Investment thesis
PGIM High Yield Bond Fund (ISD) and PGIM Global High Yield Fund (GHY)'s investment mandate change may offer a potential catalyst for discount narrowing.
Investment mandate change
On March 8, 2019, PGIM High Yield Bond Fund (formerly PGIM Short Duration High Yield Fund) and PGIM Global High Yield Fund (formerly PGIM Global Short Duration High Yield Fund) announced that effective immediately, the funds have changed investment policies to permit investments of instruments of any duration or maturity and to remove the limit on investments in