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
C00301
CR1490
2025-05-30
Stress
167
823
6
0.5
2,122,270,195
Utilities:24.1;Consumer:22.6;Industrials:21.8;Comm:16.0;Financials:15.4
US:76.7;EU:5.0;APAC:8.1;EMEA:6.0;LATAM:4.2
BBB:33.2;CCC:6.1;AAA:37.3;B:14.5;BB:9.0
2.89
48.5
157
641
16.9
2.5
25
45
30
false
true
false
false
0.2
0.69
-0.31
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
34
DealerA
Electronic
9
87
204
-282
Region>limit
Reduce
Regional concentration above limit
248
Escalate watchlist names
C00302
CR8340
2024-07-30
Calm
81
288
4.4
2.3
676,916,335
Financials:54.9;Energy:30.3;Materials:14.8
US:70.8;EU:12.6;APAC:7.7;EMEA:6.1;LATAM:3.0
AAA:9.1;BB:27.9;AA:17.0;CCC:7.0;A:17.4;B:21.7
5.2
59.9
179
312
12.8
2
20
55
25
true
true
true
false
0.17
0.48
0.16
Energy:EW
Hedge
Treasury_Futures: +163bps notional
-39
-19
ECN2
DealerAxed
6
90
-186
-279
HYCap>limit
Reduce
High-yield share above policy cap
221
Escalate watchlist names
C00303
CR6594
2024-12-17
Calm
69
372
4.3
2.2
945,752,665
Comm:22.9;Energy:37.3;Industrials:11.5;Healthcare:28.3
US:65.0;EU:10.4;APAC:9.5;EMEA:9.1;LATAM:6.1
BBB:30.6;AAA:24.7;AA:22.2;B:22.6
3.83
37
194
372
4.7
3
30
55
35
true
true
false
false
0.31
-0.23
0.57
RealEstate:EW;Consumer:EW
Hedge
CDX_HY: +93bps notional
-25
38
ECN2
Electronic
5
85
182
-332
HYCap>limit
Reduce
High-yield share above policy cap
133
Reviewed by risk; hedges staggered
C00304
CR8829
2025-03-27
Recovery
143
565
6.3
0.9
2,068,402,785
Energy:10.5;Healthcare:7.4;Utilities:27.9;Industrials:24.0;Tech:17.7;RealEstate:12.4
US:62.0;EU:16.3;APAC:9.3;EMEA:5.6;LATAM:6.7
AA:29.8;A:23.5;BB:23.1;BBB:23.6
2.67
44.9
169
420
10.6
3.5
20
45
35
true
true
false
false
2.33
-0.03
-0.05
Utilities:EW
Hedge
CDX_IG: +185bps notional
11
34
DealerC
RFQ
2
90
-47
-475
Region>limit
Hedge
Regional concentration above limit
183
Reviewed by risk; hedges staggered
C00305
CR7487
2025-11-14
Tightening
152
436
4.2
0.9
1,458,663,112
Healthcare:16.8;Consumer:17.8;Tech:9.6;Financials:26.8;Industrials:29.1
US:68.8;EU:5.5;APAC:13.8;EMEA:11.3;LATAM:0.5
A:26.2;CCC:42.1;AAA:17.6;BB:14.1
4.03
34.9
166
358
17.2
2
25
55
20
true
true
true
false
2.18
0.55
-0.25
null
Rotate
From Energy -1.0% to Utilities +1.0%
1
-21
ECN1
All2All
7
94
126
-471
HYCap>limit
Rotate
High-yield share above policy cap
238
Reviewed by risk; hedges staggered
C00306
CR0466
2025-11-25
Tightening
136
476
4.2
1.9
457,301,743
Industrials:23.9;Healthcare:10.2;Financials:31.3;Consumer:8.3;Materials:26.2
US:65.3;EU:15.3;APAC:7.3;EMEA:7.8;LATAM:4.3
BB:23.1;B:41.5;AAA:19.2;AA:16.3
3.69
23.8
226
383
5.5
3.5
35
55
25
false
true
true
true
0.65
0.57
0.54
null
Hedge
Options_Payer: +177bps notional
-1
-10
DealerB
DealerAxed
4
85
-37
-68
Sector>limit
Rotate
Sector concentration above limit
153
Defer adds pending macro print
C00307
CR7916
2024-08-11
Calm
104
305
3.4
2.6
952,917,842
Healthcare:28.2;Utilities:16.1;Financials:19.8;Tech:13.2;Consumer:22.7
US:68.1;EU:20.3;APAC:6.7;EMEA:3.3;LATAM:1.7
A:29.0;BB:9.1;BBB:35.2;B:6.2;CCC:7.5;AAA:12.9
1.7
32.9
208
231
16.1
3.5
35
45
35
false
true
false
true
2.28
1.64
-0.25
Healthcare:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
-25
DealerC
RFQ
1
97
-175
-312
HYCap>limit
Reduce
High-yield share above policy cap
165
Defer adds pending macro print
C00308
CR4153
2025-10-17
Stress
231
725
6.3
-1
2,592,296,036
Healthcare:26.1;Tech:31.1;RealEstate:8.9;Industrials:13.8;Financials:20.1
US:71.5;EU:9.9;APAC:8.9;EMEA:3.7;LATAM:6.0
B:7.1;CCC:31.5;BB:13.6;AAA:47.8
1.68
47.5
202
377
13.1
4
20
55
35
true
true
true
true
2.03
0.2
0.35
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
38
DealerC
DealerAxed
4
88
250
-382
HYCap>limit
Reduce
High-yield share above policy cap
98
Escalate watchlist names
C00309
CR9823
2025-09-29
Calm
72
315
3.2
3
2,484,330,983
Utilities:13.4;Materials:8.2;RealEstate:21.5;Healthcare:20.6;Industrials:17.9;Comm:18.4
US:58.2;EU:10.5;APAC:15.5;EMEA:8.9;LATAM:6.9
BBB:25.4;BB:9.4;A:22.3;AA:21.1;CCC:12.7;B:9.1
1.28
52
189
333
13.9
4
25
55
20
false
true
true
false
1.06
1.64
0.41
Industrials:EW
Hedge
CDX_IG: +162bps notional
-3
10
DealerC
All2All
3
93
292
118
HYCap>limit
Hedge
High-yield share above policy cap
173
Rotate into defensive sectors
C00310
CR0759
2024-07-15
Stress
171
759
6.5
-1.4
602,323,724
Consumer:21.6;Financials:17.9;Energy:35.2;Materials:25.3
US:59.8;EU:10.0;APAC:13.8;EMEA:10.6;LATAM:5.8
AAA:9.9;BB:32.7;CCC:11.2;B:26.7;BBB:19.5
3.25
44.2
266
282
15
2.5
30
55
35
true
true
true
true
1.4
1.37
0.03
null
Hedge
iTraxx_XOVER: +121bps notional
-39
8
DealerC
Electronic
12
89
-117
-362
Sector>limit
Reduce
Sector concentration above limit
187
Escalate watchlist names
C00311
CR2469
2025-04-16
Tightening
114
377
3.9
1.6
1,188,493,892
Energy:25.3;Industrials:14.5;Utilities:10.1;Healthcare:24.8;Consumer:25.3
US:58.8;EU:16.8;APAC:14.3;EMEA:5.6;LATAM:4.5
BBB:18.1;BB:28.1;A:24.5;B:21.4;AA:7.9
7.01
51.8
229
500
4.5
2.5
30
55
20
false
true
true
true
2.32
1.49
0.44
Energy:EW
Hedge
SingleName_CDS: +135bps notional
-6
-19
DealerB
All2All
0
93
-65
-427
HYCap>limit
PauseAdds
High-yield share above policy cap
215
Rotate into defensive sectors
C00312
CR6639
2024-03-12
Recovery
143
554
5.2
0.9
433,832,658
Healthcare:7.9;Comm:24.0;Tech:24.5;Materials:9.5;Industrials:9.9;Utilities:24.2
US:62.7;EU:16.9;APAC:11.0;EMEA:5.0;LATAM:4.5
AAA:60.7;B:14.2;BB:10.5;CCC:14.5
3.47
55.7
208
333
8.3
3
30
45
25
false
true
true
true
1.62
1.59
0.59
Materials:EW
Hedge
CDX_HY: +151bps notional
15
0
ECN1
Electronic
0
98
-204
-111
VAR>budget
Hedge
Portfolio VAR above budget
97
Reviewed by risk; hedges staggered
C00313
CR2278
2024-01-28
Tightening
138
448
3.9
1.4
460,053,631
Materials:22.6;Healthcare:7.3;Energy:31.5;Comm:22.4;Industrials:16.2
