episode_id
stringlengths
6
6
portfolio_id
stringlengths
6
6
as_of_date
stringdate
2024-01-06 00:00:00
2025-12-26 00:00:00
regime
stringclasses
4 values
ig_spread_bps
int64
65
260
hy_spread_bps
int64
280
850
unemployment_pct
float64
3.2
8.5
gdp_yoy_pct
float64
-2
3
nav_usd
int64
50.1M
3B
sector_exposure_pct
stringlengths
31
94
region_exposure_pct
stringlengths
42
45
rating_mix_pct
stringlengths
27
49
avg_pd_pct
float64
0.4
7.5
avg_lgd_pct
float64
20
65
var_95_bps
int64
80
400
stress_loss_bps
int64
120
710
drawdown_60d_pct
float64
2
23.7
policy_max_name_pct
float64
2
4
policy_max_sector_pct
int64
20
35
policy_max_region_pct
int64
35
55
policy_hy_cap_pct
int64
20
35
breach_sector_flag
bool
2 classes
breach_region_flag
bool
2 classes
breach_hy_cap_flag
bool
2 classes
breach_var_flag
bool
2 classes
ews_dsr_jump_pp
float64
-0.5
2.5
ews_delinq30d_jump_pp
float64
-0.3
1.8
ews_rating_drift_notches
float64
-0.4
0.6
ews_sector_alerts
stringclasses
426 values
action_type
stringclasses
5 values
action_payload
stringlengths
23
41
expected_loss_delta_bps
int64
-60
20
expected_yield_delta_bps
int64
-25
45
execution_venue
stringclasses
5 values
execution_mode
stringclasses
4 values
slippage_bps
int64
0
12
fill_ratio_pct
int64
0
100
pnl_30d_bps
int64
-220
457
credit_loss_90d_bps
int64
-480
210
self_correction_trigger
stringclasses
4 values
self_correction_action
stringclasses
4 values
self_correction_reason
stringclasses
5 values
post_correction_var_bps
int64
90
260
audit_notes
stringclasses
5 values
C00101
CR2070
2025-10-09
Recovery
137
604
6
1.8
1,999,312,319
Healthcare:21.6;Tech:21.6;Energy:24.3;Utilities:16.4;Comm:16.2
US:62.0;EU:11.7;APAC:11.3;EMEA:9.8;LATAM:5.2
AA:30.1;CCC:16.2;B:28.2;AAA:10.8;A:14.7
4.1
43.4
102
223
8.8
3.5
25
55
35
false
true
true
false
2.26
0.59
-0.22
Healthcare:EW;Financials:EW
Hedge
Treasury_Futures: +158bps notional
-24
37
ECN2
All2All
5
97
237
-360
Sector>limit
Hedge
Sector concentration above limit
104
Tighten HY exposure bands
C00102
CR6831
2025-04-04
Calm
99
412
3.7
2.8
415,654,977
Healthcare:17.9;Financials:34.6;Consumer:47.5
US:70.0;EU:12.5;APAC:13.4;EMEA:2.9;LATAM:1.3
CCC:30.2;AAA:27.8;BBB:12.4;BB:29.6
6.7
63.8
221
306
11.5
2
30
45
35
true
true
true
true
0.06
0.89
0.12
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
17
-24
ECN2
All2All
10
96
105
49
Sector>limit
Hedge
Sector concentration above limit
156
Defer adds pending macro print
C00103
CR7016
2024-10-10
Stress
244
840
7.6
-1.2
467,600,653
RealEstate:24.6;Financials:17.7;Consumer:24.1;Tech:6.2;Comm:16.1;Materials:11.4
US:61.0;EU:12.7;APAC:12.0;EMEA:8.5;LATAM:5.7
AA:40.5;BBB:28.0;CCC:2.6;AAA:18.7;BB:10.3
3.05
28.7
201
460
17.7
3
30
35
25
false
true
false
true
1.3
0.75
0.04
Energy:EW;Materials:EW
Hedge
iTraxx_MAIN: +131bps notional
-18
25
ECN1
DealerAxed
3
99
289
144
VAR>budget
Reduce
Portfolio VAR above budget
106
Tighten HY exposure bands
C00104
CR7378
2024-04-07
Stress
144
662
5.7
-0.8
1,710,291,126
Healthcare:23.1;Industrials:9.8;Utilities:23.5;Energy:17.7;Financials:26.0
US:70.9;EU:6.9;APAC:10.7;EMEA:10.6;LATAM:0.9
A:13.5;AA:29.9;BB:30.9;AAA:25.7
3.71
42.8
171
339
8.3
2
30
45
25
false
true
true
false
0.87
0.12
0.14
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
-16
DealerA
DealerAxed
2
93
75
86
HYCap>limit
Hedge
High-yield share above policy cap
145
Tighten HY exposure bands
C00105
CR0106
2024-06-12
Calm
109
398
3.4
2.9
569,375,759
Financials:37.1;RealEstate:30.4;Industrials:32.4
US:65.4;EU:12.9;APAC:10.9;EMEA:5.0;LATAM:5.9
AA:28.6;AAA:30.7;BBB:33.2;BB:7.4
5.64
56.1
253
378
9
3.5
30
45
35
true
true
false
true
1.97
-0.26
-0.02
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-29
13
DealerC
RFQ
9
93
415
108
Sector>limit
Hedge
Sector concentration above limit
143
Rotate into defensive sectors
C00106
CR0783
2025-08-11
Stress
186
803
6.4
0.7
2,955,233,019
Healthcare:15.8;Consumer:6.0;Financials:23.2;Utilities:15.3;RealEstate:18.3;Comm:21.4
US:66.6;EU:11.2;APAC:7.6;EMEA:7.5;LATAM:7.2
CCC:8.6;B:22.7;AA:39.9;AAA:28.8
1.35
62.5
334
543
14.3
3.5
30
55
25
false
true
true
true
1.62
0.63
0.6
null
Rotate
From Energy -1.0% to Utilities +1.0%
14
23
DealerB
Electronic
1
87
314
-26
Region>limit
Hedge
Regional concentration above limit
190
Escalate watchlist names
C00107
CR6267
2025-05-03
Calm
96
380
4.1
2.2
532,984,552
Healthcare:31.5;Comm:23.3;Materials:45.2
US:59.7;EU:15.7;APAC:11.7;EMEA:6.7;LATAM:6.2
AA:18.7;CCC:9.4;BBB:25.6;BB:6.3;A:31.7;B:8.4
4.02
32.4
120
167
7.5
2
35
35
25
true
true
false
false
1.1
0.27
0.18
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
-4
DealerC
DealerAxed
0
85
114
-194
Sector>limit
Hedge
Sector concentration above limit
240
Escalate watchlist names
C00108
CR5817
2024-09-10
Tightening
120
369
4.6
0.6
191,449,831
Materials:10.3;Energy:18.6;Financials:17.7;Comm:18.6;Tech:34.8
US:64.3;EU:9.9;APAC:13.2;EMEA:7.7;LATAM:4.8
B:25.6;BB:15.3;CCC:25.0;A:23.2;AA:10.9
4.63
63.2
226
302
14.6
2.5
35
45
25
false
true
true
true
1.94
1.23
-0.13
Tech:EW
Hedge
iTraxx_MAIN: +194bps notional
-36
-4
DealerC
All2All
8
93
74
43
HYCap>limit
Hedge
High-yield share above policy cap
257
Escalate watchlist names
C00109
CR7360
2025-07-01
Tightening
147
474
4.6
1.4
932,678,652
Energy:31.2;Consumer:16.8;Tech:21.9;Utilities:8.2;Healthcare:21.8
US:71.9;EU:14.2;APAC:9.1;EMEA:4.5;LATAM:0.3
B:28.2;BB:23.4;AAA:30.7;CCC:17.7
4.29
53.1
259
190
13.1
3
20
35
25
true
true
true
true
-0.33
0.99
0.14
Tech:EW
Hedge
SingleName_CDS: +151bps notional
-40
-24
DealerA
DealerAxed
0
97
64
-329
Region>limit
Rotate
Regional concentration above limit
237
Rotate into defensive sectors
C00110
CR0825
2024-03-05
Recovery
137
624
5.7
-0.4
186,706,670
Comm:27.7;RealEstate:21.6;Energy:39.7;Materials:10.9
US:63.6;EU:8.3;APAC:14.6;EMEA:12.4;LATAM:1.1
BB:45.1;B:15.8;BBB:10.3;AAA:28.8
4.6
38.2
83
353
7.9
3
35
45
35
true
true
true
false
2.24
-0.16
0.15
