PGIM Credit, Sr Associate, CMBS Research

Prudential Financial • Newark, NJ

1d • $145,000 - $155,000 • Hybrid

About The Position

A research position within the Securitized Products group of PGIM Credit focused on Commercial Mortgage-Backed Securities (“CMBS”) strategies that will work closely with portfolio management to analyze CMBS and digital infrastructure investments, monitor portfolio positions, and contribute to investment decision-making. Responsibilities include analyzing transaction collateral, assigning and maintaining internal credit ratings, reviewing transaction documentation packages and third-party reports, conducting surveillance on existing investments, and evaluating relative value opportunities across new issue and secondary markets. The role also involves assessing commercial real estate fundamentals, property-level performance trends, borrower and sponsor considerations, regulatory and legislative developments, and broader sector themes that may affect credit risk and portfolio positioning. The candidate will collaborate with internal teams and external market participants, including investment banks, issuers, rating agencies, servicers, trustees, and other due diligence providers, to support transaction execution and ongoing market insight.

Requirements

• Bachelor’s degree required
• 4-7 years of relevant experience in fixed income, securitized products, commercial real estate finance, digital infrastructure, or securitized products research, with meaningful exposure to CMBS or commercial mortgage collateral.
• Strong analytical and quantitative skills, including solid capabilities in fixed income mathematics, credit analysis, cash flow analysis, and scenario modeling.
• 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, and commercial mortgage-backed securities.

Nice To Haves

• Programming and data visualization skills are preferred, including Python, Power BI, Tableau, or similar tools.
• Exposure to CMBS collateral, commercial real estate fundamentals, securitization structures, transaction documentation, loan underwriting, and key drivers of CMBS performance.
• 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

Responsibilities

• Analyze CMBS transactions across new issue and secondary markets, including collateral characteristics, property-level underwriting, loan structure, sponsor strength, credit enhancement, cash flow stability, and structural features.
• Develop and maintain internal credit views and relative value assessments for CMBS investments, including conduit, SASB, CRE CLO, data center, agency CMBS, and other commercial real estate securitized products.
• 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 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 contribute to CMBS strategy, portfolio construction, and relative value discussions.
• Engage with issuers, dealers, servicers, rating agencies, trustees, and other market participants to deepen market insight, source opportunities, and support transaction execution.
• Contribute to internal presentations and client-facing materials on CMBS market themes, commercial real estate trends, investment recommendations, 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).

What This Job Offers

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