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
C00201
CR4223
2025-01-01
Stress
208
615
7.7
-1.2
2,715,737,334
Healthcare:31.7;Consumer:16.4;Financials:16.0;Energy:11.1;Industrials:24.7
US:62.2;EU:13.3;APAC:14.8;EMEA:6.3;LATAM:3.4
AA:27.3;CCC:21.1;B:28.2;BB:23.5
2.94
54.1
314
378
16.4
4
30
55
35
true
true
true
true
0.18
0.12
0.05
Industrials:EW
Hedge
Options_Payer: +114bps notional
20
-20
DealerA
Electronic
6
93
114
-5
HYCap>limit
Reduce
High-yield share above policy cap
126
Rotate into defensive sectors
C00202
CR0335
2025-12-11
Calm
77
407
4.4
2.5
166,381,003
Energy:30.8;Utilities:29.7;Industrials:25.7;Comm:13.8
US:60.9;EU:11.0;APAC:13.9;EMEA:6.5;LATAM:7.7
AA:36.3;CCC:12.5;BBB:32.0;A:19.1
1.19
25.3
82
241
11
3.5
20
35
25
true
true
false
false
1.02
-0.28
0.18
RealEstate:EW
Hedge
Treasury_Futures: +133bps notional
-43
14
DealerC
All2All
1
86
-25
-477
Region>limit
Reduce
Regional concentration above limit
113
Escalate watchlist names
C00203
CR5321
2025-02-18
Calm
79
331
3.4
2.8
2,411,249,171
Consumer:15.5;Materials:27.7;Utilities:13.7;Comm:9.4;Energy:8.2;Tech:25.4
US:76.7;EU:6.1;APAC:6.8;EMEA:6.7;LATAM:3.6
BBB:20.1;A:15.5;BB:18.0;B:7.9;AAA:22.9;CCC:15.5
2.19
26.7
204
284
3.8
3.5
20
55
20
true
true
true
true
0.53
0.88
0.51
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
-4
ECN1
RFQ
6
99
-155
-348
Sector>limit
Rotate
Sector concentration above limit
154
Defer adds pending macro print
C00204
CR6214
2025-03-21
Calm
80
306
4.5
2.9
1,459,954,316
Consumer:23.2;Energy:13.3;Utilities:25.9;Tech:16.8;Industrials:12.4;Financials:8.3
US:68.2;EU:6.2;APAC:12.7;EMEA:10.0;LATAM:2.8
AA:29.5;B:10.4;A:40.2;AAA:19.9
5.45
58
188
414
9.8
2
30
35
20
false
true
false
false
1.47
0.85
0.43
Energy:EW
Hedge
CDX_IG: +151bps notional
-28
7
DealerB
RFQ
4
99
286
40
HYCap>limit
Reduce
High-yield share above policy cap
217
Escalate watchlist names
C00205
CR7074
2025-08-27
Tightening
93
482
5.1
0.9
1,256,236,283
Tech:17.8;Consumer:43.7;Industrials:38.5
US:58.7;EU:16.6;APAC:14.7;EMEA:4.6;LATAM:5.4
AAA:20.4;BBB:12.9;AA:28.1;BB:38.6
2.93
51.6
145
398
8
3
35
45
20
true
true
true
false
-0.24
0.87
0.03
RealEstate:EW;Comm:EW
Hedge
CDX_HY: +197bps notional
18
21
ECN2
All2All
7
98
343
-226
Region>limit
Rotate
Regional concentration above limit
162
Reviewed by risk; hedges staggered
C00206
CR9742
2024-06-23
Stress
248
671
7.8
0.4
2,248,949,450
Consumer:50.3;Utilities:26.7;Industrials:23.0
US:67.8;EU:7.9;APAC:13.3;EMEA:9.8;LATAM:1.2
BBB:21.4;B:6.2;AAA:58.8;CCC:13.6
4.21
24.9
318
671
12
3.5
35
45
20
true
true
false
true
1.43
1.68
-0.05
Comm:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-55
23
DealerA
RFQ
7
93
167
-80
HYCap>limit
Reduce
High-yield share above policy cap
242
Reviewed by risk; hedges staggered
C00207
CR1955
2025-05-05
Tightening
91
477
5.1
1.3
438,872,955
Industrials:23.5;Healthcare:17.8;Comm:7.4;RealEstate:16.0;Financials:7.4;Energy:27.9
US:72.4;EU:7.4;APAC:14.9;EMEA:4.0;LATAM:1.4
CCC:23.4;A:21.3;BB:20.4;AA:20.6;BBB:14.4
1.83
32
190
326
14.5
3.5
35
55
25
false
true
true
false
-0.28
0.8
-0.13
RealEstate:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-23
12
ECN2
Electronic
10
95
-92
-443
Sector>limit
Rotate
Sector concentration above limit
100
Escalate watchlist names
C00208
CR3918
2024-10-17
Recovery
127
462
5.9
1.2
1,689,848,945
Utilities:7.1;Financials:21.2;Tech:27.0;Comm:23.7;Energy:9.5;RealEstate:11.5
US:63.0;EU:7.9;APAC:12.8;EMEA:9.9;LATAM:6.5
AAA:20.4;BBB:7.6;CCC:20.1;AA:17.4;A:17.9;B:16.7
3.1
21.1
258
403
10.5
2.5
20
35
20
true
true
true
true
-0.48
1.11
-0.12
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-53
-24
DealerA
All2All
4
94
234
-119
HYCap>limit
Rotate
High-yield share above policy cap
246
Defer adds pending macro print
C00209
CR6432
2025-12-26
Calm
87
300
3.3
1.5
2,831,898,512
Tech:35.7;Consumer:16.3;Healthcare:11.1;Utilities:36.9
US:59.0;EU:13.6;APAC:14.9;EMEA:8.2;LATAM:4.3
AA:19.3;CCC:15.2;B:39.0;AAA:26.5
0.69
35.1
213
294
4.8
2.5
35
45
35
true
true
true
true
1.95
1.74
-0.19
RealEstate:EW
Hedge
CDX_HY: +166bps notional
5
5
DealerC
Electronic
5
88
413
138
HYCap>limit
Hedge
High-yield share above policy cap
215
Defer adds pending macro print
C00210
CR8613
2024-11-27
Tightening
133
371
4.4
1.4
2,023,919,378
Healthcare:36.0;Tech:22.8;Consumer:41.1
US:58.4;EU:20.3;APAC:14.3;EMEA:4.7;LATAM:2.4
A:23.9;B:7.5;BB:11.7;BBB:35.8;AA:21.2
3.52
20.4
232
212
11.2
4
20
45
20
true
true
false
true
1.44
-0.15
0.14
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
42
ECN1
All2All
5
85
153
-234
VAR>budget
Reduce
Portfolio VAR above budget
149
Reviewed by risk; hedges staggered
C00211
CR0544
2025-07-07
Stress
231
797
6.4
-1.9
2,074,803,643
Consumer:12.7;Tech:33.2;Healthcare:32.4;Industrials:21.6
US:69.1;EU:17.7;APAC:6.2;EMEA:3.5;LATAM:3.6
BBB:28.7;AAA:25.1;A:16.0;B:30.2
7.47
44.4
333
370
14.4
3
30
45
35
true
true
false
true
1.95
0.52
0.6
null
Hedge
CDX_IG: +140bps notional
-27
-4
DealerC
RFQ
10
86
-12
-213
HYCap>limit
Hedge
High-yield share above policy cap
184
Escalate watchlist names
C00212
CR6563
2024-09-16
Stress
232
659
7.7
-0.7
2,309,359,023
Healthcare:7.9;Materials:14.3;Comm:31.2;Financials:15.1;RealEstate:31.5
US:66.6;EU:13.5;APAC:12.5;EMEA:4.8;LATAM:2.5
AA:10.8;AAA:13.8;BB:20.4;B:41.4;A:13.6
7.33
26.9
235
477
18.4
4
20
55
30
true
true
true
true
2.04
0.37
-0.21
Utilities:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
19
44
DealerA
RFQ
9
96
257
-280
HYCap>limit
Hedge
High-yield share above policy cap
251
Tighten HY exposure bands
C00213
CR6758
2025-06-24
Calm
108
301
3.4
1.9
2,080,275,546
Energy:48.3;Consumer:38.0;Healthcare:13.7
US:65.2;EU:16.4;APAC:10.6;EMEA:4.3;LATAM:3.5
CCC:11.2;A:40.1;BBB:24.4;B:24.3
4.38
44.3
227