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-56
11
ECN2
Electronic
0
97
227
89
VAR>budget
Hedge
Portfolio VAR above budget
252
Rotate into defensive sectors
C00111
CR8124
2024-11-18
Recovery
106
590
5.7
0.4
2,681,282,358
Energy:26.0;Healthcare:33.3;Industrials:40.7
US:68.2;EU:15.3;APAC:13.2;EMEA:2.9;LATAM:0.4
BBB:8.0;B:31.9;CCC:32.0;A:28.1
1.74
22.9
245
205
2.6
2
35
35
35
true
true
true
true
-0.47
-0.13
-0.21
Tech:EW;Utilities:EW
Hedge
Options_Payer: +114bps notional
-10
16
ECN1
All2All
9
97
119
-85
VAR>budget
Hedge
Portfolio VAR above budget
186
Reviewed by risk; hedges staggered
C00112
CR0902
2024-06-21
Tightening
106
484
4.5
1.4
2,938,730,526
Industrials:21.2;Energy:19.1;Financials:24.6;Tech:9.2;Consumer:26.0
US:67.1;EU:10.8;APAC:9.1;EMEA:5.3;LATAM:7.8
A:28.6;AA:28.9;BB:21.1;BBB:21.3
6.57
34.7
224
494
7.4
3.5
30
35
25
false
true
false
true
0.33
0.99
0.37
null
Rotate
From Energy -1.0% to Utilities +1.0%
18
-9
DealerB
Electronic
4
98
34
-187
Sector>limit
Reduce
Sector concentration above limit
156
Defer adds pending macro print
C00113
CR7628
2024-11-02
Stress
176
553
7.4
-0.2
1,507,182,523
Energy:45.2;Industrials:30.1;Comm:24.7
US:69.9;EU:7.9;APAC:10.8;EMEA:7.0;LATAM:4.5
AAA:21.4;CCC:10.5;A:12.6;AA:37.7;BB:17.8
1.51
52.1
255
708
7.6
3.5
25
35
25
true
true
true
true
2.31
0.21
-0.07
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
16
ECN1
DealerAxed
8
88
56
153
HYCap>limit
PauseAdds
High-yield share above policy cap
234
Tighten HY exposure bands
C00114
CR3524
2024-01-26
Calm
68
394
3.9
2.5
359,004,249
Materials:31.6;Consumer:22.2;Energy:31.7;RealEstate:14.5
US:65.5;EU:7.1;APAC:14.8;EMEA:4.8;LATAM:7.9
B:5.0;CCC:19.5;AAA:19.9;AA:23.7;BB:11.2;BBB:20.7
6.14
57.3
95
259
11
3.5
35
35
30
false
true
true
false
0.18
1.31
0.48
Comm:EW
Hedge
iTraxx_MAIN: +170bps notional
0
-20
ECN1
All2All
0
89
170
78
VAR>budget
Reduce
Portfolio VAR above budget
155
Reviewed by risk; hedges staggered
C00115
CR6298
2024-07-01
Tightening
125
478
5.1
0.8
1,694,977,776
Tech:16.6;Comm:17.2;RealEstate:13.5;Materials:24.1;Utilities:23.3;Consumer:5.3
US:70.9;EU:6.2;APAC:7.3;EMEA:8.0;LATAM:7.6
A:25.9;AA:24.1;BB:32.9;CCC:6.8;BBB:10.3
5.01
62.8
190
151
10.7
4
25
55
30
false
true
true
false
1.83
0.16
0.22
Consumer:EW;Tech:EW;RealEstate:EW
Hedge
Treasury_Futures: +108bps notional
0
-15
DealerB
Electronic
2
96
-157
127
Sector>limit
Hedge
Sector concentration above limit
174
Rotate into defensive sectors
C00116
CR3431
2025-04-14
Recovery
133
586
4.9
0.3
2,738,467,377
Healthcare:19.0;Consumer:20.5;RealEstate:60.5
US:57.0;EU:22.3;APAC:11.7;EMEA:4.1;LATAM:5.0
A:9.9;BBB:24.8;CCC:38.8;AAA:26.5
6.69
25.9
111
211
8.1
4
20
35
35
true
true
true
false
1.79
0.48
-0.15
null
Hedge
iTraxx_XOVER: +145bps notional
-2
0
ECN1
All2All
3
96
234
80
HYCap>limit
Reduce
High-yield share above policy cap
233
Tighten HY exposure bands
C00117
CR8450
2024-09-23
Calm
105
282
3.6
3
1,970,253,931
Materials:20.6;Comm:28.2;Financials:6.0;Utilities:17.7;Industrials:27.5
US:68.4;EU:11.9;APAC:10.1;EMEA:3.8;LATAM:5.8
AA:25.0;A:27.8;BB:16.6;AAA:30.5
2.66
59.1
237
333
6.5
2.5
35
35
20
false
true
false
true
0.49
-0.28
0.25
Utilities:EW;Healthcare:EW;Comm:EW
Hedge
iTraxx_MAIN: +71bps notional
13
36
DealerB
DealerAxed
12
99
-147
124
Region>limit
Reduce
Regional concentration above limit
165
Rotate into defensive sectors
C00118
CR3404
2025-05-05
Recovery
116
601
5.1
1.3
1,898,899,034
Utilities:30.1;Healthcare:23.8;Financials:14.7;Energy:31.3
US:63.8;EU:16.0;APAC:9.9;EMEA:10.2;LATAM:0.0
AAA:20.9;CCC:9.8;BB:24.9;B:9.7;A:17.1;AA:17.5
7.1
51.8
185
156
8.3
3
35
45
35
false
true
true
false
0.92
-0.2
-0.25
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
4
DealerA
Electronic
8
91
-179
-413
HYCap>limit
Rotate
High-yield share above policy cap
151
Tighten HY exposure bands
C00119
CR2245
2025-09-22
Calm
112
311
4
2.9
179,487,056
Financials:15.8;Consumer:33.4;Tech:20.4;Energy:30.5
US:71.2;EU:8.6;APAC:9.7;EMEA:6.5;LATAM:4.0
B:19.0;BB:17.0;AAA:21.1;CCC:21.9;A:21.0
7.03
34.3
259
503
17.1
2.5
20
35
25
true
true
true
true
1.67
0.29
-0.07
null
Hedge
SingleName_CDS: +69bps notional
-16
-6
ECN1
All2All
7
100
39
-137
Region>limit
Hedge
Regional concentration above limit
260
Tighten HY exposure bands
C00120
CR7798
2024-01-14
Tightening
116
378
4.2
1
1,756,490,500
Consumer:32.5;Healthcare:44.8;Industrials:22.7
US:63.7;EU:11.6;APAC:11.0;EMEA:7.6;LATAM:6.1
AA:10.7;A:19.5;B:31.6;CCC:20.5;AAA:17.8
4.03
25.1
127
207
7.5
3.5
20
55
30
true
true
true
false
2.16
0.31
0.15
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
19
ECN1
Electronic
12
86
321
-172
VAR>budget
Rotate
Portfolio VAR above budget
99
Tighten HY exposure bands
C00121
CR3424
2024-10-27
Calm
70
412
3.8
2.6
250,164,340
Materials:8.8;Utilities:28.4;Consumer:10.7;Financials:17.7;Tech:7.0;Energy:27.4
US:65.5;EU:13.2;APAC:14.4;EMEA:6.7;LATAM:0.2
AA:34.0;BB:7.9;CCC:9.9;B:2.1;A:18.4;BBB:27.7
4.42
54.8
174
172
3.9
4
20
45
30
true
true
false
false
1.44
0.73
-0.29
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
1
DealerC
Electronic
2
88
-99
87
VAR>budget
Reduce
Portfolio VAR above budget
258
Tighten HY exposure bands
C00122
CR8290
2024-03-12
Tightening
98
466
4.4
0.7
552,117,252
Materials:61.9;Energy:19.7;Financials:18.4
US:56.6;EU:16.2;APAC:7.8;EMEA:12.8;LATAM:6.6
B:12.5;AAA:45.4;BB:19.5;BBB:17.5;CCC:5.2
3.92
23.8
133
128
5.1
2.5
20
35
20
true
true
true
false
0.01
-0.14
-0.21
Materials:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
20
ECN2
RFQ
1
94
124
-129
HYCap>limit
Reduce
High-yield share above policy cap
237
Reviewed by risk; hedges staggered
C00123
CR0303
2024-05-10
Calm
111
391
4
1.9
1,859,232,634
Industrials:13.3;RealEstate:19.3;Energy:22.6;Materials:44.8
US:71.4;EU:9.7;APAC:10.8;EMEA:6.4;LATAM:1.6
A:17.9;BB:33.6;AAA:23.0;CCC:25.5
6.18
37.5
80
163
5.9
2
30
55
35
true
true
true
false
0.65
0.72
-0.26
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
