Jason Giordano

Director, Fixed Income, Product Management
S&P Dow Jones Indices
Biography

Jason Giordano is Director of Fixed Income at S&P Dow Jones Indices (S&P DJI). Jason is part of the team that executes tactical and strategic actions in order to bring new fixed income indices to the market based on the needs of existing and prospective clients. Jason has over 15 years of fixed income experience, including roles in marketing, risk management, and corporate finance.

Prior to joining S&P DJI, Jason spent 15 years at Prudential Financial, most recently as a Relationship Manager within Prudential’s Fixed Income Management. His client base included U.S. corporate and public pension plans, trusts, endowments, and foundations. Jason also supported retail product developments launched through Prudential’s mutual fund and annuity sales channels. Jason has experience with both ERISA and 40 Act regulatory environments.

Earlier in his career, Jason spent time within Prudential Financial’s capital markets group, where he supported the firm’s capital planning, asset-liability, risk, and liquidity management.

Jason earned a bachelor’s in Business Administration with concentrations in Finance and Economics from the University of Richmond and an MBA from Rutgers University. Jason is currently pursuing a CFA designation and is a 2016 Level II Candidate.

Author Archives: Jason Giordano

Are Leveraged Loans Losing Their Luster…or Poised to Shine?

Leveraged loans (also called senior loans or bank loans) typically pay a two-part coupon—a market-driven base rate (30-90 day LIBOR) plus a contractual credit spread.  As shown in Exhibit 1, the weighted average credit spread of U.S. leveraged loans, as measured by the S&P/LSTA Leveraged Loan 100 Index, has fallen steadily and now sits at Read more […]

Year in Review: 2016 Asset Class Performance

The high-yield corporate bond segment, as measured by the S&P U.S. High Yield Corporate Bond Index, was the top-performing asset class for 2016, posting a total return of 17.2%.  Despite a rather tumultuous first quarter, 2016 finished with a clear “risk-on” sentiment as evidenced by the asset classes that topped the list. On Feb. 11, Read more […]

LIBOR at 1% for First Time in 7 Years – A Significant Level for Leveraged Loans

For the first time since May 2009, the three-month LIBOR reached 1% on Dec. 29, 2016.  LIBOR, which stands for London InterBank Offered Rate, is a benchmark interest rate that most of the world’s largest banks charge each other for short-term loans.  The most common rates for which LIBOR is quoted are for overnight, one-month, Read more […]

15% of Global GDP is in Negative Yielding Bonds

As of June 10, 2016, there is USD 10.6 trillion in negative yielding assets throughout the world—that’s more than 15% of global GDP. The increase in assets with sub-zero yields is evident when looking at the S&P Global Developed Sovereign Bond Index. On a market value basis, sovereign bonds with negative yields now account for Read more […]

Preferences of Preferred Stock

Preferred stock is a hybrid security that has characteristics of both stocks and bonds.  In the capital structure, preferred shares are subordinate to bank loans and senior corporate bonds, but they are senior to common stock.  If a company had to file for bankruptcy and the assets of the company were liquidated, preferred shareholders would Read more […]

Defaults Are on the Rise

The March rebalancing of the S&P U.S. Distressed High Yield Corporate Bond Index saw another increase in the number of qualifying constituents.  This marks the eighth increase of this kind in the last nine months.  The index, which is designed to measure securities with an option-adjusted spread greater than or equal to 1,000 bps, is Read more […]

The Indebtedness of the U.S. Corporate Bond Market

As of Feb. 26, 2015, the U.S. corporate bond market was valued at USD 8.3 trillion.[1]  For comparison, that’s larger than the GDP of Germany, France, and the U.K. combined.  Exhibit 1 details the growth of the U.S. corporate debt market since 2009, showing annual issuance amounts for both investment-grade and high-yield debt.  Since 2012, Read more […]

Is Oil’s Spill Turning the Credit Cycle?

While the slumping price of oil is bearing the brunt of the current volatility in the markets these days, there are other signs that indicate more widespread shifts in the credit cycle.  High-yield credit default spreads have widened, as shown by both the S&P/ISDA CDS U.S. High Yield BB and the S&P/ISDA CDS U.S. High Read more […]

How Cheap Gasoline Can Lead to Costly Insurance

With oil prices at 12-year lows, drivers are spending less money to fill their tanks.  However, investors looking to insure themselves against the default risk of energy bonds are being asked to pay up.  Rapidly decreasing oil prices have had a negative impact on the forecast operating cash flows of energy companies.  As uncertainty rises, Read more […]