208
9.3
4
25
35
20
true
true
true
true
0.96
1.1
0.55
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
24
ECN2
All2All
8
94
38
-59
Region>limit
Reduce
Regional concentration above limit
188
Tighten HY exposure bands
C00214
CR0112
2024-04-09
Calm
107
405
4.1
2.6
2,108,221,429
Financials:8.1;Materials:15.4;Healthcare:16.4;Comm:21.0;Consumer:17.8;RealEstate:21.3
US:59.2;EU:20.6;APAC:5.6;EMEA:9.3;LATAM:5.3
A:13.5;AAA:13.5;BBB:26.9;BB:11.8;AA:21.9;B:12.4
5.03
46
162
298
11.7
3
30
55
25
false
true
false
false
0.72
1.31
0.56
Financials:EW;Comm:EW
Hedge
Options_Payer: +169bps notional
-22
20
DealerA
RFQ
7
96
104
-198
Sector>limit
Hedge
Sector concentration above limit
212
Reviewed by risk; hedges staggered
C00215
CR8906
2024-09-13
Tightening
130
419
4.5
1.7
473,961,866
Utilities:30.3;Materials:15.3;Tech:27.7;Industrials:26.7
US:67.9;EU:11.5;APAC:10.7;EMEA:6.5;LATAM:3.4
CCC:41.2;BB:17.6;AA:10.5;B:9.2;AAA:21.4
3.66
46.1
167
152
10.4
3.5
35
45
25
false
true
true
false
1.37
-0.12
-0.23
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
15
ECN1
DealerAxed
3
98
-128
-421
HYCap>limit
Reduce
High-yield share above policy cap
139
Escalate watchlist names
C00216
CR7522
2025-05-11
Recovery
129
531
6
0.9
2,930,573,731
Healthcare:67.8;Tech:16.2;Comm:16.0
US:52.3;EU:17.4;APAC:12.8;EMEA:10.7;LATAM:6.8
AAA:12.3;B:20.3;AA:15.2;A:26.3;CCC:14.0;BB:11.9
4.9
42.3
259
270
12
2.5
25
35
20
true
true
true
true
0.97
0.17
0.35
Utilities:EW
Hedge
iTraxx_MAIN: +113bps notional
-10
-10
ECN1
RFQ
3
92
11
177
HYCap>limit
Rotate
High-yield share above policy cap
178
Defer adds pending macro print
C00217
CR6496
2024-06-21
Recovery
162
461
5.7
0.1
2,309,948,958
Financials:27.3;Healthcare:43.1;RealEstate:29.6
US:73.7;EU:8.5;APAC:7.2;EMEA:8.1;LATAM:2.5
BB:16.6;B:16.2;BBB:16.6;AAA:21.6;A:15.0;CCC:14.1
2.06
63.2
196
490
4.7
2
35
55
35
true
true
true
false
2.12
1.61
-0.34
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
-22
DealerC
All2All
2
97
324
-84
HYCap>limit
Hedge
High-yield share above policy cap
103
Escalate watchlist names
C00218
CR7453
2024-03-19
Tightening
126
424
4.7
1
1,974,132,578
Healthcare:12.5;Utilities:43.6;Tech:43.9
US:62.3;EU:17.2;APAC:13.7;EMEA:5.7;LATAM:1.0
BBB:30.0;B:7.7;BB:10.3;AA:26.5;AAA:25.5
3.31
49.9
204
155
2.6
4
30
45
30
true
true
false
true
0.66
1.6
-0.34
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-51
16
DealerB
All2All
9
97
60
138
HYCap>limit
Rotate
High-yield share above policy cap
240
Rotate into defensive sectors
C00219
CR5158
2025-10-23
Calm
119
410
3.5
2.5
69,238,527
Healthcare:18.2;RealEstate:11.4;Comm:31.5;Materials:17.1;Energy:21.8
US:71.5;EU:14.6;APAC:6.2;EMEA:7.7;LATAM:0.2
AAA:43.3;A:25.2;BB:6.2;BBB:25.4
3.7
58.7
104
384
4.3
3.5
30
35
25
true
true
false
false
0.68
0.03
0.11
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
37
ECN1
All2All
12
96
151
-31
Region>limit
Rotate
Regional concentration above limit
110
Tighten HY exposure bands
C00220
CR0337
2024-03-31
Tightening
135
357
3.9
1.5
253,274,868
Energy:16.2;Tech:21.0;Comm:27.4;Healthcare:10.9;RealEstate:24.5
US:67.6;EU:9.5;APAC:9.8;EMEA:7.4;LATAM:5.8
BBB:39.8;AA:19.8;CCC:17.4;B:23.0
3.43
59.1
171
334
17.7
3
30
35
30
false
true
true
false
0.42
0.47
-0.34
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-1
-16
ECN2
Electronic
11
93
381
-219
HYCap>limit
Rotate
High-yield share above policy cap
159
Escalate watchlist names
C00221
CR4594
2024-04-28
Tightening
93
470
4.1
2
334,577,753
Energy:21.6;Industrials:14.7;Materials:23.3;Consumer:16.5;Healthcare:11.4;Utilities:12.5
US:63.7;EU:12.5;APAC:9.0;EMEA:8.7;LATAM:6.1
BB:16.4;CCC:34.3;B:8.8;BBB:29.1;A:11.5
3.86
46.6
259
243
7.9
2.5
30
35
25
false
true
true
true
0.73
0.1
0.3
Tech:EW
Hedge
Options_Payer: +76bps notional
-57
20
ECN1
All2All
6
90
-161
-412
VAR>budget
Hedge
Portfolio VAR above budget
161
Tighten HY exposure bands
C00222
CR9204
2025-03-26
Calm
73
355
3.5
2.4
2,888,766,471
RealEstate:19.2;Consumer:27.2;Utilities:21.2;Financials:16.8;Comm:15.6
US:58.1;EU:13.7;APAC:9.0;EMEA:12.8;LATAM:6.4
A:18.6;AAA:13.7;B:37.1;AA:14.4;BBB:16.2
0.89
25.7
197
218
3.6
2.5
35
35
35
false
true
true
false
1.14
1
0.33
Consumer:EW
Hedge
iTraxx_MAIN: +189bps notional
-29
11
DealerC
All2All
1
90
273
-315
Sector>limit
Reduce
Sector concentration above limit
248
Escalate watchlist names
C00223
CR9112
2024-02-13
Stress
238
661
7.4
-1.2
1,078,051,296
Materials:9.0;RealEstate:17.6;Financials:19.4;Tech:20.8;Consumer:20.5;Industrials:12.5
US:57.0;EU:17.6;APAC:10.6;EMEA:13.2;LATAM:1.5
BBB:20.5;BB:6.7;AA:21.6;CCC:30.9;A:20.2
0.6
46.1
305
448
16.6
3
25
55
35
false
true
true
true
-0.4
-0.01
0.18
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
27
DealerC
RFQ
10
85
275
72
Sector>limit
Reduce
Sector concentration above limit
216
Tighten HY exposure bands
C00224
CR4328
2025-09-08
Calm
66
406
3.9
2.4
2,019,638,741
Tech:36.1;Industrials:31.0;RealEstate:15.9;Financials:17.0
US:57.0;EU:16.2;APAC:14.9;EMEA:6.0;LATAM:6.0
AA:8.3;A:25.4;AAA:23.9;BBB:16.9;BB:25.6
0.45
39.2
179
517
6.5
4
30
55
30
true
true
false
false
2.39
0.32
0.03
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
4
DealerA
RFQ
0
88
-52
-306
Region>limit
Reduce
Regional concentration above limit
250
Rotate into defensive sectors
C00225
CR9077
2024-11-14
Recovery
119
592
5.8
-0.2
417,402,320
Tech:24.7;Financials:11.8;Utilities:19.6;RealEstate:14.9;Comm:29.0
US:68.7;EU:11.1;APAC:10.2;EMEA:10.0;LATAM:0.1
CCC:18.5;AAA:33.1;AA:18.9;BB:29.5
3.19
28.3
159
295
12.2
2.5
35
35
35
false
true
true
false
0.07
1.47
0.13
Industrials:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-28
-13
DealerC
DealerAxed
11
91
-72
-176
Sector>limit
Rotate
Sector concentration above limit
204
