All the Credit

Accelerating demand growth for U.S. power has wide ranging investment implications. In this episode of All the Credit®, we explore the complexities surrounding the demand for power generation driven in part by AI advancements and data centers, discussing logistical implications, regulatory challenges, and regional power dynamics. We address the potential role of nuclear energy and the risks for utilities and consumers amid rising power prices. PGIM Fixed Income's Brian Barnhurst, CFA, Head of Global Credit Research, hosts Michael Haigh, CFA, U.S. Leveraged Loans Portfolio Manager, and Maxwell Hausle, CFA, U.S. Investment Grade Credit Research Analyst. Recorded on November 26, 2024.

As the geopolitical landscape continues to shift in light of recent global election results, the consequential economic effects are becoming a primary focus in the investment sphere. This episode dives into the latest election outcomes in both developed and emerging nations, the growing divide in electorates, and the impact of these elections on fiscal deficits. This episode features PGIM Fixed Income's Katharine Neiss, PhD, Deputy Head of Global Economics and Chief European Economist, Mehill Marku, Head Geopolitical Analyst, Cathy Hepworth, CFA, Head of Emerging Markets Debt, and host Tom Porcelli, Chief U.S. Economist. Recorded on July 16, 2024.

Bonds are back and with fixed income gaining interest with investors, we're taking an introspective look at our investment process and how we're navigating current market dynamics here at PGIM Fixed Income. We touch on our scenario-based approach, investment views, the fixed income opportunity set we see ahead, and what it means for us as we construct portfolios. This episode features PGIM Fixed Income's Greg Peters, Co-Chief Investment Officer, and host, Brian Barnhurst, CFA, Head of Global Credit Research. Recorded on May 31, 2024.

With significant repricing across all commercial real estate (CRE) sectors, normalizing rent growth, and rising expenses, it's time to revisit and reassess the CRE space. Get our thoughts on the CRE market today, implications for the banking sector, and risk factors we're monitoring. This episode features PGIM Fixed Income's David Jiang, U.S. Investment Grade Credit Research Analyst, Jason Pan, CFA, FSA, Securitized Products Credit Research Analyst, and host, Tom Porcelli, Chief U.S. Economist. Recorded on March 12, 2024.

In the current climate of rising premiums and inflationary pressures, the insurance industry faces significant challenges. In this episode of All the Credit®, Tom Porcelli, Chief U.S. Economist, and Pinto Suri, U.S. Investment Grade Credit Research Analyst, examine the complexities of the auto and home insurance sectors, challenges facing issuers in the post-pandemic environment, effects on insurers' pricing strategies, implications for CPI, and considerations for investors. Recorded on January 25, 2024.

Rates have sharply increased in the past 18 months and at PGIM Fixed Income, we anticipate they will remain elevated. In this episode of All the Credit®, Brian Barnhurst, CFA, Co-Head of Credit Research, is joined by guests Mick Meyler, Head of Developed Market Rates, and Tom Porcelli, Chief U.S. Economist, to examine the core factors supporting our view of higher-for-longer rates. The trio also discuss the end of the hiking cycle, weigh the impact of fiscal deficits on long-term rates, and explore the interplay between rates, curve shape, and the economy. Recorded on November 17, 2023.

Investors could be pardoned if they have whiplash, but the fact is that interest rates go through paradigm shifts. Indeed, they just migrated from a decade of ultra-low levels back to what may be a sustained period back "home" in their long-term 3-5% range. Just as investors never caught up with the 40-year secular decline in rates, the inverted curve could be with us for some time, leaving a boon for yield-curve strategies. Furthermore, with the vast majority of rate hikes behind us, market volatility is set to fall. A re-emergence of the "search for yield" is likely to follow, providing a tail wind for spread product and further boosting returns. These newly restored higher yields should fuel a continuation of the bull market that began in Q4 2022, one driven not by a rapid drop in yields, but simply driven by yield itself. After all, in bonds, yield is nearly destiny. Learn more in this episode of All the Credit®, featuring Robert Tipp, CFA, Chief Investment Strategist and Head of Global Bonds, and hosted by Tom Porcelli, Chief U.S. Economist, and Mike Collins, CFA, Senior Portfolio Manager, Multi-Sector Strategies. Recorded on September 20, 2023.

Amid the dog days of summer, we're serving up the latest episode of All the Credit® on an industry that produces the alcoholic beverage of choice for a large swath of consumers—beer. Who are the main players in the big brewing industry and what's their market share? How are their products holding their own in a market saturated with options such as craft brews, seltzers, and non-alcoholic substitutes? PGIM Fixed Income's Elitza Fleischman, CPA, U.S. Investment Grade Credit Research Analyst, covers these details, plus trends in growth, pricing, and margins for the biggest brewers. We wrap up with our portfolio positioning from returning co-host, Alyssa Davis, U.S. Investment Grade Corporate Bond Portfolio Manager. Recorded on July 25, 2023.