All the Credit

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.

Guillermo Felices and George Jiranek of PGIM Fixed Income analyze U.S. interest rate fluctuations and their impact on the economy, discussing resilience, sector responses, unique credit spread dynamics, and the Federal Reserve's approach to interest rates. They explore unexpected market behaviors, productivity shifts, and the interplay between interest rates, economic growth, and asset prices.

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.

In recent months, GLP-1 drugs have been thrust into the spotlight, amplified by increased media attention and several headline-grabbing comments from large retailers. In this episode of All the Credit®, host Brian Barnhurst, CFA, Co-Head of Credit Research, is joined by U.S. Leveraged Finance Credit Research Analysts, Elizabeth Halpin, CFA, Richard Kus, CFA, and Scott Swanson, CFA, to consider the investment implications of GLP-1s across fixed income markets and industries. Recorded on December 19, 2023. This content is not intended to be a substitute for professional medical or health advice, diagnosis, or treatment, and does not constitute medical or other professional advice in any form.

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.