PGIM: Senior Investment Associate, RMBS Credit Research; Hybrid​/Newark, NJ

What you will do

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 and conducting surveillance on existing investments;
• Assigning and maintaining internal credit ratings;
• Evaluating relative value opportunities;
• Assessing RMBS issuers, integrating macroeconomic and sector trends, and contributing to investment strategy and portfolio positioning;
• Supporting due diligence, transaction execution, and ongoing market insight in collaboration with internal teams, investment banks, rating agencies, and trustees.

• 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, and 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 to identify changes in collateral behavior, housing market fundamentals, consumer performance, and regulatory developments that may affect risk and return.
• Partner with portfolio managers and 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.

• BA/BS degree (required).
• 4–7 years of relevant experience in fixed income, securitized products, mortgage finance, or related research with meaningful exposure to RMBS or related residential mortgage products.
• Strong analytical and quantitative skills.
• 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.
• Proficiency in Excel and some experience working with large datasets (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.

Annual base salary range: $140,000 – $155,000. Eligibility for a discretionary annual bonus and other benefits.

Benefits include market‑competitive base salaries, medical, dental, vision, life insurance, disability insurance, paid time off, 401(k) plan with company match, company‑funded pension plan, wellness programs, work/life resources, education benefits, and employee stock purchase plan.

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, genetics, disability, marital status, age, veteran status, domestic partner status, medical condition or any other characteristic protected by law.