20
DealerC
RFQ
11
85
267
29
HYCap>limit
Rotate
High-yield share above policy cap
235
Defer adds pending macro print
C00124
CR9110
2024-12-10
Recovery
110
437
4.9
1.3
2,688,126,224
Tech:17.0;Comm:10.0;RealEstate:19.3;Materials:14.9;Healthcare:18.2;Utilities:20.6
US:61.9;EU:17.8;APAC:7.3;EMEA:9.4;LATAM:3.5
A:34.1;AAA:14.5;B:10.6;AA:40.8
0.62
20.5
253
399
7.6
4
35
45
35
false
true
false
true
1.08
-0.05
0.03
Consumer:EW
Hedge
iTraxx_XOVER: +149bps notional
-56
-19
DealerC
Electronic
7
87
388
8
Region>limit
Rotate
Regional concentration above limit
195
Tighten HY exposure bands
C00125
CR7346
2025-04-03
Recovery
104
460
4.6
0.8
2,147,246,048
Industrials:12.1;Energy:35.9;Tech:14.0;Consumer:21.3;Utilities:16.7
US:66.5;EU:6.4;APAC:11.8;EMEA:11.2;LATAM:4.2
AAA:12.5;BBB:9.0;CCC:28.2;B:31.0;AA:19.3
0.81
58.7
100
424
17.2
2
20
55
25
true
true
true
false
0.93
-0.11
-0
null
Hedge
CDX_HY: +139bps notional
19
17
ECN1
RFQ
12
91
-61
182
Sector>limit
Reduce
Sector concentration above limit
114
Tighten HY exposure bands
C00126
CR3766
2025-01-31
Stress
205
656
7
0.5
1,571,457,309
Utilities:13.1;Industrials:21.9;Energy:19.0;Comm:17.2;Healthcare:28.8
US:69.5;EU:6.4;APAC:7.2;EMEA:10.6;LATAM:6.3
B:11.4;AA:11.7;BBB:30.6;A:40.3;BB:6.1
6.18
24.1
259
319
15.6
2
20
35
35
true
true
false
true
0.95
1.68
-0.26
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
-17
DealerA
Electronic
10
91
-163
-233
VAR>budget
Hedge
Portfolio VAR above budget
213
Reviewed by risk; hedges staggered
C00127
CR9443
2024-07-02
Tightening
129
358
4.7
1.5
2,343,673,814
RealEstate:16.2;Utilities:51.3;Consumer:32.5
US:58.8;EU:18.5;APAC:13.9;EMEA:3.8;LATAM:5.0
AAA:31.4;AA:19.4;B:9.3;A:24.2;BB:15.7
6.86
26.2
108
146
12
3
35
55
25
true
true
false
false
2.34
0.42
0.4
null
Hedge
SingleName_CDS: +134bps notional
-14
28
ECN1
Electronic
1
85
287
-38
HYCap>limit
Hedge
High-yield share above policy cap
229
Tighten HY exposure bands
C00128
CR8074
2025-08-05
Recovery
129
530
5.2
0.9
635,265,224
Tech:10.1;Healthcare:35.2;RealEstate:19.8;Utilities:14.6;Materials:20.4
US:66.8;EU:7.0;APAC:11.8;EMEA:10.1;LATAM:4.3
CCC:13.0;BB:15.5;AA:50.2;A:21.3
4.97
43.7
164
171
10.8
4
30
45
25
true
true
true
false
-0.16
0.27
0.31
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
-22
DealerC
RFQ
10
95
-21
-173
HYCap>limit
Reduce
High-yield share above policy cap
246
Defer adds pending macro print
C00129
CR7140
2024-03-05
Recovery
111
627
6.4
0.6
1,410,339,009
Industrials:25.3;Utilities:24.5;RealEstate:24.6;Financials:25.6
US:65.7;EU:12.0;APAC:8.1;EMEA:11.3;LATAM:2.9
AA:23.4;BB:18.8;BBB:33.1;B:24.7
1.98
51.5
242
170
15.2
3
20
45
30
true
true
true
true
2.06
0.75
0.11
Energy:EW;Consumer:EW
Hedge
iTraxx_XOVER: +174bps notional
-17
22
DealerB
Electronic
7
93
-155
47
Sector>limit
Reduce
Sector concentration above limit
139
Reviewed by risk; hedges staggered
C00130
CR2100
2024-06-27
Calm
98
318
4
2.7
498,259,266
Comm:35.4;Utilities:14.3;Tech:28.6;RealEstate:21.7
US:68.6;EU:7.1;APAC:8.4;EMEA:12.6;LATAM:3.3
BB:6.5;A:36.4;CCC:12.0;B:25.6;BBB:19.4
1.06
33.5
81
130
11.2
2.5
30
35
30
true
true
true
false
-0.04
1.7
-0.08
Industrials:EW;Healthcare:EW
Hedge
Options_Payer: +77bps notional
-18
2
DealerB
Electronic
6
95
303
-346
VAR>budget
Reduce
Portfolio VAR above budget
131
Tighten HY exposure bands
C00131
CR6812
2024-12-05
Recovery
125
525
5.3
-0.4
2,000,203,553
RealEstate:23.1;Financials:17.1;Consumer:31.7;Materials:28.1
US:67.9;EU:11.2;APAC:8.5;EMEA:5.6;LATAM:6.8
BBB:29.5;AAA:10.7;BB:32.3;CCC:10.3;AA:17.2
5.7
56.9
168
141
17.5
3.5
25
45
35
true
true
true
false
0.99
1.14
0.31
Financials:EW
Hedge
iTraxx_XOVER: +160bps notional
-43
21
DealerC
Electronic
2
87
-165
118
HYCap>limit
Rotate
High-yield share above policy cap
102
Escalate watchlist names
C00132
CR4224
2025-10-21
Calm
87
345
3.4
2.3
2,770,607,637
RealEstate:21.6;Tech:9.6;Industrials:24.1;Energy:11.7;Financials:9.3;Materials:23.6
US:65.0;EU:10.2;APAC:12.7;EMEA:10.0;LATAM:2.2
AAA:17.0;CCC:6.1;B:10.4;A:47.0;AA:14.6;BB:4.9
1.47
28.8
231
175
11.1
2
30
55
25
false
true
false
true
-0.17
0.2
0.09
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
9
-16
DealerB
RFQ
10
94
310
-372
Sector>limit
Hedge
Sector concentration above limit
117
Defer adds pending macro print
C00133
CR8302
2025-01-19
Calm
106
371
4.2
2.5
1,626,434,827
Healthcare:11.3;Tech:15.2;Financials:25.0;Industrials:30.7;Materials:17.8
US:59.4;EU:13.9;APAC:12.0;EMEA:7.1;LATAM:7.6
B:27.2;AAA:9.4;CCC:13.4;BBB:13.7;BB:17.4;AA:18.9
5.61
40.7
158
234
8.5
3.5
35
35
30
false
true
true
false
1.93
-0.04
0.3
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-22
5
DealerC
DealerAxed
4
98
-89
66
Region>limit
Reduce
Regional concentration above limit
114
Defer adds pending macro print
C00134
CR4032
2025-11-16
Recovery
101
524
6.2
0.7
2,665,564,931
Comm:33.5;Financials:36.5;Healthcare:30.0
US:54.6;EU:18.1;APAC:13.4;EMEA:10.4;LATAM:3.5
A:21.0;BBB:18.0;BB:9.1;B:10.2;AA:27.3;AAA:14.3
4.32
51.5
246
487
10.8
3.5
35
55
35
true
false
false
true
1.88
1.36
-0.33
Materials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
1
DealerC
DealerAxed
9
92
340
-8
HYCap>limit
Rotate
High-yield share above policy cap
223
Reviewed by risk; hedges staggered
C00135
CR1947
2025-10-24
Tightening
100
513
4
1.5
1,622,917,991
Tech:17.8;RealEstate:25.5;Materials:27.1;Comm:29.5
US:72.1;EU:7.9;APAC:8.7;EMEA:9.1;LATAM:2.2
CCC:24.0;AAA:13.7;A:15.2;B:18.2;BB:29.0
4.07
47.8
100
167
2.1
3
20
45
25
true
true
true
false
-0.4
0.27
0.3
null
Hedge
Options_Payer: +148bps notional
-35
-16
ECN1
RFQ
8
92
106
-72
Region>limit
Hedge
Regional concentration above limit
121
Escalate watchlist names
C00136
CR9424
2025-12-24
Recovery
110
633
4.9
1.4
2,820,480,840
Energy:10.0;Consumer:27.5;Industrials:9.1;Comm:26.8;Tech:26.6
US:71.1;EU:7.4;APAC:13.8;EMEA:7.5;LATAM:0.2
AAA:32.2;BB:30.9;AA:29.8;B:7.1
2.3
21.7
246
325
3.4
2
30
55
35
false
true
true
true
-0.22
1.25
