Shifts in interest rates have thrust Liability-Driven Investing (LDI) into the spotlight, reshaping pension plan liabilities and presenting new de-risking opportunities. This episode of the All the Credit® Credit Markets in Transition sub-series examines impacts on funded status, plan sponsor adaptations, and the interplay of structured products and derivatives in portfolio construction. PGIM Fixed Income’s Brian Barnhurst, CFA, Head of Global Credit Research, hosts Tom McCartan, FIA, CFA, Multi-Sector Portfolio Manager. Recorded on March 27, 2025.

Edwin Wilches, Co-Head of Securitized Products at PGIM Fixed Income, dives into the booming world of asset-based finance (ABF). He discusses how ABF is reshaping investment portfolios and the factors driving its popularity. The conversation highlights trends like music royalty securitization and the critical role of non-depository institutions in today’s credit market. Edwin also navigates the nuances of independent decision-making in ABF, emphasizing the importance of technology and specialized teams for successful investment strategies.

Shikeb Farooqui, Lead Asia Economist at PGIM Fixed Income, shares insights into China's economic outlook for 2025. He discusses potential growth challenges, including the impact of tariffs and a volatile property market. Farooqui highlights a 65% chance of achieving a soft landing despite rising social unrest and staggering youth unemployment nearing 50%. The conversation delves into geopolitical tensions with the U.S. and Taiwan, and the Chinese government's measures to restore confidence in the economy.

Michael Haigh, a U.S. Leveraged Loans Portfolio Manager at PGIM Fixed Income, and Maxwell Hausle, an Investment Grade Credit Research Analyst, dive deep into the surging demand for electricity in the U.S. They discuss how advancements in AI and data centers are driving this demand, alongside the regulatory challenges it presents. The duo evaluates the potential of nuclear energy in the mix and the economic pressures utilities face. Their insights reveal a complex landscape where regional power dynamics and rising prices affect both consumers and energy providers.

Dave Winans, a U.S. Investment Grade Credit Research Analyst at PGIM Fixed Income, dives into the intricate world of oil and energy markets. He discusses the bearish outlook for crude oil, estimating prices at $60 to $70 per barrel by 2025. With demand softening in China and geopolitical tensions in the Middle East, Winans highlights the resilience of U.S. energy companies. He also examines the growth of U.S. LNG exports, especially their impact on global markets and the challenges ahead for upstream producers.

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.

Katharine Neiss, Deputy Head of Global Economics at PGIM Fixed Income, discusses inflation's impact on bond markets. Topics include rate cuts, bonds vs cash, and reflation scenarios in the U.S. and Eurozone. The episode explores market volatility, central bank responses, spread products, inverted yield curves, and the benefits of gradually increasing inflation.

Greg Peters, Co-CIO at PGIM Fixed Income, and Brian Barnhurst discuss scenario-based investing, fixed income opportunities, constructing portfolios, and integrating geopolitics in a conversation on navigating current market dynamics.

Exploring geopolitics in emerging markets, Cathy and Mehill discuss managing active wars, China's impact on global markets, and the Middle East dynamics. They emphasize understanding risks, capital flows, and finding opportunities amidst uncertainties.

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.