PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 118.4% | |||||
Bank Loans 5.4% | |||||
Airlines 0.3% | |||||
United Airlines, Inc., Class B Term Loan, 3 Month LIBOR + 3.750% | 4.500 %(c) | 04/21/28 | 1,529 | $1,514,644 | |
Electric 0.2% | |||||
Heritage Power LLC, Term Loan B, 3 Month LIBOR + 6.000% | 7.000(c) | 07/30/26 | 2,009 | 1,090,514 | |
Engineering & Construction 0.0% | |||||
Landry’s Finance Acquisition Co., 2020 Initial Term Loan, 1 Month LIBOR + 12.000%^ | 13.000(c) | 10/04/23 | 60 | 64,024 | |
Housewares 0.2% | |||||
SWF Holdings I Corp., Initial Term Loan, 1 Month LIBOR + 4.000% | 4.750(c) | 10/06/28 | 1,015 | 936,972 | |
Insurance 0.3% | |||||
Asurion LLC, New B-4 Term Loan, 1 Month LIBOR + 5.250% | 6.014(c) | 01/20/29 | 1,750 | 1,694,766 | |
Media 0.1% | |||||
Diamond Sports Group LLC, | |||||
Second Lien Term Loan, Term SOFR + 3.250% | 3.656(c) | 08/24/26 | 218 | 71,413 | |
Term Loan, Term SOFR + 8.000% | 9.000(c) | 05/25/26 | 357 | 364,201 | |
435,614 | |||||
Oil & Gas 0.9% | |||||
Ascent Resources Utica Holdings LLC, Second Lien Term Loan, 3 Month LIBOR + 9.000% | 10.021(c) | 11/01/25 | 3,340 | 3,565,450 | |
Citgo Holding, Inc., Term Loan, 1 Month LIBOR + 7.000% | 7.764(c) | 08/01/23 | 141 | 138,955 | |
Citgo Petroleum Corp., 2019 Incremental Term B Loan, 1 Month LIBOR + 6.250% | 7.014(c) | 03/28/24 | 774 | 770,994 | |
4,475,399 |
1
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Pharmaceuticals 0.2% | |||||
Change Healthcare Holdings LLC, Closing Date Term Loan, 1 - 3 Month LIBOR + 2.500% | 3.500 %(c) | 03/01/24 | 948 | $946,101 | |
Retail 0.3% | |||||
EG America LLC (United Kingdom), Project Becker Additional Facility, 3 Month LIBOR + 4.250% | 5.246(c) | 03/31/26 | 341 | 333,319 | |
Great Outdoors Group LLC, Term B-2 Loan, 1 Month LIBOR + 3.750% | 4.514(c) | 03/06/28 | 1,210 | 1,196,124 | |
1,529,443 | |||||
Software 1.9% | |||||
Boxer Parent Co., Inc., | |||||
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750% | 4.514(c) | 10/02/25 | 224 | 220,677 | |
Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500% | 6.264(c) | 02/27/26 | 350 | 344,575 | |
Camelot Co. (Luxembourg), Amendment No. 2 Incremental Term Loans, 1 Month LIBOR + 3.000% | 4.000(c) | 10/30/26 | 760 | 753,532 | |
Dun & Bradstreet Corp., Term Loan B, 1 Month LIBOR + 3.250% | 3.918(c) | 02/06/26 | 1,362 | 1,351,465 | |
Finastra USA, Inc., | |||||
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250% | 8.489(c) | 06/13/25 | 1,025 | 985,281 | |
First Lien Dollar Term Loan, 3 Month LIBOR + 3.500% | 4.739(c) | 06/13/24 | 2,242 | 2,174,684 | |
Greeneden U.S. Holdings II LLC, B-4 Dollar Term Loan, 1 Month LIBOR + 4.000% | 4.757(c) | 12/01/27 | 494 | 491,744 | |
Skillsoft Finance II, Inc., Initial Term Loan, 3 Month LIBOR + 4.750% | 6.187(c) | 07/14/28 | 1,820 | 1,802,745 | |
TIBCO Software, Inc., Term Loan B-3, 1 Month LIBOR + 3.750% | 4.520(c) | 06/30/26 | 1,348 | 1,341,936 | |
9,466,639 | |||||
Telecommunications 1.0% | |||||
West Corp., Initial Term B Loan, 1 - 3 Month LIBOR + 3.500% | 5.000(c) | 10/10/24 | 3,446 | 3,218,611 |
2
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Bank Loans (Continued) | |||||
Telecommunications (cont’d.) | |||||
Xplornet Communications, Inc. (Canada), | |||||
Refinancing Term Loan, 1 Month LIBOR + 4.000% | 4.764 %(c) | 10/02/28 | 1,507 | $1,477,351 | |
Second Lien Initial Term Loan, 1 Month LIBOR + 7.000%^ | 7.764(c) | 10/01/29 | 270 | 266,625 | |
4,962,587 | |||||
Total Bank Loans (cost $28,044,463) | 27,116,703 | ||||
Corporate Bonds 108.9% | |||||
Advertising 0.5% | |||||
National CineMedia LLC, Sr. Unsec’d. Notes | 5.750 | 08/15/26 | 250 | 178,573 | |
Terrier Media Buyer, Inc., Gtd. Notes, 144A | 8.875 | 12/15/27 | 2,530 | 2,474,088 | |
2,652,661 | |||||
Aerospace & Defense 3.6% | |||||
Boeing Co. (The), | |||||
Sr. Unsec’d. Notes(aa) | 5.805 | 05/01/50 | 2,650 | 2,651,524 | |
Sr. Unsec’d. Notes | 5.930 | 05/01/60 | 750 | 745,194 | |
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A | 6.000 | 02/15/28 | 1,050 | 912,960 | |
Sr. Unsec’d. Notes, 144A | 7.125 | 06/15/26 | 875 | 810,684 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 12/01/24 | 1,580 | 1,577,346 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 03/15/25 | 1,776 | 1,728,142 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 4,215 | 3,927,573 | |
Maxar Space Robotics LLC, Sr. Sec’d. Notes, 144A | 9.750 | 12/31/23 | 794 | 846,584 | |
Spirit AeroSystems, Inc., Sec’d. Notes, 144A | 7.500 | 04/15/25 | 1,200 | 1,218,730 | |
TransDigm UK Holdings PLC, Gtd. Notes | 6.875 | 05/15/26 | 200 | 199,221 | |
TransDigm, Inc., | |||||
Gtd. Notes | 4.625 | 01/15/29 | 700 | 604,849 |
3
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Aerospace & Defense (cont’d.) | |||||
TransDigm, Inc., (cont’d.) | |||||
Gtd. Notes(aa) | 5.500 % | 11/15/27 | 2,525 | $2,315,730 | |
Sr. Sec’d. Notes, 144A | 6.250 | 03/15/26 | 600 | 600,767 | |
18,139,304 | |||||
Agriculture 0.2% | |||||
Vector Group Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 02/01/29 | 1,350 | 1,188,203 | |
Airlines 1.2% | |||||
American Airlines, Inc., Sr. Sec’d. Notes, 144A | 11.750 | 07/15/25 | 250 | 288,084 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | |||||
Sr. Sec’d. Notes, 144A | 5.500 | 04/20/26 | 1,450 | 1,437,107 | |
Sr. Sec’d. Notes, 144A | 5.750 | 04/20/29 | 1,550 | 1,495,431 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 01/20/26 | 775 | 756,407 | |
United Airlines, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 1,080 | 1,040,687 | |
Sr. Sec’d. Notes, 144A | 4.625 | 04/15/29 | 830 | 762,590 | |
5,780,306 | |||||
Apparel 0.2% | |||||
Kontoor Brands, Inc., Gtd. Notes, 144A | 4.125 | 11/15/29 | 275 | 240,360 | |
Wolverine World Wide, Inc., Gtd. Notes, 144A | 4.000 | 08/15/29 | 1,125 | 956,738 | |
1,197,098 | |||||
Auto Manufacturers 2.1% | |||||
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A | 5.875 | 06/01/29 | 969 | 955,516 | |
Ford Motor Co., | |||||
Sr. Unsec’d. Notes | 3.250 | 02/12/32 | 725 | 588,683 | |
Sr. Unsec’d. Notes(aa) | 4.750 | 01/15/43 | 3,925 | 3,160,891 | |
Sr. Unsec’d. Notes(aa) | 5.291 | 12/08/46 | 3,300 | 2,836,908 |
4
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Manufacturers (cont’d.) | |||||
Ford Motor Co., (cont’d.) | |||||
Sr. Unsec’d. Notes | 7.400 % | 11/01/46 | 200 | $215,515 | |
Ford Motor Credit Co. LLC, | |||||
Sr. Unsec’d. Notes | 4.000 | 11/13/30 | 400 | 346,680 | |
Sr. Unsec’d. Notes | 5.584 | 03/18/24 | 310 | 313,251 | |
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A | 7.750 | 10/15/25 | 1,000 | 1,021,324 | |
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/01/28 | 1,325 | 1,265,403 | |
10,704,171 | |||||
Auto Parts & Equipment 1.9% | |||||
Adient Global Holdings Ltd., Gtd. Notes, 144A | 4.875 | 08/15/26 | 2,725 | 2,432,322 | |
American Axle & Manufacturing, Inc., | |||||
Gtd. Notes | 5.000 | 10/01/29 | 1,800 | 1,550,999 | |
Gtd. Notes(aa) | 6.250 | 03/15/26 | 371 | 358,174 | |
Gtd. Notes(aa) | 6.500 | 04/01/27 | 1,000 | 935,509 | |
Gtd. Notes | 6.875 | 07/01/28 | 406 | 382,226 | |
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A | 5.625 | 11/15/26 | 1,090 | 510,421 | |
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A | 5.750 | 04/15/25 | 500 | 497,429 | |