US:68.0;EU:5.7;APAC:12.2;EMEA:5.9;LATAM:8.2
B:4.2;AAA:20.9;AA:38.3;A:32.1;BB:4.4
2.91
37.2
261
518
17.4
3.5
20
45
35
true
true
false
true
2.5
1.2
0.36
Comm:EW;RealEstate:EW
Hedge
Options_Payer: +168bps notional
-18
39
DealerB
All2All
11
90
231
27
Region>limit
Reduce
Regional concentration above limit
187
Tighten HY exposure bands
C00314
CR9637
2024-01-11
Recovery
144
477
5.6
0.3
2,502,618,595
Healthcare:31.9;Financials:26.5;Tech:7.2;RealEstate:25.2;Consumer:9.1
US:64.1;EU:8.9;APAC:8.1;EMEA:9.8;LATAM:9.1
AAA:22.2;CCC:21.1;BBB:11.5;B:11.3;BB:25.4;AA:8.5
5.52
61.8
152
154
2
3
35
55
35
false
true
true
false
-0.05
0.29
0.26
Tech:EW
Hedge
Treasury_Futures: +80bps notional
-41
-25
DealerA
All2All
0
99
-158
159
HYCap>limit
Reduce
High-yield share above policy cap
107
Tighten HY exposure bands
C00315
CR3479
2025-03-12
Calm
101
385
3.2
2.3
284,050,268
Comm:24.1;Financials:22.3;Healthcare:34.2;Industrials:19.5
US:64.7;EU:16.9;APAC:11.4;EMEA:4.7;LATAM:2.4
BBB:15.9;CCC:19.2;B:12.4;A:19.8;AAA:15.9;AA:16.9
4.94
31.9
153
125
9.5
4
25
35
30
true
true
true
false
0.08
0.35
0.24
Financials:EW
Hedge
CDX_HY: +182bps notional
11
26
DealerC
All2All
3
97
324
-233
HYCap>limit
Reduce
High-yield share above policy cap
112
Rotate into defensive sectors
C00316
CR4033
2025-11-18
Recovery
141
611
4.9
1.3
1,721,249,308
Healthcare:24.8;Utilities:31.4;Tech:32.1;Energy:11.6
US:64.4;EU:12.1;APAC:11.1;EMEA:8.3;LATAM:4.0
BB:6.4;A:16.4;AAA:30.8;BBB:26.8;AA:15.7;B:4.0
0.8
43.7
113
377
4.1
3.5
35
35
25
false
true
false
false
1.92
1.1
-0.13
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
43
DealerC
All2All
3
86
-1
-126
Region>limit
Reduce
Regional concentration above limit
110
Defer adds pending macro print
C00317
CR5254
2024-12-08
Stress
150
612
5.4
0.4
2,209,045,554
Healthcare:16.2;Tech:33.3;RealEstate:30.3;Consumer:20.3
US:67.4;EU:7.9;APAC:11.3;EMEA:11.5;LATAM:1.9
CCC:39.5;B:26.7;AAA:14.7;BBB:19.0
6.2
32
242
267
22.4
4
30
55
30
true
true
true
true
2.14
-0.01
-0.32
RealEstate:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
7
DealerC
RFQ
9
99
-199
-103
Region>limit
Rotate
Regional concentration above limit
209
Defer adds pending macro print
C00318
CR2904
2025-01-13
Calm
77
366
3.6
2.4
1,345,219,244
RealEstate:25.8;Energy:23.0;Tech:23.9;Materials:5.9;Healthcare:21.4
US:66.1;EU:14.6;APAC:5.9;EMEA:9.9;LATAM:3.5
AA:9.9;AAA:21.6;A:16.9;B:14.5;BBB:25.4;BB:11.7
3.99
25.9
143
382
6.5
3
20
45
20
true
true
true
false
0.99
0.67
0.04
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
27
ECN1
Electronic
5
86
150
-169
Sector>limit
Rotate
Sector concentration above limit
233
Escalate watchlist names
C00319
CR3766
2024-06-07
Calm
89
301
4.1
2.4
2,484,322,308
Healthcare:46.9;Consumer:17.4;Utilities:14.9;Energy:20.8
US:59.4;EU:21.9;APAC:6.4;EMEA:9.3;LATAM:3.1
BB:9.4;A:15.0;BBB:32.8;AA:13.9;AAA:28.9
1.8
49.1
244
135
13
3
25
35
25
true
true
false
true
1.7
0.72
-0.32
Materials:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-48
-8
DealerB
All2All
5
87
-5
-215
Region>limit
Hedge
Regional concentration above limit
224
Defer adds pending macro print
C00320
CR6034
2025-10-07
Stress
194
569
5.4
0.5
890,065,617
Tech:12.4;Energy:17.8;Healthcare:12.8;Financials:23.7;Comm:22.0;RealEstate:11.3
US:70.0;EU:12.2;APAC:8.7;EMEA:8.0;LATAM:1.0
CCC:9.9;A:40.4;BBB:20.9;BB:15.1;AA:13.7
4.17
59.3
293
282
11.9
3.5
35
45
30
false
true
false
true
0.22
1.36
-0.06
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
12
DealerA
DealerAxed
7
93
42
43
VAR>budget
Hedge
Portfolio VAR above budget
254
Rotate into defensive sectors
C00321
CR7310
2024-12-07
Stress
233
766
5.8
-1.4
1,260,439,125
Industrials:29.1;Consumer:27.0;Healthcare:43.8
US:78.9;EU:7.6;APAC:5.8;EMEA:5.2;LATAM:2.5
BB:22.4;CCC:9.7;A:14.1;AAA:15.6;B:38.2
0.71
26
293
517
9.3
3.5
25
45
35
true
true
true
true
1.19
0.26
-0.17
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
12
DealerA
Electronic
4
88
-61
-151
Region>limit
Hedge
Regional concentration above limit
121
Escalate watchlist names
C00322
CR6977
2025-11-18
Tightening
135
413
4.1
0.6
585,398,485
Comm:25.0;Industrials:36.3;Healthcare:38.8
US:70.5;EU:14.9;APAC:5.7;EMEA:8.5;LATAM:0.4
BBB:19.8;A:32.1;B:7.5;AAA:33.5;CCC:7.1
6.98
49.6
94
311
15.4
2
35
35
20
true
true
false
false
0.88
1.44
0.13
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
8
DealerA
Electronic
4
94
85
-360
Sector>limit
Reduce
Sector concentration above limit
128
Tighten HY exposure bands
C00323
CR3449
2024-06-10
Calm
66
346
3.9
2.9
88,685,662
Materials:21.0;Energy:12.0;Industrials:20.7;RealEstate:21.6;Tech:14.6;Consumer:10.1
US:70.5;EU:5.7;APAC:8.9;EMEA:7.2;LATAM:7.6
A:29.8;BBB:37.2;CCC:4.1;AA:20.1;B:8.8
5.1
42.7
244
134
10.5
3.5
30
55
35
false
true
false
true
0.99
1.34
0.32
Consumer:EW;Comm:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
8
DealerC
Electronic
5
93
386
-27
HYCap>limit
Reduce
High-yield share above policy cap
162
Reviewed by risk; hedges staggered
C00324
CR1437
2025-02-03
Calm
66
337
3.6
1.6
852,426,322
Healthcare:18.1;Materials:22.7;Energy:7.5;Consumer:25.5;Tech:26.2
US:53.5;EU:19.8;APAC:11.7;EMEA:8.4;LATAM:6.6
AA:20.5;AAA:20.8;BBB:14.5;B:33.8;BB:10.3
4.59
63.4
129
473
5.5
2.5
35
45
25
false
true
true
false
1.03
-0.02
0.21
Financials:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-11
14
DealerA
Electronic
1
86
32
1
VAR>budget
Reduce
Portfolio VAR above budget
155
Defer adds pending macro print
C00325
CR3630
2024-12-07
Stress
184
747
7.7
0.1
2,226,898,708
Industrials:11.1;Materials:16.0;RealEstate:10.4;Comm:19.2;Utilities:17.7;Healthcare:25.6
US:78.8;EU:6.9;APAC:6.2;EMEA:3.5;LATAM:4.5
A:23.8;CCC:5.7;BBB:10.2;B:16.3;BB:17.9;AAA:26.2
1.09
20.3
322
635
20.1
2.5
20
35
35
true