Escalate watchlist names
C00226
CR1696
2025-08-22
Recovery
174
501
6.1
1.3
2,896,833,271
Tech:19.6;Comm:25.1;Healthcare:9.9;Financials:12.6;Utilities:14.0;Consumer:18.9
US:72.6;EU:14.7;APAC:5.3;EMEA:4.2;LATAM:3.2
CCC:19.6;BB:7.3;BBB:21.5;AA:30.6;AAA:21.1
5.28
25.3
106
458
4.6
3
30
45
20
false
true
true
false
1.99
0.74
-0.38
null
Hedge
SingleName_CDS: +178bps notional
3
-19
DealerC
All2All
6
94
202
122
Region>limit
Hedge
Regional concentration above limit
218
Tighten HY exposure bands
C00227
CR2442
2025-08-14
Stress
229
624
8
-0.6
1,195,355,373
Financials:28.7;Utilities:38.9;Tech:32.5
US:57.1;EU:18.1;APAC:12.7;EMEA:9.7;LATAM:2.5
BB:7.2;CCC:8.9;AA:11.3;A:33.9;BBB:32.7;B:6.1
1.3
27.3
270
457
15.5
2
20
35
35
true
true
false
true
0.51
1.7
0.21
Tech:EW
Hedge
Options_Payer: +179bps notional
-33
22
DealerA
DealerAxed
1
90
174
-221
HYCap>limit
Rotate
High-yield share above policy cap
215
Tighten HY exposure bands
C00228
CR4013
2025-02-13
Recovery
107
495
5.4
1
2,208,409,452
Energy:21.5;Financials:55.6;Healthcare:22.9
US:71.2;EU:8.2;APAC:8.0;EMEA:11.4;LATAM:1.2
AAA:31.5;BB:6.9;A:20.4;AA:26.1;CCC:15.0
6.7
23.6
234
414
14.1
4
20
35
20
true
true
true
true
0.82
0.73
0.58
Industrials:EW
Hedge
iTraxx_MAIN: +94bps notional
4
44
DealerC
Electronic
4
93
-165
-94
HYCap>limit
Rotate
High-yield share above policy cap
173
Defer adds pending macro print
C00229
CR1615
2025-01-30
Recovery
153
510
5.5
0.3
2,365,717,854
Industrials:30.1;Comm:6.7;RealEstate:31.5;Healthcare:31.8
US:57.3;EU:18.6;APAC:16.7;EMEA:5.4;LATAM:2.0
B:11.9;BBB:17.9;AAA:14.5;A:22.6;AA:33.1
3.07
33.5
225
275
6.7
3
25
35
20
true
true
false
true
2.28
0.1
-0.09
Comm:EW
Hedge
Options_Payer: +177bps notional
-48
29
DealerC
All2All
9
86
157
45
HYCap>limit
Reduce
High-yield share above policy cap
149
Reviewed by risk; hedges staggered
C00230
CR0031
2024-10-22
Recovery
140
460
5
0
2,973,566,331
Healthcare:16.7;Energy:40.1;Financials:12.7;RealEstate:30.5
US:69.0;EU:14.9;APAC:7.6;EMEA:3.6;LATAM:5.0
AA:25.3;B:8.9;CCC:6.6;BBB:32.8;AAA:26.4
5.75
58.9
95
381
16.9
4
20
45
35
true
true
false
false
1.63
1.77
0.18
null
Rotate
From Energy -1.0% to Utilities +1.0%
6
36
DealerA
Electronic
1
99
324
-133
VAR>budget
Reduce
Portfolio VAR above budget
110
Escalate watchlist names
C00231
CR6111
2024-09-18
Tightening
123
484
4.4
0.9
1,771,666,755
Healthcare:32.6;Consumer:16.9;RealEstate:9.4;Utilities:17.8;Energy:23.2
US:60.2;EU:16.6;APAC:14.4;EMEA:6.7;LATAM:2.1
B:10.0;A:17.2;BBB:41.9;CCC:30.9
4.32
33.7
217
400
15.9
3.5
25
45
30
true
true
true
true
1.99
1.63
0.44
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
17
-10
DealerC
All2All
6
85
137
-92
VAR>budget
Hedge
Portfolio VAR above budget
226
Escalate watchlist names
C00232
CR9807
2024-01-27
Tightening
104
438
3.9
1
2,922,832,128
Consumer:28.8;Utilities:21.7;Energy:14.6;Healthcare:26.6;Comm:8.4
US:67.1;EU:15.5;APAC:10.3;EMEA:3.3;LATAM:3.7
AAA:18.9;CCC:13.3;AA:6.6;A:7.3;B:31.3;BB:22.6
0.4
56.2
140
217
14.6
3.5
25
55
25
true
true
true
false
0.95
0.14
-0.32
null
Hedge
Options_Payer: +184bps notional
8
-9
ECN1
RFQ
0
96
-140
-170
Sector>limit
Rotate
Sector concentration above limit
140
Tighten HY exposure bands
C00233
CR1643
2025-05-12
Stress
146
747
7.6
0.7
2,052,327,418
Healthcare:8.5;Utilities:8.6;Industrials:9.5;Energy:25.1;Materials:21.4;Consumer:26.9
US:69.0;EU:8.8;APAC:13.8;EMEA:6.7;LATAM:1.8
B:34.5;A:25.5;BB:26.7;AAA:13.3
3.08
29.9
158
525
18.1
2.5
30
55
25
false
true
true
false
1.81
0.71
0.26
Industrials:EW
Hedge
SingleName_CDS: +150bps notional
18
20
DealerB
Electronic
1
93
-218
-154
HYCap>limit
Hedge
High-yield share above policy cap
112
Rotate into defensive sectors
C00234
CR3415
2024-06-13
Recovery
114
597
6.3
1.6
1,097,257,226
Tech:14.2;Comm:21.1;Consumer:15.9;Healthcare:20.5;Materials:13.9;Utilities:14.4
US:66.3;EU:7.4;APAC:10.1;EMEA:9.9;LATAM:6.3
B:36.6;AA:18.7;AAA:20.8;CCC:13.5;BB:10.5
4.28
48.8
247
349
3.1
2
25
55
35
false
true
true
true
-0.14
1.04
0.47
Financials:EW
Hedge
Treasury_Futures: +125bps notional
-52
15
ECN2
All2All
0
90
-102
-378
HYCap>limit
Hedge
High-yield share above policy cap
97
Rotate into defensive sectors
C00235
CR7428
2024-07-27
Calm
120
330
3.8
1.7
885,500,073
RealEstate:9.7;Utilities:29.1;Comm:29.5;Consumer:13.1;Financials:18.6
US:64.3;EU:11.2;APAC:12.8;EMEA:6.3;LATAM:5.3
B:6.3;CCC:10.1;AAA:21.7;BBB:18.8;A:31.1;BB:12.0
6.44
24.9
101
471
2.1
3
25
45
30
true
true
false
false
0.84
0.87
0.28
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-48
15
DealerA
Electronic
2
94
272
39
HYCap>limit
Hedge
High-yield share above policy cap
153
Escalate watchlist names
C00236
CR2145
2024-11-26
Calm
110
375
3.3
2.3
2,314,855,692
Materials:26.9;Financials:7.8;Energy:21.9;Consumer:12.7;Utilities:24.6;Healthcare:6.2
US:65.1;EU:13.4;APAC:7.1;EMEA:13.3;LATAM:1.1
BBB:13.2;B:34.2;BB:10.8;AA:18.0;CCC:23.9
6.21
63.6
239
163
15.2
4
25
45
30
true
true
true
true
0.22
1.22
-0.39
Financials:EW;Tech:EW
Hedge
iTraxx_XOVER: +181bps notional
-40
45
DealerC
RFQ
1
91
285
-61
HYCap>limit
Hedge
High-yield share above policy cap
255
Rotate into defensive sectors
C00237
CR9704
2024-12-29
Tightening
140
350
4.8
1.6
1,396,633,406
Tech:11.9;Comm:13.5;Consumer:18.6;Financials:18.8;Utilities:11.7;Industrials:25.5
US:68.5;EU:17.0;APAC:9.7;EMEA:4.2;LATAM:0.6
BBB:17.0;AA:15.4;B:24.4;BB:27.6;A:15.5
6.55
58.9
247
248
6.9
2
20
35
35
true
true
true
true
1.62
1.72
0.53
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
21
DealerB
DealerAxed
4
90
251
53
HYCap>limit
Hedge
High-yield share above policy cap
136
Tighten HY exposure bands
C00238
CR8900
2025-11-18
Calm
84
333
3.4
2.1
2,850,750,430
Consumer:9.3;Healthcare:6.9;RealEstate:25.8;Comm:26.9;Tech:13.3;Energy:17.9
