ABOUT ESG INVESTMENT CAPABILITIES INSIGHTS AND MEDIA THE BOND BLOG CONTACT US ACTIVE. GLOBAL. FIXED INCOME. ACTIVE.GLOBAL.FIXEDINCOME. PGIM Fixed Income is an active global fixed income manager bringing scale, stability, and broad capabilities to the pursuit of consistently strong, risk-adjusted returns. OUR FIRM PGIM Fixed Income invests across all fixed income markets and has portfolio management and research teams located across the globe. ENVIRONMENTAL, SOCIAL, & GOVERNANCE Environmental, social, and governance (ESG) factors are embedded in PGIM Fixed Income's investment process. INSIGHTS AND MEDIA PGIM Fixed Income's views on current market developments, investment themes, and various topics impacting capital markets. A GLOBAL LEADER IN ACTIVE MANAGEMENT $964 Bn Assets Managed Globally 935 Global Clients 337 Global Investment Professionals EXPLORE OUR INVESTMENT STRATEGIES Enter Strategy Name submit SEARCH THE BOND BLOG @ PGIM FIXED INCOME Featuring our fixed income and macroeconomic quick takes. Read & Subscribe RECENT THOUGHT LEADERSHIP VIEW ALL INSIGHTS OUTLOOK FOURTH QUARTER 2021 MARKET OUTLOOK By — Oct 6, 2021 PGIM Fixed Income's Fourth Quarter 2021 Market Outlook MACROECONOMICS EUROPE’S OPENNESS LEANS AGAINST ITS PRODUCTIVITY HEADWINDS Aug 24, 2021 PGIM Fixed Income analyses how the European Union provides a compelling case of how its openness affects productivity and its broader economic backdrop. EMERGING MARKETS ALL THE CREDIT, EPISODE 20 By Michael Collins, CFA — Oct 4, 2021 In this episode, Mike Collins welcomes Cathy Hepworth, CFA, Head of Emerging Markets Debt to discuss a variety of current topics impacting the EMD sector. MACROECONOMICS WEBINAR: THE FUTURE OF CENTRAL BANKING: NEW FRAMEWORKS, FIGHTING (DIS)INFLATION, TAPERING TIMELINES, AND MORE By Ellen Gaske, CFA — Aug 5, 2021 A panel of PGIM Fixed Income's investment professionals discuss how various central banks are navigating a new paradigm as economies emerge from the pandemic. MACROECONOMICS HOUSING INFLATION—GAUGING THE UPSIDE RISKS By George Jiranek — Sep 10, 2021 With the rapid rise in housing prices, PGIM Fixed Income considers the underlying drivers and assesses the implications for the inflation outlook more broadly. LONG-TERM THEMES U.S. INTEREST RATE INSIGHTS A timeline of PGIM Fixed Income's historical interest rate forecasts and related insights. LEARN MORE COUNTRY-SPECIFIC INSIGHTS Country-specific insights from PGIM Fixed Income’s Macroeconomic Research Team. LEARN MORE ENVIRONMENTAL SOCIAL GOVERNANCE ESG factors remain embedded in PGIM Fixed Income's investment process. LEARN MORE LIABILITY-DRIVEN INVESTING PGIM Fixed Income's liability-driven strategies and related insights. LEARN MORE SECURITIZED PRODUCTS PGIM Fixed Income's securitized products capabilities and related insights. LEARN MORE U.S. RECESSION DASHBOARD Our proprietary models indicate U.S. recession probability over the next 12 months. LEARN MORE Past performance is not a reliable indicator of future results. There is no guarantee that objectives will be met. All investments involve risk, including possible loss of capital. Source of data (unless otherwise noted): PGIM Fixed Income. Note: Client information as of June 30, 2021. Staffing as of September 30, 2021. Assets under management (AUM) as of September 30, 2021 and are based on company estimates and are subject to change. PGIM Fixed Income’s AUM includes the following businesses: (i) the PGIM Fixed income unit within PGIM, Inc, located in the USA; (ii) the public fixed income unit within PGIM Limited, located in London; (iii) PGIM Netherlands B.V. located in Amsterdam; (iv) locally managed assets of PGIM Japan Co., Ltd. (“PGIM Japan”), located in Tokyo; and (v) the public fixed income unit within PGIM (Singapore) Pte. Ltd., located in Singapore. THANK YOU FOR YOUR INTEREST IN PGIM FIXED INCOME. Let us help you navigate today's complex market environment. 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PGIM Limited is exempt by virtue of its regulation by the FCA (Reg: 193418) under the laws of the United Kingdom and the application of ASIC Class Order 03/1099. The laws of the United Kingdom differ from Australian laws. In South Africa, PGIM, Inc. is an authorised financial services provider – FSP number 49012. In Canada, pursuant to the international adviser registration exemption in National Instrument 31-103, PGIM, Inc. is informing you of that: (1) PGIM, Inc. is not registered in Canada and is advising you in reliance upon an exemption from the adviser registration requirement under National Instrument 31-103; (2) PGIM, Inc.’s jurisdiction of residence is New Jersey, U.S.A.; (3) there may be difficulty enforcing legal rights against PGIM, Inc. because it is resident outside of Canada and all or substantially all of its assets may be situated outside of Canada; and (4) the name and address of the agent for service of process of PGIM, Inc. in the applicable Provinces of Canada are as follows: in Québec: Borden Ladner Gervais LLP, 1000 de La Gauchetière Street West, Suite 900 Montréal, QC H3B 5H4; in British Columbia: Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, BC V7X 1T2; in Ontario: Borden Ladner Gervais LLP, 22 Adelaide Street West, Suite 3400, Toronto, ON M5H 4E3; in Nova Scotia: Cox & Palmer, Q.C., 1100 Purdy’s Wharf Tower One, 1959 Upper Water Street, P.O. Box 2380 - Stn Central RPO, Halifax, NS B3J 3E5; in Alberta: Borden Ladner Gervais LLP, 530 Third Avenue S.W., Calgary, AB T2P R3. Any discussion of risk management is intended to describe PGIM Fixed Income’s efforts to monitor and manage risk but does not imply low risk. All investing involves risk, including the risk of loss. Fixed Income securities are subject to certain risks, including credit, interest rate, issuer, market and inflation risk. Foreign and emerging market securities are subject to currency, political, economic and market risks, which may be enhanced in emerging market countries. High Yield securities are lower rated securities that may have a higher degree of credit and liquidity risk. Mortgage and asset-backed securities are sensitive to early prepayment risk, a higher risk of default and may be hard to value and difficult to sell. U.S. government securities may not be backed by the full faith and credit of the U.S.; thus, these issuers may not be able to meet their future payment obligations. With sovereign debt securities, the issuer or governmental authority that controls the repayment of the debt may not be willing or able to repay the principal and/or pay the interest when it becomes due, in accordance with the terms of such obligations. Collateralized mortgage obligations may have unpredictable cash flows that can increase the risk of loss. Public bank loans are subject to liquidity risks of lower rated securities. The use of derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. There is no guarantee that any investment strategy will achieve its objective under all market conditions or be suitable for all investors. Each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. The views and opinions expressed herein are those of PGIM Fixed Income and are subject to change without notice. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. PGIM, the PGIM logo and Rock design are service marks of PFI and its related entities, registered in many jurisdictions worldwide. The information on this website is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. In making the information available on this website, PGIM, Inc. and its affiliates are not acting as your fiduciary. © 2021 Prudential Financial, Inc. and its related entities. 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