PGIM grows sovereign-referencing CDS book in falling market

Counterparty Radar: US mutual funds cut $2bn in single-name swaps in Q2, making largest reductions in SSA trades


PGIM grew its book of single-name credit default swaps in the second quarter, boosting its exposure to CDSs referencing supranationals, sovereigns and agencies (SSAs), even though most of its US fund peers reduced their exposure to SSA debt protection.

The overall market for US mutual funds and exchange-traded funds dropped $2 billion in Q2, settling at $31 billion, according to data collected and analysed by’s Counterparty Radar service using US Securities and Exchange Commission

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