ISD: Not An Attractive Entry Point At This Level (Rating Downgrade) [Seeking Alpha]
PGIM High Yield Bond Fund, Inc. (ISD)
US:NYSE Investor Relations:
news.prudential.com/prudential/news/corporate-financial-results
Company Research
Source: Seeking Alpha
The discount to NAV for the PGIM High Yield Bond Fund has narrowed, approaching decade-long highs, suggesting a less attractive entry point. Despite the less appealing entry point, the fund has performed well and represents a solid choice to hold due to its high dividend distribution and successful management team. ISD has a classic build, with an overweight positioning in single-B and double-BB names, and an overall low leverage ratio of 22%. Thesis We last covered this name six months ago in a piece where we assigned this high-yield fixed income CEF a 'Buy' rating. The CEF is up significantly since we highlighted the opportunity: In our initial piece, we highlighted the CEF's discount to NAV, its classic HY build with a conservative leverage ratio, and the wide levels in credit spreads. The mix in the respective conditions created an ideal entry point into this CEF, an opportunity which was rewarded handsomely. Fast forward to today, and the landscape has changed signif
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Sec Filings
- 4/2/24 - Form 5
- 3/26/24 - Form N-CSRS
- 3/21/24 - Form NPORT-P
- ISD's page on the SEC website