US:68.1;EU:12.3;APAC:9.2;EMEA:5.6;LATAM:4.8
BB:13.5;BBB:20.9;AA:13.3;B:7.9;A:27.1;AAA:17.4
3.95
32.1
208
373
13.8
2.5
30
45
35
false
true
false
true
1.53
0.21
-0.26
Healthcare:EW
Hedge
Options_Payer: +118bps notional
-48
-12
ECN1
RFQ
0
86
102
9
Sector>limit
Hedge
Sector concentration above limit
247
Tighten HY exposure bands
C00239
CR2250
2024-10-31
Calm
119
388
4.1
2.7
2,756,742,704
Consumer:25.2;Tech:15.3;Utilities:33.3;Materials:26.3
US:67.4;EU:15.6;APAC:8.0;EMEA:8.1;LATAM:0.9
AA:13.0;CCC:29.3;BB:27.0;AAA:30.7
6.51
55.7
107
124
3.3
4
25
45
20
true
true
true
false
-0.14
0.52
-0.22
Healthcare:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
19
ECN1
RFQ
5
87
333
-293
VAR>budget
Hedge
Portfolio VAR above budget
256
Escalate watchlist names
C00240
CR3237
2024-11-15
Stress
235
844
5.3
0.7
1,221,087,551
Industrials:47.2;Healthcare:14.2;Consumer:22.5;Energy:16.2
US:57.9;EU:18.3;APAC:14.3;EMEA:6.2;LATAM:3.2
BB:24.5;CCC:16.9;AAA:20.2;BBB:23.9;AA:14.6
2.17
23.9
205
629
9.7
3.5
35
55
30
true
true
true
true
1.65
0.49
0.27
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
13
ECN2
DealerAxed
7
95
368
-336
Sector>limit
Rotate
Sector concentration above limit
197
Tighten HY exposure bands
C00241
CR1561
2025-12-06
Recovery
161
556
5
1.1
51,696,686
Tech:12.2;Utilities:34.4;RealEstate:11.5;Materials:24.0;Consumer:7.6;Industrials:10.2
US:67.0;EU:16.3;APAC:6.0;EMEA:6.3;LATAM:4.3
AA:25.8;BBB:29.0;CCC:17.3;BB:16.6;A:11.2
5.15
48.6
114
264
17
3.5
25
55
25
true
true
true
false
1.39
1.77
0.29
Utilities:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-31
-22
DealerB
Electronic
7
88
30
-61
VAR>budget
Hedge
Portfolio VAR above budget
107
Rotate into defensive sectors
C00242
CR0821
2025-03-25
Tightening
124
480
4.7
1.6
2,127,323,823
Healthcare:12.2;Financials:25.1;RealEstate:22.7;Industrials:18.5;Energy:21.6
US:60.0;EU:15.7;APAC:15.6;EMEA:5.3;LATAM:3.3
BB:27.4;B:8.3;AAA:24.7;BBB:17.0;AA:12.2;A:10.4
6.28
43.4
91
189
2.4
2.5
30
35
30
false
true
true
false
0.22
0.34
0.34
Industrials:EW;Comm:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-11
29
DealerA
DealerAxed
10
89
447
-322
HYCap>limit
Reduce
High-yield share above policy cap
208
Tighten HY exposure bands
C00243
CR8468
2024-02-28
Stress
178
736
6.3
-1.8
257,767,784
Utilities:21.4;Industrials:17.2;Comm:16.4;Materials:17.8;Financials:27.3
US:75.4;EU:5.1;APAC:6.7;EMEA:11.5;LATAM:1.3
B:22.3;AA:20.4;A:27.5;AAA:29.8
6.9
40.5
266
505
12.8
2.5
30
35
30
false
true
false
true
2.04
0.85
0.35
Tech:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
1
DealerC
Electronic
3
86
6
-280
VAR>budget
Reduce
Portfolio VAR above budget
148
Tighten HY exposure bands
C00244
CR9137
2025-05-21
Calm
94
392
3.5
2.1
2,276,470,119
Energy:13.7;Materials:18.9;Utilities:12.2;Comm:27.7;Tech:27.4
US:66.9;EU:11.6;APAC:14.2;EMEA:6.5;LATAM:0.7
CCC:17.6;AA:36.1;B:17.8;A:28.4
4.27
54.8
259
446
6.2
3.5
35
55
20
false
true
true
true
0.36
0.91
0.06
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-10
29
ECN1
Electronic
2
85
15
-268
VAR>budget
Hedge
Portfolio VAR above budget
169
Defer adds pending macro print
C00245
CR2294
2025-03-08
Calm
77
309
4.4
2.4
2,776,921,957
Materials:35.7;Healthcare:14.0;Tech:16.8;Financials:33.5
US:56.1;EU:14.9;APAC:15.6;EMEA:5.0;LATAM:8.4
B:19.0;AAA:10.8;CCC:29.3;BB:15.6;AA:11.5;BBB:13.7
3.71
63.4
168
170
9.8
3
20
35
20
true
true
true
false
0.73
0.55
0.08
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
13
4
DealerC
RFQ
9
88
270
153
VAR>budget
Rotate
Portfolio VAR above budget
141
Rotate into defensive sectors
C00246
CR1945
2025-04-19
Calm
95
333
4
1.9
2,535,028,602
Materials:23.6;Healthcare:40.6;Consumer:35.8
US:75.4;EU:5.5;APAC:7.5;EMEA:11.3;LATAM:0.3
AAA:24.2;CCC:11.0;AA:32.2;BBB:32.5
5.64
55.1
276
432
16.8
3.5
30
35
20
true
true
false
true
1.32
1.69
0.51
Tech:EW;Utilities:EW;Healthcare:EW
Hedge
Options_Payer: +182bps notional
-7
26
ECN2
All2All
0
96
327
-109
VAR>budget
Reduce
Portfolio VAR above budget
112
Tighten HY exposure bands
C00247
CR2921
2025-07-26
Calm
65
332
3.3
1.5
104,424,259
Comm:49.0;RealEstate:18.3;Financials:32.7
US:73.3;EU:9.2;APAC:5.9;EMEA:8.1;LATAM:3.4
AAA:22.6;A:25.8;BBB:19.6;BB:32.0
7.04
30.6
271
517
10.5
3.5
25
35
25
true
true
true
true
2.04
1.47
0.07
null
Hedge
CDX_HY: +111bps notional
-35
29
ECN1
DealerAxed
6
88
317
93
VAR>budget
Reduce
Portfolio VAR above budget
224
Rotate into defensive sectors
C00248
CR0132
2025-09-04
Tightening
122
355
4.7
0.8
123,912,264
Comm:9.2;Consumer:33.9;Financials:22.8;Energy:34.1
US:67.2;EU:15.9;APAC:9.8;EMEA:5.7;LATAM:1.4
CCC:8.2;BB:39.3;A:15.3;B:37.2
7.46
31.4
238
126
15.6
3.5
20
35
25
true
true
true
true
0.89
-0.02
0.03
RealEstate:EW
Hedge
CDX_HY: +168bps notional
-54
3
DealerC
All2All
0
86
-155
76
VAR>budget
Rotate
Portfolio VAR above budget
178
Escalate watchlist names
C00249
CR0381
2025-05-11
Calm
111
359
3.3
2.9
1,182,421,246
Materials:42.7;Utilities:33.3;Healthcare:24.0
US:70.1;EU:13.8;APAC:8.9;EMEA:5.6;LATAM:1.6
BBB:12.4;AA:12.9;AAA:13.8;CCC:19.3;BB:41.6
3.9
62.2
225
452
3.1
3.5
30
45
20
true
true
true
true
1.08
-0.23
-0.13
Comm:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-12
45
DealerB
All2All
9
87
64
-179
HYCap>limit
Reduce
High-yield share above policy cap
100
Escalate watchlist names
C00250
CR2477
2024-11-11
Recovery
110
578
5.7
-0.4
2,051,519,298
Healthcare:13.3;Energy:21.4;Financials:43.0;Tech:22.2
US:69.7;EU:5.9;APAC:10.4;EMEA:7.6;LATAM:6.4
A:10.2;BB:11.0;AA:22.0;CCC:8.9;BBB:21.2;AAA:26.8
1.27
35.1
207
301
12.8
2.5
30
35
20
true
true
false
true
0.39
0.94
0.03
Comm:EW;Financials:EW
Hedge
CDX_IG: +70bps notional
-39
-22
ECN1
DealerAxed
10
89
-6
164
HYCap>limit
Rotate
High-yield share above policy cap
122
Escalate watchlist names
C00251
CR6972
2025-12-23
Tightening
105
372
4.9
1.6
615,436,143
Materials:16.7;Healthcare:10.4;Energy:22.1;Industrials:12.1;Tech:16.4;RealEstate:22.3
US:60.5;EU:15.4;APAC:8.5;EMEA:9.1;LATAM:6.5
AA:13.5;BBB:16.7;B:17.1;AAA:28.1;BB:24.5
2.96
36
280
392
2.8
3.5
30
55
30
false
true
true
true
0.38
-0.29
0.15
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
3
ECN1
All2All
11
95
-175
-258
Sector>limit
Hedge
Sector concentration above limit
140
Tighten HY exposure bands
C00252
CR9987
2025-12-23
Stress
168
748
8.4
0.4
568,806,564
Financials:21.3;Energy:12.2;Comm:10.1;Utilities:10.3;Healthcare:16.3;Industrials:29.8
US:67.9;EU:9.6;APAC:7.8;EMEA:9.0;LATAM:5.6
B:7.8;A:21.0;AA:21.6;BBB:33.1;BB:16.6
7.47
39.4
193
404
17.6
3
25
55
35
true
true
false
false
-0.3
0.22
0.09
Utilities:EW
Hedge
iTraxx_XOVER: +191bps notional
14
41
DealerC
Electronic
0
93
104
8
Region>limit
Reduce
Regional concentration above limit
257
Defer adds pending macro print
C00253
CR0275
2025-04-25
Calm
110
350
4
1.7
2,701,913,544
RealEstate:22.9;Comm:24.2;Energy:21.1;Tech:14.8;Financials:17.0
US:53.4;EU:18.9;APAC:10.9;EMEA:11.6;LATAM:5.2
AAA:12.5;CCC:16.3;BB:19.4;AA:12.5;B:39.3
4.25
60.5
110
205
13.3
3.5
20
35
30
true
true
true
false
0.01
-0.15
-0.06
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
27
ECN1
DealerAxed
9
91
21
-267
Region>limit
Rotate
Regional concentration above limit
177
Escalate watchlist names
C00254
CR0006
2024-10-10
Calm
99
338
3.9
2.1
2,364,435,854
Financials:43.0;Utilities:17.6;Comm:39.4
US:72.7;EU:6.2;APAC:8.6;EMEA:9.4;LATAM:3.1
AAA:9.9;BBB:21.1;AA:5.8;A:21.4;B:21.1;BB:20.7
1.57
57.4
247
448
5.3
4
25
45
25
true
true
true
true
0.81
-0.06
0.42
null
Hedge
Treasury_Futures: +143bps notional
-29
-5
ECN2
DealerAxed
3
90
-33
-146
HYCap>limit
Hedge
High-yield share above policy cap
213
Defer adds pending macro print
C00255
CR8852
2025-03-15
Calm
101
335
3.2
2.7
1,228,498,434
Industrials:20.7;Utilities:14.7;Tech:19.6;Comm:21.6;Consumer:23.4
US:65.3;EU:16.8;APAC:10.6;EMEA:7.0;LATAM:0.3
BBB:22.8;BB:8.0;B:22.1;CCC:4.9;AA:22.3;A:19.9
6.57
31.6
222
375
7.5
2.5
20
35
30
true
true
true
true
2
0.61
-0.14
Industrials:EW;Comm:EW
Hedge
SingleName_CDS: +88bps notional
-52
-21
DealerB
All2All
1
90
248
122
HYCap>limit
Hedge
High-yield share above policy cap
98
Tighten HY exposure bands
C00256
CR5077
2024-01-26
Calm
109
326
4.5
1.9
1,437,914,540
Utilities:7.9;Healthcare:13.0;Energy:27.7;Industrials:25.0;Financials:8.8;Materials:17.5
US:58.3;EU:14.4;APAC:15.5;EMEA:9.6;LATAM:2.3
AA:34.9;CCC:12.3;BBB:36.8;AAA:16.0
5.99
46.7
165
193
13.4
4
35
45
25
false
true
false
false
0.19
1.3
0.26
Utilities:EW
Hedge
iTraxx_XOVER: +142bps notional
-15
0
ECN1
All2All
8
95
191
-276
Region>limit
Reduce
Regional concentration above limit
220
Reviewed by risk; hedges staggered
C00257
CR2731
2025-02-14
Stress
247
578
8.3
-0.2
2,458,998,719
Consumer:23.8;Energy:21.1;Industrials:21.3;Financials:13.8;Tech:20.0
US:63.4;EU:11.7;APAC:13.6;EMEA:7.0;LATAM:4.3
AAA:21.9;BB:21.0;BBB:16.0;CCC:26.3;AA:14.8
3.97
47.8
167
616
18.8
4
35
55
30
false
true
true
false
0.42
0.94
-0.38
null
Hedge
iTraxx_XOVER: +116bps notional
-1
32
DealerB
DealerAxed
1
93
-45
58
Sector>limit
PauseAdds
Sector concentration above limit
123
Reviewed by risk; hedges staggered
C00258
CR1655
2025-05-06
Stress
153
663
7.8
-0.6
170,104,074
Comm:39.2;Financials:35.1;RealEstate:25.7
US:62.1;EU:20.1;APAC:7.1;EMEA:7.7;LATAM:3.0
CCC:8.1;BBB:36.8;B:20.0;A:35.1
1.42
27.5
317
203
21.3
2
25
35
25
true
true
true
true
2.04
0.99
-0.27
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-22
ECN2
Electronic
4
85
229
137
HYCap>limit
Reduce
High-yield share above policy cap
241
Defer adds pending macro print
C00259
CR0787
2024-10-05
Stress
202
607
7.3
-0.5
2,542,761,141
Healthcare:21.3;Comm:40.4;Financials:38.3
US:74.5;EU:6.8;APAC:5.6;EMEA:8.8;LATAM:4.3
A:21.7;B:28.5;AA:14.1;BB:20.7;CCC:14.9
5.18
20.6
314
251
17.7
2
35
35
25
true
true
true
true
-0.44
-0.27
0.52
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
44
DealerA
DealerAxed
10
100
334
-427
Sector>limit
Hedge
Sector concentration above limit
230
Escalate watchlist names
C00260
CR3683
2024-09-11
Calm
79
378
3.2
2.3
2,733,506,015
Healthcare:11.6;Materials:56.4;Comm:16.9;Financials:15.1
US:56.8;EU:13.0;APAC:10.1;EMEA:11.8;LATAM:8.4
BBB:39.7;A:23.9;BB:12.2;AAA:11.0;B:13.2
6.46
23.5
154
134
12.6
2.5
20
45
35
true
true
false
false
-0.31
1.16
-0.32
Industrials:EW
Hedge
CDX_HY: +172bps notional
16
6
ECN2
All2All
3
93
25
-340
Region>limit
Rotate
Regional concentration above limit
252
Rotate into defensive sectors
C00261
CR2353
2025-09-27
Stress
166
595
5.9
0.3
2,842,300,340
Materials:28.3;Industrials:31.8;Healthcare:39.9
US:69.4;EU:15.9;APAC:5.4;EMEA:9.0;LATAM:0.4
BB:18.2;B:15.1;A:19.3;BBB:41.5;CCC:5.8
5.68
23.9
272
290
7.3
4
35
35
30
true
true
true
true
1.96
-0.13
-0.29
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-41
-2
DealerC
All2All
1
97
115
-190
Sector>limit
Hedge
Sector concentration above limit
142
Reviewed by risk; hedges staggered
C00262
CR1511
2024-10-29
Stress
195
559
5.1
-1.9
1,735,901,350
Tech:19.2;Industrials:14.3;Consumer:21.8;Healthcare:21.5;Comm:23.3
US:68.1;EU:9.8;APAC:17.7;EMEA:4.2;LATAM:0.2
AA:20.9;CCC:32.6;AAA:19.1;BB:27.4
1.03
31.2
263
372
6.5
3
25
45
30
false
true
true
true
2.29
0.38
0.45
Comm:EW;Utilities:EW;Industrials:EW
Hedge
CDX_HY: +155bps notional
-17
11
DealerB
RFQ
6
92
121
-478
HYCap>limit
Hedge
High-yield share above policy cap
180
Rotate into defensive sectors
C00263
CR2759
2025-02-12
Calm
104
305
3.8
2.8
2,705,899,985
Healthcare:61.5;Consumer:23.8;RealEstate:14.7
US:63.5;EU:18.1;APAC:8.4;EMEA:9.0;LATAM:0.9
B:28.4;AA:20.6;A:31.0;CCC:20.0
6.01
44.5
178
311
