals could be attractive to investors.
Cybersecurity: How it Affects ESG Impact and Credit Quality
With the right analysis, investors can gauge which firms apply basic, better or best cybersecurity practices; such an assessment can protect clients' assets.
Fixed on ESG, Ep. 17 - Cyber-Savviness
Special guest Limor Kessem, Principal Consultant with IBM X-Force Cyber Crisis Management talks cybersecurity and what to look for when assessing a company's cybersecurity.
The BoE's "Table Mountain" Approach Sees Rates Highest for Longest
The Bank of England (BoE) kept its Bank Rate on hold at 5.25% on September 21, 2023. The UK's economic backdrop is weak, so we believe that the BoE will keep interest rates at this level for the near future.
The Fed's Higher-for-Longer Mantra is OK for Bonds
The Federal Reserve indicated that policy rates will likely remain elevated for some time and that neutral policy may indeed be higher than previously projected at its September 20, 2023 meeting.
Africa's Investment Outlook Depends on Macroeconomic Adjustments
Performance within Sub-Saharan Africa credits so far in 2023 has largely been driven by positioning and technicals which presents investors with opportunities.
G20 Summit Puts Great Power Competition in Full View
A fractured G20 would suggest that smaller, issue-specific, or like-minded partnerships (G7, AUKUS, QUAD, etc.) will be more effective in taking decisive actions in the years ahead.
The ECB Delivers a (Final?) Dovish Hike
After following through with a dovish hike at its September meeting, the ECB also signaled that policy rates are unlikely to rise further amidst overly high inflation and a weakening economy.
Fixed on ESG, Ep. 16 - The Price of Power: The Impact of Wildfires on Utilities
Damaged power lines are a leading cause of wildfires around the world and serve as a significant vulnerability to the service providers who operate them.
NYC Congestion Tolling: Winners, Losers and Unintended Consequences
Investors in municipal bonds are following the NYC congestion tolling situation as the MTA is a frequent borrower in the municipal bond market, but they are not the only borrower impacted by the program.
Italy's Bank Tax: It's Hard to Please Everyone All of the Time
The Italian government's unexpected announcement raises doubts in investors' minds about their market friendliness and about Italian banks' vulnerability to future political meddling.
The Limited Impact of the U.S. Downgrade on Munis
The credit quality of states as a group is not constrained by the U.S. sovereign rating and we don't expect the U.S. downgrade to have an outsized impact on muni bond valuations going forward.
Looking to Latin America to Fuel the EU's Energy Transition
A steady and secure supply of Critical Raw Materials (CRMs) will be essential for the EU to meet its decarbonization goals, and the mineral-rich Latin America region could be the perfect partner.
From Low Ranger to High Plains Drifter
With the vast majority of rate hikes behind us, market volatility is set to fall. A tailwind from the reemergence of the "search for yield" is likely to follow.
The End of the Great Moderation: Forecasting in Elevated Uncertainty
In a global environment with more complexity and uncertainty, we have adopted a probabilistic, scenario-based approach to forecasting macroeconomic and market outcomes.
Fixed on ESG, Ep. 15 - Deep-Sea Treasure Trove: Opportunity or Risk?
Is deep-sea mining a viable solution for metals scarcity and key to the green transition? It's not that simple.
All The Credit, Ep. 42 - Brews and Bulls: Exploring Big Brewers
Exploring trends in growth, pricing, market share, and more across major players in the big brewing industry.
The Fed Senses the Light at the End of the Tunnel
PGIM Fixed Income's views on the July FOMC meeting, which could mark the end of the Federal Reserve's rate-hiking cycle and may give way to a fine-tuning phase.
Sustainability-Linked Bonds: An Appealing Concept that Disappoints
Like Green, Social and Sustainability Bonds, Sustainability-Linked Bonds can serve as tools to boost their issuers' sustainability credentials.
Third Quarter 2023 Market Outlook
Explore our third quarter market outlook for insights into the potential path ahead for the global bond market, assessments of regional macro environments, and sector-by-sector outlooks with associated opportunities.
Rate Reduction Bonds - Finding Value in an Esoteric Market
Although not without risk, rate reduction bonds are high-quality bonds that offer a range of duration profiles and a notable yield advantage over other similarly rated securities.
All the Credit, Ep. 41: Quantitative Tightening
A discussion on quantitative tightening (QT) and the role it will play going forward as central banks fight inflation.
Greying and Greening Across Emerging Markets
We examine which emerging markets face the strongest demographic pressure as part of our ongoing research into the global shift in labor dynamics.
A Most Hawkish Hike by the ECB
Thursday’s ECB (European Central Bank) rate hike and its confirmation of a faster balance sheet reduction were in line with most investors’ expectations. But its projections and its policy statement suggested a notably more hawkish policy outlook.
All the Credit, Ep. 40: Breaking the Bank?
Banking is once again front and center as investors weigh systematic risks from another prospective real estate crunch—this time in the commercial property sector.
Fixed on ESG, Ep. 14: Energizing a Greener Future with Clean Hydrogen
Clean hydrogen has garnered considerable attention in recent years due to its potential to address hard-to-decarbonize sectors—or—as James Malone, CFA, ESG Specialist, and host of this month’s podcast likes to refer to them, “hard-to-electrify sectors.”
Will the Fed's Policy Bundle Morph into a Bungle?
Although the Federal Reserve’s decision to hold monetary policy steady was expected, its arrival carried a set of nuanced ramifications. Indeed, the Fed’s combined use of policy tools may fuel one of the very risks it is trying to prevent. Yet, a slowing pace of rate hikes may continue to support credit spreads as long-term Treasury yields drift higher.
The Implications of China's Far-From-Typical Recovery
As the global economy lurched from crisis to crisis over the prior decades, China provided a significant source of growth that helped limit the depth and/or the duration of the contractions.