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All The Credit
35 minutes | Oct 5, 2021
Emerging Market Debt: Glass Half Empty or Half Full?
Episode 20 of All The Credit® covers the current topics impacting emerging markets– idiosyncratic issues, the unique inflationary challenges facing EM nations, how developed markets impact the sector, China, and more. Cathy Hepworth, CFA, Head of Emerging Markets Debt, joins Host and Senior Portfolio Manager Michael Collins, CFA, to provide her insights on what her team is watching across the range of emerging market strategies managed at PGIM Fixed Income. (Recorded on September 29, 2021)
34 minutes | Aug 30, 2021
Navigating the Ups and Downs of the Global Credit Cycle
With approximately 100 years of investment experience across the three-member panel, this episode of All The Credit delves into the nuances of the current global credit cycle with a special focus on how the "rising star" phenomenon is impacting investment grade and high yield markets. Host and Senior Portfolio Manager Mike Collins welcomes PGIM Fixed Income’s Terence Wheat, Co-Head of the U.S. Investment Grade Corporate Team, and Steve Logan, European Leveraged Finance Portfolio Manager, for an assessment of how their teams are approaching this environment, what’s driving the current shift, and potential opportunities for credit investors. Recorded on August 24, 2021
46 minutes | Jul 27, 2021
Making Sense of the Booms and Busts in Global Real Estate
In this episode of All The Credit, a panel of senior investment professionals from PGIM Fixed Income and PGIM Real Estate explore if there’s a housing bubble, how return to work scenarios could impact commercial office markets, what the future holds for retail, lodging, warehouses, and much more. This wide-ranging discussion of all things real estate features Lee Menifee, Head of Americas Investment Research at PGIM Real Estate, and he’s joined by Sean Beggan and Gabe Rivera of PGIM Fixed Income’s Securitized Products Team.
47 minutes | Jun 29, 2021
The Persistence of Supply-Side Constraints and Their Impact on Inflation
With inflation rising, shortages of key goods due to rising demand, and disruptions abound in the global supply chain, PGIM Fixed Income's All The Credit assesses the top-down macroeconomic factors at play and delves into some of the supply chain bottlenecks causing angst. Importantly, this episode also shares what the current environment means for fixed income investors. Host and Senior Portfolio Manager Mike Collins is joined by Chief Economist Nathan Sheets and Senior Credit Analysts John Smigelsky and Jake Kemeny to assess how investors can make sense of the current state of the ever-changing and newsworthy global supply chain.
42 minutes | May 25, 2021
Exploring China's Economic Maturation, International Relations, and Debt Dynamics
Hear from PGIM Fixed Income's Lead Economist for Asia Gerwin Bell, PhD, and EMD Portfolio Manager Johnny Mak as they take a deep dive into all things China: the economic growth outlook, potential demographic challenges, the country's fundamentals, industry winners, an update on global trade agreements, and more in this episode of All The Credit. Episode 16 also includes our firm's positioning given the macroeconomic view on China, as well as a follow-up discussion to a recent paper co-authored by Gerwin Bell entitled "Three Focal Points for the U.S.-China Relationship," available now on PGIMFixedIncome.com. Listen and subscribe to All The Credit wherever you find your podcasts. (This episode was recorded on May 18, 2021).
39 minutes | Apr 27, 2021
Corporate Fundamentals and Sector Winners and Losers as The Golden Age of Credit Evolves
This episode of PGIM Fixed Income's podcast All The Credit provides listeners with, quite literally, a view of all the credit. From corporate fundamentals to sector winners and losers, Rich Greenwood, Head of PGIM Fixed Income's Credit Group, delivers his insights on the credit market amidst the COVID-19 recovery. Greg Peters, Head of Multi-Sector and Strategy, provides his take on the evolution of asset classes, the predicted duration of what he's coined as The Golden Age of Credit, as well as how our team is positioning multi-sector portfolios given market fundamentals and the current opportunity set.
33 minutes | Mar 30, 2021
Asset Allocation in Today's Markets - Exploring Alternatives
With trillions of dollars in negative yielding debt around the world, money market rates pegged at zero, and relatively tight credit spreads, recent surveys of investors reveal plans for potential large allocation shifts from long-only strategies into a variety of alternatives. On this episode of All The Credit, Host Mike Collins invites Erik Schiller, Head of Liquidity, Mick Meyler from PGIM Fixed Income's Developed Market Rates team, and Mike Niosi from our Client Advisory Group to provide their view of the Alternatives market, including what draws investors to these strategies, the current risks and opportunities in the market, and more.