true
true
true
1.03
-0.16
-0.18
RealEstate:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
38
DealerB
All2All
5
99
-83
45
Sector>limit
Hedge
Sector concentration above limit
192
Escalate watchlist names
C00326
CR4162
2025-09-19
Tightening
122
507
4.3
2
1,574,176,750
Healthcare:13.6;RealEstate:16.0;Utilities:15.7;Energy:26.2;Tech:28.6
US:65.3;EU:13.6;APAC:6.6;EMEA:9.2;LATAM:5.4
AA:22.0;A:31.1;AAA:23.5;BBB:23.5
5.68
24.8
224
225
12.7
3.5
20
55
30
true
true
false
true
-0.32
1.69
-0.01
Materials:EW
Hedge
Treasury_Futures: +144bps notional
4
40
DealerC
RFQ
0
93
207
-322
VAR>budget
Reduce
Portfolio VAR above budget
231
Defer adds pending macro print
C00327
CR8152
2025-01-26
Calm
71
353
3.9
2.5
2,418,012,401
Utilities:15.1;Financials:24.3;Consumer:30.0;Tech:30.6
US:67.1;EU:15.0;APAC:10.9;EMEA:6.3;LATAM:0.7
CCC:19.6;BBB:24.1;A:16.7;B:17.0;BB:22.7
3.15
27
126
437
12.2
3.5
25
45
20
true
true
true
false
1.58
0.88
0.56
Industrials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
32
ECN2
RFQ
10
100
155
-196
Sector>limit
Reduce
Sector concentration above limit
248
Defer adds pending macro print
C00328
CR5707
2024-05-12
Tightening
117
355
4.8
1
2,017,798,362
Comm:39.6;Healthcare:40.3;Materials:20.1
US:65.4;EU:8.9;APAC:14.1;EMEA:5.3;LATAM:6.2
A:12.0;CCC:19.4;B:16.3;AAA:18.7;BB:21.4;AA:12.4
6.88
48.7
206
408
10.4
3
20
35
25
true
true
true
true
1.31
0.77
0.44
Industrials:EW
Hedge
Treasury_Futures: +94bps notional
9
28
DealerC
Electronic
2
95
164
-32
Region>limit
Reduce
Regional concentration above limit
96
Tighten HY exposure bands
C00329
CR2070
2025-03-16
Tightening
123
425
5.2
1.4
190,933,321
Healthcare:18.1;Energy:15.9;Comm:14.7;RealEstate:51.3
US:69.6;EU:9.8;APAC:12.8;EMEA:4.0;LATAM:3.7
CCC:32.6;BBB:11.0;AA:10.5;A:24.4;AAA:21.5
0.95
51.7
190
183
14.7
4
35
35
30
true
true
true
false
2.12
0.5
0.59
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
-2
DealerA
RFQ
7
93
175
-370
Region>limit
Reduce
Regional concentration above limit
151
Rotate into defensive sectors
C00330
CR5216
2025-08-21
Calm
84
316
4.3
2.5
2,148,430,505
Financials:22.5;RealEstate:12.0;Utilities:12.8;Energy:21.6;Materials:23.0;Tech:8.2
US:55.4;EU:16.9;APAC:14.2;EMEA:7.4;LATAM:6.2
A:16.8;AA:28.8;BBB:9.0;CCC:12.0;BB:33.4
1.08
64.8
117
484
14.1
2
25
55
30
false
true
true
false
0.25
0.34
0.06
null
Hedge
CDX_HY: +52bps notional
-42
-5
DealerA
DealerAxed
4
92
-87
-3
Region>limit
Rotate
Regional concentration above limit
239
Escalate watchlist names
C00331
CR8699
2024-08-12
Tightening
142
461
4.1
1.9
2,159,324,387
Materials:15.4;Comm:42.8;Consumer:15.8;Utilities:26.0
US:56.9;EU:17.1;APAC:14.0;EMEA:11.1;LATAM:0.9
CCC:9.9;BB:11.4;AAA:38.6;BBB:23.9;B:16.1
3.09
40.6
111
381
2.5
3
20
55
20
true
true
true
false
1.34
1.18
0.05
Utilities:EW;Comm:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
44
DealerA
Electronic
3
90
52
-436
Sector>limit
Hedge
Sector concentration above limit
237
Defer adds pending macro print
C00332
CR1441
2024-09-29
Stress
179
772
6.6
-1.5
1,753,240,118
Healthcare:29.6;Tech:17.6;Energy:30.8;RealEstate:22.1
US:61.5;EU:16.4;APAC:10.5;EMEA:5.1;LATAM:6.5
B:14.3;BBB:28.6;A:24.9;AAA:32.2
2.64
32.5
241
301
15.7
3
20
45
30
true
true
false
true
1.94
0.86
-0.13
null
Hedge
SingleName_CDS: +151bps notional
12
28
DealerC
DealerAxed
12
89
121
-222
Region>limit
Reduce
Regional concentration above limit
96
Rotate into defensive sectors
C00333
CR9434
2025-05-25
Stress
232
715
5.5
-2
1,832,152,975
Healthcare:32.2;Energy:26.0;Comm:41.8
US:65.5;EU:18.7;APAC:5.9;EMEA:2.9;LATAM:7.1
BBB:23.1;BB:20.2;A:18.2;CCC:24.8;AA:13.8
2.06
43.9
139
656
15.8
2.5
35
45
30
true
true
true
false
0.38
0.29
0.28
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
15
DealerA
DealerAxed
9
96
403
169
VAR>budget
Hedge
Portfolio VAR above budget
196
Rotate into defensive sectors
C00334
CR6865
2024-02-08
Stress
178
785
7.4
-0.4
351,014,636
Financials:23.2;Consumer:23.1;Materials:29.9;Utilities:15.0;Healthcare:8.8
US:68.4;EU:8.1;APAC:12.2;EMEA:11.2;LATAM:0.2
AAA:28.8;BBB:24.0;B:14.5;AA:32.8
6.36
52.6
258
646
22.2
3.5
35
35
35
false
true
false
true
0.96
0.63
0.11
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
0
ECN2
RFQ
6
89
241
-113
VAR>budget
Rotate
Portfolio VAR above budget
97
Escalate watchlist names
C00335
CR9889
2025-05-26
Tightening
135
518
4.5
0.9
1,180,829,357
Industrials:15.2;Materials:39.1;Energy:45.7
US:66.2;EU:8.3;APAC:8.8;EMEA:8.6;LATAM:8.1
CCC:13.5;A:11.7;BB:11.0;AA:16.8;AAA:28.8;B:18.3
6.33
64.8
269
168
8.1
2
20
55
20
true
true
true
true
-0.14
0.9
0.09
Financials:EW;Comm:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
-24
ECN1
DealerAxed
3
99
419
-290
HYCap>limit
PauseAdds
High-yield share above policy cap
110
Escalate watchlist names
C00336
CR0183
2025-08-31
Tightening
157
438
4.8
1.1
2,019,735,230
Financials:20.8;Energy:14.4;Materials:26.2;Tech:13.9;Industrials:11.1;Utilities:13.5
US:69.0;EU:7.0;APAC:13.1;EMEA:5.6;LATAM:5.3
B:18.6;AAA:21.6;A:16.2;BBB:18.1;BB:17.2;AA:8.2
3.93
43.2
111
285
14.3
4
20
35
25
true
true
true
false
0.99
0.19
-0.07
Financials:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
13
ECN1
All2All
7
100
-89
-411
HYCap>limit
Reduce
High-yield share above policy cap
93
Tighten HY exposure bands
C00337
CR1929
2025-01-27
Calm
86
417
4.4
2.9
1,529,085,798
Tech:35.9;Materials:20.8;RealEstate:32.1;Comm:11.2
US:69.2;EU:13.3;APAC:7.3;EMEA:7.8;LATAM:2.4
B:19.6;BB:11.8;BBB:9.7;AA:14.6;AAA:21.3;A:23.0
6.83
49.9
272
317
7.3
3
35
35
20
true
true
true
true
0.38
1.31
0.15
Consumer:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-12
-15
DealerC
All2All
7
99
-88
29
Region>limit
Hedge
Regional concentration above limit
247
Tighten HY exposure bands
C00338
CR8601
2025-02-08
