Latest news with #PGIMFixedIncome
Business Wire
3 days ago
- Business
- Business Wire
Affirm and PGIM expand long-term capital partnership to invest up to $3 billion via revolving pass-through loan sale facility
SAN FRANCISCO--(BUSINESS WIRE)--Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, and PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company and one of the largest global fixed income managers with $862 billion in assets under management 1, today announced the expansion of their capital partnership with a new revolving pass-through loan sale facility that will invest up to $3 billion over 36 months by purchasing up to $500 million of Affirm loans at any one time. This unique revolving pass-through facility follows PGIM's earlier private purchase of $500 million in Affirm loans in December 2024 as well as previous investments in Affirm's assets via the company's asset-backed securitizations. PGIM manages a leading asset-based finance platform with more than $145 billion in assets under management across public and private securitized credit 1. 'PGIM is proud to expand our longstanding collaboration with Affirm. This agreement is a further testament to our commitment to finding durable sources of risk-adjusted returns for our clients through our selective origination process,' said Edwin Wilches, co-head of Securitized Products at PGIM Fixed Income. 'This innovative pass-through facility showcases our ability to find attractive opportunities across public and private markets and how our access to diverse pools of capital can deliver value to our partners.' 'We are always in constant dialogue with our capital partners to better understand their needs and how we can deliver even more value to them,' said Brooke Major-Reid, Chief Capital Officer of Affirm. 'This first-of-its-kind facility for Affirm and PGIM does exactly that and demonstrates how we can utilize innovative structures to create winning partnerships. We greatly appreciate the PGIM team's support for our mission to deliver honest financial products that improve lives.' Affirm empowers consumers with a transparent and flexible way to pay over time without any late or hidden fees. The company generated over $33 billion in gross merchandise volume (GMV) for the last twelve months ending March 31, 2025. With a diverse and durable funding model across multiple channels, Affirm's total funding capacity grew to $23.3 billion as of March 31, 2025, marking the ninth consecutive quarter that funding capacity increased. As a scaled and programmatic issuer, Affirm has issued 23 asset-backed securitizations totaling $11.5 billion with participation from over 150 unique capital partners across institution types, including: alternative asset managers, insurance companies, pension funds, sovereign wealth funds, hedge funds, and banks. 1 About Affirm Affirm's mission is to deliver honest financial products that improve lives. By building a new kind of payment network—one based on trust, transparency, and putting people first—we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X. About PGIM FIXED INCOME PGIM Fixed Income, with $862 billion in assets under management as of March 31, 2025, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Amsterdam, Zurich, Munich, Paris, Singapore, Sydney, Hong Kong, and Tokyo. For more information, visit AFRM-PA
Bloomberg
06-06-2025
- Automotive
- Bloomberg
Trump, Musk's Public Feud
The Pulse with Francine Lacqua Elon Musk signaled he would move to cool tensions with US President Donald Trump, after differences between the two exploded Thursday into an all-out public feud. Earlier in the day, Musk called for Trump's impeachment and insinuated he was withholding the release of files related to disgraced New York financier Jeffrey Epstein because of his own presence in them. Trump, in turn, proposed cutting off the billionaire's government contracts, following his onetime adviser's repeated exhortations for Republicans to vote against the president's signature tax legislation. Musk's olive branch came after Tesla Inc. shares tanked 14% and his personal wealth dropped by $34 billion. Today's guests: Emmanuel Cau, Barclays European Equity Strategy Head, Gregory Peters, PGIM Fixed Income Co-CIO, Maria Demertzis, The Conference Board Economy, Strategy & Finance Center Europe Lead. (Source: Bloomberg)
CNBC
19-05-2025
- Business
- CNBC
PGIM's Tom Porcelli: We still have 'enormous worry' that U.S. fiscal situation will deteriorate
John Stoltzfus, Oppenheimer Asset Management chief investment strategist, and Tom Porcelli, PGIM Fixed Income chief U.S. economist, join CNBC's 'Money Movers' to discuss reactions to Moody's downgrade of U.S. debt.