0.52
Financials:EW;Industrials:EW
Hedge
Options_Payer: +83bps notional
14
-8
ECN2
Electronic
3
93
300
-50
HYCap>limit
Rotate
High-yield share above policy cap
122
Rotate into defensive sectors
C00137
CR0869
2025-01-02
Tightening
151
428
4.6
1.5
2,140,537,931
Energy:16.2;Consumer:35.4;Comm:28.9;Healthcare:19.4
US:63.9;EU:16.2;APAC:4.7;EMEA:7.9;LATAM:7.3
BB:13.7;A:8.7;B:17.7;AA:27.2;AAA:13.2;CCC:19.5
2.35
48.5
208
177
17.6
3.5
25
55
25
true
true
true
true
-0.31
0.61
0.26
null
Hedge
Options_Payer: +114bps notional
-19
-20
ECN2
All2All
12
95
216
-139
Region>limit
Reduce
Regional concentration above limit
99
Escalate watchlist names
C00138
CR7408
2025-09-13
Calm
112
402
3.6
2.3
1,395,219,443
Comm:21.4;Consumer:23.4;Tech:20.9;Energy:26.1;Materials:8.2
US:65.0;EU:7.5;APAC:12.9;EMEA:8.3;LATAM:6.3
CCC:14.5;A:24.1;B:13.6;BBB:23.0;BB:24.7
4.43
61.1
174
296
12.5
3
35
35
20
false
true
true
false
1.34
0.46
-0.2
RealEstate:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
12
19
ECN1
All2All
11
86
161
66
Region>limit
Hedge
Regional concentration above limit
136
Tighten HY exposure bands
C00139
CR1155
2024-07-18
Calm
111
379
3.7
2.9
2,398,843,572
Healthcare:29.3;Consumer:13.1;Materials:14.1;Financials:43.4
US:65.6;EU:12.9;APAC:9.7;EMEA:7.6;LATAM:4.2
AA:14.3;A:24.2;CCC:31.4;AAA:30.1
0.89
29.2
221
405
5.2
3
20
55
20
true
true
true
true
0.75
0.91
0.58
null
Hedge
Treasury_Futures: +65bps notional
-13
-25
DealerC
DealerAxed
7
100
186
-169
HYCap>limit
Hedge
High-yield share above policy cap
158
Reviewed by risk; hedges staggered
C00140
CR3911
2024-12-17
Calm
98
381
3.6
2.5
188,781,928
Industrials:10.2;Tech:22.2;RealEstate:10.6;Energy:9.6;Utilities:21.8;Consumer:25.6
US:66.2;EU:14.0;APAC:5.5;EMEA:7.8;LATAM:6.6
BBB:9.6;CCC:28.7;AAA:20.6;BB:15.8;AA:12.8;A:12.5
1.63
32.6
171
170
9.1
2.5
35
35
25
false
true
true
false
1.95
-0.26
0.41
Comm:EW
Hedge
Options_Payer: +111bps notional
-39
-5
DealerA
Electronic
12
100
131
18
Sector>limit
Reduce
Sector concentration above limit
259
Tighten HY exposure bands
C00141
CR7143
2025-09-01
Tightening
150
516
4.6
0.7
1,805,774,877
Industrials:18.7;Financials:19.8;Healthcare:18.3;Energy:9.1;Comm:11.1;Utilities:23.0
US:66.6;EU:11.2;APAC:12.8;EMEA:6.0;LATAM:3.3
AA:21.2;A:8.4;B:29.4;CCC:14.3;BBB:12.9;AAA:13.7
6.46
62.9
241
378
10.2
3
25
45
30
false
true
true
true
-0.25
0.35
0.16
Utilities:EW;Consumer:EW
Hedge
SingleName_CDS: +62bps notional
-49
-7
DealerB
RFQ
2
87
403
-297
Region>limit
Hedge
Regional concentration above limit
161
Defer adds pending macro print
C00142
CR6736
2024-12-05
Tightening
122
382
4.2
1.3
1,879,122,200
Healthcare:46.7;RealEstate:32.2;Financials:21.1
US:72.5;EU:7.8;APAC:8.1;EMEA:9.4;LATAM:2.2
AAA:10.5;BBB:24.6;AA:22.3;B:19.1;A:23.5
1.05
50
108
365
7.7
2.5
20
55
25
true
true
false
false
1.57
1.29
0.25
Materials:EW
Hedge
Treasury_Futures: +114bps notional
-56
32
ECN2
Electronic
8
98
-171
53
HYCap>limit
Rotate
High-yield share above policy cap
109
Rotate into defensive sectors
C00143
CR0342
2024-05-25
Tightening
119
391
4.4
1.1
194,952,802
Industrials:15.7;Energy:13.8;Comm:37.6;RealEstate:13.5;Tech:19.4
US:66.8;EU:14.2;APAC:4.9;EMEA:10.6;LATAM:3.5
A:14.6;B:13.8;BBB:19.7;AAA:19.5;CCC:25.3;AA:7.2
7.49
20.3
105
367
3.6
2.5
35
55
25
true
true
true
false
0.55
-0.07
0.33
null
Hedge
SingleName_CDS: +143bps notional
16
45
ECN1
Electronic
8
100
-74
-333
Sector>limit
Reduce
Sector concentration above limit
146
Defer adds pending macro print
C00144
CR3006
2025-05-01
Tightening
98
405
4.6
1.4
1,223,075,898
Utilities:12.5;Energy:38.4;RealEstate:9.7;Consumer:39.4
US:76.9;EU:9.4;APAC:5.6;EMEA:3.9;LATAM:4.2
AAA:19.6;AA:15.5;BB:22.6;BBB:11.3;CCC:4.9;A:26.2
6.21
45.5
100
337
3.4
2.5
30
45
25
true
true
true
false
0.51
0.57
-0.38
null
Rotate
From Energy -1.0% to Utilities +1.0%
-30
2
DealerA
Electronic
10
94
218
64
VAR>budget
Rotate
Portfolio VAR above budget
220
Escalate watchlist names
C00145
CR6909
2025-07-18
Calm
69
326
3.8
1.5
2,013,582,085
Comm:15.3;Consumer:29.9;Tech:54.8
US:64.8;EU:15.3;APAC:9.2;EMEA:3.6;LATAM:7.0
AAA:31.0;AA:31.6;BB:15.2;B:22.2
1.31
34.2
259
469
12.8
3.5
35
35
30
true
true
true
true
0.65
0.05
-0.34
Financials:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
30
ECN1
All2All
12
98
244
-92
HYCap>limit
Rotate
High-yield share above policy cap
153
Escalate watchlist names
C00146
CR7121
2025-05-04
Calm
118
321
4.2
1.8
2,546,257,509
Consumer:21.0;Utilities:19.7;Tech:22.7;Energy:20.2;Healthcare:16.3
US:59.6;EU:15.3;APAC:12.4;EMEA:7.0;LATAM:5.6
AAA:22.1;BB:10.2;CCC:14.3;AA:28.3;A:25.1
4.92
53.3
217
352
5.7
4
20
45
20
true
true
true
true
2.05
1.32
0.51
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-36
-8
ECN2
DealerAxed
11
89
-141
-44
HYCap>limit
Reduce
High-yield share above policy cap
242
Defer adds pending macro print
C00147
CR9257
2025-05-29
Calm
100
300
3.5
2.8
2,289,604,687
Industrials:25.1;Consumer:29.2;Energy:15.0;RealEstate:12.6;Healthcare:18.1
US:63.7;EU:6.7;APAC:14.8;EMEA:7.2;LATAM:7.7
BBB:25.4;AAA:29.0;AA:32.1;CCC:13.5
3.22
63.7
93
263
16.7
2
20
45
25
true
true
false
false
1.41
0.33
-0.14
Materials:EW
Hedge
SingleName_CDS: +151bps notional
-45
-10
DealerA
Electronic
12
99
4
13
HYCap>limit
Hedge
High-yield share above policy cap
98
Defer adds pending macro print
C00148
CR6244
2025-06-28
Stress
219
747
7.9
0.3
1,233,835,702
RealEstate:7.6;Healthcare:24.8;Energy:10.6;Utilities:15.7;Financials:9.3;Comm:32.0
US:75.6;EU:6.8;APAC:10.9;EMEA:6.7;LATAM:0.1
AAA:20.8;BB:19.2;CCC:18.7;B:18.4;A:22.9
2.58
45.8
309
291
20.2
2
35
45
30
false
true
true
true
1.81
1.59
0.41
Materials:EW
Hedge
SingleName_CDS: +65bps notional
17
42
DealerC
Electronic
6
100
-122
-225
Region>limit
Rotate
Regional concentration above limit
162
Rotate into defensive sectors
C00149
CR7081
2024-09-23
Tightening
152
401
4.9
0.5
2,794,864,614
Industrials:21.0;Materials:40.9;Consumer:38.0
US:56.5;EU:18.5;APAC:7.0;EMEA:12.0;LATAM:6.0