Recovery
101
463
5.8
0.1
92,646,417
Financials:30.9;Energy:28.3;Materials:40.8
US:74.6;EU:7.0;APAC:8.1;EMEA:3.9;LATAM:6.4
AA:19.8;CCC:18.0;A:28.5;B:9.6;AAA:9.4;BBB:14.6
1.91
59.7
97
477
10.4
4
30
45
25
true
true
true
false
0.93
-0.1
0.44
null
Hedge
Options_Payer: +191bps notional
-43
4
DealerB
All2All
1
85
-137
-147
Sector>limit
Reduce
Sector concentration above limit
132
Escalate watchlist names
C00339
CR3231
2024-09-10
Calm
110
407
4
2.5
2,265,132,293
Comm:52.7;Materials:17.0;Energy:30.2
US:62.9;EU:6.6;APAC:15.1;EMEA:10.1;LATAM:5.4
B:16.5;CCC:6.8;BB:16.5;BBB:60.3
6.06
53.2
270
343
6.1
3.5
20
35
35
true
true
true
true
-0.44
0.16
0.35
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
13
23
ECN2
DealerAxed
7
90
238
58
HYCap>limit
Hedge
High-yield share above policy cap
94
Defer adds pending macro print
C00340
CR9979
2025-10-02
Calm
120
291
4.3
1.6
2,445,259,408
Consumer:15.9;Tech:25.0;RealEstate:24.2;Healthcare:19.9;Financials:6.1;Materials:8.9
US:59.8;EU:16.3;APAC:5.9;EMEA:11.4;LATAM:6.6
BBB:27.2;CCC:11.0;AA:42.8;BB:19.0
3.67
39.7
163
400
12.9
3
30
45
35
false
true
false
false
1.66
0.76
-0.09
Utilities:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
-4
ECN1
RFQ
2
95
227
-395
VAR>budget
Hedge
Portfolio VAR above budget
141
Rotate into defensive sectors
C00341
CR3681
2024-01-14
Stress
226
655
5.3
0.2
895,993,718
RealEstate:19.6;Tech:35.4;Healthcare:23.5;Energy:21.6
US:61.9;EU:19.9;APAC:6.3;EMEA:7.0;LATAM:4.8
BB:19.2;AAA:33.1;CCC:12.4;A:22.1;BBB:13.1
6.31
64.6
172
482
19.9
2
30
35
30
true
true
true
false
0.03
1.26
0.55
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
-18
ECN1
All2All
4
90
326
138
Region>limit
Reduce
Regional concentration above limit
258
Defer adds pending macro print
C00342
CR8823
2024-12-07
Calm
90
406
3.8
3
2,146,414,261
Energy:21.5;Materials:24.4;Financials:9.2;Utilities:21.5;Comm:13.2;Healthcare:10.2
US:72.7;EU:13.1;APAC:7.3;EMEA:4.1;LATAM:2.8
B:37.6;BB:10.1;AA:21.5;AAA:30.8
3.96
37.4
88
476
9
2.5
20
35
35
true
true
true
false
-0.22
1.57
-0.22
Energy:EW;Utilities:EW
Hedge
iTraxx_MAIN: +76bps notional
17
-6
DealerA
RFQ
11
92
444
-81
Sector>limit
Hedge
Sector concentration above limit
225
Rotate into defensive sectors
C00343
CR7845
2024-08-02
Tightening
133
421
5.1
1.6
1,333,290,205
Consumer:24.9;Comm:32.1;Energy:11.4;Tech:11.0;Healthcare:20.5
US:71.5;EU:7.2;APAC:9.9;EMEA:7.9;LATAM:3.4
B:15.7;AAA:14.4;BB:14.4;CCC:21.2;A:10.8;BBB:23.6
3.77
62.3
172
290
17.5
3
25
35
30
true
true
true
false
-0.49
1.19
0.55
Utilities:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
13
7
DealerA
DealerAxed
1
91
210
-25
HYCap>limit
Reduce
High-yield share above policy cap
153
Defer adds pending macro print
C00344
CR0384
2024-10-28
Recovery
158
536
6.4
1.3
1,921,130,143
Healthcare:14.9;Consumer:29.1;Financials:9.3;Comm:18.0;Utilities:21.0;Industrials:7.7
US:74.8;EU:7.8;APAC:13.9;EMEA:3.2;LATAM:0.3
A:13.1;AA:20.1;AAA:19.0;BB:8.4;B:13.2;BBB:26.1
4.12
55.3
157
389
3.8
4
35
55
35
false
true
false
false
1.19
1.71
-0.11
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-50
25
DealerC
DealerAxed
1
92
-97
-449
Region>limit
Hedge
Regional concentration above limit
121
Rotate into defensive sectors
C00345
CR3047
2024-11-19
Recovery
167
495
6.4
0.7
1,631,366,227
Energy:41.3;Healthcare:40.8;Consumer:17.9
US:77.1;EU:6.0;APAC:6.8;EMEA:8.9;LATAM:1.1
BB:15.7;BBB:18.1;B:12.1;CCC:39.4;AA:14.6
3.39
37.9
99
129
16.1
3.5
25
45
25
true
true
true
false
-0.19
1.8
-0.34
Materials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
11
ECN1
Electronic
11
86
287
-124
Region>limit
Hedge
Regional concentration above limit
120
Tighten HY exposure bands
C00346
CR6772
2025-07-06
Recovery
140
541
6.4
0.3
862,572,337
Tech:21.8;Healthcare:14.4;Utilities:18.6;RealEstate:27.9;Consumer:17.3
US:64.9;EU:16.6;APAC:9.0;EMEA:3.1;LATAM:6.3
B:2.8;CCC:11.9;AAA:28.4;BBB:25.8;BB:8.0;AA:23.0
4.66
30.4
263
263
10.3
4
20
55
30
true
true
false
true
2.11
0.12
-0.3
null
Hedge
iTraxx_XOVER: +102bps notional
-46
37
DealerA
Electronic
9
93
30
-3
VAR>budget
Rotate
Portfolio VAR above budget
171
Defer adds pending macro print
C00347
CR4182
2024-02-25
Stress
224
719
5.7
-1.8
214,391,187
Financials:8.6;Comm:28.4;Materials:26.1;Industrials:7.4;Utilities:29.5
US:62.1;EU:11.8;APAC:13.3;EMEA:8.7;LATAM:4.1
AA:25.2;AAA:8.4;A:31.2;CCC:8.3;BBB:26.9
4.63
50.6
291
636
8.5
2
20
45
20
true
true
false
true
2.04
0.54
-0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
-10
ECN2
All2All
9
93
13
99
Sector>limit
Reduce
Sector concentration above limit
146
Tighten HY exposure bands
C00348
CR4473
2024-12-02
Stress
236
557
8.1
0.1
1,343,115,134
Healthcare:20.2;Materials:15.8;Utilities:64.0
US:62.4;EU:15.4;APAC:9.3;EMEA:8.5;LATAM:4.5
CCC:24.0;AAA:43.4;BB:11.6;B:20.9
3.65
60.8
270
331
20
3.5
20
55
25
true
true
true
true
1.36
0.18
-0.22
Tech:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-3
39
DealerC
All2All
10
86
198
-418
HYCap>limit
Hedge
High-yield share above policy cap
235
Rotate into defensive sectors
C00349
CR7343
2024-12-27
Calm
94
301
4.3
2.7
311,477,857
Healthcare:25.2;Consumer:45.4;RealEstate:29.3
US:71.4;EU:10.0;APAC:9.9;EMEA:4.8;LATAM:3.9
BBB:7.6;AA:20.8;AAA:15.3;BB:16.0;A:18.7;CCC:21.7
3.84
30.5
98
197
9
3.5
20
35
30
true
true
true
false
2.28
0.01
0.35
Industrials:EW;Consumer:EW
Hedge
CDX_HY: +58bps notional
-7
-12
ECN1
Electronic
6
95
275
43
Region>limit
Reduce
Regional concentration above limit
230
Rotate into defensive sectors
C00350
CR5545
2025-10-15
Recovery
134
607
5.9
0.1
524,686,902
RealEstate:34.3;Consumer:26.1;Energy:39.6
US:66.6;EU:13.9;APAC:7.2;EMEA:9.3;LATAM:3.0
B:33.7;CCC:18.6;A:21.2;AA:14.0;AAA:12.5
7.01
43.5
185
326
2.9
2.5
20
35
30
true
true
true
false
1.82
0.17