Dana, Inc., | |||||
Sr. Unsec’d. Notes | 4.250 | 09/01/30 | 250 | 214,861 | |
Sr. Unsec’d. Notes | 4.500 | 02/15/32 | 600 | 496,520 | |
Sr. Unsec’d. Notes | 5.375 | 11/15/27 | 200 | 189,243 | |
Sr. Unsec’d. Notes | 5.625 | 06/15/28 | 600 | 572,544 | |
Tenneco, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.125 | 04/15/29 | 475 | 462,693 | |
Sr. Sec’d. Notes, 144A | 7.875 | 01/15/29 | 125 | 126,241 | |
Titan International, Inc., Sr. Sec’d. Notes | 7.000 | 04/30/28 | 700 | 686,360 | |
9,415,542 | |||||
Banks 0.7% | |||||
Citigroup, Inc., Jr. Sub. Notes | 3.875(ff) | 02/18/26(oo) | 625 | 568,625 |
5
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Banks (cont’d.) | |||||
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A | 7.625 % | 05/01/26 | 700 | $636,896 | |
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes | 6.125 | 09/14/23 | 2,425 | 2,483,758 | |
3,689,279 | |||||
Building Materials 2.1% | |||||
Cornerstone Building Brands, Inc., Gtd. Notes, 144A | 6.125 | 01/15/29 | 1,100 | 916,162 | |
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A | 7.875 | 01/31/27 | 400 | 387,056 | |
Griffon Corp., Gtd. Notes | 5.750 | 03/01/28 | 1,380 | 1,232,052 | |
JELD-WEN, Inc., Gtd. Notes, 144A | 4.625 | 12/15/25 | 701 | 662,994 | |
Masonite International Corp., | |||||
Gtd. Notes, 144A | 3.500 | 02/15/30 | 375 | 317,909 | |
Gtd. Notes, 144A | 5.375 | 02/01/28 | 180 | 172,659 | |
MIWD Holdco II LLC/MIWD Finance Corp., Gtd. Notes, 144A | 5.500 | 02/01/30 | 625 | 544,637 | |
SRM Escrow Issuer LLC, Sr. Sec’d. Notes, 144A | 6.000 | 11/01/28 | 1,550 | 1,488,617 | |
Standard Industries, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 3.375 | 01/15/31 | 625 | 497,215 | |
Sr. Unsec’d. Notes, 144A(aa) | 4.375 | 07/15/30 | 1,375 | 1,149,077 | |
Sr. Unsec’d. Notes, 144A(aa) | 4.750 | 01/15/28 | 1,500 | 1,381,108 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/15/27 | 320 | 303,564 | |
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A(aa) | 6.500 | 03/15/27 | 1,400 | 1,396,908 | |
10,449,958 | |||||
Chemicals 4.2% | |||||
Ashland LLC, Gtd. Notes(aa) | 6.875 | 05/15/43 | 2,125 | 2,383,128 | |
ASP Unifrax Holdings, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.250 | 09/30/28 | 375 | 330,711 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 09/30/29 | 225 | 184,303 |
6
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Chemicals (cont’d.) | |||||
Chemours Co. (The), | |||||
Gtd. Notes, 144A | 4.625 % | 11/15/29 | 1,490 | $1,290,355 | |
Gtd. Notes, 144A | 5.750 | 11/15/28 | 1,305 | 1,228,518 | |
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A | 6.750 | 08/15/24 | 1,820 | 1,645,486 | |
Diamond BC BV, Gtd. Notes, 144A | 4.625 | 10/01/29 | 580 | 499,438 | |
EverArc Escrow Sarl, Sr. Sec’d. Notes, 144A | 5.000 | 10/30/29 | 820 | 718,335 | |
Ingevity Corp., Gtd. Notes, 144A | 3.875 | 11/01/28 | 275 | 248,229 | |
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A(aa) | 4.875 | 06/01/24 | 1,100 | 1,084,375 | |
Olympus Water US Holding Corp., | |||||
Sr. Sec’d. Notes, 144A | 4.250 | 10/01/28 | 625 | 554,912 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 10/01/29 | 350 | 292,683 | |
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A | 7.250 | 04/01/25 | 1,590 | 1,535,304 | |
SCIH Salt Holdings, Inc., Sr. Unsec’d. Notes, 144A | 6.625 | 05/01/29 | 275 | 219,822 | |
SPCM SA (France), Sr. Unsec’d. Notes, 144A | 3.375 | 03/15/30 | 450 | 385,970 | |
TPC Group, Inc., | |||||
Sr. Sec’d. Notes, 144A (original cost $1,968,531; purchased 07/19/19 - 08/21/20)(f) | 10.500 | 08/01/24 | 2,050 | 686,802 | |
Sr. Sec’d. Notes, 144A (original cost $495,261; purchased 02/01/21)(f) | 10.875 | 08/01/24 | 505 | 514,020 | |
Tronox, Inc., Gtd. Notes, 144A(aa) | 4.625 | 03/15/29 | 2,200 | 1,963,500 | |
Valvoline, Inc., | |||||
Gtd. Notes, 144A | 4.250 | 02/15/30 | 460 | 399,820 | |
Sr. Unsec’d. Notes, 144A | 3.625 | 06/15/31 | 600 | 487,422 | |
Venator Finance Sarl/Venator Materials LLC, | |||||
Gtd. Notes, 144A | 5.750 | 07/15/25 | 2,577 | 2,112,936 | |
Sr. Sec’d. Notes, 144A | 9.500 | 07/01/25 | 1,040 | 1,080,452 | |
WR Grace Holdings LLC, | |||||
Sr. Sec’d. Notes, 144A | 4.875 | 06/15/27 | 600 | 564,016 |
7
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Chemicals (cont’d.) | |||||
WR Grace Holdings LLC, (cont’d.) | |||||
Sr. Sec’d. Notes, 144A | 5.625 % | 10/01/24 | 100 | $100,705 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 08/15/29 | 450 | 386,491 | |
20,897,733 | |||||
Coal 0.1% | |||||
Coronado Finance Pty Ltd. (Australia), Sr. Sec’d. Notes, 144A | 10.750 | 05/15/26 | 450 | 483,596 | |
Commercial Services 5.7% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 459 | 421,138 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | |||||
Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 430 | 415,599 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 06/01/29 | 950 | 786,132 | |
Sr. Unsec’d. Notes, 144A | 9.750 | 07/15/27 | 2,900 | 2,816,841 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | |||||
Sr. Sec’d. Notes, 144A | 4.625 | 06/01/28 | 860 | 761,534 | |
Sr. Sec’d. Notes, 144A | 4.625 | 06/01/28 | 1,065 | 943,454 | |
Alta Equipment Group, Inc., Sec’d. Notes, 144A | 5.625 | 04/15/26 | 500 | 464,658 | |
AMN Healthcare, Inc., | |||||
Gtd. Notes, 144A | 4.000 | 04/15/29 | 725 | 656,355 | |
Gtd. Notes, 144A | 4.625 | 10/01/27 | 400 | 384,301 | |
APi Escrow Corp., Gtd. Notes, 144A | 4.750 | 10/15/29 | 325 | 296,897 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes, 144A | 4.750 | 04/01/28 | 1,295 | 1,208,071 | |
Avis Budget Finance PLC, Gtd. Notes | 4.750 | 01/30/26 | EUR | 275 | 287,960 |
Brink’s Co. (The), | |||||
Gtd. Notes, 144A | 4.625 | 10/15/27 | 375 | 355,374 | |
Gtd. Notes, 144A(aa) | 5.500 | 07/15/25 | 200 | 200,752 | |
Carriage Services, Inc., Gtd. Notes, 144A | 4.250 | 05/15/29 | 325 | 285,201 | |
Gartner, Inc., | |||||
Gtd. Notes, 144A | 3.625 | 06/15/29 | 425 | 383,721 |
8
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services (cont’d.) | |||||
Gartner, Inc., (cont’d.) | |||||
Gtd. Notes, 144A | 3.750 % | 10/01/30 | 325 | $290,740 | |
Herc Holdings, Inc., Gtd. Notes, 144A | 5.500 | 07/15/27 | 441 | 432,048 | |
Hertz Corp. (The), | |||||
Gtd. Notes, 144A | 4.625 | 12/01/26 | 275 | 251,169 | |
Gtd. Notes, 144A | 5.000 | 12/01/29 | 525 | 459,577 | |
Metis Merger Sub LLC, Sr. Unsec’d. Notes, 144A | 6.500 | 05/15/29 | 1,925 | 1,674,723 | |
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A | 5.500 | 09/01/28 | 1,300 | 1,202,973 | |
NESCO Holdings II, Inc., Sec’d. Notes, 144A | 5.500 | 04/15/29 | 900 | 847,845 | |
Service Corp. International, Sr. Unsec’d. Notes | 4.000 | 05/15/31 | 1,350 | 1,219,490 | |
United Rentals North America, Inc., | |||||
Gtd. Notes | 3.750 | 01/15/32 | 575 | 500,803 | |
Gtd. Notes | 4.000 | 07/15/30 | 150 | 134,251 | |
Gtd. Notes(aa) | 4.875 | 01/15/28 | 5,770 | 5,615,884 | |
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A | 9.750 | 08/15/26 | 4,895 | 5,041,850 | |
28,339,341 | |||||
Computers 0.7% | |||||
CA Magnum Holdings (India), Sr. Sec’d. Notes, 144A | 5.375 | 10/31/26 | 225 | 215,555 | |
Condor Merger Sub, Inc., Sr. Unsec’d. Notes, 144A | 7.375 | 02/15/30 | 655 | 585,995 | |
NCR Corp., | |||||
Gtd. Notes, 144A | 5.000 | 10/01/28 | 550 | 524,541 | |
