PGIM Credit, Sr Associate, CMBS and Digital Infrastructure Research
Prudential Financial (PGIM) · Newark, United States · 5d ago
Job Classification:
Investment Management - InvestmentsA GLOBAL FIRM WITH A DIVERSE & INCLUSIVE CULTURE
As the Global Asset Management business of Prudential, we’re always looking for ways to improve financial services. We’re passionate about making a meaningful impact - touching the lives of millions and solving financial challenges in an ever-changing world.
We also believe talent is key to achieving our vision and are intentional about building a culture on respect and collaboration. When you join PGIM, you’ll unlock a motivating and impactful career – all while growing your skills and advancing your profession at one of the world’s leading global asset managers!
If you’re not afraid to think differently and challenge the status quo, come and be a part of a dedicated team that’s investing in your future by shaping tomorrow today. At PGIM, You Can!
What you will do:
Analyze CMBS and digital infrastructure ABS/ABF opportunities across primary and secondary markets, evaluating collateral characteristics, property-level underwriting, loan structure, sponsor strength, credit enhancement, cash flow stability, and structural features.
Develop and maintain internal credit views on investments spanning conduit CMBS, SASB, CRE CLOs, data center loans, digital infrastructure financings, and AI-related asset-backed financing opportunities.
Build and maintain models, scenario analyses, and visualization tools to assess bond performance under varying commercial real estate, interest rate, prepayment, extension, default, loss severity, and recovery assumptions.
Assign and maintain internal credit ratings and monitor rating stability, credit migration risk, cash flow volatility, collateral performance, portfolio positioning, and trading opportunities.
Review transaction documents, offering materials, third-party reports, legal structures, representations and warranties, control rights, triggers, servicing standards, and other deal-specific considerations.
Monitor portfolio holdings and market developments, identifying changes in commercial real estate and digital infrastructure fundamentals, property sector trends, sponsor or borrower behavior, financing conditions, and regulatory or legislative developments that may affect risk and return.
Partner with portfolio managers, traders, and other research teams to formulate investment recommendations and support portfolio construction across both traditional CMBS and digital infrastructure sectors.
Engage with issuers, dealers, servicers, rating agencies, trustees, and other market participants to deepen market insight, source opportunities, and support transaction execution.
Contribute to investment committee materials, thematic research reports, and client presentations covering CMBS, digital infrastructure, AI infrastructure, and structured credit market developments.
What you will bring:
Bachelor’s degree required
4-7 years of relevant experience in fixed income, commercial real estate lending, digital infrastructure finance, project finance, or securitized products research, with meaningful exposure to CMBS or data center collateral.
Strong analytical and quantitative skills, including solid capabilities in fixed income mathematics, credit analysis, cash flow analysis, and scenario modeling.
Programming and data visualization skills are preferred, including Python, Power BI, Tableau, or similar tools.
Experience analyzing data centers, digital infrastructure, utilities, telecommunications, technology infrastructure, or other infrastructure-oriented sectors is highly desirable.
Proficiency in Excel and experience working with large datasets.
Strong attention to detail and ability to manage multiple assignments in a fast-paced, high-intensity environment.
Excellent communication and presentation skills, with the ability to articulate investment views clearly to portfolio managers, traders, research colleagues, and other stakeholders.
Intellectual curiosity and strong interest in capital markets, commercial real estate, digital infrastructure, AI-related credit, and commercial mortgage-backed securities.
What will set you apart:
Advanced degree or CFA designation
Experience with Intex, Trepp, Bloomberg, Real Capital Analytics, property-level data sources, or other structured finance and commercial real estate analytics tools is preferred.
Experience with digital infrastructure, data centers, telecommunications infrastructure, or AI-related infrastructure investments.
PGIM welcomes all applicants, even if you don't meet every requirement. If your skills align with the role, we encourage you to apply.
PGIM believes in the Power of a Hybrid work arrangement. The Power of Hybrid is both the flexibility of work from home, as well as the networking and career development of in-person work with colleagues through three weekly anchor days
Note: Prudential is required by state-specific laws to include the salary range for this role when hiring a resident in applicable locations. The salary range for this role is from $145,000 to $155,000. Specific pricing for the role may vary within the above range based on many factors including geographic location, candidate experience, and skills.
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What we offer you:
- Market competitive base salaries, with a yearly bonus potential at every level.
- Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave.
- 401(k) plan with company match (up to 4%).
- Company-funded pension plan.
- Wellness Programs including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs.
- Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
- Education Benefit to help finance traditional college enrollment toward obtaining an approved degree and many accredited certificate programs.
- Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period).
Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance. To find out more about our Total Rewards package, visit Work Life Balance | Prudential Careers. Some of the above benefits may not apply to part-time employees scheduled to work less than 20 hours per week.
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status, medical condition or any other characteristic protected by law.
If you need an accommodation to complete the application process, please email accommodations.hw@prudential.com.
If you are experiencing a technical issue with your application or an assessment, please email careers.technicalsupport@prudential.com to request assistance.