B:16.6;AA:7.9;AAA:20.8;BBB:14.2;BB:20.5;CCC:20.0
2.83
58.6
176
191
6.7
3.5
35
45
35
true
true
true
false
2.13
0.6
0.01
Consumer:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-23
-24
DealerA
All2All
5
85
328
22
VAR>budget
Rotate
Portfolio VAR above budget
169
Rotate into defensive sectors
C00150
CR8859
2025-10-12
Tightening
124
360
4.2
0.9
2,297,468,683
Consumer:8.2;Materials:15.9;Financials:16.9;Comm:19.9;Utilities:19.0;Energy:20.1
US:65.3;EU:17.5;APAC:12.8;EMEA:4.2;LATAM:0.2
BBB:11.1;CCC:8.1;A:30.0;AA:25.3;BB:25.5
7.18
38.9
96
484
16.8
2.5
20
55
35
true
true
false
false
2.44
0.79
-0.39
Financials:EW
Hedge
Options_Payer: +63bps notional
-7
33
ECN2
RFQ
2
97
126
45
VAR>budget
PauseAdds
Portfolio VAR above budget
167
Defer adds pending macro print
C00151
CR6048
2024-09-21
Calm
113
395
4.1
1.6
2,918,721,889
Utilities:26.8;Industrials:29.0;Healthcare:28.9;Comm:15.2
US:63.8;EU:16.3;APAC:12.1;EMEA:6.4;LATAM:1.5
AAA:20.1;BB:4.2;B:7.1;BBB:17.4;AA:19.8;A:31.4
0.97
34.8
86
373
9.5
3.5
35
55
35
false
true
false
false
1.99
1.58
0.04
null
Hedge
CDX_HY: +177bps notional
-49
35
ECN1
Electronic
3
86
280
-113
HYCap>limit
Reduce
High-yield share above policy cap
201
Rotate into defensive sectors
C00152
CR2684
2025-03-13
Stress
150
779
7
-0.5
98,779,260
Consumer:27.2;Utilities:30.1;Tech:23.8;Industrials:18.9
US:69.2;EU:13.0;APAC:8.2;EMEA:3.7;LATAM:5.9
BBB:18.9;BB:14.7;AAA:21.0;A:25.7;CCC:9.9;AA:9.8
6.51
41.6
371
315
7.2
3
35
55
30
false
true
false
true
0.89
1.62
0.38
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
-13
DealerC
Electronic
1
85
300
-225
Region>limit
Reduce
Regional concentration above limit
245
Defer adds pending macro print
C00153
CR2370
2024-07-30
Recovery
174
431
6
0.5
2,678,947,928
Materials:15.9;Financials:22.9;Utilities:13.9;Comm:12.7;Tech:20.7;Industrials:13.9
US:70.4;EU:12.5;APAC:8.7;EMEA:4.1;LATAM:4.3
AA:18.8;B:19.3;BB:30.0;AAA:19.5;CCC:12.3
2.8
49.8
259
457
5.1
3
20
45
20
true
true
true
true
0.47
0.16
0.22
Financials:EW
Hedge
Options_Payer: +87bps notional
-30
44
DealerC
All2All
6
99
251
-243
Sector>limit
Hedge
Sector concentration above limit
187
Reviewed by risk; hedges staggered
C00154
CR0214
2025-01-21
Recovery
171
632
6.1
0.6
2,112,253,006
Materials:42.7;RealEstate:13.4;Financials:34.3;Consumer:9.6
US:62.3;EU:13.1;APAC:11.5;EMEA:8.5;LATAM:4.6
BB:13.0;CCC:14.2;BBB:11.5;AAA:19.2;AA:15.3;A:26.8
5.05
34.4
235
371
3.4
2
25
45
30
true
true
false
true
0.04
0.89
0.57
Consumer:EW;Energy:EW
Hedge
SingleName_CDS: +62bps notional
-25
-14
DealerC
RFQ
7
92
25
-3
VAR>budget
Reduce
Portfolio VAR above budget
188
Tighten HY exposure bands
C00155
CR3125
2025-03-26
Stress
234
571
6.4
-1
1,570,934,389
Utilities:33.8;Industrials:20.5;Consumer:14.1;Healthcare:31.6
US:69.1;EU:11.1;APAC:6.9;EMEA:8.5;LATAM:4.4
B:22.7;A:16.1;BB:12.2;CCC:25.9;AA:16.4;AAA:6.7
1.35
29.5
351
630
10.5
3.5
35
45
35
false
true
true
true
2.17
0.88
-0.18
RealEstate:EW
Hedge
iTraxx_XOVER: +112bps notional
-52
22
ECN2
RFQ
11
89
-206
-211
HYCap>limit
Hedge
High-yield share above policy cap
107
Reviewed by risk; hedges staggered
C00156
CR4394
2024-07-19
Recovery
143
634
4.9
1.1
602,132,947
Materials:12.4;Healthcare:26.6;Energy:14.9;Consumer:7.5;RealEstate:26.5;Utilities:12.1
US:68.0;EU:8.2;APAC:14.7;EMEA:8.0;LATAM:1.2
AAA:13.3;AA:32.1;A:29.5;CCC:25.1
4.4
37.1
136
429
11.9
3
20
45
30
true
true
false
false
2.23
1.62
0.58
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
7
17
ECN1
Electronic
0
87
311
-146
Region>limit
Hedge
Regional concentration above limit
157
Escalate watchlist names
C00157
CR0028
2024-04-06
Calm
78
409
3.2
2.6
625,056,026
Tech:18.4;Healthcare:24.7;Utilities:21.1;Financials:17.1;Industrials:11.8;Energy:7.1
US:58.6;EU:15.0;APAC:14.1;EMEA:6.8;LATAM:5.5
AA:23.8;A:29.8;AAA:17.3;BB:8.7;B:20.4
2.75
22.4
196
281
12.7
2
20
55
20
true
true
true
false
0.42
1.1
0.08
null
Hedge
CDX_HY: +122bps notional
-44
31
DealerA
RFQ
12
89
176
-9
HYCap>limit
Hedge
High-yield share above policy cap
140
Rotate into defensive sectors
C00158
CR3188
2025-12-22
Calm
72
283
3.5
1.9
501,940,978
Materials:35.6;RealEstate:21.0;Industrials:31.3;Utilities:12.1
US:55.6;EU:16.8;APAC:7.8;EMEA:12.6;LATAM:7.1
AAA:16.0;BB:3.3;AA:39.6;A:32.6;B:8.6
6.61
49.1
125
217
9.6
4
35
35
25
true
true
false
false
2.23
1.32
-0.13
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
17
DealerA
Electronic
11
90
405
-223
Sector>limit
Reduce
Sector concentration above limit
214
Rotate into defensive sectors
C00159
CR7466
2025-10-15
Tightening
107
356
5
1.4
2,109,656,909
Utilities:12.3;Healthcare:20.5;Consumer:20.8;RealEstate:10.5;Financials:17.6;Industrials:18.3
US:58.2;EU:15.0;APAC:13.1;EMEA:10.2;LATAM:3.5
A:22.7;CCC:15.0;B:17.1;AAA:24.8;AA:20.4
4.14
50.8
140
350
3.6
2
30
35
30
false
true
true
false
1.56
1.66
-0.1
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
23
ECN1
Electronic
2
91
288
42
Region>limit
Hedge
Regional concentration above limit
234
Tighten HY exposure bands
C00160
CR2816
2025-06-28
Tightening
159
483
4.2
0.5
467,519,807
RealEstate:26.2;Financials:29.1;Industrials:27.1;Utilities:17.6
US:59.3;EU:11.3;APAC:16.2;EMEA:10.0;LATAM:3.2
AA:32.4;B:10.9;CCC:12.1;BB:10.9;BBB:22.6;AAA:11.2
6.29
54.9
179
189
15.7
3.5
25
35
35
true
true
false
false
2.24
0.99
-0.38
Financials:EW;Tech:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
16
ECN2
Electronic
10
98
-15
-85
VAR>budget
Hedge
Portfolio VAR above budget
220
Reviewed by risk; hedges staggered
C00161
CR6755
2025-05-08
Tightening
152
405
4.3
1.2
1,552,531,273
Utilities:14.3;RealEstate:9.0;Healthcare:12.3;Industrials:24.2;Financials:19.4;Materials:20.8
US:67.4;EU:8.5;APAC:14.3;EMEA:4.5;LATAM:5.3
AA:12.7;A:12.2;CCC:26.3;BBB:18.7;AAA:30.1
6.06
25.9
215
471
10.8
4
25
35
25
false
true
true
true
0.62
1.26
0.57
null
Rotate
From Energy -1.0% to Utilities +1.0%
-50
23
ECN2
All2All
7
89
324
-96
Sector>limit
Reduce