Gtd. Notes, 144A | 5.125 | 04/15/29 | 425 | 402,127 | |
Gtd. Notes, 144A | 5.250 | 10/01/30 | 350 | 328,777 | |
Gtd. Notes, 144A(aa) | 5.750 | 09/01/27 | 1,000 | 966,013 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A | 5.750 | 06/01/25 | 375 | 377,453 | |
3,400,461 |
9
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Distribution/Wholesale 0.6% | |||||
Avient Corp., Sr. Unsec’d. Notes, 144A | 5.750 % | 05/15/25 | 870 | $878,343 | |
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 2,300 | 2,002,788 | |
2,881,131 | |||||
Diversified Financial Services 4.5% | |||||
Bread Financial Holdings, Inc., Gtd. Notes, 144A | 4.750 | 12/15/24 | 1,075 | 1,045,548 | |
goeasy Ltd. (Canada), | |||||
Gtd. Notes, 144A | 4.375 | 05/01/26 | 525 | 490,835 | |
Gtd. Notes, 144A | 5.375 | 12/01/24 | 500 | 489,888 | |
Home Point Capital, Inc., Gtd. Notes, 144A | 5.000 | 02/01/26 | 675 | 534,816 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., Sr. Unsec’d. Notes, 144A | 5.000 | 08/15/28 | 1,275 | 1,161,822 | |
LD Holdings Group LLC, Gtd. Notes, 144A | 6.125 | 04/01/28 | 1,100 | 830,742 | |
LFS Topco LLC, Gtd. Notes, 144A | 5.875 | 10/15/26 | 875 | 812,843 | |
LPL Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.000 | 03/15/29 | 1,375 | 1,252,507 | |
Gtd. Notes, 144A | 4.375 | 05/15/31 | 100 | 91,511 | |
Nationstar Mortgage Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.125 | 12/15/30 | 850 | 739,825 | |
Gtd. Notes, 144A(aa) | 5.500 | 08/15/28 | 2,645 | 2,415,922 | |
Gtd. Notes, 144A(aa) | 6.000 | 01/15/27 | 1,725 | 1,674,869 | |
Navient Corp., Sr. Unsec’d. Notes | 5.500 | 03/15/29 | 875 | 771,857 | |
OneMain Finance Corp., | |||||
Gtd. Notes | 3.875 | 09/15/28 | 400 | 339,858 | |
Gtd. Notes | 4.000 | 09/15/30 | 1,025 | 838,850 | |
Gtd. Notes | 6.625 | 01/15/28 | 125 | 123,576 | |
Gtd. Notes(aa) | 6.875 | 03/15/25 | 750 | 757,298 | |
Gtd. Notes(aa) | 7.125 | 03/15/26 | 5,498 | 5,596,169 | |
PennyMac Financial Services, Inc., | |||||
Gtd. Notes, 144A | 4.250 | 02/15/29 | 575 | 463,299 | |
Gtd. Notes, 144A | 5.375 | 10/15/25 | 800 | 760,321 |
10
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Diversified Financial Services (cont’d.) | |||||
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland), | |||||
Sr. Unsec’d. Notes, 144A | 6.375 % | 02/01/30 | 750 | $656,986 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 05/01/27 | 550 | 517,937 | |
22,367,279 | |||||
Electric 5.3% | |||||
Calpine Corp., | |||||
Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 1,350 | 1,180,012 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/31 | 1,975 | 1,684,884 | |
Sr. Unsec’d. Notes, 144A(aa) | 5.125 | 03/15/28 | 5,950 | 5,405,005 | |
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A | 13.000 | 06/01/24 | 353 | 211,903 | |
NRG Energy, Inc., | |||||
Gtd. Notes(aa) | 5.750 | 01/15/28 | 2,975 | 2,904,900 | |
Gtd. Notes, 144A | 3.375 | 02/15/29 | 200 | 171,144 | |
Gtd. Notes, 144A | 3.625 | 02/15/31 | 600 | 500,832 | |
Gtd. Notes, 144A | 3.875 | 02/15/32 | 575 | 480,252 | |
Gtd. Notes, 144A | 5.250 | 06/15/29 | 800 | 756,934 | |
PG&E Corp., | |||||
Sr. Sec’d. Notes(aa) | 5.000 | 07/01/28 | 1,625 | 1,496,092 | |
Sr. Sec’d. Notes(aa) | 5.250 | 07/01/30 | 2,135 | 1,944,884 | |
Vistra Corp., | |||||
Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 550 | 535,330 | |
Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 1,200 | 1,207,405 | |
Vistra Operations Co. LLC, | |||||
Gtd. Notes, 144A | 4.375 | 05/01/29 | 500 | 455,084 | |
Gtd. Notes, 144A(aa) | 5.000 | 07/31/27 | 1,100 | 1,055,576 | |
Gtd. Notes, 144A(aa) | 5.625 | 02/15/27 | 6,700 | 6,608,671 | |
26,598,908 | |||||
Electrical Components & Equipment 0.5% | |||||
Energizer Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.375 | 03/31/29 | 200 | 166,466 | |
Gtd. Notes, 144A | 4.750 | 06/15/28 | 350 | 307,060 |
11
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electrical Components & Equipment (cont’d.) | |||||
WESCO Distribution, Inc., | |||||
Gtd. Notes, 144A | 7.125 % | 06/15/25 | 650 | $674,854 | |
Gtd. Notes, 144A(aa) | 7.250 | 06/15/28 | 1,130 | 1,174,319 | |
2,322,699 | |||||
Electronics 0.3% | |||||
Likewize Corp., Sr. Sec’d. Notes, 144A | 9.750 | 10/15/25 | 1,315 | 1,278,888 | |
Sensata Technologies, Inc., Gtd. Notes, 144A | 3.750 | 02/15/31 | 260 | 220,061 | |
1,498,949 | |||||
Engineering & Construction 0.4% | |||||
AECOM, Gtd. Notes(aa) | 5.125 | 03/15/27 | 555 | 548,863 | |
Artera Services LLC, Sr. Sec’d. Notes, 144A | 9.033 | 12/04/25 | 700 | 662,469 | |
TopBuild Corp., | |||||
Gtd. Notes, 144A | 3.625 | 03/15/29 | 500 | 435,696 | |
Gtd. Notes, 144A | 4.125 | 02/15/32 | 425 | 367,532 | |
2,014,560 | |||||
Entertainment 3.4% | |||||
AMC Entertainment Holdings, Inc., Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000% | 10.000 | 06/15/26 | 533 | 445,903 | |
Caesars Entertainment, Inc., | |||||
Sr. Sec’d. Notes, 144A | 6.250 | 07/01/25 | 1,635 | 1,653,454 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 10/15/29 | 800 | 690,693 | |
Caesars Resort Collection LLC/CRC Finco, Inc., Sr. Sec’d. Notes, 144A | 5.750 | 07/01/25 | 425 | 433,806 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 275 | 274,333 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC, Gtd. Notes | 6.500 | 10/01/28 | 300 | 302,098 |
12
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Entertainment (cont’d.) | |||||
Everi Holdings, Inc., Gtd. Notes, 144A | 5.000 % | 07/15/29 | 250 | $226,709 | |
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A(aa) | 7.625 | 04/15/26 | 2,275 | 2,334,777 | |
International Game Technology PLC, | |||||
Sr. Sec’d. Notes, 144A | 4.125 | 04/15/26 | 500 | 469,878 | |
Sr. Sec’d. Notes, 144A(aa) | 6.500 | 02/15/25 | 1,610 | 1,637,565 | |
Jacobs Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 6.750 | 02/15/29 | 525 | 518,676 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Sr. Sec’d. Notes, 144A | 4.875 | 05/01/29 | 825 | 728,660 | |
Motion Bondco DAC (United Kingdom), Gtd. Notes, 144A | 6.625 | 11/15/27 | 1,419 | 1,306,435 | |
Penn National Gaming, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 4.125 | 07/01/29 | 675 | 572,239 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 01/15/27 | 1,980 | 1,896,822 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | |||||
Gtd. Notes, 144A | 5.625 | 09/01/29 | 575 | 458,933 | |
Gtd. Notes, 144A | 5.875 | 09/01/31 | 1,225 | 950,555 | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., Sr. Unsec’d. Notes, 144A | 6.625 | 03/01/30 | 475 | 451,250 | |
Scientific Games International, Inc., Gtd. Notes, 144A | 8.625 | 07/01/25 | 800 | 840,000 | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | |||||
Gtd. Notes, 144A(aa) | 5.125 | 10/01/29 | 860 | 753,573 | |
Sr. Unsec’d. Notes, 144A | 7.750 | 04/15/25 | 275 | 283,526 | |
17,229,885 | |||||
Environmental Control 0.2% | |||||
GFL Environmental, Inc. (Canada), | |||||
Gtd. Notes, 144A | 4.000 | 08/01/28 | 275 | 242,365 | |
Gtd. Notes, 144A | 4.375 | 08/15/29 | 575 | 509,484 | |
Madison IAQ LLC, Sr. Unsec’d. Notes, 144A | 5.875 | 06/30/29 | 100 | 81,523 | |
833,372 |
13
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Foods 4.5% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, Gtd. Notes, 144A(aa) | 3.500 % | 03/15/29 | 1,560 | $1,313,186 | |
