PGIM’s rise to top of credit options lifts Barclays, Morgan Stanley

Counterparty Radar: Insurer’s AM arm doubled its market share in Q4 2021 as bought protection swells

Credit-options

PGIM rose to the top spot of US mutual funds using credit default options in the fourth quarter of 2021, adding $22.4 billion to its total positions and almost doubling its market share – to 58% from 32% in Q3.

Increased activity at Prudential’s asset management subsidiary was a boon for Barclays, which saw its book grow by $9.8 billion, remaining the top dealer in the space. PGIM also lifted Morgan Stanley to second place from fourth, conducting $10.3 billion worth of trades with the bank.

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