Sector concentration above limit
255
Defer adds pending macro print
C00162
CR1222
2024-08-29
Stress
217
663
6.2
-0
2,317,175,550
Industrials:29.4;Tech:39.3;Materials:31.3
US:69.0;EU:8.1;APAC:12.2;EMEA:6.6;LATAM:4.1
AA:11.2;CCC:7.2;BB:22.8;AAA:19.6;B:18.1;BBB:21.1
4.96
35.1
204
442
8.3
4
30
55
20
true
true
true
true
1.8
0.35
-0.1
null
Hedge
Options_Payer: +108bps notional
-43
-3
DealerC
DealerAxed
2
94
141
-373
HYCap>limit
Reduce
High-yield share above policy cap
198
Defer adds pending macro print
C00163
CR4207
2024-01-11
Calm
69
335
4.4
2.9
1,847,091,447
Materials:7.3;Comm:12.7;Tech:24.7;Utilities:27.6;Energy:27.7
US:61.1;EU:14.2;APAC:8.7;EMEA:9.8;LATAM:6.2
BB:8.8;AA:29.8;A:16.4;BBB:22.9;CCC:10.8;B:11.3
1
37.9
140
340
2.3
2.5
30
45
30
false
true
true
false
1.77
-0.06
0.37
Tech:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
-22
DealerA
Electronic
10
98
-112
-209
HYCap>limit
Hedge
High-yield share above policy cap
149
Rotate into defensive sectors
C00164
CR2861
2025-10-18
Stress
158
781
8
-1.3
2,377,973,023
Utilities:36.6;Industrials:10.5;Comm:16.6;Materials:36.3
US:69.0;EU:8.6;APAC:7.7;EMEA:12.0;LATAM:2.7
BBB:25.4;AA:20.4;AAA:14.2;BB:9.4;A:25.7;CCC:4.9
3.11
24.9
349
375
20.6
2.5
35
55
35
true
true
false
true
0.23
0.96
-0.21
Consumer:EW
Hedge
Treasury_Futures: +135bps notional
17
10
DealerC
Electronic
9
85
324
-252
Region>limit
Hedge
Regional concentration above limit
204
Escalate watchlist names
C00165
CR6116
2025-01-08
Calm
77
400
4.2
2.7
2,544,175,997
Consumer:32.6;Industrials:54.8;Materials:12.6
US:66.6;EU:10.5;APAC:6.8;EMEA:11.5;LATAM:4.5
AA:34.5;AAA:9.7;BB:13.9;CCC:20.5;A:14.2;B:7.2
3.88
25.5
95
125
9.1
3
20
55
25
true
true
true
false
1.85
0.11
-0.35
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
16
DealerA
Electronic
12
85
126
-313
VAR>budget
Rotate
Portfolio VAR above budget
98
Defer adds pending macro print
C00166
CR7477
2024-09-06
Tightening
155
515
4.8
1.7
1,317,331,016
Utilities:38.8;RealEstate:32.5;Healthcare:28.7
US:56.5;EU:18.6;APAC:13.0;EMEA:9.6;LATAM:2.3
AA:12.4;BB:35.0;BBB:16.0;A:14.1;CCC:22.5
3.13
38.2
126
340
12.2
4
25
35
30
true
true
true
false
-0.06
1.13
-0.4
Materials:EW;Healthcare:EW
Hedge
iTraxx_XOVER: +120bps notional
8
9
DealerC
Electronic
2
92
-77
-175
VAR>budget
Rotate
Portfolio VAR above budget
184
Reviewed by risk; hedges staggered
C00167
CR2317
2025-07-23
Recovery
126
444
6.3
0.5
133,701,694
Energy:23.2;Industrials:19.4;RealEstate:20.0;Materials:15.9;Tech:21.5
US:68.7;EU:10.0;APAC:10.8;EMEA:4.3;LATAM:6.2
BB:13.8;B:17.1;BBB:10.3;CCC:24.8;AA:16.7;A:17.5
2.61
43.9
255
261
2.5
3
35
55
35
false
true
true
true
1.89
-0.14
-0.15
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
-8
ECN1
RFQ
3
86
341
127
Region>limit
Reduce
Regional concentration above limit
249
Escalate watchlist names
C00168
CR6066
2024-04-02
Tightening
153
488
4.2
0.7
2,467,065,992
Energy:14.1;Industrials:25.4;Healthcare:24.3;Tech:14.7;Materials:21.6
US:60.4;EU:11.9;APAC:14.3;EMEA:7.4;LATAM:6.1
AA:21.9;B:5.8;BBB:37.7;A:25.5;BB:9.0
6.9
31
166
312
17.3
3.5
30
35
30
false
true
false
false
2.09
1.36
0.38
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
-20
DealerB
RFQ
11
96
46
93
VAR>budget
Rotate
Portfolio VAR above budget
207
Escalate watchlist names
C00169
CR3364
2025-11-08
Calm
77
403
4.1
1.7
506,007,446
Financials:15.8;Energy:15.0;Materials:32.7;Healthcare:9.0;RealEstate:12.2;Tech:15.3
US:64.2;EU:19.2;APAC:11.4;EMEA:4.4;LATAM:0.9
AAA:30.2;B:9.0;A:16.8;BB:15.8;CCC:15.5;BBB:12.7
1.69
55.4
136
234
3.6
2
20
35
35
true
true
true
false
1.01
1.2
-0.28
null
Rotate
From Energy -1.0% to Utilities +1.0%
-52
32
DealerB
All2All
7
89
283
-369
Region>limit
Rotate
Regional concentration above limit
101
Defer adds pending macro print
C00170
CR6774
2025-03-20
Calm
70
342
4.4
2.8
1,264,459,946
Tech:19.2;Industrials:15.2;Comm:21.0;Consumer:17.8;RealEstate:19.8;Energy:7.1
US:62.2;EU:16.0;APAC:5.3;EMEA:12.2;LATAM:4.3
AAA:28.2;AA:17.9;A:22.5;BBB:19.0;CCC:12.4
6.26
24.7
154
326
12.5
3
35
55
20
false
true
false
false
0.3
1.45
-0.32
RealEstate:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-3
29
ECN1
Electronic
8
92
-207
-141
HYCap>limit
Rotate
High-yield share above policy cap
135
Rotate into defensive sectors
C00171
CR7395
2024-02-10
Recovery
114
479
5.9
1.8
1,421,785,826
Comm:21.9;Utilities:36.4;Tech:16.7;Consumer:25.0
US:60.8;EU:16.1;APAC:11.9;EMEA:9.9;LATAM:1.2
BBB:14.4;B:18.3;AAA:16.3;CCC:29.1;BB:21.8
2.21
36
96
393
4.1
4
35
35
35
true
true
true
false
1.92
1.63
0.32
null
Hedge
SingleName_CDS: +87bps notional
-13
-23
DealerC
DealerAxed
10
95
-66
-2
HYCap>limit
Reduce
High-yield share above policy cap
158
Reviewed by risk; hedges staggered
C00172
CR4979
2024-08-24
Recovery
115
593
4.7
0.1
2,125,005,682
Consumer:10.1;Tech:21.6;Financials:18.8;Comm:18.6;Utilities:5.6;Energy:25.3
US:70.0;EU:13.8;APAC:10.2;EMEA:4.8;LATAM:1.2
AAA:18.3;A:20.7;B:32.6;BBB:21.3;BB:7.2
3.5
53
145
267
5.4
3.5
35
45
30
false
true
true
false
1.81
1.37
0.05
Materials:EW
Hedge
Treasury_Futures: +66bps notional
-41
-8
ECN1
DealerAxed
6
88
374
-185
HYCap>limit
Hedge
High-yield share above policy cap
96
Escalate watchlist names
C00173
CR8693
2024-01-06
Recovery
146
440
6.5
1.1
322,709,208
Industrials:28.2;Utilities:36.2;Consumer:14.1;Tech:21.5
US:67.7;EU:11.6;APAC:6.6;EMEA:10.2;LATAM:3.9
BBB:31.2;BB:24.2;CCC:8.1;A:23.4;AAA:13.0
1.55
49
246
313
7.9
3
30
45
20
true
true
true
true
2.38
1.8
0.33
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
-1
ECN1
All2All
2
92
220
-344
HYCap>limit
Reduce
High-yield share above policy cap
259
Rotate into defensive sectors
C00174
CR7148
2024-03-29
Calm
67
283
3.9
2.2
1,152,998,499
Tech:18.5;RealEstate:19.1;Comm:28.1;Financials:19.2;Energy:15.1
US:61.0;EU:18.4;APAC:7.0;EMEA:4.7;LATAM:9.0
CCC:35.7;BB:11.9;BBB:14.1;AA:13.3;B:16.2;AAA:8.7
3.22
30.8
159
271
11.8
2
35
45
20
false
true
true
false
0.26
0.87
0.08
null