B&G Foods, Inc., Gtd. Notes(aa) | 5.250 | 09/15/27 | 1,850 | 1,694,207 | |
C&S Group Enterprises LLC, Gtd. Notes, 144A | 5.000 | 12/15/28 | 875 | 748,116 | |
Chobani LLC/Chobani Finance Corp., Inc., | |||||
Gtd. Notes, 144A | 7.500 | 04/15/25 | 1,225 | 1,152,937 | |
Sr. Sec’d. Notes, 144A | 4.625 | 11/15/28 | 475 | 427,449 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 12/01/31 | 525 | 462,198 | |
Gtd. Notes, 144A | 6.500 | 04/15/29 | 1,025 | 1,060,382 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 01/15/30 | 900 | 890,115 | |
Kraft Heinz Foods Co., | |||||
Gtd. Notes(aa) | 4.375 | 06/01/46 | 1,775 | 1,555,564 | |
Gtd. Notes | 4.875 | 10/01/49 | 1,075 | 1,000,286 | |
Gtd. Notes | 5.000 | 07/15/35 | 235 | 234,106 | |
Gtd. Notes | 5.000 | 06/04/42 | 450 | 432,486 | |
Gtd. Notes | 5.200 | 07/15/45 | 300 | 292,770 | |
Gtd. Notes(aa) | 5.500 | 06/01/50 | 1,450 | 1,465,339 | |
Lamb Weston Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.125 | 01/31/30 | 725 | 646,646 | |
Gtd. Notes, 144A | 4.375 | 01/31/32 | 725 | 650,908 | |
Market Bidco Finco PLC (United Kingdom), Sr. Sec’d. Notes, 144A | 5.500 | 11/04/27 | GBP | 650 | 727,435 |
Pilgrim’s Pride Corp., | |||||
Gtd. Notes, 144A | 3.500 | 03/01/32 | 375 | 317,846 | |
Gtd. Notes, 144A(aa) | 5.875 | 09/30/27 | 4,800 | 4,833,496 | |
Post Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 04/15/30 | 1,025 | 876,612 | |
Gtd. Notes, 144A | 5.500 | 12/15/29 | 225 | 204,505 | |
Sr. Unsec’d. Notes, 144A(aa) | 4.500 | 09/15/31 | 2,050 | 1,709,698 | |
22,696,287 | |||||
Gas 1.3% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., | |||||
Sr. Unsec’d. Notes(aa) | 5.500 | 05/20/25 | 600 | 590,660 |
14
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Gas (cont’d.) | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., (cont’d.) | |||||
Sr. Unsec’d. Notes | 5.625 % | 05/20/24 | 200 | $201,074 | |
Sr. Unsec’d. Notes(aa) | 5.750 | 05/20/27 | 3,250 | 3,191,471 | |
Sr. Unsec’d. Notes(aa) | 5.875 | 08/20/26 | 575 | 568,131 | |
Ferrellgas Escrow LLC, Sr. Sec’d. Notes^ | 8.956 | 03/30/31 | 2,125 | 2,125,000 | |
6,676,336 | |||||
Healthcare-Products 0.9% | |||||
Mozart Debt Merger Sub, Inc., | |||||
Sr. Sec’d. Notes, 144A(aa) | 3.875 | 04/01/29 | 2,750 | 2,404,339 | |
Sr. Unsec’d. Notes, 144A(aa) | 5.250 | 10/01/29 | 2,450 | 2,131,230 | |
4,535,569 | |||||
Healthcare-Services 3.7% | |||||
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A | 3.500 | 04/01/30 | 250 | 217,944 | |
CHS/Community Health Systems, Inc., Sr. Sec’d. Notes, 144A | 5.250 | 05/15/30 | 525 | 460,585 | |
DaVita, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 02/15/31 | 1,400 | 1,140,658 | |
Gtd. Notes, 144A(aa) | 4.625 | 06/01/30 | 3,250 | 2,833,322 | |
HCA, Inc., Gtd. Notes | 5.875 | 02/01/29 | 100 | 104,189 | |
LifePoint Health, Inc., Gtd. Notes, 144A | 5.375 | 01/15/29 | 775 | 662,628 | |
MEDNAX, Inc., Gtd. Notes, 144A | 5.375 | 02/15/30 | 450 | 421,797 | |
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A | 7.250 | 11/01/25 | 1,225 | 1,228,063 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A | 9.750 | 12/01/26 | 3,400 | 3,492,265 | |
Tenet Healthcare Corp., | |||||
Gtd. Notes, 144A | 6.125 | 10/01/28 | 825 | 791,508 | |
Sr. Sec’d. Notes, 144A(aa) | 4.250 | 06/01/29 | 1,800 | 1,629,740 | |
Sr. Sec’d. Notes, 144A | 4.375 | 01/15/30 | 1,850 | 1,683,485 |
15
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Healthcare-Services (cont’d.) | |||||
Tenet Healthcare Corp., (cont’d.) | |||||
Sr. Unsec’d. Notes(aa) | 6.750 % | 06/15/23 | 1,425 | $1,466,574 | |
Sr. Unsec’d. Notes(aa) | 6.875 | 11/15/31 | 2,200 | 2,279,407 | |
18,412,165 | |||||
Home Builders 5.7% | |||||
Ashton Woods USA LLC/Ashton Woods Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 4.625 | 08/01/29 | 825 | 694,270 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 04/01/30 | 625 | 511,069 | |
Beazer Homes USA, Inc., | |||||
Gtd. Notes | 5.875 | 10/15/27 | 1,100 | 1,010,240 | |
Gtd. Notes(aa) | 7.250 | 10/15/29 | 2,850 | 2,716,793 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | |||||
Gtd. Notes, 144A | 4.875 | 02/15/30 | 1,875 | 1,564,381 | |
Gtd. Notes, 144A(aa) | 6.250 | 09/15/27 | 815 | 764,299 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 06/15/29 | 400 | 353,439 | |
Century Communities, Inc., | |||||
Gtd. Notes(aa) | 6.750 | 06/01/27 | 1,725 | 1,743,351 | |
Gtd. Notes, 144A | 3.875 | 08/15/29 | 150 | 126,498 | |
Forestar Group, Inc., | |||||
Gtd. Notes, 144A | 3.850 | 05/15/26 | 450 | 404,725 | |
Gtd. Notes, 144A(aa) | 5.000 | 03/01/28 | 950 | 857,711 | |
KB Home, | |||||
Gtd. Notes | 4.000 | 06/15/31 | 500 | 427,459 | |
Gtd. Notes | 4.800 | 11/15/29 | 575 | 520,524 | |
Gtd. Notes(aa) | 6.875 | 06/15/27 | 1,650 | 1,711,976 | |
Lennar Corp., Gtd. Notes(aa) | 5.000 | 06/15/27 | 1,250 | 1,268,640 | |
M/I Homes, Inc., | |||||
Gtd. Notes | 3.950 | 02/15/30 | 375 | 310,363 | |
Gtd. Notes | 4.950 | 02/01/28 | 425 | 391,628 | |
Mattamy Group Corp. (Canada), | |||||
Sr. Unsec’d. Notes, 144A(aa) | 4.625 | 03/01/30 | 1,158 | 988,194 | |
Sr. Unsec’d. Notes, 144A(aa) | 5.250 | 12/15/27 | 1,075 | 1,005,293 | |
Meritage Homes Corp., Gtd. Notes(aa) | 5.125 | 06/06/27 | 2,523 | 2,486,388 | |
Shea Homes LP/Shea Homes Funding Corp., | |||||
Sr. Unsec’d. Notes, 144A | 4.750 | 02/15/28 | 1,293 | 1,152,559 |
16
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
Shea Homes LP/Shea Homes Funding Corp., (cont’d.) | |||||
Sr. Unsec’d. Notes, 144A | 4.750 % | 04/01/29 | 475 | $413,994 | |
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A | 7.500 | 02/15/26 | 925 | 882,141 | |
Taylor Morrison Communities, Inc., | |||||
Gtd. Notes, 144A | 5.875 | 06/15/27 | 375 | 372,306 | |
Gtd. Notes, 144A(aa) | 6.625 | 07/15/27 | 2,800 | 2,815,122 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 08/01/30 | 480 | 439,200 | |
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A(aa) | 5.625 | 03/01/24 | 1,873 | 1,883,300 | |
Tri Pointe Homes, Inc., Gtd. Notes | 5.700 | 06/15/28 | 915 | 878,680 | |
28,694,543 | |||||
Home Furnishings 0.0% | |||||
Tempur Sealy International, Inc., Gtd. Notes, 144A | 4.000 | 04/15/29 | 200 | 173,493 | |
Household Products/Wares 0.4% | |||||
ACCO Brands Corp., Gtd. Notes, 144A | 4.250 | 03/15/29 | 1,075 | 939,809 | |
Central Garden & Pet Co., Gtd. Notes, 144A | 4.125 | 04/30/31 | 100 | 85,795 | |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), | |||||
Gtd. Notes, 144A | 7.000 | 12/31/27 | 800 | 636,531 | |
Sr. Sec’d. Notes, 144A | 5.000 | 12/31/26 | 175 | 156,524 | |
Spectrum Brands, Inc., | |||||
Gtd. Notes, 144A | 3.875 | 03/15/31 | 200 | 168,303 | |
Gtd. Notes, 144A | 5.000 | 10/01/29 | 250 | 232,624 | |
2,219,586 | |||||
Housewares 0.6% | |||||
Scotts Miracle-Gro Co. (The), | |||||
Gtd. Notes | 4.000 | 04/01/31 | 750 | 617,283 | |
Gtd. Notes | 4.375 | 02/01/32 | 350 | 292,862 | |
Gtd. Notes | 4.500 | 10/15/29 | 1,125 | 996,862 |
17
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Housewares (cont’d.) | |||||
SWF Escrow Issuer Corp., Sr. Unsec’d. Notes, 144A | 6.500 % | 10/01/29 | 1,675 | $1,296,400 | |
3,203,407 | |||||
Insurance 0.3% | |||||
Acrisure LLC/Acrisure Finance, Inc., Sr. Unsec’d. Notes, 144A | 6.000 | 08/01/29 | 365 | 318,851 | |
