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
C00601
CR7327
2024-07-01
Stress
163
655
8.5
-0
326,440,130
Financials:18.0;Tech:22.9;RealEstate:17.3;Industrials:18.8;Comm:13.9;Healthcare:9.1
US:67.5;EU:13.3;APAC:10.8;EMEA:5.9;LATAM:2.6
AA:14.2;BBB:22.0;B:28.2;A:35.6
3.57
45.2
248
337
5.2
2.5
30
55
25
false
true
true
true
-0.3
0.07
-0.38
Tech:EW;Healthcare:EW
Hedge
iTraxx_MAIN: +64bps notional
19
-19
DealerB
RFQ
8
93
-155
-119
HYCap>limit
Reduce
High-yield share above policy cap
230
Reviewed by risk; hedges staggered
C00602
CR3445
2025-10-26
Recovery
124
587
4.8
0.7
1,008,548,721
Materials:31.1;Consumer:18.2;RealEstate:20.1;Comm:30.7
US:70.6;EU:10.9;APAC:13.1;EMEA:3.4;LATAM:2.1
BB:18.2;AAA:26.7;B:8.5;BBB:26.9;CCC:19.7
1.7
23.4
147
459
14.2
3.5
25
45
35
true
true
true
false
-0.22
0.76
-0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
-15
ECN2
RFQ
12
93
-75
69
Region>limit
Reduce
Regional concentration above limit
127
Tighten HY exposure bands
C00603
CR0135
2024-01-10
Recovery
111
493
5.3
0.1
350,060,921
Energy:26.5;Healthcare:31.1;Materials:13.8;Comm:28.5
US:69.4;EU:13.8;APAC:9.1;EMEA:4.5;LATAM:3.2
B:11.7;AAA:46.9;CCC:7.3;BBB:34.1
2.58
31.7
191
224
14.4
4
25
55
25
true
true
false
false
1.75
0.41
-0.34
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-57
-25
DealerA
All2All
0
89
212
165
HYCap>limit
Reduce
High-yield share above policy cap
222
Reviewed by risk; hedges staggered
C00604
CR0870
2024-07-09
Recovery
176
576
6.1
1.1
1,936,201,186
RealEstate:7.3;Comm:23.6;Financials:13.9;Healthcare:20.5;Utilities:13.9;Consumer:20.8
US:71.7;EU:12.5;APAC:8.4;EMEA:6.7;LATAM:0.6
A:18.2;BBB:42.7;BB:9.9;B:11.2;AAA:18.0
5.67
51.4
255
181
2.7
2
25
45
35
false
true
false
true
0.12
1.48
0.16
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
7
ECN1
Electronic
12
94
-142
-171
VAR>budget
Hedge
Portfolio VAR above budget
201
Escalate watchlist names
C00605
CR6549
2025-06-24
Tightening
96
408
4.7
2
2,167,951,379
Energy:7.4;Consumer:31.4;Comm:24.2;Financials:14.1;Materials:22.9
US:70.6;EU:5.8;APAC:14.0;EMEA:4.4;LATAM:5.2
B:12.0;A:11.5;AAA:32.5;BB:6.8;AA:30.9;CCC:6.3
3.8
48.6
176
464
16.8
4
20
35
35
true
true
false
false
1.14
0.94
0.03
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
29
ECN1
RFQ
4
89
-139
-52
HYCap>limit
Hedge
High-yield share above policy cap
211
Rotate into defensive sectors
C00606
CR8593
2024-04-22
Stress
237
580
5.3
-1.9
474,001,724
Healthcare:19.4;Comm:24.1;Financials:16.0;RealEstate:23.0;Industrials:17.5
US:52.4;EU:19.8;APAC:12.2;EMEA:9.8;LATAM:5.8
AA:24.5;A:23.9;B:27.9;CCC:23.6
3.63
49.5
284
332
21
3
25
55
35
false
false
true
true
1.27
0.81
0.05
Industrials:EW
Hedge
SingleName_CDS: +74bps notional
-11
27
ECN2
DealerAxed
6
90
167
-245
HYCap>limit
Reduce
High-yield share above policy cap
