
PGIM increases credit hedges as funds add bought index CDSs
Counterparty Radar: Morgan Stanley added market share, but Goldman stayed top among dealers

PGIM is in the top spot for US mutual funds buying protection on credit indexes, as the space held its largest position in bought index credit default swaps (CDSs) on record in the second quarter of the year.
Total positions remained skewed towards long-bond – sold CDS – trades, but US funds held more bought CDSs as a proportion of their books’ positions than they have since the beginning of the Covid-19 pandemic that roiled credit markets. The $49 billion notional in credit protection on funds
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