Hedge
iTraxx_XOVER: +85bps notional
-23
1
ECN1
RFQ
1
94
-33
147
HYCap>limit
Reduce
High-yield share above policy cap
101
Defer adds pending macro print
C00175
CR5789
2025-01-04
Tightening
148
366
4.8
1.2
2,922,524,060
Financials:8.1;Industrials:28.8;Tech:11.9;Energy:19.7;Healthcare:19.8;Consumer:11.8
US:67.2;EU:12.6;APAC:12.1;EMEA:4.1;LATAM:4.0
CCC:19.0;B:49.3;BB:13.0;BBB:18.7
4.12
24.9
202
417
8.6
3.5
20
45
30
true
true
true
true
0.17
-0.21
0.02
Energy:EW
Hedge
Options_Payer: +177bps notional
-11
-1
DealerC
RFQ
5
97
54
-77
Sector>limit
Reduce
Sector concentration above limit
117
Tighten HY exposure bands
C00176
CR8532
2025-01-04
Calm
68
356
3.8
1.5
1,817,414,361
Consumer:9.7;Financials:12.9;Healthcare:10.6;Tech:23.8;Utilities:23.8;Materials:19.1
US:60.1;EU:11.2;APAC:13.8;EMEA:13.7;LATAM:1.2
CCC:34.5;BBB:15.3;AAA:18.8;BB:31.4
0.83
38.2
200
329
16.4
2.5
25
45
25
false
true
true
false
0.86
0.43
0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
45
ECN1
All2All
11
96
2
-145
Region>limit
Rotate
Regional concentration above limit
213
Defer adds pending macro print
C00177
CR4425
2024-06-23
Tightening
136
487
4.3
1.2
1,511,852,498
Financials:12.7;Energy:43.5;Industrials:43.8
US:72.2;EU:5.6;APAC:13.3;EMEA:2.8;LATAM:6.0
AAA:33.6;BB:26.4;BBB:33.6;B:6.4
4.46
35.2
255
205
13.4
4
25
55
35
true
true
false
true
1.72
-0.12
0.54
Industrials:EW
Hedge
iTraxx_XOVER: +87bps notional
13
26
ECN1
RFQ
0
97
152
-338
HYCap>limit
Reduce
High-yield share above policy cap
206
Reviewed by risk; hedges staggered
C00178
CR1491
2025-04-25
Recovery
159
561
5.1
0.2
129,172,494
RealEstate:31.4;Tech:28.9;Comm:25.0;Utilities:14.7
US:56.4;EU:19.1;APAC:9.4;EMEA:7.4;LATAM:7.7
CCC:23.6;AAA:32.0;A:30.9;BB:13.6
6.21
47
92
438
14.2
3
20
35
35
true
true
true
false
0.79
0.13
0.52
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
26
ECN1
Electronic
3
98
67
-91
Sector>limit
Reduce
Sector concentration above limit
143
Tighten HY exposure bands
C00179
CR1826
2025-11-18
Calm
66
312
4.1
1.6
987,462,337
Comm:28.4;Healthcare:25.0;Tech:20.4;Energy:26.2
US:61.4;EU:6.9;APAC:10.4;EMEA:13.6;LATAM:7.6
B:8.4;BB:40.0;AA:43.4;CCC:8.2
0.86
51.9
229
336
10.8
2.5
25
45
25
true
true
true
true
-0.15
-0.03
0.44
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
34
ECN1
DealerAxed
5
96
169
-362
Sector>limit
Rotate
Sector concentration above limit
166
Rotate into defensive sectors
C00180
CR4234
2025-05-20
Calm
112
413
4.2
2
123,366,967
Industrials:24.3;Materials:17.5;Tech:15.1;Consumer:22.8;Financials:20.3
US:58.2;EU:13.7;APAC:10.6;EMEA:11.1;LATAM:6.4
CCC:5.8;BB:3.8;AA:37.0;AAA:33.4;B:20.0
3.49
44.7
118
193
5.8
2.5
25
35
30
false
true
false
false
-0.29
0.04
0.25
RealEstate:EW;Utilities:EW
Hedge
SingleName_CDS: +113bps notional
15
21
ECN1
RFQ
1
92
295
-383
Sector>limit
Reduce
Sector concentration above limit
131
Rotate into defensive sectors
C00181
CR2889
2024-07-30
Tightening
146
496
4.2
1.7
319,701,558
Materials:18.5;Financials:40.7;RealEstate:40.8
US:60.8;EU:8.6;APAC:12.0;EMEA:10.1;LATAM:8.6
B:16.7;BBB:25.8;BB:24.9;CCC:32.6
7.31
62.6
95
424
8.7
2
30
35
35
true
true
true
false
0.17
0.73
0.56
Tech:EW
Hedge
CDX_IG: +55bps notional
-4
-23
DealerA
All2All
4
87
139
-150
Sector>limit
Hedge
Sector concentration above limit
225
Reviewed by risk; hedges staggered
C00182
CR6705
2025-12-20
Calm
69
346
4.3
2.9
1,901,097,053
Consumer:16.7;Comm:41.3;Energy:41.9
US:77.0;EU:9.5;APAC:8.9;EMEA:3.7;LATAM:0.9
A:25.9;BB:13.6;AAA:16.1;BBB:30.3;CCC:14.1
7.33
32.1
251
320
14.7
3.5
30
45
20
true
true
true
true
1.32
-0.07
0.36
Comm:EW;Materials:EW
Hedge
CDX_HY: +150bps notional
11
-2
ECN2
All2All
12
100
235
-218
HYCap>limit
Reduce
High-yield share above policy cap
127
Defer adds pending macro print
C00183
CR1749
2025-05-02
Recovery
148
426
5.8
1.6
1,580,313,292
Comm:32.0;Consumer:29.6;Financials:24.1;Industrials:14.2
US:59.3;EU:16.1;APAC:10.4;EMEA:9.3;LATAM:4.9
AAA:15.8;AA:22.3;A:26.7;B:7.0;BB:8.8;BBB:19.4
2.2
21.4
162
491
12.7
4
35
35
30
false
true
false
false
1.65
1.69
-0.06
Utilities:EW
Hedge
SingleName_CDS: +93bps notional
-12
7
ECN1
DealerAxed
12
91
136
-266
HYCap>limit
Hedge
High-yield share above policy cap
115
Tighten HY exposure bands
C00184
CR1359
2024-04-09
Calm
108
311
3.7
1.8
1,554,077,613
Comm:11.5;Energy:29.3;Financials:17.2;Healthcare:42.1
US:63.6;EU:9.6;APAC:14.8;EMEA:5.6;LATAM:6.4
BB:22.8;B:6.7;CCC:9.9;A:24.5;BBB:16.2;AA:19.9
4.13
51.6
98
304
7.4
2
20
35
20
true
true
true
false
0.13
1.29
0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
-9
ECN1
All2All
6
94
232
-85
HYCap>limit
Hedge
High-yield share above policy cap
168
Reviewed by risk; hedges staggered
C00185
CR5870
2024-03-24
Calm
112
307
4.3
2.5
1,588,578,031
Industrials:29.4;Financials:8.1;RealEstate:22.6;Consumer:7.9;Healthcare:19.9;Energy:12.2
US:62.5;EU:14.0;APAC:7.2;EMEA:11.6;LATAM:4.7
BBB:23.3;CCC:11.7;AAA:26.5;BB:11.9;B:18.6;A:8.0
1.35
64.7
266
274
7.3
2
35
55
35
false
true
true
true
0.89
0.26
0.25
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-11
15
DealerA
All2All
1
98
172
-327
HYCap>limit
Hedge
High-yield share above policy cap
231
Rotate into defensive sectors
C00186
CR2412
2025-03-13
Stress
152
766
8.3
-1.7
2,695,165,469
Utilities:9.0;Consumer:18.4;Materials:21.9;Energy:23.9;Industrials:10.8;Financials:16.0
US:69.9;EU:14.0;APAC:8.8;EMEA:4.0;LATAM:3.3
AA:58.3;CCC:12.3;BB:10.9;BBB:18.5
0.97
46
222
405
19.9
2.5
20
55
35
true
true
false
true
0.28
1.03
0.36
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-15
-16
ECN2
DealerAxed
10
87
176
3
HYCap>limit
Reduce
High-yield share above policy cap
106
Escalate watchlist names
C00187
CR9712
2025-11-13
Calm
101
359
4.1
1.8
1,098,627,994
Utilities:17.1;Energy:46.8;Consumer:36.1
US:68.8;EU:9.4;APAC:9.6;EMEA:7.2;LATAM:4.9
AAA:6.3;BBB:19.8;BB:15.0;CCC:19.8;B:21.1;A:18.0
3.03
27.5
210
306
2.8
3
20
55
30
true
true
true
true
1.24
1.34
-0.26
null
Hedge
CDX_IG: +87bps notional