15.1
3.5
20
35
25
true
true
true
false
0.69
0.56
-0.36
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
15
ECN1
Electronic
5
85
-34
-105
Region>limit
Hedge
Regional concentration above limit
220
Reviewed by risk; hedges staggered
C00264
CR5396
2025-09-26
Recovery
138
607
4.9
0.2
465,374,069
Utilities:10.9;Tech:28.6;RealEstate:30.1;Energy:30.4
US:70.8;EU:16.8;APAC:8.2;EMEA:3.8;LATAM:0.4
BBB:25.6;A:18.3;AA:15.8;BB:16.8;CCC:9.1;AAA:14.4
3.93
33.6
167
201
17.5
3
25
35
20
true
true
true
false
0.25
0.92
-0.34
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
45
ECN1
All2All
9
100
-140
82
VAR>budget
Reduce
Portfolio VAR above budget
175
Rotate into defensive sectors
C00265
CR4127
2024-10-06
Calm
86
419
3.7
2.4
296,702,865
Energy:12.1;Healthcare:14.2;Utilities:11.6;Tech:24.3;Consumer:12.1;RealEstate:25.6
US:69.5;EU:13.5;APAC:5.2;EMEA:5.0;LATAM:6.8
BBB:32.3;CCC:8.2;AA:30.4;A:29.0
0.76
42.1
124
510
5.2
2.5
25
55
25
true
true
false
false
0.74
0.4
0.55
null
Hedge
SingleName_CDS: +146bps notional
-3
31
ECN2
All2All
2
87
-95
45
HYCap>limit
Hedge
High-yield share above policy cap
242
Escalate watchlist names
C00266
CR9002
2024-07-01
Calm
67
400
3.5
2.2
2,776,634,678
Industrials:9.7;Tech:7.0;Energy:21.0;Comm:25.4;Materials:11.4;Healthcare:25.5
US:54.3;EU:20.4;APAC:13.0;EMEA:12.0;LATAM:0.3
A:23.4;B:8.3;BB:9.9;BBB:24.2;AA:32.1;CCC:2.2
1.83
44.5
80
301
8
2
20
55
25
true
false
false
false
-0.37
0.67
0.37
null
Hedge
Options_Payer: +53bps notional
-35
23
DealerC
RFQ
10
86
389
-347
VAR>budget
Hedge
Portfolio VAR above budget
174
Defer adds pending macro print
C00267
CR2995
2025-05-19
Stress
229
814
5.9
-0.6
1,618,748,015
Industrials:26.2;Energy:29.0;Tech:13.3;Comm:31.5
US:67.8;EU:14.0;APAC:5.1;EMEA:8.8;LATAM:4.3
AA:23.2;CCC:35.4;BBB:7.9;BB:17.9;B:15.6
4.06
43.9
340
301
21.4
3
25
35
20
true
true
true
true
0.06
0.67
0.12
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-52
20
DealerB
RFQ
4
94
13
33
HYCap>limit
Reduce
High-yield share above policy cap
115
Rotate into defensive sectors
C00268
CR4380
2024-10-30
Calm
87
369
3.3
2.4
229,656,067
Financials:9.6;Tech:42.6;Consumer:37.8;Comm:10.1
US:65.5;EU:10.9;APAC:11.9;EMEA:10.7;LATAM:1.0
BB:18.1;AA:17.8;BBB:19.2;B:20.8;A:5.8;CCC:18.3
3.21
61.4
227
253
15.4
3.5
25
45
35
true
true
true
true
0.48
1.37
0.48
Financials:EW
Hedge
Options_Payer: +153bps notional
-57
9
DealerA
Electronic
2
85
349
-112
Sector>limit
Reduce
Sector concentration above limit
180
Tighten HY exposure bands
C00269
CR5754
2025-06-21
Stress
213
707
7.8
-0.2
836,830,551
Consumer:13.6;Comm:16.4;Energy:22.1;RealEstate:9.0;Healthcare:18.2;Industrials:20.7
US:63.1;EU:11.5;APAC:11.2;EMEA:9.6;LATAM:4.7
BB:14.6;AAA:48.8;BBB:19.2;CCC:17.4
4.28
50.8
193
343
16.3
4
30
55
30
false
true
true
false
1.23
1.75
-0.22
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-12
1
DealerA
DealerAxed
3
93
112
-123
Sector>limit
Reduce
Sector concentration above limit
212
Escalate watchlist names
C00270
CR9642
2024-02-11
Calm
110
393
4.4
2.1
150,327,313
Healthcare:13.6;Materials:16.5;Utilities:27.8;Financials:29.5;Tech:12.7
US:53.1;EU:17.3;APAC:12.9;EMEA:9.7;LATAM:6.9
AA:9.0;BB:14.8;AAA:17.6;CCC:15.5;BBB:13.8;B:29.3
4.56
39.7
214
135
6.1
2.5
35
55
20
false
false
true
true
1.52
0.63
0.48
RealEstate:EW
Hedge
Treasury_Futures: +137bps notional
-48
13
ECN1
Electronic
7
86
276
-37
Region>limit
Rotate
Regional concentration above limit
144
Tighten HY exposure bands
C00271
CR4476
2025-06-28
Tightening
92
496
4.8
0.7
2,949,971,031
RealEstate:25.5;Healthcare:41.4;Industrials:33.1
US:68.3;EU:7.4;APAC:7.8;EMEA:8.9;LATAM:7.6
AAA:22.5;A:41.5;BB:16.9;BBB:19.0
3.79
37.9
179
223
9.8
3
35
45
25
true
true
false
false
0.32
0.63
0.31
null
Rotate
From Energy -1.0% to Utilities +1.0%
-54
-22
DealerB
RFQ
0
86
32
102
HYCap>limit
Reduce
High-yield share above policy cap
127
Reviewed by risk; hedges staggered
C00272
CR1347
2025-03-22
Recovery
169
588
5.3
1
1,267,774,796
Industrials:30.6;RealEstate:26.9;Healthcare:9.5;Energy:14.5;Tech:9.8;Materials:8.8
US:64.8;EU:15.5;APAC:9.5;EMEA:4.7;LATAM:5.6
BB:11.0;B:6.2;AA:64.2;AAA:18.6
6.14
49.7
176
318
5.7
4
25
35
35
true
true
false
false
2.42
0.28
-0.05
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
-14
ECN1
DealerAxed
0
85
-100
52
Region>limit
Rotate
Regional concentration above limit
133
Rotate into defensive sectors
C00273
CR3925
2025-12-14
Tightening
117
518
4.6
1.6
2,388,983,457
Materials:9.9;RealEstate:21.0;Financials:14.4;Comm:29.2;Utilities:25.5
US:64.6;EU:16.8;APAC:6.3;EMEA:5.2;LATAM:7.1
BBB:33.0;CCC:9.6;AAA:32.5;BB:4.2;AA:17.0;B:3.7
5.09
59
268
408
16.2
3.5
30
45
30
false
true
false
true
1.05
1.11
0.04
Consumer:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
27
DealerC
RFQ
12
93
395
10
VAR>budget
Reduce
Portfolio VAR above budget
163
Reviewed by risk; hedges staggered
C00274
CR5718
2025-11-16
Tightening
120
383
4.9
1.4
384,418,644
Healthcare:37.8;Financials:24.0;Materials:38.2
US:64.9;EU:19.5;APAC:8.6;EMEA:3.7;LATAM:3.3
AA:12.1;CCC:29.2;BBB:34.1;AAA:15.7;A:9.0
6.08
56.5
228
423
16.6
4
20
35
35
true
true
false
true
0.43
0.56
-0.28
Energy:EW;Financials:EW
Hedge
CDX_IG: +113bps notional
-24
36
DealerB
Electronic
6
85
69
-384
Sector>limit
Hedge
Sector concentration above limit
192
Reviewed by risk; hedges staggered
C00275
CR6191
2024-03-12
Stress
254
603
7.3
-1.2
2,487,295,853
Materials:21.4;Consumer:35.3;Tech:43.3
US:64.0;EU:16.4;APAC:6.7;EMEA:7.1;LATAM:5.9
AAA:9.1;A:26.8;B:32.2;AA:19.7;BBB:12.3
6
58.9
267
343
4.8
3.5
20
45
25
true
true
true
true
-0.19
0.26
0.57
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
32
ECN1
All2All
5
100
-61
-145
Region>limit
Hedge
Regional concentration above limit
93
Escalate watchlist names