AmWINS Group, Inc., Sr. Unsec’d. Notes, 144A | 4.875 | 06/30/29 | 400 | 365,937 | |
BroadStreet Partners, Inc., Sr. Unsec’d. Notes, 144A | 5.875 | 04/15/29 | 875 | 760,093 | |
1,444,881 | |||||
Internet 1.4% | |||||
Cablevision Lightpath LLC, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 09/15/27 | 1,925 | 1,695,511 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/28 | 825 | 708,351 | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., | |||||
Gtd. Notes, 144A | 3.500 | 03/01/29 | 525 | 466,475 | |
Gtd. Notes, 144A | 5.250 | 12/01/27 | 1,365 | 1,349,897 | |
NortonLifeLock, Inc., Sr. Unsec’d. Notes, 144A | 5.000 | 04/15/25 | 3,000 | 2,998,459 | |
7,218,693 | |||||
Iron/Steel 0.5% | |||||
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 01/31/29 | 1,359 | 1,389,899 | |
Commercial Metals Co., | |||||
Sr. Unsec’d. Notes | 4.125 | 01/15/30 | 300 | 272,890 | |
Sr. Unsec’d. Notes | 4.375 | 03/15/32 | 300 | 268,019 | |
TMS International Corp., Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/29 | 175 | 151,213 | |
United States Steel Corp., Sr. Unsec’d. Notes | 6.875 | 03/01/29 | 345 | 350,890 | |
2,432,911 |
18
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Leisure Time 0.2% | |||||
Viking Cruises Ltd., Gtd. Notes, 144A | 5.875 % | 09/15/27 | 350 | $297,177 | |
Viking Ocean Cruises Ship VII Ltd., Sr. Sec’d. Notes, 144A | 5.625 | 02/15/29 | 200 | 177,255 | |
Vista Outdoor, Inc., Gtd. Notes, 144A | 4.500 | 03/15/29 | 675 | 606,379 | |
1,080,811 | |||||
Lodging 1.8% | |||||
Boyd Gaming Corp., | |||||
Gtd. Notes, 144A | 4.750 | 06/15/31 | 375 | 339,723 | |
Gtd. Notes, 144A | 8.625 | 06/01/25 | 226 | 235,884 | |
Hilton Domestic Operating Co., Inc., | |||||
Gtd. Notes, 144A | 3.625 | 02/15/32 | 900 | 763,234 | |
Gtd. Notes, 144A | 3.750 | 05/01/29 | 225 | 204,509 | |
Gtd. Notes, 144A | 4.000 | 05/01/31 | 275 | 246,759 | |
MGM Resorts International, | |||||
Gtd. Notes | 4.625 | 09/01/26 | 275 | 259,035 | |
Gtd. Notes(aa) | 4.750 | 10/15/28 | 400 | 367,518 | |
Gtd. Notes(aa) | 5.500 | 04/15/27 | 1,061 | 1,030,105 | |
Gtd. Notes | 5.750 | 06/15/25 | 50 | 49,642 | |
Gtd. Notes(aa) | 6.750 | 05/01/25 | 2,025 | 2,074,774 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A | 5.875 | 05/15/25 | 625 | 612,542 | |
Wynn Macau Ltd. (Macau), | |||||
Sr. Unsec’d. Notes, 144A | 5.125 | 12/15/29 | 1,325 | 1,046,663 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 08/26/28 | 1,900 | 1,525,429 | |
8,755,817 | |||||
Machinery-Construction & Mining 0.1% | |||||
Terex Corp., Gtd. Notes, 144A | 5.000 | 05/15/29 | 725 | 666,508 | |
Machinery-Diversified 0.6% | |||||
GrafTech Finance, Inc., Sr. Sec’d. Notes, 144A | 4.625 | 12/15/28 | 700 | 642,811 |
19
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Machinery-Diversified (cont’d.) | |||||
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A(aa) | 10.125 % | 08/01/24 | 1,815 | $1,795,235 | |
TK Elevator Holdco GmbH (Germany), Gtd. Notes, 144A | 7.625 | 07/15/28 | 200 | 192,460 | |
TK Elevator US Newco, Inc. (Germany), Sr. Sec’d. Notes, 144A | 5.250 | 07/15/27 | 625 | 586,223 | |
3,216,729 | |||||
Media 9.1% | |||||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes | 4.500 | 05/01/32 | 1,850 | 1,558,801 | |
Sr. Unsec’d. Notes, 144A(aa) | 4.250 | 02/01/31 | 5,600 | 4,726,731 | |
Sr. Unsec’d. Notes, 144A | 4.500 | 06/01/33 | 700 | 573,658 | |
Sr. Unsec’d. Notes, 144A(aa) | 4.750 | 03/01/30 | 2,900 | 2,589,059 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/28 | 1,000 | 952,691 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/26 | 250 | 250,625 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A | 3.375 | 02/15/31 | 1,175 | 917,144 | |
Gtd. Notes, 144A(aa) | 4.125 | 12/01/30 | 775 | 641,087 | |
Gtd. Notes, 144A | 5.500 | 04/15/27 | 200 | 193,203 | |
Gtd. Notes, 144A | 6.500 | 02/01/29 | 1,200 | 1,146,371 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 12/01/30 | 4,875 | 3,728,205 | |
Sr. Unsec’d. Notes, 144A(aa) | 5.750 | 01/15/30 | 2,550 | 2,116,149 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||
Gtd. Notes, 144A | 6.625 | 08/15/27 | 6,595 | 1,380,037 | |
Sec’d. Notes, 144A | 5.375 | 08/15/26 | 3,085 | 1,126,308 | |
DISH DBS Corp., | |||||
Gtd. Notes | 5.125 | 06/01/29 | 1,840 | 1,436,864 | |
Gtd. Notes | 5.875 | 11/15/24 | 90 | 87,681 | |
Gtd. Notes | 7.375 | 07/01/28 | 750 | 660,875 | |
Gtd. Notes | 7.750 | 07/01/26 | 5,180 | 4,945,659 | |
Gray Television, Inc., | |||||
Gtd. Notes, 144A | 5.875 | 07/15/26 | 200 | 201,754 | |
Gtd. Notes, 144A | 7.000 | 05/15/27 | 1,625 | 1,682,960 | |
iHeartCommunications, Inc., | |||||
Gtd. Notes(aa) | 8.375 | 05/01/27 | 2,870 | 2,840,927 | |
Sr. Sec’d. Notes | 6.375 | 05/01/26 | 395 | 395,881 | |
20
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A | 5.375 % | 08/15/27 | 550 | $537,225 | |
News Corp., Sr. Unsec’d. Notes, 144A | 3.875 | 05/15/29 | 325 | 292,608 | |
Nexstar Media, Inc., | |||||
Gtd. Notes, 144A | 4.750 | 11/01/28 | 775 | 705,625 | |
Gtd. Notes, 144A | 5.625 | 07/15/27 | 1,500 | 1,460,512 | |
Radiate Holdco LLC/Radiate Finance, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 09/15/26 | 610 | 562,867 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 09/15/28 | 1,700 | 1,486,458 | |
Univision Communications, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 05/01/29 | 400 | 359,089 | |
Sr. Sec’d. Notes, 144A(aa) | 5.125 | 02/15/25 | 2,300 | 2,270,715 | |
Sr. Sec’d. Notes, 144A(aa) | 6.625 | 06/01/27 | 2,135 | 2,147,933 | |
VZ Secured Financing BV (Netherlands), Sr. Sec’d. Notes, 144A | 5.000 | 01/15/32 | 1,600 | 1,397,577 | |
45,373,279 | |||||
Metal Fabricate/Hardware 0.1% | |||||
Roller Bearing Co. of America, Inc., Sr. Unsec’d. Notes, 144A | 4.375 | 10/15/29 | 525 | 474,457 | |
Mining 2.5% | |||||
Eldorado Gold Corp. (Turkey), Sr. Unsec’d. Notes, 144A | 6.250 | 09/01/29 | 1,550 | 1,499,349 | |
First Quantum Minerals Ltd. (Zambia), | |||||
Gtd. Notes, 144A | 6.500 | 03/01/24 | 500 | 501,472 | |
Gtd. Notes, 144A | 7.250 | 04/01/23 | 294 | 294,284 | |
Gtd. Notes, 144A | 7.500 | 04/01/25 | 3,305 | 3,351,613 | |
FMG Resources August 2006 Pty Ltd. (Australia), Sr. Unsec’d. Notes, 144A | 6.125 | 04/15/32 | 625 | 620,936 | |
Hecla Mining Co., Gtd. Notes(aa) | 7.250 | 02/15/28 | 1,075 | 1,086,091 | |
Hudbay Minerals, Inc. (Canada), | |||||
Gtd. Notes, 144A | 4.500 | 04/01/26 | 900 | 830,343 | |
Gtd. Notes, 144A | 6.125 | 04/01/29 | 1,195 | 1,132,688 | |
New Gold, Inc. (Canada), | |||||
Gtd. Notes, 144A | 6.375 | 05/15/25 | 755 | 767,326 |
21
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Mining (cont’d.) | |||||
New Gold, Inc. (Canada), (cont’d.) | |||||
Gtd. Notes, 144A | 7.500 % | 07/15/27 | 1,220 | $1,219,800 | |
Novelis Corp., | |||||
Gtd. Notes, 144A | 3.875 | 08/15/31 | 800 | 684,286 | |
Gtd. Notes, 144A | 4.750 | 01/30/30 | 275 | 252,750 | |
12,240,938 | |||||
Miscellaneous Manufacturing 0.4% | |||||
Amsted Industries, Inc., | |||||
Gtd. Notes, 144A(aa) | 5.625 | 07/01/27 | 1,075 | 1,069,633 | |
Sr. Unsec’d. Notes, 144A(aa) | 4.625 | 05/15/30 | 785 | 726,896 | |
1,796,529 | |||||
Office/Business Equipment 0.1% | |||||
CDW LLC/CDW Finance Corp., Gtd. Notes | 3.250 | 02/15/29 | 710 | 614,732 | |
Oil & Gas 7.9% | |||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A | 8.250 | 02/15/26 | 975 | 1,006,945 | |