-0.16
Consumer:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
12
ECN1
Electronic
5
98
351
-351
HYCap>limit
Reduce
High-yield share above policy cap
96
Defer adds pending macro print
C00351
CR7814
2024-04-06
Stress
257
665
6
0.1
2,800,297,942
Industrials:22.9;RealEstate:41.0;Materials:16.8;Financials:19.2
US:72.7;EU:8.1;APAC:11.5;EMEA:6.8;LATAM:0.8
B:8.3;AA:23.8;CCC:19.2;BBB:33.4;BB:15.3
5.61
49.5
275
341
9.8
2
25
55
30
true
true
true
true
0.42
0.38
0.52
Financials:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
31
ECN1
RFQ
9
98
35
76
HYCap>limit
Hedge
High-yield share above policy cap
91
Defer adds pending macro print
C00352
CR5343
2025-08-07
Tightening
92
418
4.8
1.7
779,132,787
Industrials:17.9;Consumer:10.0;Healthcare:28.1;Comm:20.3;Energy:11.2;Financials:12.5
US:59.2;EU:12.5;APAC:13.3;EMEA:9.0;LATAM:6.0
B:17.3;BBB:25.9;BB:8.4;A:21.3;AAA:15.6;CCC:11.5
2.72
50.8
199
222
11.7
2.5
35
35
20
false
true
true
false
0.08
0.52
-0.1
Tech:EW;Financials:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-57
21
DealerA
All2All
4
92
20
164
Region>limit
Hedge
Regional concentration above limit
160
Reviewed by risk; hedges staggered
C00353
CR5332
2025-05-30
Tightening
139
508
4.3
1.9
2,905,213,021
Materials:18.2;Consumer:59.1;RealEstate:22.7
US:63.4;EU:15.7;APAC:12.7;EMEA:4.4;LATAM:3.8
BBB:24.7;AAA:25.2;B:11.8;A:20.0;AA:18.4
0.51
62.7
206
395
4.4
3
35
45
25
true
true
false
true
-0.3
0.2
-0.26
Energy:EW
Hedge
CDX_IG: +139bps notional
-13
5
DealerA
RFQ
12
95
-152
-315
Region>limit
Hedge
Regional concentration above limit
123
Defer adds pending macro print
C00354
CR0450
2024-12-22
Calm
93
408
4.2
1.7
1,692,294,638
Healthcare:10.6;Financials:21.4;Utilities:30.5;Comm:37.6
US:70.4;EU:11.2;APAC:7.0;EMEA:7.8;LATAM:3.6
B:7.7;BB:7.3;CCC:10.2;BBB:18.1;AAA:27.0;AA:29.7
6.2
33.2
193
135
5.6
3.5
25
35
25
true
true
true
false
1.8
0.1
-0.17
Industrials:EW
Hedge
iTraxx_MAIN: +180bps notional
2
35
ECN1
Electronic
2
91
60
-353
Sector>limit
Reduce
Sector concentration above limit
133
Defer adds pending macro print
C00355
CR2673
2024-08-03
Calm
103
368
4
2.8
1,810,843,847
Consumer:23.3;Materials:19.9;Industrials:30.7;Tech:7.5;Comm:18.6
US:71.1;EU:13.2;APAC:5.9;EMEA:3.9;LATAM:5.9
BB:28.6;A:24.5;AA:24.6;CCC:22.3
6.03
31
240
165
4.1
2
30
55
30
true
true
true
true
0.71
1.12
0.35
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-18
39
DealerA
All2All
3
89
173
48
HYCap>limit
Reduce
High-yield share above policy cap
152
Reviewed by risk; hedges staggered
C00356
CR1568
2024-04-12
Stress
227
568
5.8
-0.4
1,459,346,745
Consumer:34.4;Healthcare:26.6;Tech:11.7;Comm:14.0;RealEstate:13.3
US:61.7;EU:12.8;APAC:15.9;EMEA:6.5;LATAM:3.2
A:9.2;AAA:16.2;AA:17.2;CCC:22.7;BBB:13.6;BB:21.0
3.74
47.1
166
621
18.5
2
25
35
20
true
true
true
false
0.79
0.36
0.4
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
23
DealerC
Electronic
11
93
209
107
HYCap>limit
Rotate
High-yield share above policy cap
197
Escalate watchlist names
C00357
CR9191
2024-05-27
Recovery
146
504
5.2
1.6
253,695,190
Energy:22.5;Materials:19.5;RealEstate:21.3;Comm:12.5;Utilities:10.7;Consumer:13.4
US:59.0;EU:16.9;APAC:8.6;EMEA:10.8;LATAM:4.8
B:20.2;AAA:16.9;BBB:25.9;BB:19.3;CCC:17.7
7.26
29.9
110
290
14.2
2
30
35
35
false
true
true
false
1.9
0.45
0.26
Consumer:EW
Hedge
iTraxx_XOVER: +173bps notional
4
-20
DealerC
All2All
8
91
398
-260
VAR>budget
Reduce
Portfolio VAR above budget
158
Escalate watchlist names
C00358
CR2037
2025-09-08
Tightening
106
453
4.3
1.6
867,313,946
Healthcare:21.6;Materials:39.1;Tech:16.3;Consumer:23.0
US:69.8;EU:12.8;APAC:10.0;EMEA:5.2;LATAM:2.2
AA:34.0;BBB:14.4;BB:8.0;B:11.5;AAA:32.1
4.79
42.5
175
514
2.7
2
30
35
35
true
true
false
false
1.07
0.53
-0.23
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
-4
DealerA
All2All
9
91
419
-261
Region>limit
Rotate
Regional concentration above limit
170
Escalate watchlist names
C00359
CR9441
2024-11-17
Tightening
94
492
4
1.8
2,926,563,864
Industrials:13.9;Materials:23.8;Energy:24.3;Utilities:25.3;Tech:12.7
US:69.3;EU:10.8;APAC:9.5;EMEA:8.1;LATAM:2.3
BBB:15.1;AA:16.6;A:20.1;B:13.6;AAA:16.1;BB:18.6
5.58
29.5
116
512
13.4
3.5
25
35
30
true
true
true
false
1.17
-0.18
0.42
null
Hedge
CDX_IG: +87bps notional
-59
21
ECN1
DealerAxed
8
89
234
-326
Region>limit
Reduce
Regional concentration above limit
176
Escalate watchlist names
C00360
CR9913
2024-07-13
Tightening
153
372
5.1
1.7
1,671,819,741
RealEstate:31.8;Utilities:18.7;Materials:49.5
US:64.1;EU:6.1;APAC:12.7;EMEA:8.2;LATAM:8.8
BB:11.6;A:28.8;AAA:18.0;AA:41.6
5.57
34.8
194
220
4.3
3.5
35
55
30
true
true
false
false
0.93
0.6
-0.1
null
Rotate
From Energy -1.0% to Utilities +1.0%
8
-24
ECN1
RFQ
7
97
-63
-299
Region>limit
PauseAdds
Regional concentration above limit
219
Tighten HY exposure bands
C00361
CR3672
2024-12-09
Tightening
105
463
4.4
0.7
1,248,878,098
Utilities:19.4;Materials:21.0;RealEstate:12.7;Energy:12.5;Industrials:22.2;Tech:12.2
US:63.0;EU:12.6;APAC:13.3;EMEA:3.9;LATAM:7.1
B:4.9;AA:35.0;A:19.9;AAA:23.0;CCC:17.2
6.23
37.4
95
215
7.7
2.5
20
55
35
true
true
false
false
0.7
0.88
-0.12
null
Hedge
CDX_HY: +132bps notional
15
28
DealerA
All2All
2
85
145
-2
Sector>limit
Reduce
Sector concentration above limit
131
Reviewed by risk; hedges staggered
C00362
CR1279
2025-04-09
Calm
113
354
3.6
2.1
2,500,049,207
Industrials:10.5;Comm:20.3;RealEstate:14.2;Financials:32.2;Energy:11.1;Tech:11.7
US:69.3;EU:12.5;APAC:8.3;EMEA:6.4;LATAM:3.6
BBB:20.3;AAA:8.7;AA:30.8;CCC:9.8;BB:30.4
5.31
52.4
266
269
8.8
3
35
35
25
false
true
true
true
2.11
0.3
0.3
Comm:EW;Energy:EW;Materials:EW
Hedge
CDX_HY: +125bps notional
6
-4
DealerA
Electronic
2
89
304
-236
Region>limit
Rotate
Regional concentration above limit
175