18
44
ECN1
RFQ
11
90
238
149
VAR>budget
Reduce
Portfolio VAR above budget
188
Escalate watchlist names
C00188
CR5565
2025-04-04
Tightening
107
383
4.6
1.9
2,249,130,758
Tech:21.6;Consumer:24.3;RealEstate:24.7;Industrials:29.3
US:69.1;EU:6.0;APAC:10.1;EMEA:9.3;LATAM:5.6
A:44.9;CCC:14.2;BB:11.4;BBB:29.6
5.07
26.5
276
502
14.9
3.5
35
35
25
false
true
true
true
-0.4
1.07
-0.22
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-19
-8
DealerA
Electronic
1
93
339
-277
Sector>limit
Reduce
Sector concentration above limit
171
Escalate watchlist names
C00189
CR7452
2024-12-07
Tightening
146
518
4.8
1.9
615,190,341
Utilities:18.4;Materials:19.3;RealEstate:10.3;Tech:28.5;Financials:7.4;Healthcare:16.0
US:62.5;EU:16.3;APAC:8.4;EMEA:8.9;LATAM:4.0
A:40.3;CCC:8.2;BBB:42.4;BB:9.0
0.9
40.5
280
462
7.9
2.5
30
55
20
false
true
false
true
1.87
0.81
-0.03
RealEstate:EW;Financials:EW
Hedge
iTraxx_MAIN: +89bps notional
-54
14
ECN1
RFQ
7
90
-178
-298
VAR>budget
Hedge
Portfolio VAR above budget
159
Reviewed by risk; hedges staggered
C00190
CR9672
2024-06-17
Tightening
131
470
4.4
0.8
1,068,967,246
RealEstate:11.4;Financials:26.3;Comm:18.9;Materials:29.0;Healthcare:14.4
US:63.3;EU:12.8;APAC:11.5;EMEA:11.1;LATAM:1.3
CCC:29.2;AA:20.5;B:30.8;AAA:19.5
3.5
24.8
92
182
9.8
4
20
45
30
true
true
true
false
1.79
1.32
0.08
null
Rotate
From Energy -1.0% to Utilities +1.0%
-14
45
ECN1
Electronic
12
96
10
-101
HYCap>limit
Reduce
High-yield share above policy cap
198
Defer adds pending macro print
C00191
CR2191
2025-12-14
Calm
114
356
4
1.6
988,135,699
Tech:29.8;Comm:27.4;RealEstate:23.6;Consumer:19.1
US:62.8;EU:15.2;APAC:8.5;EMEA:9.7;LATAM:3.8
B:30.8;A:20.1;BB:31.5;AA:17.6
6.6
43.5
209
408
17.2
4
30
35
35
false
true
true
true
0.18
-0.17
0.45
Tech:EW;Materials:EW
Hedge
CDX_IG: +107bps notional
-14
31
ECN2
RFQ
6
86
330
79
VAR>budget
Hedge
Portfolio VAR above budget
102
Rotate into defensive sectors
C00192
CR5075
2024-10-08
Stress
140
790
5.3
-1
2,461,072,672
Energy:20.1;RealEstate:53.5;Comm:26.4
US:67.7;EU:5.9;APAC:14.1;EMEA:6.9;LATAM:5.3
AA:23.0;BBB:15.4;CCC:10.2;A:26.6;B:3.1;AAA:21.7
2.6
45.7
204
441
14.5
3.5
25
55
20
true
true
false
true
0.8
0.92
-0.37
null
Hedge
SingleName_CDS: +187bps notional
19
-20
ECN1
Electronic
1
96
42
47
HYCap>limit
Hedge
High-yield share above policy cap
256
Defer adds pending macro print
C00193
CR3251
2025-03-15
Calm
95
353
3.5
2.6
123,292,377
RealEstate:44.2;Utilities:17.3;Comm:38.5
US:67.8;EU:15.1;APAC:9.6;EMEA:4.0;LATAM:3.5
CCC:31.9;BB:18.3;AA:15.0;BBB:12.4;B:22.4
2.31
53.1
92
424
11.1
2.5
25
45
25
true
true
true
false
0.4
1.65
0.3
Utilities:EW;Tech:EW
Hedge
iTraxx_MAIN: +147bps notional
19
-4
ECN2
RFQ
2
100
52
-93
VAR>budget
Rotate
Portfolio VAR above budget
181
Tighten HY exposure bands
C00194
CR9641
2025-09-25
Recovery
174
448
4.8
0.4
461,090,387
Utilities:33.6;RealEstate:19.8;Energy:46.6
US:68.8;EU:6.5;APAC:9.2;EMEA:10.7;LATAM:4.9
CCC:9.4;A:33.9;BBB:11.2;B:9.1;AAA:28.6;BB:7.8
5.7
33
141
366
15.8
3.5
35
55
30
true
true
false
false
1.25
1.65
-0.31
Comm:EW
Hedge
Options_Payer: +194bps notional
-60
34
ECN1
Electronic
8
100
79
-387
Sector>limit
Hedge
Sector concentration above limit
158
Reviewed by risk; hedges staggered
C00195
CR4567
2025-01-16
Calm
76
409
3.8
2.2
2,687,064,313
Energy:30.4;Materials:18.3;RealEstate:51.3
US:58.9;EU:12.9;APAC:13.2;EMEA:8.3;LATAM:6.8
CCC:6.2;B:6.6;AA:29.2;AAA:35.5;BBB:14.0;BB:8.5
3.79
57.5
147
147
17.8
2.5
20
55
25
true
true
false
false
0.17
1.12
-0.02
Energy:EW
Hedge
CDX_HY: +171bps notional
-4
44
DealerC
Electronic
2
98
285
-286
Sector>limit
Hedge
Sector concentration above limit
120
Reviewed by risk; hedges staggered
C00196
CR9639
2024-05-21
Tightening
110
435
4.2
1.8
184,008,441
Energy:31.7;Comm:18.1;Healthcare:31.5;Utilities:18.7
US:70.2;EU:6.5;APAC:11.7;EMEA:7.5;LATAM:4.0
CCC:22.8;AAA:16.5;A:21.7;BBB:17.0;B:13.9;BB:8.1
7.3
22.5
262
152
17.9
4
25
55
30
true
true
true
true
1.21
0.08
0.16
null
Hedge
Treasury_Futures: +57bps notional
18
-17
DealerB
RFQ
0
87
85
-272
Region>limit
Rotate
Regional concentration above limit
103
Defer adds pending macro print
C00197
CR0208
2025-01-20
Recovery
142
598
5.9
1.5
2,395,937,300
Energy:24.9;Financials:29.3;Healthcare:45.8
US:60.6;EU:18.2;APAC:9.5;EMEA:9.2;LATAM:2.5
BB:8.0;AAA:26.5;A:13.3;B:27.0;AA:9.8;CCC:15.2
4.15
56.2
240
279
14.9
2
30
55
25
true
true
true
true
-0.39
1.5
-0.31
null
Hedge
CDX_IG: +120bps notional
-3
-25
DealerA
RFQ
3
100
218
-200
VAR>budget
PauseAdds
Portfolio VAR above budget
229
Tighten HY exposure bands
C00198
CR8164
2024-08-27
Calm
75
337
3.8
2.5
2,147,102,696
Energy:9.1;Tech:19.6;Utilities:13.7;Financials:23.3;Consumer:17.4;Industrials:17.0
US:55.0;EU:15.1;APAC:12.2;EMEA:10.6;LATAM:7.0
AA:22.4;CCC:11.7;B:11.5;A:29.8;AAA:15.7;BB:8.9
1.67
25.6
239
482
13.9
2.5
25
45
30
false
true
true
true
1.19
1.41
-0.08
null
Hedge
iTraxx_XOVER: +182bps notional
1
45
DealerB
DealerAxed
12
90
238
16
VAR>budget
Reduce
Portfolio VAR above budget
251
Escalate watchlist names
C00199
CR0791
2024-08-20
Calm
99
280
3.9
2.3
2,938,960,597
Energy:17.8;Tech:24.1;Consumer:40.4;Healthcare:17.7
US:78.8;EU:5.4;APAC:7.8;EMEA:5.6;LATAM:2.4
CCC:7.7;BBB:39.3;BB:16.1;AAA:36.9
1.91
20.1
146
508
15.4
2
20
35
35
true
true
false
false
0.46
-0.06
-0.21
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
9
ECN1
Electronic
11
100
147
116
HYCap>limit
Rotate
High-yield share above policy cap
134
Escalate watchlist names
C00200
CR5986
2025-08-25
Recovery
164
515
5
0.8
308,385,053
Utilities:13.2;Comm:22.6;Healthcare:7.6;Industrials:35.0;Consumer:21.7
US:70.1;EU:11.4;APAC:12.5;EMEA:3.0;LATAM:2.9
CCC:22.1;BBB:28.4;A:21.5;AA:21.4;B:6.6
6.72
48.8
231
121
11.3
4
30
45
20
true
true
true
true
1.41
0.35
-0.06
Materials:EW
Hedge
CDX_HY: +121bps notional
11
3
DealerB
All2All
2
94
49
-112
Sector>limit
PauseAdds
Sector concentration above limit
96
Reviewed by risk; hedges staggered