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All the Capital

PGIM

Markets move. Industries evolve. Capital follows. This is All the Capital, a new podcast from PGIM. Hosted by Keshav Rajagopalan, each month listeners will be taken inside the industries shaping investment opportunity today. Through conversations with PGIM's investors and industry experts, each episode explores the trends, innovations, and competitive dynamics transforming different sectors.

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Avg 23 min
English

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September 18 · 37 sec
All the Capital Trailer
Every investment decision begins with a debate. Which risks matter most? Which opportunities are being overlooked? What assumptions deserve a second look? All the Capital gives you a seat inside those conversations. Hosted by Keshav Rajagopalan, PGIM's new podcast brings together experienced investors to explore the industries, challenges, and opportunities shaping decisions across capital markets. Launching soon. Subscribe to All the Capital wherever you listen to podcasts.
S7 · E66
February 5 · 31 min
Credit Markets in Transition: Public–Private Credit Portfolios
Private credit has grown rapidly over the past decade, prompting many investors to revisit how public and private credit can work together in modern portfolios. In this podcast, we explore how this shift may be changing the way multi‑asset portfolios are constructed and managed. We also focus on the challenges of imperfect data, why liquidity and valuations fall along a spectrum rather than a simple public‑versus‑private divide, and how combining strengths like private‑market sourcing and public‑market flexibility can improve overall portfolio construction. PGIM's Brian Barnhurst, CFA, Head of Global Credit Research, hosts Greg Peters, Co-Chief Investment Officer and Co-Head of Multi-Sector Strategies, and Tom McCartan, CFA, Multi-Sector Strategies Portfolio Manager. Recorded on January 22, 2026.
S6 · E65
Dec 17, 2025 · 31 min
Credit Markets in Transition: Asset-Based Finance Part II
Private asset-based finance (ABF) is the catch-all of credit markets—a diverse and complex segment offering a wide range of investment opportunities. In this follow-up to our previous ABF discussion, we delve deeper into the asset class and what it takes to be successful from origination to underwriting and portfolio construction. We discuss investment areas of interest—as well as those we're apt to avoid—and examine the convergence of structured products and corporate credit through the lens of AI and data center finance. This episode also explores market dynamics, risk management, and where private ABF fits into multi-asset portfolio construction. PGIM's Brian Barnhurst, CFA, Head of Global Credit Research, hosts Oliver Nisenson, Head of Asset-Based Finance. Recorded on November 26, 2025.
S6 · E64
Oct 7, 2025 · 29 min
From Buyers to Builders: Assessing the U.S. Housing Market
As the post-COVID boom in housing activity transitions toward more normalized market conditions, PGIM assesses the state of the U.S. housing market. Hear our experts dissect housing fundamentals, as persistent affordability challenges and a cooler labor market collide with a structural shortage of homes and the onset of a Fed rate cutting cycle. PGIM's Brian Barnhurst, CFA, Global Head of Credit Research, hosts this discussion with Kaustub Samant, Head of Securitized Products Research, and John Maxwell, U.S. Leveraged Finance Credit Research Analyst. Recorded on September 24, 2025.
S6 · E63
Aug 12, 2025 · 21 min
Central Banks: Can Independence Prevail?
An independent central bank is the key to providing credibility to its monetary policy choices; credibility which anchors inflation expectations and allows a central bank to manage the demand-side of the economy and meet its mandate. In this episode of All the Credit®, we highlight the importance of central bank independence, discussing its significance, potential threats, and the implications of political interference—particularly in the context of the U.S. Federal Reserve. PGIM's Tom Porcelli, Deputy Head of Global Economics and Chief U.S. Economist, hosts this discussion with Daleep Singh, Vice Chair and Chief Global Economist, and Katharine Neiss, PhD, Deputy Head of Global Economics and Chief European Economist. Recorded on August 5, 2025.
S6 · E62
Jul 22, 2025 · 28 min
Credit Markets in Transition: Systematic Strategies
In today's dynamic investment landscape, systematic investing in fixed income markets is gaining prominence by blending fundamental insights with rule-based strategies to optimize performance. This episode of All the Credit® considers how these strategies use data-driven approaches to manage risk and seize market opportunities, while examining how advancements in artificial intelligence may further refine these processes. PGIM's Brian Barnhurst, CFA, Head of Global Credit Research, hosts this discussion with Tyler Thorn, Multi-Sector Portfolio Manager. Recorded on July 9, 2025.
S6 · E61
Jun 11, 2025 · 27 min
Macro Shocks and Market Shifts
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.
S6 · E60
Jun 3, 2025 · 24 min
Credit Markets in Transition: The Evolution of Liability Management
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.
S6 · E59
Apr 3, 2025 · 19 min
Credit Markets in Transition: Liability-Driven Investing, A Multi-Sector Approach
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.
S6 · E58
Feb 19, 2025 · 26 min
Credit Markets in Transition: Asset-Based Finance
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, Co-Head of Securitized Products. Recorded on January 28, 2025.
S5 · E56
Dec 12, 2024 · 26 min
High Voltage: Exploring Developments Across the U.S. Electric Grid
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 Portfolio Manager, and Maxwell Hausle, CFA, U.S. Investment Grade Credit Research Analyst. Recorded on November 26, 2024.
S5 · E55
Oct 29, 2024 · 15 min
Crude Realities: Analyzing the Outlook for Oil and Energy Markets
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.
S5 · E54
Jul 25, 2024 · 26 min
Recent Global Elections—from the Ballot Box to Fiscal Policy
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.
S5 · E53
Jul 9, 2024 · 18 min
Inflation Shifts and the Bond Market Response
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 Global Bonds, and host Michael Roper, CFA, Portfolio Manager, European Investment Grade Corporate Bonds. Recorded on June 24, 2024.
S5 · E52
Jun 11, 2024 · 39 min
The Business of Bonds with PGIM Fixed Income's Co-CIO
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.
S5 · E51
May 2, 2024 · 22 min
Mapping Geopolitics in Emerging Markets
Navigating the volatile landscape of geopolitics and its implications on emerging markets has become critical in this uncertain economic climate. In this episode, we provide an in-depth analysis of the current geopolitical landscape, its profound impact on emerging markets, and the risk factors on our radar. This episode features PGIM Fixed Income's Cathy Hepworth, CFA, Head of Emerging Markets Debt, Mehill Marku, Lead Geopolitical Analyst, and host, Tom Porcelli, Chief U.S. Economist. Recorded on April 23, 2024.
S5 · E50
Mar 19, 2024 · 18 min
Deconstructing Commercial Real Estate
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.
S5 · E49
Mar 7, 2024 · 21 min
Pulse Check on U.S. Interest Rates
Despite fluctuating post-pandemic interest rates, the U.S. economy has shown unexpected resilience. Contrary to predictions of a possible recession the U.S. economy continues to show signs of economic growth. In this episode of All the Credit®, Tom Porcelli, Chief U.S. Economist, hosts Guillermo Felices, PhD and George Jiranek, CFA, two of PGIM Fixed Income's global investment strategists, for an analysis of U.S. interest rate fluctuations and their ripple effect on the economy, including responses across sectors, shifts in consumer financial health, and labor market dynamics. Recorded on February 23, 2024.
S5 · E48
Feb 6, 2024 · 26 min
Insurance in an Inflationary Age
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.
S4 · E47
Dec 26, 2023 · 19 min
Holiday Indigestion: The Investment Implications of GLP-1s
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.

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