PGIM leans into bought credit options, further boosts Barclays

Counterparty Radar: US mutual funds added $25 billion in net new positions in Q1 with purchased protection rising

Credit-options

PGIM solidified its lead position in the US mutual fund market for credit default options in the first quarter of the year, adding $17.7 billion to its books and shifting its options mix more towards bought trades.

Like in Q4 2021, the build-up of the manager’s positions greatly benefited its main counterparty, Barclays, which saw its book of business grow by $10.5 billion to buttress its standing as the lead dealer in the space.

The credit index options market grew by $25 billion over the

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