Speaking of Alternatives …Let's Talk Investment Grade Private Placements
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Jan 20, 2026 
Mike Campion, Managing Director and Portfolio Manager at PGIM, shares his extensive expertise on investment-grade private placements. He explains their crucial role in diversification and stability in the evolving fixed income market. Mike discusses why these placements appeal to institutional investors, highlighting factors like yield, covenants, and risk management. He emphasizes the increasing global demand and how these financial instruments can serve as effective tools for insurers and pension schemes in today's economic landscape.
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Three-Decade Career In Private Credit
- Mike celebrated his 28th anniversary at PGIM and says private credit's evolution keeps him engaged.
- He enjoys seeing companies they've financed in the real economy and the growing global footprint of the business.
Private Credit As Fixed Income Extension
- Private credit is now viewed as an extension of fixed income, offering diversification and yield without taking incremental risk.
- Investment-grade privates can act like higher-rated public bonds due to covenant protections and stable cash flows.
Direct Origination Drives Repeat Business
- PGIM emphasizes bottoms-up fundamental credit analysis and direct origination to know issuers and management teams over years.
- About two-thirds of PGIM's volume is direct bilateral deals and half of those issuers are repeat borrowers.