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes^ | 7.875 | 12/15/24(d) | 5,325 | 36,210 | |
Antero Resources Corp., | |||||
Gtd. Notes, 144A | 5.375 | 03/01/30 | 825 | 807,121 | |
Gtd. Notes, 144A | 7.625 | 02/01/29 | 979 | 1,036,719 | |
Gtd. Notes, 144A | 8.375 | 07/15/26 | 162 | 174,670 | |
Apache Corp., Sr. Unsec’d. Notes | 5.350 | 07/01/49 | 115 | 101,423 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||
Gtd. Notes, 144A | 7.000 | 11/01/26 | 25 | 25,184 | |
Gtd. Notes, 144A | 9.000 | 11/01/27 | 252 | 350,644 | |
Athabasca Oil Corp. (Canada), Sec’d. Notes, 144A | 9.750 | 11/01/26 | 2,000 | 2,121,091 | |
Chesapeake Energy Corp., | |||||
Gtd. Notes, 144A | 5.500 | 02/01/26 | 375 | 372,025 | |
Gtd. Notes, 144A | 5.875 | 02/01/29 | 400 | 396,423 |
22
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Chesapeake Energy Corp., (cont’d.) | |||||
Gtd. Notes, 144A | 6.750 % | 04/15/29 | 725 | $729,704 | |
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A | 9.250 | 08/01/24 | 78 | 77,501 | |
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A | 7.000 | 06/15/25 | 1,175 | 1,167,618 | |
CNX Resources Corp., Gtd. Notes, 144A(aa) | 7.250 | 03/14/27 | 1,550 | 1,583,655 | |
Comstock Resources, Inc., | |||||
Gtd. Notes, 144A | 5.875 | 01/15/30 | 600 | 577,956 | |
Gtd. Notes, 144A | 6.750 | 03/01/29 | 975 | 985,370 | |
CrownRock LP/CrownRock Finance, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 5.000 | 05/01/29 | 500 | 489,500 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 10/15/25 | 575 | 574,972 | |
Endeavor Energy Resources LP/EER Finance, Inc., | |||||
Sr. Unsec’d. Notes, 144A(aa) | 5.750 | 01/30/28 | 975 | 977,507 | |
Sr. Unsec’d. Notes, 144A | 6.625 | 07/15/25 | 300 | 308,310 | |
EQT Corp., | |||||
Sr. Unsec’d. Notes | 3.900 | 10/01/27 | 600 | 575,559 | |
Sr. Unsec’d. Notes | 5.000 | 01/15/29 | 250 | 248,413 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 5.750 | 02/01/29 | 275 | 269,670 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 04/15/30 | 600 | 591,773 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 02/01/31 | 275 | 265,523 | |
Sr. Unsec’d. Notes, 144A(aa) | 6.250 | 11/01/28 | 1,658 | 1,652,380 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/32 | 750 | 731,608 | |
MEG Energy Corp. (Canada), | |||||
Gtd. Notes, 144A | 5.875 | 02/01/29 | 575 | 564,336 | |
Gtd. Notes, 144A | 7.125 | 02/01/27 | 1,802 | 1,829,921 | |
Nabors Industries Ltd., | |||||
Gtd. Notes, 144A | 7.250 | 01/15/26 | 975 | 954,123 | |
Gtd. Notes, 144A | 7.500 | 01/15/28 | 1,325 | 1,274,913 | |
Nabors Industries, Inc., | |||||
Gtd. Notes | 5.750 | 02/01/25 | 1,400 | 1,339,152 | |
Gtd. Notes, 144A | 7.375 | 05/15/27 | 50 | 51,072 | |
Occidental Petroleum Corp., | |||||
Sr. Unsec’d. Notes | 5.550 | 03/15/26 | 75 | 76,857 | |
Sr. Unsec’d. Notes | 6.125 | 01/01/31 | 745 | 784,150 | |
Sr. Unsec’d. Notes | 6.450 | 09/15/36 | 1,000 | 1,084,372 | |
Sr. Unsec’d. Notes | 7.150 | 05/15/28 | 900 | 963,411 |
23
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Occidental Petroleum Corp., (cont’d.) | |||||
Sr. Unsec’d. Notes | 8.875 % | 07/15/30 | 200 | $240,250 | |
Parkland Corp. (Canada), | |||||
Gtd. Notes, 144A | 4.500 | 10/01/29 | 525 | 460,225 | |
Gtd. Notes, 144A | 4.625 | 05/01/30 | 625 | 547,513 | |
Precision Drilling Corp. (Canada), | |||||
Gtd. Notes, 144A | 6.875 | 01/15/29 | 275 | 266,782 | |
Gtd. Notes, 144A(aa) | 7.125 | 01/15/26 | 2,160 | 2,163,673 | |
Range Resources Corp., | |||||
Gtd. Notes | 4.875 | 05/15/25 | 425 | 422,255 | |
Gtd. Notes | 5.000 | 03/15/23 | 1,523 | 1,526,468 | |
Gtd. Notes, 144A | 4.750 | 02/15/30 | 275 | 262,235 | |
Southwestern Energy Co., | |||||
Gtd. Notes | 4.750 | 02/01/32 | 650 | 614,939 | |
Gtd. Notes | 5.375 | 02/01/29 | 125 | 123,517 | |
Gtd. Notes(aa) | 5.375 | 03/15/30 | 1,900 | 1,876,558 | |
Sunoco LP/Sunoco Finance Corp., | |||||
Gtd. Notes | 4.500 | 05/15/29 | 905 | 815,437 | |
Gtd. Notes | 6.000 | 04/15/27 | 775 | 781,267 | |
Gtd. Notes, 144A | 4.500 | 04/30/30 | 700 | 631,260 | |
Transocean, Inc., | |||||
Gtd. Notes, 144A | 7.500 | 01/15/26 | 1,625 | 1,334,083 | |
Gtd. Notes, 144A | 8.000 | 02/01/27 | 100 | 79,785 | |
39,304,028 | |||||
Packaging & Containers 1.7% | |||||
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | 6.500 | 06/30/27 | 1,066 | 903,552 | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.125 | 08/15/26 | 475 | 440,608 | |
Sr. Unsec’d. Notes, 144A | 5.250 | 08/15/27 | 675 | 579,886 | |
Graham Packaging Co., Inc., Gtd. Notes, 144A | 7.125 | 08/15/28 | 1,360 | 1,226,520 | |
Intelligent Packaging Holdco Issuer LP (Canada), Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750% | 9.000 | 01/15/26 | 300 | 291,438 |
24
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Packaging & Containers (cont’d.) | |||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 % | 09/15/28 | 1,184 | $1,120,853 | |
LABL, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.875 | 11/01/28 | 425 | 389,077 | |
Sr. Sec’d. Notes, 144A | 6.750 | 07/15/26 | 250 | 240,586 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 11/01/29 | 1,275 | 1,059,709 | |
Sr. Unsec’d. Notes, 144A | 10.500 | 07/15/27 | 150 | 144,784 | |
OI European Group BV, Gtd. Notes, 144A | 4.750 | 02/15/30 | 400 | 355,061 | |
Owens-Brockway Glass Container, Inc., | |||||
Gtd. Notes, 144A | 6.375 | 08/15/25 | 500 | 503,380 | |
Gtd. Notes, 144A | 6.625 | 05/13/27 | 305 | 303,026 | |
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., Sr. Sec’d. Notes, 144A | 4.375 | 10/15/28 | 625 | 551,263 | |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, Sr. Sec’d. Notes, 144A | 4.000 | 10/15/27 | 50 | 43,559 | |
TriMas Corp., Gtd. Notes, 144A | 4.125 | 04/15/29 | 325 | 291,570 | |
8,444,872 | |||||
Pharmaceuticals 3.3% | |||||
AdaptHealth LLC, | |||||
Gtd. Notes, 144A | 4.625 | 08/01/29 | 1,225 | 1,043,659 | |
Gtd. Notes, 144A | 5.125 | 03/01/30 | 325 | 279,645 | |
Gtd. Notes, 144A | 6.125 | 08/01/28 | 670 | 635,883 | |
Bausch Health Americas, Inc., Gtd. Notes, 144A | 8.500 | 01/31/27 | 1,100 | 1,041,431 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A | 5.000 | 01/30/28 | 1,225 | 905,104 | |
Gtd. Notes, 144A | 5.000 | 02/15/29 | 950 | 668,375 | |
Gtd. Notes, 144A(aa) | 5.250 | 01/30/30 | 2,325 | 1,613,376 | |
Gtd. Notes, 144A(aa) | 5.250 | 02/15/31 | 2,635 | 1,830,950 | |
Gtd. Notes, 144A | 6.125 | 04/15/25 | 1,178 | 1,181,115 | |
Gtd. Notes, 144A | 6.250 | 02/15/29 | 2,960 | 2,157,763 | |
Gtd. Notes, 144A | 7.000 | 01/15/28 | 500 | 410,526 |
25
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pharmaceuticals (cont’d.) | |||||
Embecta Corp., | |||||
Sr. Sec’d. Notes, 144A | 5.000 % | 02/15/30 | 750 | $679,192 | |
Sr. Sec’d. Notes, 144A | 6.750 | 02/15/30 | 225 | 217,813 | |
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., Sr. Sec’d. Notes, 144A | 6.125 | 04/01/29 | 325 | 282,796 | |
Jazz Securities DAC, Sr. Sec’d. Notes, 144A | 4.375 | 01/15/29 | 1,075 | 994,028 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, | |||||
Sr. Sec’d. Notes, 144A | 4.125 | 04/30/28 | 450 | 418,011 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 04/30/31 | 1,100 | 994,875 | |
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A | 7.750 | 11/15/25 | 1,025 | 909,889 | |