Reviewed by risk; hedges staggered
C00363
CR9972
2024-01-11
Stress
177
679
6.4
0.5
99,887,696
Healthcare:30.3;Industrials:8.8;Tech:28.0;Consumer:7.8;Materials:25.1
US:71.1;EU:12.6;APAC:6.1;EMEA:8.8;LATAM:1.5
BBB:21.1;A:9.3;AA:25.7;BB:16.1;B:9.5;AAA:18.3
5.93
22.2
268
501
8.5
2.5
25
35
30
true
true
false
true
1.68
-0.23
0.57
null
Hedge
CDX_IG: +186bps notional
-31
43
DealerB
All2All
2
97
110
-258
VAR>budget
Rotate
Portfolio VAR above budget
152
Rotate into defensive sectors
C00364
CR5479
2025-04-27
Tightening
153
426
3.9
0.8
2,013,448,264
Comm:16.8;Consumer:28.4;Energy:18.6;Financials:22.1;Utilities:14.1
US:57.7;EU:16.8;APAC:11.2;EMEA:11.0;LATAM:3.2
AA:16.6;AAA:21.4;BB:20.2;B:29.6;A:12.3
7.29
20.2
86
230
12.3
3.5
35
45
20
false
true
true
false
0.5
0.19
0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
44
ECN2
Electronic
12
89
114
-104
HYCap>limit
Rotate
High-yield share above policy cap
217
Escalate watchlist names
C00365
CR3808
2025-03-12
Calm
89
332
4.1
2.4
2,143,919,037
Energy:16.3;RealEstate:15.8;Healthcare:9.3;Utilities:18.2;Consumer:21.4;Tech:19.0
US:70.9;EU:7.3;APAC:14.0;EMEA:4.9;LATAM:2.9
A:30.0;AAA:17.9;B:13.2;CCC:38.9
4.83
20.7
265
288
2.8
4
30
45
35
false
true
true
true
2.46
0.01
0.32
null
Hedge
SingleName_CDS: +129bps notional
-46
11
DealerA
RFQ
2
100
372
-138
VAR>budget
Reduce
Portfolio VAR above budget
224
Rotate into defensive sectors
C00366
CR7146
2024-01-17
Recovery
180
543
5.7
1.7
1,941,957,726
Consumer:14.0;Industrials:24.3;Comm:9.7;Materials:17.0;Financials:11.6;Healthcare:23.4
US:68.4;EU:10.5;APAC:7.3;EMEA:7.1;LATAM:6.7
AA:19.6;CCC:9.2;AAA:18.7;BBB:19.8;BB:32.8
1.67
58.1
238
497
2.9
4
20
55
20
true
true
true
true
2.38
0.76
-0.25
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
24
ECN1
Electronic
4
90
342
-327
HYCap>limit
Reduce
High-yield share above policy cap
230
Escalate watchlist names
C00367
CR3988
2025-08-21
Calm
82
391
4.1
1.6
675,274,896
Utilities:21.0;Energy:6.7;Tech:22.2;Comm:28.5;Consumer:21.6
US:59.6;EU:8.9;APAC:17.7;EMEA:9.5;LATAM:4.3
BB:11.1;A:29.2;CCC:7.9;AA:26.1;BBB:11.0;AAA:14.8
4.29
50.8
92
309
2.5
2.5
20
35
35
true
true
false
false
0.69
-0.06
-0.12
Consumer:EW;Financials:EW
Hedge
CDX_IG: +100bps notional
18
37
DealerB
DealerAxed
8
85
288
-209
HYCap>limit
Reduce
High-yield share above policy cap
133
Tighten HY exposure bands
C00368
CR7371
2025-07-24
Tightening
91
437
4.2
1.3
2,698,550,969
Materials:52.5;Energy:23.2;Tech:24.3
US:68.5;EU:9.7;APAC:11.0;EMEA:7.7;LATAM:3.0
BBB:36.0;B:20.7;AAA:24.1;CCC:19.3
4.85
22.7
184
243
8
4
20
35
30
true
true
true
false
1.45
0.17
-0.14
Industrials:EW;Utilities:EW
Hedge
CDX_IG: +110bps notional
-30
-11
DealerB
All2All
12
96
-116
170
Sector>limit
Hedge
Sector concentration above limit
191
Reviewed by risk; hedges staggered
C00369
CR5138
2024-07-12
Recovery
146
484
5.8
2
81,025,572
Industrials:20.9;RealEstate:47.8;Energy:11.8;Comm:19.5
US:62.0;EU:12.9;APAC:8.8;EMEA:10.3;LATAM:6.0
CCC:25.0;A:26.4;BB:16.6;AAA:32.0
1.87
48.8
109
271
17.2
2.5
30
55
25
true
true
true
false
0.64
1.75
-0.17
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-19
ECN2
DealerAxed
2
88
182
-263
Sector>limit
Reduce
Sector concentration above limit
235
Tighten HY exposure bands
C00370
CR7841
2024-03-11
Calm
95
281
3.4
1.8
1,417,852,366
Materials:12.0;Healthcare:27.2;Utilities:25.2;Energy:9.7;Comm:25.9
US:59.7;EU:10.4;APAC:13.5;EMEA:9.9;LATAM:6.5
A:22.4;AA:16.7;B:13.5;CCC:8.1;BBB:39.3
5.45
38.9
172
165
10.6
2.5
30
55
30
false
true
false
false
0.97
0.38
-0.26
RealEstate:EW;Healthcare:EW
Hedge
CDX_HY: +188bps notional
-31
-1
ECN1
All2All
12
93
-203
-129
Region>limit
Hedge
Regional concentration above limit
250
Defer adds pending macro print
C00371
CR5977
2025-09-19
Stress
160
678
7.9
0.5
1,826,700,241
Healthcare:52.5;Consumer:36.9;Tech:10.6
US:70.3;EU:6.3;APAC:8.1;EMEA:14.1;LATAM:1.2
BB:22.8;BBB:10.7;A:26.4;B:13.2;AA:22.1;CCC:4.9
2.86
31
321
557
9
2
30
35
35
true
true
true
true
-0.01
0.69
-0.22
Consumer:EW
Hedge
CDX_IG: +175bps notional
-15
-15
DealerA
RFQ
9
94
267
100
Region>limit
Reduce
Regional concentration above limit
207
Reviewed by risk; hedges staggered
C00372
CR2561
2024-06-13
Calm
111
317
4
1.7
1,843,327,950
Consumer:26.2;Financials:18.6;Comm:55.1
US:71.3;EU:9.5;APAC:13.0;EMEA:5.5;LATAM:0.7
BB:16.6;AA:18.1;A:23.6;CCC:19.0;BBB:22.7
2.5
50.4
136
209
13.9
4
25
55
35
true
true
true
false
0.1
0.97
0.16
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
5
-1
ECN2
RFQ
9
89
227
-405
Sector>limit
Hedge
Sector concentration above limit
169
Rotate into defensive sectors
C00373
CR9230
2025-10-03
Stress
224
721
7.9
-0.2
2,405,105,694
Consumer:47.2;Materials:37.3;Comm:15.5
US:66.9;EU:14.9;APAC:6.6;EMEA:4.9;LATAM:6.7
BBB:28.6;A:11.3;AAA:28.4;B:12.4;CCC:19.3
5.7
53.1
270
295
16
3
20
45
20
true
true
true
true
2.34
0.78
0.56
null
Hedge
Options_Payer: +135bps notional
-31
19
DealerB
RFQ
9
94
-45
-5
Sector>limit
Hedge
Sector concentration above limit
218
Defer adds pending macro print
C00374
CR4330
2025-09-30
Tightening
137
508
5
1.2
696,135,039
Utilities:31.2;Industrials:20.4;Financials:48.4
US:66.6;EU:11.2;APAC:6.5;EMEA:12.2;LATAM:3.5
BB:17.3;A:21.4;AAA:37.8;AA:23.5
1.55
25.9
105
347
7.9
3.5
30
35
35
true
true
false
false
2.14
1.24
0.45
Industrials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-41
13
DealerA
Electronic
12
89
340
-292
Sector>limit
Hedge
Sector concentration above limit
123
Escalate watchlist names
C00375
CR9960
2025-11-14
Calm
76
307
3.3
2.4
1,118,751,244
RealEstate:39.5;Financials:45.7;Energy:14.8
US:56.8;EU:10.7;APAC:15.7;EMEA:11.0;LATAM:5.8
BB:34.4;AAA:16.0;CCC:6.5;BBB:20.2;A:11.0;AA:11.9
2.24
45.9
265
339
14.2
2.5
25
35
20
true
true
true
true
2.19
0.22
-0.04
Healthcare:EW;Tech:EW