42 minutes | Feb 23, 2021
Investing Through the Arc of the COVID Recovery
In this episode of All The Credit, Mike Collins welcomes Chief Economist Nathan Sheets and Chief Investment Strategist Robert Tipp for an analysis of the economic, market, and political journey we’ve taken in the past year as well as a forward-looking conversation on what investors can expect as the recovery continues. Mike and his guests discuss the pace and magnitude of the recovery thus far, including support in terms of economic fiscal stimulus and private sector innovations. All of this leads to a constructive outlook in 2021, with future thoughts on what happens in the years to come. Listen today to hear the potential investment implications for active, fixed income investors.
37 minutes | Jan 26, 2021
Assessing European Leveraged Finance Opportunities with PGIM Fixed Income
In this episode of All The Credit, Senior Portfolio Manager and Host Mike Collins welcomes two of our London-based colleagues to discuss what makes the European High Yield, Bank Loan, and CLO markets attractive for investors. Jonathan Butler, Head of European Leveraged Finance, discusses our current outlook, including the five factors supporting an allocation to European High Yield, and Asha Narayan, CLO Portfolio Manager, discusses PGIM Fixed Income's approach to CLO management and how it can fit into an active, fixed income portfolio. Listen and subscribe to All The Credit wherever you find your podcasts for insights for active, fixed income investors.
40 minutes | Dec 15, 2020
Opportunities in the Municipal Bond Market—Where Politics, Public Services, and Investments Collide
All The Credit host Mike Collins speaks with PGIM Fixed Income's Municipal Bond Team on our final episode of 2020. Episode 11 features Susan Courtney, Head of the Municipal Bond Team, and Garrett Falzone, Head of Municipal Bond Research. Listen in as they cover the opportunity set in this unique investment sector that combines politics and public services. This brief program introduces listeners to the muni market, analyzes the impact of the pandemic on cities and states, assesses the low default rate and how ESG factors impact investment decisions, and shares our house view of the opportunity set for investors now and going forward. Listen and subscribe to All The Credit wherever you get your podcasts.
39 minutes | Nov 15, 2020
What Could A Biden Presidency and Divided Government Mean for Investors? Post-Election Views from PGIM Fixed Income
PGIM Fixed Income's Senior Portfolio Manager and All The Credit host Mike Collins welcomes two guests who possess unique insights into the U.S. political system. In this episode we hear from Nathan Sheets, PGIM Fixed Income's Chief Economist and former Under Secretary of the Treasury Department, and David Burns, a senior member of Prudential's Congressional Government Affairs team, as they share their thoughts on the recent elections and the future political landscape in America. The two guests highlight prospects for new stimulus plans, who they expect to see fill important Washington positions that could impact the development of U.S. monetary and fiscal policy, and what it could mean for your investment portfolio.
36 minutes | Oct 27, 2020
Building an ESG Framework at PGIM Fixed Income
As ESG investing continues to make news headlines and discussions are on the rise with asset owners, PGIM Fixed Income is pleased to host a timely interview. In Episode Nine of All The Credit, Host and Senior Portfolio Manager Mike Collins welcomes Eugenia Unanyants-Jackson, in the newly formed role of Head of ESG Research. In this episode, the two delve into the growth of ESG in the fixed income space, the firm's development of an internal ratings framework and its integration into the investment process, how this newly-created role will help PGIM Fixed Income's clients, and general market trends we can expect to see going forward.
47 minutes | Sep 29, 2020
European Perspective: COVID, Trends, and Credit Opportunities
Host and Senior Portfolio Manager Michael Collins welcomes two of our London-based investment professionals, Chief European Economist Katharine Neiss, PhD, and Head of European IG Corporate Bonds, Edward Farley. In this episode, they discuss Europe's fiscal response to COVID-19, the EMEA opportunity set for investors, what the European recovery thus far can tell us about what to expect in the United States, ESG investing, and much more. Listen and subscribe today.
37 minutes | Aug 25, 2020
Can Real Estate Keep the Lights On? Investing in Securitized Credit During COVID-19
With companies less reliant on office space, an ongoing shift to online retail shopping, and a recession in our midst, owning top-of-the-capital structure securitized products in our multi-sector portfolios can be a key differentiator. Join Mike Collins as he hosts John Vibert, PGIM Fixed Income’s Head of Securitized Products, for Episode 7 of All The Credit. In this episode, John explains current market risks, his team’s process for mitigating those risks, and why he believes PGIM Fixed Income remains well-positioned. Mr. Vibert also covers positions the team is actively adding to in the securitized product space, the team’s current best ideas, and how his team incorporates ESG factors into the investment process. Listen to this engaging discussion on All The Credit now and subscribe wherever you get your podcasts!