147
Rotate into defensive sectors
C00607
CR3335
2025-11-18
Stress
173
658
7.9
-1.4
378,695,847
Industrials:32.3;Materials:25.4;RealEstate:42.2
US:65.0;EU:12.6;APAC:7.2;EMEA:10.7;LATAM:4.6
A:20.9;AA:21.3;BBB:22.2;B:11.0;CCC:13.6;BB:11.1
2.82
46.6
282
656
11.9
4
30
35
35
true
true
true
true
1.79
1.75
0.23
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-24
20
ECN1
All2All
4
92
207
-230
HYCap>limit
Rotate
High-yield share above policy cap
222
Defer adds pending macro print
C00608
CR4676
2024-02-18
Calm
114
365
4.5
2.8
2,351,174,364
Healthcare:19.4;Comm:13.9;Industrials:17.6;Financials:9.0;RealEstate:27.4;Energy:12.6
US:69.1;EU:6.8;APAC:11.3;EMEA:9.3;LATAM:3.5
BBB:32.5;CCC:11.6;BB:12.8;AA:21.7;B:21.5
6.39
46.4
153
402
16.8
4
30
35
20
false
true
true
false
0.11
0.37
0.5
Utilities:EW
Hedge
CDX_IG: +137bps notional
-35
42
ECN2
Electronic
11
87
256
165
Region>limit
Reduce
Regional concentration above limit
123
Defer adds pending macro print
C00609
CR3868
2025-08-04
Calm
73
360
3.5
1.8
2,432,840,065
Energy:9.6;Industrials:9.7;Financials:16.3;Utilities:29.0;Comm:16.3;Tech:19.2
US:60.3;EU:17.7;APAC:12.0;EMEA:5.6;LATAM:4.4
A:10.1;B:36.8;BBB:19.9;AA:17.6;AAA:15.6
6.8
55.2
173
295
9.2
2
30
35
25
false
true
true
false
-0.32
-0.13
-0.31
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-23
29
DealerA
All2All
2
85
-144
-432
Sector>limit
Hedge
Sector concentration above limit
208
Defer adds pending macro print
C00610
CR6524
2025-05-09
Calm
70
284
3.5
1.9
1,143,392,381
Industrials:23.3;Financials:41.0;Consumer:11.1;Energy:24.5
US:64.4;EU:7.4;APAC:12.6;EMEA:8.7;LATAM:7.0
A:11.1;AA:31.8;CCC:7.1;BBB:26.7;AAA:23.3
3.81
53.3
164
336
6.2
2
20
45
35
true
true
false
false
1.18
0.61
0.04
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-20
ECN2
DealerAxed
3
96
292
-349
VAR>budget
Rotate
Portfolio VAR above budget
159
Tighten HY exposure bands
C00611
CR2514
2024-09-21
Recovery
157
579
4.8
2
2,943,350,160
Healthcare:18.2;Industrials:25.9;RealEstate:18.3;Consumer:12.5;Tech:25.1
US:72.0;EU:8.1;APAC:10.7;EMEA:3.7;LATAM:5.5
CCC:9.9;BBB:18.1;BB:16.0;AA:17.4;A:38.6
2.89
28.9
262
284
7.7
3
20
35
20
true
true
true
true
2.31
0.25
-0.37
Utilities:EW
Hedge
SingleName_CDS: +152bps notional
10
-20
DealerA
RFQ
10
92
-85
-344
VAR>budget
Reduce
Portfolio VAR above budget
108
Defer adds pending macro print
C00612
CR8070
2024-11-14
Calm
105
366
3.6
1.8
2,409,525,243
Energy:42.2;Consumer:24.8;Financials:33.0
US:81.5;EU:6.2;APAC:7.2;EMEA:3.6;LATAM:1.6
AAA:11.4;CCC:13.2;B:20.4;A:23.7;BBB:14.6;AA:16.7
7.14
33.5
86
234
17.7
4
35
55
35
true
true
false
false
-0.27
1.71
-0.01
null
Hedge
iTraxx_XOVER: +61bps notional
0
-12
DealerB
RFQ
3
98
47
-225
VAR>budget
Hedge
Portfolio VAR above budget
202
Reviewed by risk; hedges staggered
C00613
CR4453
2024-12-20
Tightening
151
512
5.1
0.7
1,563,539,272
Materials:30.4;RealEstate:26.4;Tech:43.2
US:69.5;EU:15.5;APAC:5.3;EMEA:6.1;LATAM:3.6
AA:15.0;A:22.3;AAA:25.7;B:17.1;BB:19.8
1.83
63.2
137
511
2.4
3
20
45
25
true
true
true
false
0.76
0.85
0.36
Utilities:EW
Hedge
Treasury_Futures: +157bps notional
-28
16
DealerB
Electronic
8
95
-167
-346
HYCap>limit
Reduce
High-yield share above policy cap
143
Tighten HY exposure bands
C00614
CR6799
2024-12-21
Tightening
146
436
4.4
0.9
1,686,116,451
Financials:16.3;Energy:30.3;Utilities:25.2;RealEstate:28.2
US:75.3;EU:10.3;APAC:7.5;EMEA:6.1;LATAM:0.9
B:10.8;BBB:21.6;AAA:17.9;CCC:23.1;BB:26.6
1.37
28
111
129
8.1
2
35
35
30
false
true
true
false
2.08
0.35
0.26
null
Rotate
From Energy -1.0% to Utilities +1.0%
-45
11
ECN2
All2All
9
95
-184
-262
Sector>limit
Hedge
Sector concentration above limit
147
Defer adds pending macro print
C00615
CR3478
2024-02-23
Calm
109
419
3.6
2.1
2,537,107,176
Financials:23.0;Industrials:13.6;RealEstate:16.5;Healthcare:22.1;Consumer:10.6;Materials:14.2
US:65.5;EU:11.9;APAC:9.8;EMEA:5.1;LATAM:7.7
BB:5.8;AA:16.9;A:25.2;CCC:11.9;B:12.4;AAA:27.7
3.11
32.6
211
307
5.6
4
35
45
25
false
true
true
true
2.38
-0.26
0.19
Consumer:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
-23
DealerB
RFQ
3
92
265
-32
HYCap>limit
Reduce
High-yield share above policy cap
112
Tighten HY exposure bands
C00616
CR0921
2025-02-20
Calm
120
401
4.4
1.7
2,437,963,108
Energy:10.7;Comm:20.7;Utilities:32.9;Financials:17.0;RealEstate:18.6
US:55.9;EU:17.6;APAC:15.1;EMEA:6.0;LATAM:5.5
BBB:28.7;BB:28.1;B:20.4;A:13.4;CCC:9.4
3.33
49.6
215
251
12.1
2
25
45
30
true
true
true
true
0.95
0.09
-0.37
Comm:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
16
-22
DealerA
All2All
4
87
201
-193
HYCap>limit
Hedge
High-yield share above policy cap
143
Escalate watchlist names
C00617
CR6458
2024-03-25
Calm
97
376
4.1
2.5
2,934,471,483
Utilities:17.7;Comm:21.8;Financials:31.2;Industrials:29.3
US:63.7;EU:13.9;APAC:5.9;EMEA:9.6;LATAM:6.9
BBB:15.9;A:15.1;AAA:25.7;CCC:8.4;B:9.0;AA:26.0
4.96
64.2
201
233
16.3
3
35
35
35
false
true
false
true
-0.46
0.5
-0.26
Utilities:EW;Comm:EW
Hedge
Treasury_Futures: +164bps notional
-25
2
DealerC
All2All
6
97
349
-46
Sector>limit
Hedge
Sector concentration above limit
155
Reviewed by risk; hedges staggered
C00618
CR6329
2025-03-11
Recovery
110
632
4.7
0.5
421,644,356
Energy:29.1;Consumer:9.7;Utilities:22.7;Healthcare:27.5;Financials:11.0
US:73.0;EU:12.0;APAC:7.3;EMEA:4.1;LATAM:3.6
BBB:36.5;B:9.1;AAA:13.2;A:24.8;CCC:16.5
1.77
25.6
131
278
4.9
3.5
25
35
20
true
true
true
false
1.12
0.11
0.01
Comm:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
19
ECN1
Electronic
5
96
-99
2
HYCap>limit
Reduce
High-yield share above policy cap
137
Defer adds pending macro print
C00619
CR4258
2025-12-04
Calm
93
411
4
1.9
2,622,579,564
Materials:11.6;Tech:26.9;Financials:19.7;Utilities:9.9;Healthcare:16.9;Comm:15.0
US:64.8;EU:14.3;APAC:12.6;EMEA:4.4;LATAM:3.8
B:41.7;AAA:14.3;A:9.4;BBB:34.6
7.2
49.8
263
223
7.1
3.5
25
45
20
true
true
true
true
0.77
-0.16
0.5
Consumer:EW;RealEstate:EW
Hedge
SingleName_CDS: +68bps notional
-16
4
DealerA
RFQ
0
95
310
-270
Sector>limit
Hedge
Sector concentration above limit
169
Escalate watchlist names
C00620
CR7822
2025-05-05
Tightening
159
431
4.2
1.3
607,683,323
Financials:21.5;Utilities:21.1;Materials:6.6;Energy:23.3;Comm:9.8;Industrials:17.7
US:67.5;EU:6.7;APAC:15.5;EMEA:9.3;LATAM:1.1
BBB:26.4;B:29.2;AAA:32.6;BB:11.8
7.02
62.3
259
474
7.7
3
35
35
25
false
true
true
true
0.84
1.33
0.22
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-41
-7
DealerB
RFQ
4
97
147
60
Region>limit
Hedge
Regional concentration above limit
173
Tighten HY exposure bands
C00621
CR0985
2024-10-14
Recovery
127
517
5.2
0.9
2,918,811,915
Materials:26.8;Consumer:18.8;RealEstate:22.2;Financials:20.5;Utilities:11.7
US:65.1;EU:15.8;APAC:6.1;EMEA:6.8;LATAM:6.2
AA:24.8;BBB:28.9;AAA:17.7;A:13.4;BB:6.4;B:8.9
6.27
56.3
82
197
17.9
3.5
20
35
25
true
true
false
false
1.18
-0.24
0.12
Utilities:EW;Comm:EW
Hedge
Options_Payer: +173bps notional
-50
3
DealerA
Electronic
2
85
306
-150
HYCap>limit
Rotate
High-yield share above policy cap
92
Reviewed by risk; hedges staggered
C00622
CR5749
2025-07-16
Recovery
100
429
4.6
-0.4
1,197,568,845
Materials:24.9;Comm:16.2;Healthcare:27.9;Energy:11.6;Consumer:19.4
US:69.9;EU:11.6;APAC:6.9;EMEA:9.4;LATAM:2.2
AA:13.3;B:30.1;AAA:37.2;A:19.5
3.16
49.8
120
296
9.5
3
35
45
35
false
true
false
false
-0.37
0.71
0.59
Energy:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-54
36
DealerB
All2All
1
97
387
-173
Region>limit
Hedge
Regional concentration above limit
249
Rotate into defensive sectors
C00623
CR2152
2025-12-20
Calm
102
292
3.3
2.4
2,257,345,141
Energy:27.5;Financials:29.2;Healthcare:32.0;Consumer:11.4
US:60.9;EU:14.8;APAC:10.7;EMEA:9.3;LATAM:4.3
B:7.6;BB:20.0;AA:18.7;AAA:16.9;A:36.8
6.32
25.7
270
221
17.7
3.5
30
45
30
true
true
false
true
0.87
1.44
0.27
Utilities:EW
Hedge
Treasury_Futures: +171bps notional
-51
17
DealerB
All2All
0
97
-110
51
Region>limit
Rotate
Regional concentration above limit
150
Rotate into defensive sectors
C00624
CR5053
2024-05-03
Tightening
105
442
5.1
0.5
2,466,969,432
Consumer:27.8;Comm:28.2;Materials:26.5;Healthcare:7.4;Financials:10.1
US:67.6;EU:12.8;APAC:11.8;EMEA:5.7;LATAM:2.1
BB:19.4;AAA:13.2;BBB:39.4;CCC:16.3;A:11.7
6.05
47.5
130
505
7.5
3
20
55
20
true
true
true
false
0.39
0.58
0.01
RealEstate:EW
Hedge
Options_Payer: +63bps notional
-21
-9
DealerA
DealerAxed
3
99
222
-265
HYCap>limit
Reduce
High-yield share above policy cap
132
Defer adds pending macro print
C00625
CR9958
2025-05-08
Stress
257
574
5.4
-0.7
1,711,745,334
Industrials:39.8;Financials:21.8;Consumer:38.4
US:57.2;EU:20.3;APAC:14.1;EMEA:4.6;LATAM:3.8
CCC:37.0;AA:30.3;BBB:17.4;A:15.3
3.64
31.6
154
689
15.8
3
25
35
35
true
true
true
false
0.4
-0.25
0.18
Healthcare:EW;Comm:EW
Hedge
SingleName_CDS: +168bps notional
-60
29
DealerC
DealerAxed
10
93
310
-120
Sector>limit
Hedge
Sector concentration above limit
137
Reviewed by risk; hedges staggered
C00626
CR3159
2024-01-18
Tightening
94
443
4.9
1.4
497,311,942
Consumer:23.5;Tech:7.5;Materials:25.6;Healthcare:26.6;Comm:16.8
US:59.2;EU:17.3;APAC:13.5;EMEA:6.8;LATAM:3.2
BBB:29.7;BB:6.3;A:21.6;AAA:42.4
6.27
62.9
128
367
7.6
2.5
30
35
20
false
true
false
false
0.33
1.39
-0.34
Comm:EW
Hedge
CDX_HY: +167bps notional
-42
7
DealerC
DealerAxed
5
87
13
-200
Region>limit
Reduce
Regional concentration above limit
110
Tighten HY exposure bands
C00627
CR2749
2025-07-19
Recovery
143
569
6.3
1.8
2,588,659,455
Industrials:14.1;Tech:33.0;Consumer:40.3;Energy:12.6
US:67.3;EU:7.4;APAC:15.1;EMEA:7.7;LATAM:2.5
BBB:57.5;B:20.6;CCC:5.3;BB:16.6
2.1
39.9
233
506
5.8
4
35
55
25
true
true
true
true
0.4
-0.12
0.03
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
13
ECN2
RFQ
1
91
93
-388
VAR>budget
Hedge
Portfolio VAR above budget
110
Defer adds pending macro print
C00628
CR8714
2025-12-24
Stress
146
778
8
-0.2
2,117,448,210
Materials:20.2;Comm:23.3;Utilities:7.5;Energy:12.9;Consumer:17.0;Industrials:19.1
US:60.6;EU:10.9;APAC:12.4;EMEA:11.1;LATAM:5.1
CCC:11.6;B:33.4;A:15.5;AAA:9.6;BBB:11.2;BB:18.7
1.49
25.7
327
507
15.7
2
25
45
20
false
true
true
true
2
1.61
0.07
null
Hedge
CDX_IG: +113bps notional
-37
-14
DealerA
RFQ
6
89
131
-334
HYCap>limit
Hedge
High-yield share above policy cap
114
Defer adds pending macro print
C00629
CR6974
2025-11-19
Recovery
174
578
5
1.1
2,230,130,365
Tech:19.7;Comm:28.9;Healthcare:35.6;Financials:15.8
US:79.9;EU:6.2;APAC:5.7;EMEA:5.3;LATAM:2.9
A:33.1;BB:7.9;AA:28.8;AAA:16.7;B:13.4
3
62.3
148
146
12
3.5
25
45
20
true
true
true
false
2.37
0.47
-0.39
Materials:EW;Healthcare:EW
Hedge
Treasury_Futures: +74bps notional
-56
28
DealerB
All2All
9
89
-119
-55
VAR>budget
Reduce
Portfolio VAR above budget
221
Tighten HY exposure bands
C00630
CR2572
2025-03-23
Tightening
155
368
4.7
1.8
1,465,533,775
Comm:22.4;Tech:49.0;Financials:28.6
US:71.0;EU:15.0;APAC:4.6;EMEA:5.3;LATAM:4.0
A:36.8;CCC:9.0;AA:26.2;BBB:11.3;B:9.6;BB:7.2
2.36
27.6
102
485
11.5
2.5
30
35
35
true
true
false
false
1.38
0.19
0.33
Utilities:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
-22
DealerA
DealerAxed
1
87
-36
-444
Sector>limit
Reduce
Sector concentration above limit
254
Tighten HY exposure bands
C00631
CR8468
2024-04-28
Tightening
114
373
4.4
0.6
2,986,011,849
RealEstate:44.6;Healthcare:28.8;Tech:26.6
US:61.1;EU:11.8;APAC:12.8;EMEA:8.7;LATAM:5.7
BBB:40.9;B:6.8;AAA:14.7;AA:30.8;CCC:6.8
4.58
51.9
198
430
2.5
3.5
25
35
20
true
true
false
false
1.78
0.4
-0.35
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
3
DealerC
RFQ
4
87
-99
73
HYCap>limit
Rotate
High-yield share above policy cap
226
Defer adds pending macro print
C00632
CR9861
2025-10-14
Stress
237
771
5
-0.9
2,905,133,470
Utilities:37.1;Energy:35.3;Industrials:11.5;Consumer:16.1
US:61.6;EU:19.0;APAC:8.5;EMEA:7.9;LATAM:2.9
BB:30.9;AAA:10.0;BBB:13.7;AA:10.7;CCC:6.0;B:28.8
7.33
61.6
284
609
11.8
2
30
35
20
true
true
true
true
1.65
0.67
0.27
Financials:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
10
ECN1
Electronic
1
85
-157
-461
Region>limit
Hedge
Regional concentration above limit
212
Defer adds pending macro print
C00633
CR4099
2025-10-30
Calm
82
316
3.9
1.5
1,723,655,577
Tech:10.4;Industrials:22.8;RealEstate:14.1;Energy:20.0;Financials:18.7;Consumer:14.0
US:67.7;EU:18.2;APAC:5.8;EMEA:5.3;LATAM:3.1
B:7.4;BBB:15.3;AAA:15.1;BB:5.7;A:22.6;AA:33.9
1.71
58.9
162
231
5.3
3
25
35
30
false
true
false
false
0.8
-0.09
0.24
RealEstate:EW
Hedge
Options_Payer: +119bps notional
-39
24
ECN2
All2All
9
85
-184
-65
HYCap>limit
Reduce
High-yield share above policy cap
143
Tighten HY exposure bands
C00634
CR8696
2024-10-25
Tightening
103
508
4.9
0.7
154,352,997
Energy:28.4;Materials:16.3;Utilities:27.4;Industrials:27.9
US:69.8;EU:14.0;APAC:11.0;EMEA:3.0;LATAM:2.3
BB:8.7;AA:26.0;AAA:24.3;BBB:22.1;CCC:18.8
3.61
51.9
102
363
6.7
3
25
35
20
true
true
true
false
1.5
-0.15
-0.05
Comm:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
5
ECN2
Electronic
4
98
362
45
Sector>limit
Reduce
Sector concentration above limit
143
Defer adds pending macro print
C00635
CR6737
2024-01-30
Stress
220
839
5.7
0.1
782,252,064
Comm:41.7;Consumer:15.9;Materials:42.4
US:69.1;EU:14.7;APAC:9.6;EMEA:6.4;LATAM:0.2
B:11.1;BBB:18.9;BB:12.5;CCC:9.5;A:27.8;AAA:20.2
4.74
36.8
208
406
16.1
4
35
45
30
true
true
true
true
0.52
0.83
-0.13
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-10
-1
ECN1
RFQ
9
93
-136
-116
HYCap>limit
Hedge
High-yield share above policy cap
247
Defer adds pending macro print
C00636
CR4995
2024-07-20
Stress
234
657
7.1
0.4
917,215,536
Industrials:39.0;Utilities:36.4;Healthcare:24.5
US:63.9;EU:12.5;APAC:7.7;EMEA:10.4;LATAM:5.5
B:30.5;BBB:19.6;CCC:11.0;BB:38.9
4.57
40.2
204
582
21.3
4
25
35
35
true
true
true
true
0.59
1.59
0.31
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
39
ECN2
All2All
6
99
48
96
HYCap>limit
Hedge
High-yield share above policy cap
211
Escalate watchlist names
C00637
CR8799
2024-04-10
Stress
185
568
5.4
-0.7
2,273,677,021
Financials:30.2;Materials:35.7;Comm:34.1
US:59.5;EU:18.9;APAC:10.6;EMEA:3.9;LATAM:7.0
B:34.2;CCC:23.3;BB:22.7;AA:19.9
6.52
64.7
178
448
9.9
4
25
45
30
true
true
true
false
0.48
0.79
0.48
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-2
30
DealerC
Electronic
12
88
214
-465
HYCap>limit
Rotate
High-yield share above policy cap
139
Rotate into defensive sectors
C00638
CR3891
2025-01-02
Recovery
160
477
5.1
1.8
1,034,747,246
Comm:16.6;Healthcare:18.2;Consumer:23.7;Tech:13.7;RealEstate:9.6;Industrials:18.3
US:70.0;EU:10.5;APAC:10.6;EMEA:8.3;LATAM:0.6
B:15.6;A:33.8;BB:13.3;AAA:37.3
0.71
22.6
153
341
13.4
2.5
25
55
30
false
true
false
false
-0.18
0.5
0.29
Financials:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-48
4
DealerA
All2All
5
92
335
-80
Sector>limit
Reduce
Sector concentration above limit
128
Rotate into defensive sectors
C00639
CR4366
2025-06-14
Tightening
159
430
4.1
0.8
1,740,717,416
Healthcare:22.5;Consumer:41.2;Financials:36.3
US:62.5;EU:15.4;APAC:12.6;EMEA:6.9;LATAM:2.7
AAA:32.5;CCC:17.9;BBB:28.7;A:20.8
7.16
42.7
142
498
3.1
2
30
55
30
true
true
false
false
1.5
1.36
0.01
Comm:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
5
ECN2
RFQ
8
92
90
-115
HYCap>limit
Reduce
High-yield share above policy cap
238
Rotate into defensive sectors
C00640
CR7448
2025-05-23
Stress
178
581
7.6
-1.7
2,410,292,262
Utilities:29.7;Financials:8.8;Comm:16.5;Tech:21.5;RealEstate:23.5
US:69.8;EU:8.2;APAC:5.6;EMEA:9.1;LATAM:7.3
A:24.1;AA:23.9;BBB:21.2;BB:30.8
3.86
31.9
163
431
14.2
3
25
45
20
true
true
true
false
1.15
1.05
0.34
Healthcare:EW
Hedge
Treasury_Futures: +50bps notional
-28
30
DealerB
All2All
6
100
62
129
Region>limit
Reduce
Regional concentration above limit
101
Reviewed by risk; hedges staggered
C00641
CR9556
2025-01-11
Tightening
122
485
4.1
0.6
2,436,998,871
Comm:16.0;Financials:23.3;Industrials:11.1;RealEstate:22.8;Materials:26.8
US:57.2;EU:18.7;APAC:10.0;EMEA:9.5;LATAM:4.6
B:21.2;AAA:16.6;A:14.8;BB:22.6;BBB:9.6;CCC:15.3
2.63
50.7
244
326
17
4
25
35
30
true
true
true
true
-0.14
1.73
0
Financials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
29
ECN1
DealerAxed
10
93
224
-379
Region>limit
Hedge
Regional concentration above limit
251
Reviewed by risk; hedges staggered
C00642
CR4039
2024-08-22
Recovery
151
650
4.8
1.8
1,667,617,359
Energy:12.1;Healthcare:16.6;Materials:25.7;Utilities:35.0;Comm:10.6
US:67.5;EU:12.9;APAC:9.7;EMEA:4.8;LATAM:5.1
BB:49.3;A:14.9;CCC:13.1;AAA:22.7
5.62
35.1
168
239
9.2
3.5
35
35
35
false
true
true
false
0.39
0.92
0.42
Materials:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
6
DealerC
Electronic
0
99
-105
-346
Region>limit
Rotate
Regional concentration above limit
188
Rotate into defensive sectors
C00643
CR2042
2025-07-07
Calm
106
319
3.2
1.6
1,279,026,062
Healthcare:34.8;Consumer:19.9;Industrials:45.3