Hedge
Treasury_Futures: +120bps notional
-13
21
ECN2
All2All
1
95
-72
-407
HYCap>limit
Reduce
High-yield share above policy cap
195
Defer adds pending macro print
C00376
CR0067
2025-06-01
Stress
198
799
6.3
-0.6
849,214,469
Consumer:25.9;Energy:23.7;Comm:15.9;RealEstate:34.5
US:58.2;EU:22.1;APAC:8.1;EMEA:9.3;LATAM:2.3
A:28.7;B:10.9;BBB:27.1;AAA:33.3
3.76
22.2
247
405
7.3
2.5
20
35
30
true
true
false
true
1.97
0.43
0.24
Comm:EW;Healthcare:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
34
ECN2
Electronic
2
90
170
-104
Region>limit
Hedge
Regional concentration above limit
136
Rotate into defensive sectors
C00377
CR2351
2024-04-04
Stress
192
835
8.1
-1.4
1,034,420,063
Tech:44.7;RealEstate:14.5;Financials:40.8
US:66.1;EU:19.2;APAC:7.2;EMEA:6.9;LATAM:0.6
AA:16.7;BBB:29.9;CCC:26.4;A:27.0
4.23
63
188
459
11.7
4
20
45
25
true
true
true
false
1.17
0.28
0.59
Industrials:EW
Hedge
Options_Payer: +83bps notional
-16
14
ECN1
DealerAxed
3
99
352
-400
Sector>limit
Hedge
Sector concentration above limit
112
Escalate watchlist names
C00378
CR2278
2025-07-21
Calm
92
381
4.5
2
2,223,078,677
Healthcare:21.2;Utilities:38.9;Materials:28.2;Financials:11.7
US:65.6;EU:16.1;APAC:6.1;EMEA:5.0;LATAM:7.3
B:22.9;CCC:13.1;A:22.7;BB:41.2
3.48
48.4
184
183
17.3
3
30
45
25
true
true
true
false
1.09
1.36
-0.25
null
Hedge
iTraxx_XOVER: +182bps notional
-47
36
ECN1
RFQ
6
98
-195
-292
Sector>limit
Hedge
Sector concentration above limit
105
Tighten HY exposure bands
C00379
CR0703
2024-08-27
Tightening
132
379
4.8
1
676,344,226
Tech:16.3;Utilities:14.9;Materials:12.6;Energy:22.2;Industrials:13.2;Healthcare:20.8
US:56.3;EU:16.1;APAC:14.6;EMEA:8.1;LATAM:4.9
B:11.2;CCC:11.9;A:32.6;BBB:44.3
2.31
51.5
141
479
10.7
2.5
20
45
20
true
true
true
false
0.69
0.38
-0.09
null
Hedge
SingleName_CDS: +122bps notional
17
27
DealerB
DealerAxed
3
88
332
-102
HYCap>limit
PauseAdds
High-yield share above policy cap
158
Escalate watchlist names
C00380
CR0979
2024-10-05
Calm
93
363
3.9
1.5
2,130,019,880
Comm:34.8;Energy:18.6;RealEstate:11.4;Materials:16.8;Financials:18.5
US:54.3;EU:14.0;APAC:15.6;EMEA:10.4;LATAM:5.6
B:11.0;BB:5.4;A:47.6;BBB:36.0
5.57
56.1
215
454
10.5
2
30
35
30
true
true
false
true
-0.23
0.22
0.48
null
Hedge
iTraxx_XOVER: +75bps notional
-3
-5
DealerB
DealerAxed
12
89
261
110
Region>limit
Hedge
Regional concentration above limit
99
Escalate watchlist names
C00381
CR3050
2025-12-17
Stress
165
752
7.3
-1.1
1,396,446,110
Healthcare:35.7;RealEstate:32.9;Consumer:31.4
US:78.5;EU:9.0;APAC:5.3;EMEA:6.8;LATAM:0.5
BBB:25.9;A:23.4;AA:40.3;CCC:10.4
6.11
28
248
407
18
4
20
55
20
true
true
false
true
1.89
1.15
0.24
Consumer:EW;Tech:EW;Healthcare:EW
Hedge
Treasury_Futures: +199bps notional
-12
44
DealerA
All2All
8
86
-171
-203
HYCap>limit
Reduce
High-yield share above policy cap
142
Escalate watchlist names
C00382
CR8683
2024-04-06
Calm
112
293
4.5
1.7
272,292,565
Energy:12.1;RealEstate:34.1;Utilities:13.2;Consumer:27.3;Healthcare:13.3
US:74.4;EU:10.7;APAC:6.7;EMEA:6.7;LATAM:1.5
B:39.3;AA:17.0;AAA:28.2;BBB:15.5
5.59
52.8
256
195
11.4
2.5
30
55
20
true
true
true
true
1.18
0.89
0.21
Healthcare:EW;Financials:EW
Hedge
iTraxx_MAIN: +67bps notional
19
-3
ECN2
Electronic
9
94
363
-29
Region>limit
Reduce
Regional concentration above limit
183
Escalate watchlist names
C00383
CR3876
2025-09-19
Stress
185
752
7.9
-1.9
1,104,902,570
Comm:26.9;Tech:8.0;Consumer:26.0;Energy:16.9;Materials:22.2
US:60.2;EU:13.4;APAC:10.5;EMEA:8.9;LATAM:7.0
CCC:6.6;AAA:19.7;AA:16.7;B:15.9;A:22.2;BBB:19.0
7.42
50.4
286
401
16.3
3.5
35
55
30
false
true
false
true
-0.29
0.68
0.07
Healthcare:EW
Hedge
CDX_HY: +118bps notional
-20
-8
DealerB
Electronic
11
93
78
-110
HYCap>limit
Reduce
High-yield share above policy cap
162
Escalate watchlist names
C00384
CR1952
2025-02-09
Recovery
117
624
6.3
1.6
978,421,708
Energy:23.1;Healthcare:33.3;Consumer:43.6
US:64.7;EU:16.7;APAC:11.4;EMEA:3.7;LATAM:3.4
AAA:13.8;CCC:7.7;BB:8.2;BBB:30.0;AA:15.4;A:24.8
3.14
53.2
197
357
4.4
3
20
35
30
true
true
false
false
-0.41
0.21
0.02
null
Rotate
From Energy -1.0% to Utilities +1.0%
1
19
DealerC
Electronic
1
97
104
66
HYCap>limit
Hedge
High-yield share above policy cap
247
Rotate into defensive sectors
C00385
CR1786
2025-10-06
Tightening
124
423
5
1.6
1,519,458,956
Energy:28.7;Tech:29.1;Industrials:31.3;Comm:10.9
US:62.2;EU:15.0;APAC:11.1;EMEA:7.0;LATAM:4.8
A:15.0;AAA:43.7;AA:30.9;B:10.3
5.74
33.9
92
416
2.2
4
30
35
30
true
true
false
false
0.73
0.5
-0.1
null
Hedge
Options_Payer: +197bps notional
20
20
DealerC
Electronic
11
88
97
-97
HYCap>limit
Hedge
High-yield share above policy cap
107
Rotate into defensive sectors
C00386
CR3842
2024-02-09
Stress
210
615
7.3
-0.2
457,446,813
Materials:19.4;Comm:11.0;Tech:23.7;Utilities:8.6;Consumer:11.6;Financials:25.7
US:61.9;EU:14.5;APAC:9.8;EMEA:9.5;LATAM:4.2
A:21.0;BB:14.5;AAA:8.8;B:10.0;BBB:25.5;CCC:20.2
2.94
49.5
185
511
7.2
2
35
55
20
false
true
true
false
1.42
1.06
-0.01
Materials:EW
Hedge
Options_Payer: +180bps notional
-19
14
ECN1
RFQ
11
87
-142
-40
Region>limit
Hedge
Regional concentration above limit
198
Defer adds pending macro print
C00387
CR6475
2025-12-19
Stress
211
844
6.6
-1.5
2,453,041,780
Consumer:19.1;Utilities:32.8;Materials:15.4;Energy:32.7
US:73.0;EU:10.2;APAC:8.9;EMEA:3.8;LATAM:4.2
A:29.5;AAA:10.8;B:3.0;AA:29.3;BBB:27.3
6.94
59.6
194
556
18.3
3
20
55
35
true
true
false
false
0.79
0.45
0.51
Utilities:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
-14
ECN2
All2All
12
86
-29
-264
Region>limit
Reduce
Regional concentration above limit
257
Rotate into defensive sectors
C00388
CR6976
2025-05-27
Stress
143
765
5.4
0
1,662,990,496
Energy:18.4;RealEstate:39.8;Healthcare:18.0;Comm:23.8
