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


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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