PGIM: Senior Investment Associate, RMBS Credit Research (Hybrid/Newark, NJ)

Prudential Financial • Newark, NJ

13d • Hybrid

About The Position

A research position within the Securitized Products group of PGIM Fixed Income focused on RMBS strategies. The successful candidate will work closely with portfolio management teams to analyze RMBS and mortgage whole loan investments, monitor portfolio positions, and contribute to investment decision-making. Responsibilities include analyzing RMBS collateral, conducting surveillance on existing investments, assigning and maintaining internal credit ratings, and evaluating relative value opportunities. The role also involves assessing RMBS issuers, integrating macroeconomic and sector trends, and contributing to investment strategy and portfolio positioning. The candidate will collaborate with internal teams and external market participants including investment banks, rating agencies, and trustees, to support due diligence, transaction execution, and ongoing market insight.

Requirements

• BA/BS degree required
• 4-7 years of relevant experience in fixed income, securitized products, mortgage finance, or securitized products research, with meaningful exposure to RMBS or related residential mortgage products.
• Strong analytical and quantitative skills.
• Proficiency in Excel and some experience working with large datasets is required.
• Strong attention to detail and ability to manage multiple assignments in a fast-paced environment.
• Excellent communication and presentation skills, with the ability to articulate investment views clearly.
• Ability to work independently and collaboratively across teams.
• Intellectual curiosity and strong interest in RMBS and housing markets.

Nice To Haves

• Programming and data visualization skills (e.g., Python, Power BI, Tableau) are preferred.
• Experience with Intex and structured finance modeling are preferred.
• Exposure to residential mortgage collateral, securitization structures, cash flow analysis, and key drivers of RMBS performance are preferred.

Responsibilities

• Analyze RMBS transactions across new issue and secondary markets, including collateral characteristics, loan underwriting trends, servicer performance, credit enhancement, and structural features.
• Develop and maintain internal credit views and relative value assessments for RMBS sectors such as non-QM, CRT, jumbo, HELOC, other residential mortgage-related products.
• Build scenario analyses to assess bond performance under varying collateral and home price assumptions.
• Monitor portfolio holdings and market developments, identifying changes in collateral behavior, housing market fundamentals, consumer performance, and regulatory developments that may affect risk and return.
• Partner with portfolio managers and other research teams to formulate investment recommendations across RMBS and mortgage whole loans
• Review transaction documents, third-party reports, and legal structures to evaluate protections, triggers, representations and warranties, and other deal-specific considerations.
• Engage with issuers, dealers, servicers and other market participants to deepen market insight and support due diligence.
• Contribute to internal presentations and client-facing materials on RMBS market themes and portfolio positioning.

Benefits

• 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), after one year of service.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior