This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Prudential Global Short Duration High Yield Fund, Inc. Raises $851 Million

Prudential Investments announced the initial public offering of the Prudential Global Short Duration High Yield Fund, Inc. (the Fund). The Fund raised $740 million in its common share offering ($851 million assuming full exercise of the underwriters’ overallotment option, which may not occur) and its shares began trading today on the New York Stock Exchange under the symbol “GHY.”

The Fund is a newly organized closed-end fund that seeks to provide investors with a high level of current income. It invests in a global portfolio consisting primarily of higher-rated high yield bonds. 1 It seeks to maintain a weighted average portfolio duration of three years or less and a weighted average maturity of five years or less. There is no guarantee the Fund’s objective will be achieved.

“This new closed-end fund should help investors address the challenge of finding yield in today’s low interest rate environment by offering access not only to the U.S. short duration high yield market, but also to the rapidly growing non-U.S. market,” said Stuart Parker, president of Prudential Investments. “Many non-U.S. bonds are currently providing higher yields than similarly-rated U.S. bonds.”

The Fund’s portfolio managers are part of Prudential Fixed Income, a credit-research-driven fixed income manager with a sharp focus on managing risk. Prudential Fixed Income has been managing fixed income portfolios since 1875 and is among the largest fixed income managers in the United States, with about $356 billion in assets under management as of September 30, 2012. Day-to-day Fund management is provided by Prudential Fixed Income’s Leveraged Finance Team, whose 12-member portfolio management team averages 20 years of experience. The team is supported by 28 experienced high yield and bank loan analysts.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC are acting as lead underwriters of the offering.

Stock quotes in this article: PRU 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs