PGIM Fixed Income offers institutional investors needs-based solutions across the fixed income markets, with a focus on credit strategies and liability-driven investing. We manage $654 billion in assets (as of March 31, 2017) with portfolio management and research teams located in Newark, NJ (U.S.), and in our affiliated offices in London, Tokyo, and Singapore.

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The Hidden Cost of Mismatching Duration


Mismatching pension liability duration is not a costless bet on rising interest rates. Most asset allocation approaches do not include an estimate of the term risk premium and, in not doing so, exclude the expected cost of unhedged interest rate risk. This paper explores how to estimate the term risk premium and the ‘cost’ of a duration mismatch.

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     Product Spotlight

The Bond Bull's Twain Moment

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Robert Tipp Discusses Global Market Conditions on Bloomberg's Real Yield

Markets Relieved at Fed's Mildly Hawkish Hike

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Recent Thought Leadership

The Bond Bull's Twain Moment

Does the recent rebound in inflation and G-3 yields portend the beginning of the end for a bull market that has spanned more than three and a half decades? Or does the increase in rates driven by the Trump bump, the ECB taper, and the so-called reflation trade turn out to be yet another buying opportunity, similar to the taper tantrum and all the other selloffs along the way? (April, 2017)

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The Compelling Case for Global Senior CLOs

This paper explores how AAA and AA CLO tranches offer investors a compelling safe haven—the ability to generate comparatively high risk-adjusted returns by financing someone else’s speculative leveraged loan investments, rather than leveraging such credit exposure themselves.(May, 2017)

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