34 minutes | Jul 28, 2020
A Conversation with PGIM Fixed Income's Distressed Credit Analysts
In this month's edition of PGIM Fixed Income's podcast "All The Credit," Host and Senior Portfolio Manager Mike Collins welcomes PGIM Fixed Income's two distressed credit analysts, Gregory Cass and Carras Holmstead. Mike, Gregory, and Carras discuss the recent uptick in distressed credits given the current economic environment, the inner workings of the distressed credit market, the value they bring to our clients, and how PGIM Fixed Income is well-positioned given the current environment.
35 minutes | Jun 30, 2020
PGIM Fixed Income's Pandemic Response: Preparation, Planning, and the Path Forward
PGIM Fixed Income's June 2020 episode of All The Credit provides listeners with an inside look at how our firm prepared for COVID-19 and the changes that came with the work-from-home shift of more than 90% of our employees. In this episode, PGIM Fixed Income's Head of Operational Risk, Jennifer Finnerty, sits down with our host Mike Collins to share these latest insights.
35 minutes | May 26, 2020
The Emerging Path for Investors with Cathy Hepworth, Head of PGIM Fixed Income's Emerging Markets Debt
In Episode 4 of PGIM Fixed Income's "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.
35 minutes | Apr 15, 2020
Will We Ever Get Outta Here? ― Potential Paths For The Recovery with Nathan Sheets
In Episode 3 of All The Credit, host and Senior Portfolio Manager Mike Collins welcomes Nathan Sheets, PGIM Fixed Income's Chief Economist and Head of Global Macroeconomic Research, for a discussion about the current market crisis. Nathan draws on his prior experience at the Federal Reserve to compare the fiscal and monetary policy response to the recent economic volatility with that of the recession of 2008 while providing potential scenarios on what a recovery and return to normal could look like. The two also discuss the potential path forward for global interest rates, where risks and opportunities for active investors are emerging, and more. Listen now and subscribe to PGIM Fixed Income's All The Credit. To read Nathan's recent thought leadership on the Fed's response to COVID-19, visit PGIMFixedIncome.com.
25 minutes | Feb 25, 2020
"Capturing the Opportunity of Constraints" and Best Ideas with Greg Peters and Tom McCartan
In Episode 2 of All The Credit, Host and Senior Portfolio Manager Mike Collins welcomes Greg Peters, Head of Multi-Sector and Strategy, and Tom McCartan, Principal, LDI Strategies, for a discussion about how active fixed income managers like PGIM Fixed Income extract alpha across global fixed income markets. In addition to discussing their recent paper on the topic, Capturing the Opportunity of Constraints, Greg and Tom also share their insights on their current best ideas in the fixed income market and where investors could benefit from market dislocations and mispricings.
43 minutes | Jan 28, 2020
Active vs. Passive, ESG Investing, and a Fixed Income Outlook with Mike Lillard, Head of PGIM Fixed Income and CIO
On the inaugural episode of 'All the Credit,' Host and Senior Portfolio Manager Mike Collins welcomes Mike Lillard, Head of PGIM Fixed Income and Chief Investment Officer. In this wide-ranging interview, the two discuss the debate over active vs. passive investing, how PGIM Fixed Income thinks about ESG, global growth and macro views in 2020, and the firm's overall view of the top trends and opportunities in the fixed income markets. Key Takeaways: [1:40] How did Mike L. first get started in investment management? [6:35] Mike L. is also a member of the Treasury Borrowing Advisory Committee. What are some of his responsibilities as a member? [10:10] The two weigh in on the active vs. passive investment management debate. [13:45] How does PGIM Fixed Income navigate through Environmental Social Governmental (ESG) issues when making investments for clients? [17:45] How does PGIM Fixed Income rank and determine if an issuer is ESG friendly? [21:10] Where does Mike L. see global growth headed in 2020? [24:40] We have low inflation on a global scale, what does that mean for interest rates? [27:30] Companies are struggling to see where the growth will come from long-term and therefore are more cautious about hiring talent and leveraging debt. [27:55] Are we in a bubble? [31:35] Mike L. shares his thoughts on some of the long-term risks to be aware of, such as the budget deficit in the United States. [32:45] What industries/sectors should investors be focused on in the fixed income markets? Mentioned in This Episode: PGIMFixedIncome.com Tweetables: “Thinking about the amount of risk you want to take vs. an index is more important than this active/passive label, which is pretty arbitrary.” “A lot of countries added significantly to the debt following the 2008 financial crisis and nobody has paid it back, no one has paid down that GDP.”
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