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.