Outlook on China—Discussing the Re-Opening, Growth Forecast, and More
Release Date: 05/03/2023
Macro Shocks and Market Shifts
All the Credit
In this episode of All the Credit®, we explore the catalysts of recent market turbulence and outline the challenges posed to fixed income investors. With a focus on key market drivers, we share insights into what the current economic landscape reveals about risk, opportunity, and evolving market dynamics. PGIM Fixed Income’s Tom Porcelli, Chief U.S. Economist, hosts Gregory Peters, Co-Chief Investment Officer, and Daleep Singh, Vice Chair and Chief Global Economist. Recorded on May 29, 2025.
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Credit Markets in Transition: The Evolution of Liability Management
All the Credit
In this episode of All the Credit®, Credit Markets in Transition, we explore the evolving role of liability management in global credit markets and how they’re reshaping outcomes for investors, creditors, and the broader credit market. PGIM Fixed Income’s Brian Barnhurst, CFA, Head of Global Credit Research, hosts Ryan Kelly, CFA, Lead Portfolio Manager and Head of Special Situations, and Rishav Puri, Special Situations Credit Analyst. Recorded on May 21, 2025.
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Credit Markets in Transition: Liability-Driven Investing, A Multi-Sector Approach
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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.
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Credit Markets in Transition: Asset-Based Finance
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Asset-based finance (ABF) has grown in popularity as an attractive alternative to traditional direct lending and its turning heads with those looking to capitalize on investment opportunities. This episode of All the Credit® kicks off our new sub-series, Credit Markets in Transition, with an in-depth look at the rapidly growing ABF sector. We assess ABF's evolution, factors driving the surge in investment, its role within the financial ecosystem, and critical considerations for investors. PGIM Fixed Income’s Brian Barnhurst, CFA, Head of Global Credit Research, hosts Edwin Wilches, CFA,...
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China: Projections for 2025
All the Credit
Amid global complexities, China's economic outlook presents both challenges and opportunities that are crucial to investment considerations. In this episode of All the Credit®, we weigh possible growth scenarios for China, the impacts of tariffs, private sector confidence, and property sector challenges. We assess the nation’s fiscal strategies, rising social unrest, and geopolitical tensions with the U.S. and Taiwan. PGIM Fixed Income’s Tom Porcelli, Chief U.S. Economist, hosts Shikeb Farooqui, PhD, Lead Asia Economist. Recorded on January 9, 2025.
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High Voltage: Exploring Developments Across the U.S. Electric Grid
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...
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Crude Realities: Analyzing the Outlook for Oil and Energy Markets
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What challenges and opportunities lie ahead for oil markets amid looming oversupply and fluctuating demand? In this episode of All the Credit®, we delve into the outlook of crude oil, exploring supply-demand dynamics, geopolitical risks, and potential impacts from the 2024 U.S. election. We examine various energy subsectors and the financial health of U.S. energy companies. PGIM Fixed Income’s Tom Porcelli, Chief U.S. Economist, hosts Dave Winans, U.S. Investment Grade Credit Research Analyst.
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Recent Global Elections—from the Ballot Box to Fiscal Policy
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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...
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Inflation Shifts and the Bond Market Response
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Amid global market volatility and potential economic shifts, understanding inflation's impact on bond markets is pivotal for informed investing. This episode delves further into this topic with a focus on developed markets such as the U.S. and Eurozone, exploring the potential path of rate cuts, the attractiveness of bonds versus cash, and how a reflation scenario could impact investment strategies. This episode features PGIM Fixed Income’s Katharine Neiss, PhD, Deputy Head of Global Economics and Chief European Economist, Robert Tipp, CFA, Chief Investment Strategist and Head of...
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The Business of Bonds with PGIM Fixed Income’s Co-CIO
All the Credit
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.
info_outlineAfter years of strict COVID lockdowns, China’s domestic consumer economy is rapidly re-opening. Meanwhile, global manufacturing—normally an area of Chinese dominance—is being challenged by tighter credit conditions after years of progressive central bank hawkishness. In addition, the country still finds itself in the global geopolitical crosshairs as highly restrictive policies against China remain.
In this episode of All the Creditâ, PGIM Fixed Income’s Gerwin Bell, PhD, Lead Economist for Asia, discusses China’s re-opening and how it could be different from recoveries from past decades. Gerwin also provides his 2023 GDP and inflation forecasts for China, assesses the country's policy initiatives and what they could mean for its interest rates and currency, and shares his long-term growth outlook.
Michael Roper, CFA, European Investment Grade Corporate Bond Portfolio Manager, joins as co-host for this timely discussion.
Recorded on April 24, 2023.