Prestige Brands, Inc., Gtd. Notes, 144A | 3.750 | 04/01/31 | 550 | 466,795 | |
16,731,226 | |||||
Pipelines 4.7% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||
Gtd. Notes, 144A | 5.375 | 06/15/29 | 975 | 916,392 | |
Gtd. Notes, 144A(aa) | 5.750 | 01/15/28 | 2,425 | 2,354,561 | |
Cheniere Energy Partners LP, Gtd. Notes | 4.000 | 03/01/31 | 1,575 | 1,426,100 | |
Cheniere Energy, Inc., Sr. Sec’d. Notes(aa) | 4.625 | 10/15/28 | 3,250 | 3,158,494 | |
CNX Midstream Partners LP, Gtd. Notes, 144A | 4.750 | 04/15/30 | 200 | 183,117 | |
DCP Midstream Operating LP, | |||||
Gtd. Notes(aa) | 5.125 | 05/15/29 | 1,375 | 1,353,193 | |
Gtd. Notes | 5.625 | 07/15/27 | 510 | 518,206 | |
Energy Transfer LP, Jr. Sub. Notes, Series G(aa) | 7.125(ff) | 05/15/30(oo) | 1,075 | 1,014,841 | |
EQM Midstream Partners LP, | |||||
Sr. Unsec’d. Notes | 4.750 | 07/15/23 | 85 | 84,688 | |
Sr. Unsec’d. Notes | 5.500 | 07/15/28 | 50 | 47,763 | |
Sr. Unsec’d. Notes, 144A(aa) | 6.000 | 07/01/25 | 955 | 948,687 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 07/01/27 | 1,275 | 1,286,292 | |
Global Partners LP/GLP Finance Corp., | |||||
Gtd. Notes | 6.875 | 01/15/29 | 375 | 363,171 |
26
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines (cont’d.) | |||||
Global Partners LP/GLP Finance Corp., (cont’d.) | |||||
Gtd. Notes(aa) | 7.000 % | 08/01/27 | 750 | $736,079 | |
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A(aa) | 6.875 | 04/15/40 | 2,050 | 1,955,620 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A(aa) | 5.500 | 01/15/28 | 2,054 | 1,917,364 | |
Gtd. Notes, 144A | 6.000 | 12/31/30 | 925 | 851,151 | |
Gtd. Notes, 144A | 7.500 | 10/01/25 | 200 | 203,964 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes | 5.000 | 01/15/28 | 200 | 196,808 | |
Venture Global Calcasieu Pass LLC, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 08/15/29 | 985 | 899,430 | |
Sr. Sec’d. Notes, 144A | 4.125 | 08/15/31 | 385 | 351,214 | |
Western Midstream Operating LP, | |||||
Sr. Unsec’d. Notes | 3.600(cc) | 02/01/25 | 50 | 47,832 | |
Sr. Unsec’d. Notes | 3.950 | 06/01/25 | 600 | 582,818 | |
Sr. Unsec’d. Notes(aa) | 4.550(cc) | 02/01/30 | 2,375 | 2,188,096 | |
Sr. Unsec’d. Notes | 5.450 | 04/01/44 | 50 | 45,887 | |
Sr. Unsec’d. Notes | 5.500 | 08/15/48 | 75 | 65,918 | |
23,697,686 | |||||
Real Estate 1.8% | |||||
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A(aa) | 7.875 | 11/15/25 | 2,200 | 2,187,340 | |
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A(aa) | 5.750 | 12/01/25 | 2,000 | 2,011,241 | |
Howard Hughes Corp. (The), | |||||
Gtd. Notes, 144A | 4.125 | 02/01/29 | 1,175 | 1,064,322 | |
Gtd. Notes, 144A | 4.375 | 02/01/31 | 675 | 600,018 | |
Gtd. Notes, 144A | 5.375 | 08/01/28 | 340 | 329,851 | |
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A | 5.250 | 04/15/29 | 1,700 | 1,572,112 | |
Realogy Group LLC/Realogy Co-Issuer Corp., | |||||
Gtd. Notes, 144A | 5.250 | 04/15/30 | 1,050 | 850,825 | |
Gtd. Notes, 144A | 5.750 | 01/15/29 | 200 | 168,301 | |
8,784,010 |
27
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) 4.0% | |||||
Diversified Healthcare Trust, | |||||
Gtd. Notes | 4.375 % | 03/01/31 | 611 | $475,391 | |
Gtd. Notes(aa) | 9.750 | 06/15/25 | 2,500 | 2,619,865 | |
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 1,375 | 1,172,889 | |
MPT Operating Partnership LP/MPT Finance Corp., | |||||
Gtd. Notes | 3.500 | 03/15/31 | 150 | 127,648 | |
Gtd. Notes(aa) | 5.000 | 10/15/27 | 2,325 | 2,230,750 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Sec’d. Notes, 144A(aa) | 7.500 | 06/01/25 | 1,665 | 1,726,875 | |
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes, 144A | 4.500 | 02/15/29 | 225 | 203,786 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A | 7.875 | 02/15/25 | 6,650 | 6,791,153 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A | 4.750 | 04/15/28 | 1,035 | 924,952 | |
VICI Properties LP/VICI Note Co., Inc., | |||||
Gtd. Notes, 144A(aa) | 4.250 | 12/01/26 | 635 | 603,266 | |
Gtd. Notes, 144A | 4.500 | 01/15/28 | 2,000 | 1,960,000 | |
Gtd. Notes, 144A | 4.625 | 06/15/25 | 245 | 240,558 | |
Gtd. Notes, 144A(aa) | 4.625 | 12/01/29 | 825 | 772,058 | |
19,849,191 | |||||
Retail 4.7% | |||||
1011778 BC ULC/New Red Finance, Inc. (Canada), | |||||
Sec’d. Notes, 144A | 4.000 | 10/15/30 | 2,950 | 2,523,388 | |
Sr. Sec’d. Notes, 144A | 3.875 | 01/15/28 | 388 | 356,960 | |
At Home Group, Inc., | |||||
Gtd. Notes, 144A | 7.125 | 07/15/29 | 1,725 | 1,287,118 | |
Sr. Sec’d. Notes, 144A | 4.875 | 07/15/28 | 125 | 103,303 | |
BCPE Ulysses Intermediate, Inc., Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% | 7.750 | 04/01/27 | 150 | 128,297 | |
Brinker International, Inc., | |||||
Gtd. Notes, 144A(aa) | 5.000 | 10/01/24 | 1,250 | 1,249,370 | |
Sr. Unsec’d. Notes | 3.875 | 05/15/23 | 125 | 124,567 | |
28
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Retail (cont’d.) | |||||
Carrols Restaurant Group, Inc., Gtd. Notes, 144A | 5.875 % | 07/01/29 | 950 | $727,089 | |
eG Global Finance PLC (United Kingdom), | |||||
Sr. Sec’d. Notes | 4.375 | 02/07/25 | EUR | 707 | 715,373 |
Sr. Sec’d. Notes | 6.250 | 10/30/25 | EUR | 715 | 737,392 |
Sr. Sec’d. Notes, 144A | 6.750 | 02/07/25 | 725 | 704,820 | |
Sr. Sec’d. Notes, 144A | 8.500 | 10/30/25 | 1,450 | 1,452,281 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | |||||
Gtd. Notes, 144A | 6.750 | 01/15/30 | 1,350 | 1,177,042 | |
Sr. Sec’d. Notes, 144A | 4.625 | 01/15/29 | 550 | 498,730 | |
Foundation Building Materials, Inc., Gtd. Notes, 144A | 6.000 | 03/01/29 | 1,225 | 1,004,501 | |
Gap, Inc. (The), | |||||
Gtd. Notes, 144A | 3.625 | 10/01/29 | 875 | 712,256 | |
Gtd. Notes, 144A | 3.875 | 10/01/31 | 800 | 640,126 | |
LBM Acquisition LLC, Gtd. Notes, 144A | 6.250 | 01/15/29 | 1,125 | 924,179 | |
LCM Investments Holdings II LLC, Sr. Unsec’d. Notes, 144A | 4.875 | 05/01/29 | 675 | 591,964 | |
Park River Holdings, Inc., Gtd. Notes, 144A | 5.625 | 02/01/29 | 2,025 | 1,558,273 | |
Patrick Industries, Inc., | |||||
Gtd. Notes, 144A | 4.750 | 05/01/29 | 525 | 448,548 | |
Gtd. Notes, 144A | 7.500 | 10/15/27 | 825 | 834,414 | |
Sally Holdings LLC/Sally Capital, Inc., | |||||
Gtd. Notes(aa) | 5.625 | 12/01/25 | 900 | 902,384 | |
Sec’d. Notes, 144A | 8.750 | 04/30/25 | 300 | 314,563 | |
SRS Distribution, Inc., Gtd. Notes, 144A | 6.000 | 12/01/29 | 600 | 525,000 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., | |||||
Sr. Unsec’d. Notes | 5.875 | 03/01/27 | 550 | 548,969 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 06/01/31 | 975 | 880,666 | |
Superior Plus LP/Superior General Partner, Inc. (Canada), Gtd. Notes, 144A | 4.500 | 03/15/29 | 1,250 | 1,141,733 |
29
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Retail (cont’d.) | |||||
White Cap Buyer LLC, Sr. Unsec’d. Notes, 144A | 6.875 % | 10/15/28 | 700 | $645,106 | |
Yum! Brands, Inc., Sr. Unsec’d. Notes | 5.375 | 04/01/32 | 25 | 23,907 | |
23,482,319 | |||||
Software 1.1% | |||||
Black Knight InfoServ LLC, Gtd. Notes, 144A | 3.625 | 09/01/28 | 1,643 | 1,525,327 | |
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., Gtd. Notes, 144A(aa) | 5.750 | 03/01/25 | 2,000 | 1,996,088 | |
Clarivate Science Holdings Corp., Sr. Sec’d. Notes, 144A | 3.875 | 07/01/28 | 1,075 | 957,246 | |
Dun & Bradstreet Corp. (The), Gtd. Notes, 144A | 5.000 | 12/15/29 | 250 | 232,363 | |
