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PGIM High Yield Bond Fund, Inc. Reports Unaudited Earnings and Financial Position for Quarter Ended February 28, 2021

PRU, ISD | April 1, 2021

PGIM High Yield Bond Fund, Inc. (NYSE: ISD) (the “Fund”), a diversified, closed-end management investment company, announced today its unaudited investment results for the quarter ended Feb. 28, 2021.

	As of February 28, 2021	As of November 30, 2020	As of February 29, 2020
Net Assets	$566,650,138	$547,229,968	$541,274,654
Loan Outstanding	$180,000,000	$180,000,000	$180,000,000
Shares Outstanding	33,256,724	33,256,724	33,256,724
Net Asset Value (“NAV”) Per Share (a)	$17.04	$16.45	$16.28
Market Price Per Share (b)	$15.43	$14.76	$14.36
Premium / (Discount) to NAV (c)	(9.5%)	(10.3%)	(11.8%)

Undistributed / (Overdistributed) Net Investment Income (d)	($4,067,265)	($2,757,729)	($748,085)
Undistributed / (Overdistributed) Net Investment Income Per Share	($0.12)	($0.08)	($0.02)

	Quarter Ended February 28, 2021	Quarter Ended November 30, 2020	Quarter Ended February 29, 2020
Quarterly Earnings
Net Investment Income	$9,166,332	$9,186,457	$9,719,053
Net Realized and Unrealized Gain (Loss)	$20,729,706	$13,550,180	($9,880,917)
Net Increase / (Decrease) in Net Assets From Operations	$29,896,038	$22,736,637	($161,864)

Quarterly Earnings Per Common Share Outstanding
Net Investment Income	$0.28	$0.28	$0.29
Net Realized and Unrealized Gain / (Loss)	$0.62	$0.41	($0.30)
Net Increase / (Decrease) in Net Assets From Operations	$0.90	$0.69	($0.01)

This financial data is unaudited. Amounts do not reflect adjustments for Generally Accepted Accounting Principles, including those relating to amortization of premiums on securities held, and may be updated periodically.

Notes:

(a)		Net Asset Value (“NAV”) Per Share is total assets less total liabilities divided by the number of shares outstanding.
(b)		Market Price Per Share is the closing price on the New York Stock Exchange.
(c)		Premium / (Discount) to NAV is the % difference between the market price and the NAV price.
(d)		Overdistributed amounts may be funded by capital gains on portfolio securities or through return of stockholders’ capital. Undistributed / (Overdistributed) Net Investment Income (“UNII”) (“ONII”) represents the balance to date of a fund’s net investment income less its distributions. Includes prior year UNII of $316,226 for the fiscal year ended May 31, 2020 and the UNII of $461,328 for the fiscal year ended May 31, 2019.

The Fund files its annual and semiannual stockholders reports on Form N-CSR with the Securities and Exchange Commission (the “Commission”), which includes its complete schedule of investments. The Fund also files Form N-PORT with the Commission within 60 days of the end of each fiscal quarter, including the Fund’s complete schedule of investments as of its first and third fiscal quarters. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month. The Fund’s filings on Form N-PORT and stockholder reports on Form N-CSR are available on the Commission’s website at sec.gov. To obtain additional information or to make other inquiries pertaining to the Fund, stockholders can call (800) 451-6788 (toll-free).

About PGIM and Prudential Financial, Inc.

PGIM , the global asset management business of Prudential Financial, Inc. ( NYSE: PRU ), ranks among the top 10 largest asset managers in the world 1 with more than $1.5 trillion in assets under management as of Dec. 31, 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com .

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com .

1 Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020. Assets under management (AUM) are based on company estimates and are subject to change.

Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund. The Fund is subadvised by PGIM Fixed Income, a business unit of PGIM, Inc. and an affiliate of the investment manager.

The Fund invests in high yield (“junk”) bonds , which are subject to greater credit and market risks, including greater risk of default; derivative securities , which may carry market, credit, and liquidity risks; foreign securities , which are subject to currency fluctuation and political uncertainty; and emerging markets securities , which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.

An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.

PGIM Fixed Income is a unit of PGIM, Inc., which is a registered investment advisor and Prudential Financial company. © 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

1015465-00011-00 Expiration: 3/31/2022