Yahoo
12-03-2025
- Business
- Yahoo
PCE, not tariffs may be what's 'driving yields higher'
The bond market is seeing rising yields, with the 10-year (^TNX) yield hitting 4.3%, partly due to a better-than-expected CPI print suggesting a slight deceleration in inflation. Tom Porcelli, PGIM Fixed Income chief US economist, joins Morning Brief hosts Brad Smith and Madison Mills to discuss the bond market's (^TYX, ^TNX, ^FVX) reaction to inflation data and recession concerns, and what this signals for the Federal Reserve's future actions. He explains that while the recent CPI report doesn't reflect tariffs, it is PCE that is driving yields higher. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. What is the bond market telling you today? What are we expecting in terms of the Federal Reserve and what does that tell us about the market as well? Yes, so good to be with you as always, also. Uh, yeah, you know, when I look at the market, I I think the market is, um, sort of conflicted here a little bit, right? It's, you have to consider two important things from this CPI report that just came out a little while ago. One, um, yeah, it was better than expected, but, um, this doesn't reflect tariffs, right? This doesn't this this this is reflection of what of what was. It's not a reflection of what is to come. Right. Uh, and and so I think that that's, you know, sort of tempering the the the markets reaction, which is why yields are up. I think the other thing you need to keep in mind too is that when it comes to CPI, um, really what we need are sort of the the the components within CPI that feed into PCE. Um, and so when we look at those components that feed into PCE, it looks like PCE could actually be pretty firm. Um, you know, we're looking at about three tenths right now. We'll firm that up after we get PPI tomorrow. So, I think both of those factors, um, the reality of this report does not reflect tariffs, um, and it looks like PCE is going to be a little firm is what's driving yields higher. So what end of duration, just to kind of get that question out of the way. What end of duration should investors feel comfortable with at this juncture? Um, well when you say end of duration, you mean like sort of where across the curve do should people feel comfortable? Certainly. Yeah. So, you know, look, I I would say it this way. Um, if I look at, um, so if I look at like twos and tens, I think, you know, two is as always are going to be at the mercy of what's going to happen from a monetary policy perspective. Our view is that you're you're likely going to see cuts this year. I mean, we've had two cuts built in, um, for this year since since the beginning of year, actually since late last year. Uh, and that's something we still expect. I think tenure yields will probably be a bit more anchored. Um, but but that, but again, I just want to be clear on this point. That assumes that we actually don't see the worst of tariffs. Um, at the end of the day, you know, wherever you're going to be across the curve is going to be, uh, you know, at the mercy of what degree of tariffs do we see? Because I can make an argument if we do see some pretty aggressive tariffs that I actually think that would usher in a more aggressive easing cycle for the Fed. Everyone's talking about this impact on inflation and I have a ton of sympathy for it. I mean, I think it will show up in inflation at first. But I think ultimately this will actually wind up, um, biting growth. Um, and so I can make an argument, um, for the Fed to ease even more, in which case, um, that's not priced into the market. Sign in to access your portfolio
Bloomberg
06-03-2025
- Business
- Bloomberg
Bloomberg Surveillance: Global Bonds and Trump Uncertainty
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney March 6th, 2025 Featuring: 1) Steve Chiavarone, Senior Portfolio Manager at Federated Hermes, on why he remains constructive on the economy and investment environment despite so much policy uncertainty in DC. Markets are focused on the global bond rout and economic fallout from the brewing Trump-led trade war, with bond investors waiting for the European Central Bank's meeting and interest rate decision. 2) Katharine Neiss, Chief European Economist, PGIM Fixed Income, reacts to the ECB decision and talks German spending and the global bond selloff. The rout in German bonds affected global debt markets, with yields surging in Japan, Australia, New Zealand, Italy, and the UK. German bond declines were triggered by the nation's plans for defense and infrastructure investments. 3) Monica Defend, Head of Amundi Investment Institute, offers her take on German spending and talks about how tariffs could reshape investing in Europe. European leaders are moving swiftly to mobilize additional defense funds to counter the threat of aggression from Moscow as US support for Ukraine remains highly uncertain. 4) Henrietta Treyz, co-founder at Veda Partners, discusses the Federal budget, tariffs, DOGE, and the 3/14 government funding deadline. House Democrats have signaled they're wary of voting for a 'clean' stopgap bill, given the Trump administration's blockage of federal funding. 5) Lisa Mateo joins for a look at newspaper headlines making news around the US. She talks about how the 401K has become Americans rainy day fund, the Rock becoming Hollywood's highest paid actor again, and parents in tech telling their kids to pursue the arts instead.