Rackspace Technology Global, Inc., Sr. Sec’d. Notes, 144A | 3.500 | 02/15/28 | 625 | 540,884 | |
5,251,908 | |||||
Telecommunications 6.8% | |||||
Altice France SA (France), Sr. Sec’d. Notes, 144A | 8.125 | 02/01/27 | 1,155 | 1,163,317 | |
CommScope Technologies LLC, Gtd. Notes, 144A(aa) | 6.000 | 06/15/25 | 1,330 | 1,167,088 | |
CommScope, Inc., Sr. Sec’d. Notes, 144A | 6.000 | 03/01/26 | 960 | 907,737 | |
Digicel Group Holdings Ltd. (Jamaica), Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% | 8.000 | 04/01/25 | 1,015 | 848,788 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica), | |||||
Sr. Sec’d. Notes, 144A | 8.750 | 05/25/24 | 1,050 | 1,031,981 | |
Sr. Sec’d. Notes, 144A | 8.750 | 05/25/24 | 525 | 517,183 | |
Digicel Ltd. (Jamaica), Gtd. Notes, 144A | 6.750 | 03/01/23 | 7,368 | 6,605,100 | |
Iliad Holding SASU (France), | |||||
Sr. Sec’d. Notes, 144A | 6.500 | 10/15/26 | 1,525 | 1,468,532 |
30
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Iliad Holding SASU (France), (cont’d.) | |||||
Sr. Sec’d. Notes, 144A | 7.000 % | 10/15/28 | 875 | $834,523 | |
Intelsat Jackson Holdings SA (Luxembourg), | |||||
Gtd. Notes^ | 5.500 | 08/01/23(d) | 2,160 | 2 | |
Gtd. Notes, 144A^ | 9.750 | 07/15/25(d) | 4,135 | 4 | |
Sr. Sec’d. Notes, 144A | 6.500 | 03/15/30 | 2,365 | 2,228,509 | |
Level 3 Financing, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 07/15/29 | 400 | 324,886 | |
Gtd. Notes, 144A | 4.250 | 07/01/28 | 2,055 | 1,738,628 | |
Lumen Technologies, Inc., | |||||
Sr. Unsec’d. Notes(aa) | 5.625 | 04/01/25 | 1,830 | 1,783,612 | |
Sr. Unsec’d. Notes, Series U | 7.650 | 03/15/42 | 1,055 | 936,337 | |
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes | 5.750 | 01/15/23 | 1,500 | 1,518,301 | |
Sprint Capital Corp., | |||||
Gtd. Notes(aa) | 6.875 | 11/15/28 | 700 | 767,938 | |
Gtd. Notes | 8.750 | 03/15/32 | 706 | 897,316 | |
Sprint Corp., | |||||
Gtd. Notes | 7.125 | 06/15/24 | 250 | 262,997 | |
Gtd. Notes(aa) | 7.625 | 02/15/25 | 2,725 | 2,901,538 | |
Gtd. Notes(aa) | 7.875 | 09/15/23 | 1,794 | 1,883,498 | |
Switch Ltd., Gtd. Notes, 144A | 4.125 | 06/15/29 | 375 | 358,957 | |
Viasat, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.625 | 04/15/27 | 70 | 64,994 | |
Sr. Unsec’d. Notes, 144A(aa) | 5.625 | 09/15/25 | 2,470 | 2,294,839 | |
Viavi Solutions, Inc., Gtd. Notes, 144A | 3.750 | 10/01/29 | 200 | 179,843 | |
Zayo Group Holdings, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.000 | 03/01/27 | 120 | 104,765 | |
Sr. Unsec’d. Notes, 144A | 6.125 | 03/01/28 | 1,475 | 1,236,927 | |
34,028,140 | |||||
Toys/Games/Hobbies 0.1% | |||||
Mattel, Inc., Gtd. Notes, 144A | 3.375 | 04/01/26 | 275 | 267,462 |
31
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Trucking & Leasing 0.2% | |||||
Fortress Transportation & Infrastructure Investors LLC, Sr. Unsec’d. Notes, 144A | 5.500 % | 05/01/28 | 875 | $758,290 | |
Total Corporate Bonds (cost $594,845,511) | 544,611,239 |
Shares | |||||
Common Stocks 4.1% | |||||
Electric Utilities 0.3% | |||||
GenOn Energy Holdings, Inc. (Class A Stock) (original cost $984,219; purchased 02/28/19)*^(f) | 9,187 | 1,286,180 | |||
Keycon Power Holdings LLC^ | 2,600 | 366,600 | |||
1,652,780 | |||||
Gas Utilities 0.7% | |||||
Ferrellgas Partners LP (Class B Stock) | 15,475 | 3,327,125 | |||
Hotels, Restaurants & Leisure 0.1% | |||||
CEC Entertainment, Inc.* | 22,321 | 445,036 | |||
Oil, Gas & Consumable Fuels 2.6% | |||||
Chesapeake Energy Corp. | 140,307 | 11,507,980 | |||
Chesapeake Energy Corp. Backstop Commitment | 1,644 | 134,841 | |||
Civitas Resources, Inc. | 25,456 | 1,492,231 | |||
13,135,052 | |||||
Wireless Telecommunication Services 0.4% | |||||
Intelsat Emergence SA (Luxembourg)* | 59,486 | 1,929,577 | |||
Total Common Stocks (cost $7,986,513) | 20,489,570 |
32
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Description | Units | Value | |||
Rights* 0.0% | |||||
Diversified Telecommunication Services | |||||
Intelsat Jackson Holdings SA, Series A (Luxembourg), expiring 12/05/25^ | 6,229 | $11,874 | |||
Intelsat Jackson Holdings SA, Series B (Luxembourg), expiring 12/05/25^ | 6,229 | 2,189 | |||
Total Rights (cost $0) | 14,063 | ||||
Warrants* 0.0% | |||||
Chemicals | |||||
TPC Group, Inc., expiring 08/01/24 (original cost $0; purchased 02/02/21)^(f) (cost $0) | 1,436,166 | 6,750 | |||
Total Long-Term Investments (cost $630,876,487) | 592,238,325 |
Shares | |||||
Short-Term Investment 2.8% | |||||
Unaffiliated Fund | |||||
Dreyfus Government Cash Management (Institutional Shares) (cost $14,241,566) | 14,241,566 | 14,241,566 | |||
TOTAL INVESTMENTS 121.2% (cost $645,118,053) | 606,479,891 | ||||
Liabilities in excess of other assets(z) (21.2)% | (106,143,633) | ||||
Net Assets 100.0% | $500,336,258 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR—Euro | |
GBP—British Pound |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
CDX—Credit Derivative Index | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
OTC—Over-the-counter | |
PIK—Payment-in-Kind | |
Q—Quarterly payment frequency for swaps |
33
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
REITs—Real Estate Investment Trust | |
SOFR—Secured Overnight Financing Rate |
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $4,165,458 and 0.8% of net assets. |
(aa) | Represents security, or a portion thereof, with aggregate value of $155,075,582 segregated as collateral for amount of $120,000,000 borrowed and outstanding as of April 30, 2022. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2022. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $3,448,011. The aggregate value of $2,493,752 is 0.5% of net assets. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(oo) | Perpetual security. Maturity date represents next call date. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Forward foreign currency exchange contracts outstanding at April 30, 2022:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 05/06/22 | Bank of America, N.A. | EUR | 1,618 | $1,737,613 | $1,707,498 | $— | $(30,115) |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 05/06/22 | HSBC Bank PLC | EUR | 1,618 | $1,785,001 | $1,707,498 | $77,503 | $— | ||||||
Expiring 06/02/22 | Bank of America, N.A. | EUR | 1,618 | 1,739,640 | 1,709,654 | 29,986 | — | ||||||
$3,524,641 | $3,417,152 | 107,489 | — | ||||||||||
$107,489 | $(30,115) |
34
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
Credit default swap agreement outstanding at April 30, 2022:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2022(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||
OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2): | |||||||||||||||||
EQT Corp. | 06/20/22 | 5.000%(Q) | 450 | 0.941% | $5,254 | $2,238 | $3,016 | Credit Suisse International |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2022(4) | Value at Trade Date | Value at April 30, 2022 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.37.V1 | 12/20/26 | 5.000%(Q) | 9,775 | 4.286% | $523,920 | $325,581 | $(198,339) |
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status |
35
PGIM High Yield Bond Fund, Inc.
Schedule of Investments (unaudited) (continued)
as of April 30, 2022
of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
36