C00276
CR3521
2024-02-20
Calm
91
381
4.1
2.1
1,348,776,039
Industrials:24.0;Energy:40.8;Utilities:35.2
US:70.0;EU:5.5;APAC:7.1;EMEA:9.7;LATAM:7.6
BBB:32.1;CCC:27.6;A:13.8;B:8.6;AA:17.8
6.85
43.5
276
260
16.9
3.5
25
45
30
true
true
true
true
2.48
1.72
-0.34
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
-19
ECN2
All2All
11
97
281
86
Region>limit
Hedge
Regional concentration above limit
130
Rotate into defensive sectors
C00277
CR3126
2025-07-09
Calm
83
322
3.5
2.6
2,472,644,456
Industrials:19.5;Financials:22.3;Healthcare:32.5;Tech:7.0;Materials:18.7
US:67.5;EU:9.4;APAC:8.6;EMEA:9.7;LATAM:4.8
AA:27.6;AAA:15.2;B:17.8;CCC:39.4
5.72
32.9
255
410
5.2
2.5
35
35
25
false
true
true
true
1.37
1.68
0.11
Energy:EW
Hedge
iTraxx_MAIN: +53bps notional
1
-18
DealerC
RFQ
11
93
-117
-77
HYCap>limit
Reduce
High-yield share above policy cap
215
Escalate watchlist names
C00278
CR3044
2024-04-27
Stress
247
837
8.1
0.7
1,865,158,533
Industrials:30.4;Consumer:20.8;Comm:23.4;Utilities:25.4
US:64.3;EU:17.4;APAC:6.2;EMEA:7.1;LATAM:5.0
BB:26.9;AAA:36.5;CCC:6.8;B:19.6;BBB:10.2
3.57
44.6
232
464
18.1
3.5
25
45
25
true
true
true
true
1.9
0.02
0.25
null
Hedge
SingleName_CDS: +175bps notional
-5
39
DealerB
Electronic
3
94
229
92
Sector>limit
Rotate
Sector concentration above limit
160
Tighten HY exposure bands
C00279
CR8663
2024-11-01
Tightening
137
443
4.2
1.3
1,769,370,836
Tech:17.4;Industrials:12.6;Financials:20.6;Energy:11.9;Healthcare:23.3;Materials:14.2
US:68.9;EU:13.8;APAC:6.2;EMEA:6.7;LATAM:4.4
B:9.9;AAA:18.4;A:22.9;CCC:8.1;AA:33.3;BB:7.4
6.7
46.3
251
489
5.5
3
20
45
25
true
true
true
true
0.29
1.44
-0.14
RealEstate:EW
Hedge
CDX_HY: +149bps notional
-27
-5
ECN1
Electronic
3
94
87
88
HYCap>limit
Hedge
High-yield share above policy cap
217
Escalate watchlist names
C00280
CR6379
2024-04-13
Recovery
158
485
5.5
1.1
2,045,897,367
Materials:35.4;RealEstate:12.1;Utilities:32.9;Financials:19.6
US:61.4;EU:10.0;APAC:12.7;EMEA:12.3;LATAM:3.5
CCC:32.0;A:10.4;BB:31.1;B:26.5
2.04
25.1
174
438
10.1
2.5
30
45
25
true
true
true
false
1.78
-0.11
0.51
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-52
15
ECN1
All2All
4
93
393
-198
HYCap>limit
Hedge
High-yield share above policy cap
161
Tighten HY exposure bands
C00281
CR2139
2024-12-20
Recovery
129
422
4.8
-0.4
2,923,304,226
Healthcare:21.8;Materials:17.7;Energy:38.9;Financials:21.6
US:67.7;EU:13.2;APAC:8.3;EMEA:10.4;LATAM:0.4
CCC:12.9;BB:37.0;B:20.4;AAA:8.2;AA:21.5
4.33
24.3
133
293
14.1
2
25
55
35
true
true
true
false
-0.02
0.41
0.16
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-9
39
DealerA
DealerAxed
8
86
215
-125
HYCap>limit
Rotate
High-yield share above policy cap
164
Rotate into defensive sectors
C00282
CR5032
2025-03-06
Recovery
102
565
4.6
1.7
1,010,238,825
Healthcare:19.5;Financials:23.2;Materials:16.5;Utilities:18.9;Comm:13.1;Tech:8.7
US:63.4;EU:8.8;APAC:9.6;EMEA:9.8;LATAM:8.3
A:27.4;AAA:23.4;CCC:19.4;AA:14.5;B:15.3
3.34
51.2
117
305
14
3.5
20
35
30
true
true
true
false
1.16
-0.04
-0.19
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
-14
ECN1
DealerAxed
12
89
37
-180
Sector>limit
Hedge
Sector concentration above limit
149
Defer adds pending macro print
C00283
CR2944
2025-10-09
Recovery
144
586
4.7
1.4
217,810,057
Tech:35.5;Comm:28.1;Materials:36.4
US:73.6;EU:6.2;APAC:8.1;EMEA:8.2;LATAM:3.9
BBB:26.4;B:10.6;CCC:11.4;A:19.3;AAA:32.3
4.94
58.1
130
316
10.9
2
25
35
35
true
true
false
false
1.44
0.84
-0.17
Materials:EW
Hedge
iTraxx_XOVER: +116bps notional
-10
-6
ECN2
Electronic
3
85
-175
-430
HYCap>limit
Hedge
High-yield share above policy cap
257
Defer adds pending macro print
C00284
CR3579
2024-10-18
Calm
119
326
3.9
1.6
2,187,536,816
Consumer:12.3;Utilities:28.9;Industrials:40.7;Comm:18.1
US:66.7;EU:11.1;APAC:10.5;EMEA:10.0;LATAM:1.7
CCC:32.4;BBB:20.9;A:29.6;AAA:17.2
7.5
32.1
247
352
7.7
2
35
45
35
true
true
false
true
0.37
1.28
0.2
null
Hedge
iTraxx_XOVER: +80bps notional
-56
17
ECN2
All2All
7
89
43
-174
HYCap>limit
Rotate
High-yield share above policy cap
255
Rotate into defensive sectors
C00285
CR2929
2024-12-04
Calm
101
409
4.5
2.2
936,786,797
RealEstate:43.1;Materials:40.2;Comm:16.7
US:64.3;EU:14.0;APAC:11.1;EMEA:9.1;LATAM:1.5
BBB:36.3;BB:10.0;B:7.9;AA:45.8
2.95
53.2
211
434
5.5
2.5
25
35
20
true
true
false
true
2.25
0.44
0.24
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
-24
ECN1
Electronic
8
88
160
-300
Sector>limit
Hedge
Sector concentration above limit
149
Tighten HY exposure bands
C00286
CR6705
2024-11-21
Tightening
134
454
4.1
1.2
59,194,475
Comm:41.2;Healthcare:14.8;Materials:34.0;Financials:10.0
US:65.2;EU:7.8;APAC:17.0;EMEA:9.4;LATAM:0.5
A:15.9;CCC:17.0;BB:28.3;B:14.3;AA:11.6;BBB:12.9
5.33
51.1
148
200
8.5
4
20
55
25
true
true
true
false
-0.49
0.97
0.5
Healthcare:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
-11
DealerC
All2All
12
98
-130
-398
VAR>budget
Reduce
Portfolio VAR above budget
189
Tighten HY exposure bands
C00287
CR6860
2025-11-23
Stress
226
632
5.7
-0.4
83,347,780
Industrials:7.4;Comm:13.2;Tech:28.2;Energy:29.2;Healthcare:22.1
US:72.9;EU:13.5;APAC:6.5;EMEA:6.8;LATAM:0.4
BBB:23.9;BB:22.4;A:10.1;B:14.3;CCC:29.3
2.12
55.4
242
538
13.4
4
25
45
35
true
true
true
true
1.97
0.15
-0.27
Industrials:EW;Materials:EW;Energy:EW
Hedge
CDX_HY: +152bps notional
20
27
ECN2
DealerAxed
3
89
276
-196
Sector>limit
Hedge
Sector concentration above limit
204
Rotate into defensive sectors
C00288
CR7901
2024-04-17
Stress
238
747
6.4
0.5
193,658,785
Healthcare:19.8;Financials:10.2;Utilities:9.3;Consumer:13.7;Industrials:13.4;Tech:33.5
US:55.9;EU:17.7;APAC:12.1;EMEA:10.7;LATAM:3.6
A:30.3;BBB:26.1;BB:17.3;B:17.5;AA:8.9
5.09
52.7
183
408
18.5
3
20
55
30
true
true
true
false
