Welcome to PGIM Fixed Income

PGIM Fixed Income, a Prudential Financial business, manages $676 billion in a broad range of fixed income strategies for institutional/professional clients worldwide.

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This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This site and all the information contained herein is general and/or educational in nature, and is for institutional/wholesale or professional client use only.

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*As of June 30, 2017

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FOR INSTITUTIONAL/WHOLESALE OR PROFESSIONAL CLIENT USE ONLY – NOT FOR RETAIL INVESTORS

This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This site and all the information contained herein is general and/or educational in nature, and is for institutional/wholesale or professional client use only.

United Kingdom and European Economic Area (EEA): In the United Kingdom, information is issued by PGIM Limited, an indirect subsidiary of PGIM, Inc. PGIM Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom (registration number 193418) and duly passported in various jurisdictions in the European Economic Area. These materials are issued by PGIM Limited to persons who are professional clients or eligible counterparties for the purposes of the Financial Conduct Authority's Conduct of Business Sourcebook.

This material has been issued or approved for use in or from Singapore by PGIM (Singapore) Pte. Ltd.

This material has been issued or approved for use in or from Singapore by PGIM (Singapore) Pte. Ltd.

This material is presented by PGIM, Inc. or its affiliated entities, PGIM Limited or PGIM (Singapore) Pte. Limited and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). This information may not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced or distributed to any person without the prior consent of PGIM. To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by PGIM, Inc. PGIM, Inc. is regulated by the US Securities and Exchange Commission under US laws, which differ from Australian laws. PGIM Limited is regulated by the Financial Conduct Authority and is authorized by the Prudential Regulation Authority under UK laws, which differ from Australian laws. PGIM, Inc. and PGIM Limited are exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences. Any financial services given to any person by PGIM, Inc., PGIM Limited or PGIM (Singapore) Pte. Ltd. by distributing this document in Australia are provided to such persons pursuant to ASIC Class Orders 03/1099 and 03/1100. No offer to acquire any interest in a financial product is being made to you in this document.

Please note that neither PGIM, Inc., PGIM Limited, PGIM (Singapore) Pte. Ltd. nor PGIM (Hong Kong) Limited nor any other entities involved in the PGIM business maintain any licenses, authorisations or registrations in the People's Republic of China ("PRC").

This information is presented by PGIM (Hong Kong) Limited, a regulated entity with the Securities and Futures Commission in Hong Kong to professional investors as defined in Part 1 of Schedule 1 of the Securities and Futures Ordinance.

This material has been issued in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law by Prudential Investment Management Japan Co., Ltd.

PGIM, Inc. is licensed to provide discretionary investment management services in South Korea and is registered with the Korean Financial Services-Commission.

This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Not all services or products can be made available in Taiwan. The PGIM, Inc. affiliated companies involved in any such activities do not maintain any licenses, authorizations or registrations in Taiwan. The information contained herein may not be offered to Taiwan resident investors unless they are made available in and from a jurisdiction outside Taiwan.

PGIM Fixed Income is not licensed under the laws of the United Arab Emirates. No product or services offered by PGIM Fixed Income has been registered by the Central Bank of the United Arab Emirates. This document has not been approved by, or filed with the Central Bank of the United Arab Emirates or the Securities and Commodities Authority.

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