US:70.1;EU:15.9;APAC:9.0;EMEA:3.8;LATAM:1.2
BBB:21.5;CCC:8.9;AA:21.8;B:28.0;AAA:19.8
0.49
40.1
359
490
14.3
2
20
45
35
true
true
true
true
-0.15
1.05
0.54
Healthcare:EW
Hedge
iTraxx_XOVER: +67bps notional
16
42
DealerB
DealerAxed
5
88
53
-66
VAR>budget
Rotate
Portfolio VAR above budget
113
Defer adds pending macro print
C00389
CR4640
2025-02-23
Tightening
108
384
4.3
1.7
475,856,267
Consumer:23.4;Comm:18.4;Materials:15.0;Financials:23.9;Tech:6.4;Healthcare:12.9
US:74.4;EU:7.6;APAC:11.9;EMEA:5.6;LATAM:0.5
BBB:27.2;AA:9.6;BB:16.4;B:3.3;A:26.4;CCC:17.1
2.44
59.2
176
418
6.4
2.5
35
55
25
false
true
true
false
1.11
0.52
-0.28
null
Hedge
Treasury_Futures: +65bps notional
-35
10
DealerA
RFQ
11
94
62
54
Sector>limit
Reduce
Sector concentration above limit
165
Escalate watchlist names
C00390
CR9920
2024-01-25
Calm
77
328
3.4
1.7
806,547,029
Energy:24.1;Healthcare:24.9;Industrials:23.9;Consumer:16.8;RealEstate:10.3
US:69.2;EU:9.8;APAC:14.0;EMEA:6.2;LATAM:0.7
BBB:9.3;AAA:25.5;A:26.4;CCC:38.8
1.7
37.7
159
438
8.1
2
30
35
25
false
true
true
false
0.95
0.56
0.58
null
Hedge
CDX_HY: +196bps notional
-20
12
DealerB
DealerAxed
3
98
313
-402
VAR>budget
Reduce
Portfolio VAR above budget
185
Tighten HY exposure bands
C00391
CR9839
2024-09-03
Calm
92
409
4
2.8
1,954,708,482
RealEstate:21.9;Tech:13.6;Healthcare:15.0;Comm:17.8;Consumer:12.6;Energy:19.1
US:68.6;EU:7.0;APAC:8.6;EMEA:12.6;LATAM:3.2
B:14.1;A:19.5;AAA:22.1;CCC:22.3;BBB:9.1;AA:12.8
1.2
36.6
119
182
8.1
2
25
55
35
false
true
true
false
0.74
1.54
-0.31
Financials:EW;Utilities:EW
Hedge
iTraxx_XOVER: +132bps notional
-28
9
ECN1
DealerAxed
12
96
238
72
VAR>budget
Hedge
Portfolio VAR above budget
209
Escalate watchlist names
C00392
CR2712
2025-07-15
Stress
153
833
7.7
0.3
2,450,194,407
Consumer:25.5;Healthcare:14.8;Energy:19.6;Materials:30.1;Utilities:9.9
US:65.4;EU:16.0;APAC:7.4;EMEA:10.6;LATAM:0.7
BB:10.0;BBB:28.8;CCC:14.9;AA:46.3
5.18
46.5
194
542
14.7
4
30
55
25
true
true
false
false
1.66
-0.09
0.02
Tech:EW
Hedge
iTraxx_MAIN: +155bps notional
-10
-10
DealerA
All2All
10
93
206
143
HYCap>limit
Hedge
High-yield share above policy cap
114
Tighten HY exposure bands
C00393
CR8485
2025-12-02
Stress
183
629
7.1
-0.5
80,374,429
Tech:36.4;Materials:29.9;Consumer:23.8;Healthcare:9.9
US:62.1;EU:9.9;APAC:14.0;EMEA:4.9;LATAM:9.1
CCC:26.8;AA:20.9;A:37.1;AAA:15.2
1.42
37.2
263
494
19.3
4
30
45
25
true
true
true
true
-0.29
0.53
0.2
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
40
DealerA
DealerAxed
4
97
433
-278
Sector>limit
Hedge
Sector concentration above limit
227
Reviewed by risk; hedges staggered
C00394
CR3581
2025-08-13
Tightening
135
505
4.7
1.6
957,617,332
RealEstate:19.4;Financials:51.3;Energy:29.3
US:71.2;EU:8.9;APAC:8.6;EMEA:6.0;LATAM:5.2
B:48.8;CCC:15.4;AAA:13.5;A:22.3
4.99
54.1
105
280
6.1
4
30
45
35
true
true
true
false
2.28
0.5
-0.16
Financials:EW;Materials:EW;Energy:EW
Hedge
SingleName_CDS: +141bps notional
12
2
ECN2
All2All
3
86
-144
-370
Region>limit
Hedge
Regional concentration above limit
169
Reviewed by risk; hedges staggered
C00395
CR7536
2024-06-14
Calm
108
411
3.6
2.9
1,174,198,893
Financials:26.8;Energy:28.2;Consumer:30.6;RealEstate:14.4
US:68.2;EU:9.5;APAC:12.3;EMEA:6.1;LATAM:3.9
B:8.7;AAA:36.1;AA:33.2;BBB:21.9
3.94
49.1
111
229
7.1
2
20
45
20
true
true
false
false
2.02
0.45
0.37
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
1
ECN2
All2All
3
92
240
-263
Region>limit
Rotate
Regional concentration above limit
184
Tighten HY exposure bands
C00396
CR0978
2024-03-09
Recovery
100
491
5.7
0.4
403,473,596
Utilities:28.8;Financials:19.7;RealEstate:35.3;Materials:16.2
US:61.1;EU:18.5;APAC:6.1;EMEA:11.8;LATAM:2.6
AA:22.0;AAA:25.0;BBB:28.2;BB:12.8;B:12.0
5.96
37.6
269
403
13.4
3.5
35
45
20
true
true
true
true
0.47
0.07
0.44
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-42
-16
ECN1
All2All
1
86
416
72
Region>limit
Rotate
Regional concentration above limit
125
Rotate into defensive sectors
C00397
CR4023
2024-07-02
Tightening
150
438
5
1.4
1,975,053,039
Industrials:24.5;Tech:10.9;Utilities:20.5;Financials:17.7;Comm:26.4
US:65.9;EU:15.1;APAC:5.4;EMEA:8.4;LATAM:5.2
AAA:30.8;CCC:14.9;B:18.6;AA:35.7
7.25
29.9
118
271
17
3
30
45
30
false
true
true
false
1.64
-0.01
0.29
Industrials:EW;RealEstate:EW
Hedge
CDX_HY: +99bps notional
-51
26
DealerB
Electronic
1
100
-27
-265
HYCap>limit
Rotate
High-yield share above policy cap
166
Escalate watchlist names
C00398
CR8122
2024-04-02
Stress
171
645
7.6
0.5
1,613,558,406
Healthcare:31.4;Tech:49.7;Comm:18.9
US:59.9;EU:18.5;APAC:7.0;EMEA:6.9;LATAM:7.7
CCC:26.7;B:8.8;BB:18.4;BBB:33.7;AAA:12.4
2.46
39.2
355
515
9.8
2.5
20
45
25
true
true
true
true
1.98
0.18
-0.34
RealEstate:EW
Hedge
iTraxx_XOVER: +71bps notional
-27
-17
ECN2
Electronic
8
96
-10
-22
VAR>budget
Hedge
Portfolio VAR above budget
199
Escalate watchlist names
C00399
CR6984
2025-06-05
Stress
174
618
8.3
-1.4
421,237,170
Comm:46.5;Energy:37.4;Materials:16.1
US:65.4;EU:17.5;APAC:7.4;EMEA:4.6;LATAM:5.0
BBB:24.5;CCC:34.8;B:23.5;AA:17.2
5.04
21.6
345
490
13.6
3.5
35
45
35
true
true
true
true
0.15
0.82
0.41
Utilities:EW;RealEstate:EW;Materials:EW
Hedge
CDX_IG: +66bps notional
-1
-5
DealerC
RFQ
5
99
82
-259
Region>limit
Reduce
Regional concentration above limit
143
Reviewed by risk; hedges staggered
C00400
CR3331
2024-12-09
Calm
118
389
3.9
2.3
1,538,676,171
Comm:30.3;Healthcare:26.9;Materials:8.8;Financials:34.1
US:62.3;EU:19.4;APAC:7.6;EMEA:4.2;LATAM:6.6
BB:14.6;B:7.1;AA:26.5;AAA:51.9
5.59
30.5
238
432
13.7
2
35
55
30
false
true
false
true
1
0.41
0.54
null
Hedge
iTraxx_MAIN: +161bps notional
-38
27
ECN1
DealerAxed
11
96
403
-100
HYCap>limit
Hedge
High-yield share above policy cap
239
Rotate into defensive sectors