0.76
1.36
0.39
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
0
-7
ECN2
RFQ
3
95
-112
-361
HYCap>limit
Hedge
High-yield share above policy cap
149
Reviewed by risk; hedges staggered
C00289
CR6986
2025-02-06
Calm
115
378
3.3
2.8
902,252,448
Materials:22.8;Comm:39.3;Consumer:26.8;Utilities:11.1
US:70.3;EU:11.8;APAC:8.8;EMEA:8.1;LATAM:0.9
BB:17.5;BBB:16.4;CCC:5.8;B:17.0;A:14.0;AA:29.3
4.03
60.7
117
421
4.1
3.5
25
55
35
true
true
true
false
0.56
1.75
-0.09
RealEstate:EW;Financials:EW
Hedge
iTraxx_XOVER: +100bps notional
-49
8
DealerC
Electronic
11
93
77
-6
Sector>limit
Reduce
Sector concentration above limit
247
Tighten HY exposure bands
C00290
CR1033
2024-03-13
Recovery
159
539
4.9
1.8
1,728,322,404
Utilities:23.2;Energy:31.9;Tech:9.1;Consumer:9.1;RealEstate:13.8;Healthcare:12.9
US:68.1;EU:14.0;APAC:6.1;EMEA:10.2;LATAM:1.6
BBB:23.2;A:12.3;CCC:21.4;BB:7.9;AAA:18.6;B:16.7
6.25
20.8
116
140
17.7
2.5
35
55
30
false
true
true
false
1.04
0.85
0.07
Consumer:EW;Healthcare:EW
Hedge
Treasury_Futures: +127bps notional
13
-17
ECN1
RFQ
11
96
206
-205
VAR>budget
Reduce
Portfolio VAR above budget
100
Tighten HY exposure bands
C00291
CR4405
2024-01-14
Tightening
147
399
4
1.4
2,614,310,478
Financials:20.5;Materials:13.3;Utilities:12.9;Consumer:29.7;Tech:23.6
US:61.9;EU:17.9;APAC:12.6;EMEA:4.0;LATAM:3.6
AA:17.0;CCC:14.9;AAA:19.4;BB:10.7;A:38.0
6.32
59.8
212
348
13.6
2.5
20
45
20
true
true
true
true
-0.28
1.69
0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
9
DealerB
Electronic
1
100
-115
57
Sector>limit
Hedge
Sector concentration above limit
134
Tighten HY exposure bands
C00292
CR5990
2025-11-15
Tightening
100
458
4.3
1.4
1,288,031,889
Consumer:17.9;Financials:16.0;Industrials:12.6;Utilities:27.5;Healthcare:26.0
US:72.6;EU:9.1;APAC:8.6;EMEA:8.8;LATAM:0.9
B:19.9;BBB:25.7;AAA:21.5;BB:12.6;A:20.3
2.05
43.9
252
170
4
3.5
35
35
30
false
true
true
true
1.97
0.51
-0.12
Healthcare:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-53
12
DealerB
Electronic
1
96
102
-405
Sector>limit
Rotate
Sector concentration above limit
153
Tighten HY exposure bands
C00293
CR9657
2025-04-19
Calm
73
413
3.4
2.2
448,172,984
Tech:13.5;RealEstate:11.4;Energy:29.6;Industrials:27.8;Financials:17.6
US:70.7;EU:10.5;APAC:6.5;EMEA:8.4;LATAM:3.9
BBB:8.5;AAA:25.0;BB:21.7;A:9.0;CCC:20.3;AA:15.5
1
29.5
109
480
17.2
2.5
25
35
35
true
true
true
false
2.12
-0.12
-0.07
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-11
-17
ECN1
All2All
8
87
305
-411
HYCap>limit
Reduce
High-yield share above policy cap
215
Escalate watchlist names
C00294
CR9055
2025-09-29
Calm
70
400
3.5
2.3
1,619,392,288
Consumer:22.2;Energy:16.4;Materials:9.7;Financials:26.0;Comm:25.8
US:76.7;EU:8.5;APAC:7.5;EMEA:5.0;LATAM:2.3
A:21.2;AA:13.0;AAA:26.1;BB:15.9;CCC:19.5;B:4.2
5.16
57.3
251
193
13
2.5
35
35
35
false
true
true
true
0.26
0.91
0.57
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
-1
DealerC
RFQ
7
99
139
-356
Region>limit
Hedge
Regional concentration above limit
154
Tighten HY exposure bands
C00295
CR2577
2025-12-13
Calm
84
358
3.9
2.4
820,839,719
Financials:11.8;RealEstate:36.9;Comm:26.5;Tech:24.8
US:68.1;EU:10.6;APAC:7.2;EMEA:9.4;LATAM:4.7
AAA:23.1;BBB:33.9;A:12.2;AA:30.8
6.92
52.8
266
174
10.6
2.5
25
55
35
true
true
false
true
1.22
1.62
0.34
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
18
DealerA
DealerAxed
2
94
133
54
HYCap>limit
Reduce
High-yield share above policy cap
188
Defer adds pending macro print
C00296
CR6426
2025-07-28
Recovery
140
632
5.5
1
1,715,721,684
Financials:23.5;Materials:46.6;Consumer:13.7;Comm:16.3
US:75.7;EU:5.6;APAC:7.9;EMEA:5.0;LATAM:5.9
B:34.6;CCC:23.1;AA:26.5;AAA:15.8
7.2
49.7
96
225
11.1
3.5
25
45
20
true
true
true
false
1.98
0.33
0.57
Consumer:EW;Healthcare:EW
Hedge
CDX_IG: +106bps notional
-42
6
DealerC
Electronic
7
85
338
64
HYCap>limit
Reduce
High-yield share above policy cap
162
Reviewed by risk; hedges staggered
C00297
CR9991
2025-07-11
Calm
117
412
4.3
2.2
510,743,768
RealEstate:9.2;Tech:16.6;Utilities:37.3;Energy:36.9
US:64.1;EU:13.6;APAC:11.9;EMEA:7.7;LATAM:2.7
CCC:9.0;A:35.9;BB:19.0;B:12.4;AA:23.6
4.49
46.9
113
151
14
2.5
20
35
20
true
true
true
false
2.28
0.88
0.11
Tech:EW
Hedge
Options_Payer: +105bps notional
-11
33
DealerA
All2All
9
93
-125
-407
Sector>limit
Reduce
Sector concentration above limit
123
Escalate watchlist names
C00298
CR6638
2025-03-27
Calm
114
419
4.5
1.5
2,445,137,197
Energy:37.8;RealEstate:35.8;Tech:11.6;Comm:14.9
US:64.3;EU:16.8;APAC:10.1;EMEA:5.3;LATAM:3.5
AAA:38.0;BBB:23.9;CCC:3.2;BB:10.0;B:6.5;A:18.5
4.6
62.7
153
303
16.7
4
20
45
35
true
true
false
false
0.77
0.86
0.21
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
10
ECN1
All2All
7
97
-219
-336
Region>limit
Hedge
Regional concentration above limit
101
Defer adds pending macro print
C00299
CR1642
2025-07-20
Recovery
118
548
5.9
1.9
125,303,645
Financials:11.2;Consumer:40.8;Comm:18.8;Utilities:29.1
US:62.6;EU:7.0;APAC:13.2;EMEA:10.8;LATAM:6.3
A:23.4;AAA:28.8;BB:12.2;B:13.2;CCC:22.4
2.09
64.2
122
483
11.1
3
35
45
20
true
true
true
false
-0.34
1.35
0.17
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
-20
DealerA
All2All
5
94
279
-377
HYCap>limit
Reduce
High-yield share above policy cap
177
Tighten HY exposure bands
C00300
CR6715
2024-04-23
Tightening
141
369
4
0.5
1,763,219,782
RealEstate:31.0;Industrials:21.4;Utilities:8.1;Tech:12.2;Energy:27.2
US:59.6;EU:10.4;APAC:14.5;EMEA:8.9;LATAM:6.6
AA:21.2;BB:12.4;CCC:22.8;B:16.3;AAA:27.3
4.76
23.8
228
158
14.7
2.5
25
55
35
true
true
true
true
-0.02
1.22
0.46
Financials:EW
Hedge
CDX_HY: +115bps notional
6
39
ECN1
Electronic
11
90
120
157
VAR>budget
Reduce
Portfolio VAR above budget
190
Escalate watchlist names