N-2 | 12 Months Ended |
Oct. 31, 2024 $ / shares shares |
Cover [Abstract] | |
Entity Central Index Key | 0001061353 |
Amendment Flag | false |
Document Type | N-CSR |
Entity Registrant Name | CREDIT SUISSE HIGH YIELD BOND FUND |
General Description of Registrant [Abstract] | |
Investment Objectives and Practices [Text Block] | Investment Objectives and Policies The Fund’s primary investment objective is to seek high current income. The Fund also will seek capital appreciation as a secondary objective, to the extent consistent with its objective of seeking high current income. The Fund is designed for investors willing to assume additional risk in return for the potential for high current income and capital appreciation. The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its objectives. Under normal market conditions, the Fund will invest at least 80% of its total assets in fixed income securities of U.S. issuers rated below investment grade quality (lower than Baa by Moody’s Investors Service, Inc. (“Moody’s”) or lower than BBB by S&P Global Ratings (“S&P”), a division of S&P Global Inc., or comparably rated by another nationally recognized rating agency), or in unrated fixed income securities that UBS Asset Management (Americas) LLC (“UBS AM” or the “Investment Adviser”), the Fund’s investment adviser, determines to be of comparable quality. Securities rated lower than Baa by Moody’s and lower than BBB by S&P are commonly known as “junk bonds.” The Fund will generally not invest in securities rated at the time of investment in the lowest rating categories (Ca or below for Moody’s and CC or below for S&P) but may continue to hold securities which are subsequently downgraded. However, it has authority to invest in securities rated as low as C and D by Moody’s and S&P, respectively. As a component of the Fund’s investment in “junk bonds,” the Fund may also invest up to 20% of its total assets in securities of issuers that are the subject of bankruptcy proceedings or in securities otherwise in default or in significant risk of being in default (“Distressed Securities”). The Fund may invest up to 30% of its total assets in securities of issuers domiciled outside the United States or that are denominated in various foreign currencies or multinational currency units. In selecting investments for the Fund’s portfolio, the Fund’s portfolio managers: • analyze individual companies, including their financial condition, cash flow and borrowing requirements, value of assets in relation to cost, strength of management, responsiveness to business conditions, credit standing and anticipated results of operations; • analyze business conditions affecting investments, including: • changes in economic activity and interest rates; • availability of new investment opportunities; • economic outlook for specific industries; • seek to moderate risk by investing among a variety of industry sectors and issuers. The portfolio managers may sell securities for a variety of reasons, such as to realize profits, limit losses or take advantage of better investment opportunities. The Fund currently utilizes and in the future expects to continue to utilize leverage through borrowings, including the issuance of debt securities, or through other transactions, such as reverse repurchase agreements, which have the effect of leverage. The Fund currently is leveraged through borrowings from a credit facility with State Street Bank and Trust Company. The Fund may use leverage up to 33 1/3% of its total assets (including the amount obtained through leverage). There can be no guarantee that the Fund will be able to accurately predict when the use of leverage will be beneficial. Use of leverage creates an opportunity for increased income and capital appreciation for shareholders but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund will seek its secondary objective of capital appreciation by investing in securities that UBS AM expects may appreciate in value as a result of favorable developments affecting the business or prospects of the issuer which may improve the issuer’s financial condition and credit rating or as a result of declines in long-term interest rates. There can be no assurance the Fund’s strategies will be successful. The Fund invests primarily in bonds, debentures, notes, senior loans (sometimes referred to as bank loans), convertible bonds and preferred stocks. The Fund’s portfolio securities may have fixed or variable rates of interest and may include zero coupon securities, payment-in-kind non-income |
Risk Factors [Table Text Block] | Risk Factors This section contains a discussion of the general risks of investing in the Fund. The net asset value and market price of, and dividends paid on, the Fund’s common shares of beneficial interest (the “Shares”) will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Fund will meet its investment objectives or that the Fund’s performance will be positive for any period of time. Investment and Market Risk. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions. Lower Grade Securities Risk. Issuers of lower grade securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower grade securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower grade securities because such securities may be unsecured and may be subordinate to other creditors of the issuer. Other than with respect to Distressed Securities, discussed below, the lower grade securities in which the Fund may invest do not include instruments which, at the time of investment, are in default or the issuers of which are in bankruptcy. However, there can be no assurance that such events will not occur after the Fund purchases a particular security, in which case the Fund may experience losses and incur costs. Distressed Securities Risk. Credit Risk. Interest Rate Risk. Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund’s common shares. Leverage Risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes. Under Rule 18f-4 value-at-risk. Foreign Securities Risk. non-U.S. Counterparty Risk. experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. Illiquid Securities Risk. Prepayment Risk. Preferred Stock Risk. Senior Loans Risk. non-payment Like other debt instruments, senior loans are subject to the risk of non-payment non-payment non-payment senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of senior loans including, in certain circumstances, invalidating such senior loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund’s performance. Transactions in senior loans may settle on a delayed basis, resulting in the proceeds from the sale of senior loans not being readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders. Second Lien and Other Secured Loans Risk. Zero Coupon Bond and Payment-In-Kind zero-coupon payment-in-kind zero-coupon payment-in-kind zero-coupon zero-coupon zero-coupon zero-coupon zero-coupon payment-in-kind paid-in-kind Valuation Risk. “over-the-counter” anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund’s books. Non-Diversified “non-diversified” Market Price, Discount and Net Asset Value of Shares. closed-end Potential Yield Reduction. Market Risk. Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer’s creditworthiness and a bond’s maturity. The bonds of some companies may be riskier than the stocks of others. An outbreak of an infectious coronavirus (COVID-19) COVID-19 The COVID-19 COVID-19 pre-existing Anti-Takeover Provisions. party |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Other Security, Description [Text Block] | the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral: |
Investment and Market Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Investment and Market Risk. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions. |
Lower Grade Securities Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Lower Grade Securities Risk. Issuers of lower grade securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower grade securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower grade securities because such securities may be unsecured and may be subordinate to other creditors of the issuer. Other than with respect to Distressed Securities, discussed below, the lower grade securities in which the Fund may invest do not include instruments which, at the time of investment, are in default or the issuers of which are in bankruptcy. However, there can be no assurance that such events will not occur after the Fund purchases a particular security, in which case the Fund may experience losses and incur costs. |
Distressed Securities Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Distressed Securities Risk. |
Credit Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Credit Risk. |
Leverage Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Leverage Risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes. Under Rule 18f-4 value-at-risk. |
Foreign Securities Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Foreign Securities Risk. non-U.S. |
Counterparty Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Counterparty Risk. experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. |
Illiquid Securities Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Illiquid Securities Risk. |
Prepayment Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Prepayment Risk. |
Preferred Stock Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Preferred Stock Risk. |
Senior Loans Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Senior Loans Risk. non-payment Like other debt instruments, senior loans are subject to the risk of non-payment non-payment non-payment senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of senior loans including, in certain circumstances, invalidating such senior loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund’s performance. Transactions in senior loans may settle on a delayed basis, resulting in the proceeds from the sale of senior loans not being readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders. |
Second Lien and Other Secured Loans Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Second Lien and Other Secured Loans Risk. |
Zero Coupon Bond and Payment-In-Kind Securities Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Zero Coupon Bond and Payment-In-Kind zero-coupon payment-in-kind zero-coupon payment-in-kind zero-coupon zero-coupon zero-coupon zero-coupon zero-coupon payment-in-kind paid-in-kind |
Valuation Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Valuation Risk. “over-the-counter” anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund’s books. |
Non-Diversified Status [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Non-Diversified “non-diversified” |
Market Price, Discount and Net Asset Value of Shares [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Market Price, Discount and Net Asset Value of Shares. closed-end |
Potential Yield Reduction [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Potential Yield Reduction. |
Market Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Market Risk. Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer’s creditworthiness and a bond’s maturity. The bonds of some companies may be riskier than the stocks of others. An outbreak of an infectious coronavirus (COVID-19) COVID-19 The COVID-19 COVID-19 pre-existing |
Anti-Takeover Provisions [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Anti-Takeover Provisions. party |
Interest Rate Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Interest Rate Risk. Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund’s common shares. |
Common Shares [Member] | |
General Description of Registrant [Abstract] | |
Share Price | $ 2.15 |
NAV Per Share | $ 2.21 |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Title [Text Block] | shares outstanding |
Outstanding Security, Not Held [Shares] | shares | 103,547,762 |
Beneficial Interest [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Title [Text Block] | The Fund has one class of shares of beneficial interest, par value $0.001 per share; an unlimited number of shares are authorized. |