In plain terms — PGIM High Yield Bond Fund
Shares currently cost about 11.2% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 2.7% discount, so today's level is somewhat wide for this fund (Z-score -1.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 10.9% a year of the share price (9.7% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.13 of assets — a ReinvestCapture™ rate of 12.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.8% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -8.79% | 1.54% | -0.99 | 55 |
| 6 months | -6.93% | 2.42% | -1.40 | 108 |
| 1 year | -2.67% | 5.23% | -1.46 | 206 |
| 3 years | -3.53% | — | — | — |
| 5 years | -5.96% | — | — | — |
Current contemporaneous premium/discount -10.31% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.96% to +5.01%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -4.00% | -9.51% | -20.39% | -19.27% | +0.12% | -6.95% |
| Market price total return | -4.00% | -7.95% | -15.13% | -11.40% | +9.68% | +2.22% |
| NAV return | -1.96% | -4.27% | -6.74% | -8.00% | +0.03% | -5.34% |
| NAV total return | -1.96% | -2.77% | -0.85% | +0.79% | +9.26% | +3.39% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
PGIM High Yield Bond Fund, Inc. operates as a diversified closed-end management investment company. The firm intends to provide a portfolio that focuses the majority of its holdings on higher-rated high yield bonds, emphasizes bonds that are slated to mature within the next five years, and offers average portfolio duration of three years or less. It invests in high yield bonds, derivative securities, foreign securities, emerging markets securities and fixed income investments. The company was founded on November 14, 2011 and is headquartered in Newark, NJ.
CEF Explorer research page for PGIM High Yield Bond Fund, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.