PGIM Credit, Sr Associate, CMBS Research

Prudential Financial, Inc; Newark (NJ); Hybrid; USD 145,000 - 155,000; Full time

Job summary

Prudential Financial, Inc. is seeking a CMBS-focused investment professional within PGIM Credit to analyze CMBS and digital infrastructure investments, monitor positions, and support investment decisions.

You will collaborate with portfolio management, research teams, and market participants to assess collateral, underwriting, and risk, while contributing to CMBS strategy and client materials.

Qualifications

• 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 CMBS exposure.
• Strong analytical and quantitative skills in fixed income mathematics, credit analysis, cash flow analysis, and scenario modeling.
• Programming and data visualization experience with Python, Power BI, Tableau, or similar tools.
• Proficiency in Excel and experience working with large datasets.
• Excellent communication and presentation skills, with ability to articulate investment views to stakeholders.
• Interest in capital markets, commercial real estate, and CMBS performance drivers.

Responsibilities

• Analyze CMBS transactions across new issue and secondary markets, including collateral characteristics and loan structures.
• Develop and maintain internal credit views and relative value assessments for CMBS investments.
• Build and maintain models, scenario analyses, and visualization tools for bond performance under varying market conditions.
• Assign and monitor internal credit ratings and track risk factors like cash flow volatility and collateral performance.
• Review transaction documents, third‑party reports, and deal structures for due diligence.
• Monitor portfolio holdings and market developments affecting CRE fundamentals and regulatory changes.
• Collaborate with portfolio managers and traders to formulate investment recommendations and CMBS strategy.
• Engage with issuers, dealers, and other market participants to deepen market insight and sourcing opportunities.
• Contribute to internal presentations and client-facing materials on CMBS market themes.

Skills

CMBS knowledge

Credit analysis

Cash flow modeling

Python

Power BI

Tableau

Excel

Communication skills

Team collaboration

Education

Bachelor's degree

Tools

Intex

Trepp

Bloomberg

Real Capital Analytics

Job description

Job Classification: Investment Management - Investments

A 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 can expect:

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.

What you will do:

• 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.

What you will bring:

• 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.
• 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.
• 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.

What will set you apart:

• 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

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.

#LI-Hybrid

#LI-CR1

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 [e-mail] .

If you are experiencing a technical issue with your application or an assessment, please email [e-mail] to request assistance.