PGIM chops CDS book as others bulk up
Counterparty Radar: The firm’s shrinking single-name book pushed Bank of America and Citi down the rankings
In a lively second quarter for single-name CDS investments, PGIM chopped 27% of its book, while every other manager in the market’s top six ramped up, particularly in some of the sovereign names PGIM chose to exit – such as Mexico, where reported trades jumped by a third on the previous quarter.
The net result was a small decline in the sector’s collective book. Overall fund positions shrank by roughly half a billion US dollars from the first to second quarters, but PGIM’s funds alone reported
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