US:60.3;EU:16.8;APAC:12.6;EMEA:3.4;LATAM:6.9
AAA:12.3;AA:29.8;CCC:13.7;B:16.4;A:18.4;BBB:9.4
3.98
45.5
125
143
10.1
3.5
20
45
30
true
true
true
false
1.27
0.3
-0.35
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
23
ECN1
RFQ
3
92
218
-175
Sector>limit
Reduce
Sector concentration above limit
238
Defer adds pending macro print
C00644
CR1329
2024-01-30
Calm
112
418
3.3
2
2,554,960,893
Industrials:10.1;Energy:24.2;Tech:15.8;Healthcare:18.0;Utilities:31.8
US:71.8;EU:9.1;APAC:7.1;EMEA:10.1;LATAM:1.9
A:32.7;BB:3.3;B:7.9;CCC:11.6;BBB:34.1;AA:10.4
6.74
60.6
269
240
3.5
4
35
55
35
false
true
false
true
0.79
0.47
0.28
Materials:EW;Industrials:EW
Hedge
Treasury_Futures: +187bps notional
-45
19
DealerA
RFQ
2
97
41
-210
VAR>budget
Reduce
Portfolio VAR above budget
107
Defer adds pending macro print
C00645
CR8219
2024-08-01
Stress
240
823
7.7
-1.5
2,409,284,914
RealEstate:6.2;Utilities:9.5;Industrials:9.1;Healthcare:22.8;Energy:28.9;Tech:23.6
US:63.8;EU:10.9;APAC:8.6;EMEA:9.9;LATAM:6.7
A:27.4;AA:28.5;AAA:38.3;CCC:5.8
2.86
59
196
475
11.4
2
25
35
20
true
true
false
false
1.26
1.33
-0.17
null
Hedge
iTraxx_XOVER: +85bps notional
14
37
DealerA
Electronic
4
87
398
166
HYCap>limit
Rotate
High-yield share above policy cap
209
Defer adds pending macro print
C00646
CR9974
2025-08-16
Calm
84
391
3.5
2.1
1,885,414,777
Comm:41.8;RealEstate:43.4;Tech:14.7
US:63.0;EU:8.1;APAC:17.4;EMEA:3.8;LATAM:7.7
B:15.9;CCC:12.6;A:24.0;BB:31.3;AAA:16.2
0.77
57
166
129
2.5
3.5
20
35
35
true
true
true
false
-0.42
0.26
-0.22
Consumer:EW;Industrials:EW
Hedge
Treasury_Futures: +73bps notional
-6
12
DealerA
Electronic
10
85
160
-321
VAR>budget
Hedge
Portfolio VAR above budget
226
Defer adds pending macro print
C00647
CR7724
2025-03-20
Stress
143
842
6.9
-0.8
419,326,399
Healthcare:28.2;Energy:24.1;Utilities:10.2;Consumer:17.1;Tech:20.4
US:59.9;EU:19.5;APAC:8.2;EMEA:7.8;LATAM:4.6
CCC:28.1;A:11.8;BBB:12.1;BB:19.3;B:28.7
4.44
21.8
228
519
16.1
3.5
35
55
25
false
true
true
true
1.62
0.59
0.44
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
-13
ECN2
Electronic
0
90
19
-109
Region>limit
Hedge
Regional concentration above limit
195
Escalate watchlist names
C00648
CR1533
2024-06-03
Calm
111
345
3.2
2
2,295,376,501
Comm:27.8;RealEstate:12.8;Materials:30.7;Consumer:28.7
US:54.6;EU:20.3;APAC:11.6;EMEA:7.2;LATAM:6.3
BB:4.6;AAA:25.4;CCC:10.7;A:20.4;B:9.6;AA:29.3
5.49
20.1
83
411
10.9
2
30
45
20
true
true
true
false
1.81
0.37
-0.21
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
26
ECN1
RFQ
7
89
-8
81
VAR>budget
Hedge
Portfolio VAR above budget
138
Defer adds pending macro print
C00649
CR1884
2025-12-26
Tightening
158
496
5
1.8
2,901,889,667
Financials:20.0;Consumer:34.2;Materials:45.8
US:60.7;EU:18.7;APAC:13.7;EMEA:5.5;LATAM:1.3
B:6.6;BBB:28.4;A:25.0;AA:25.0;CCC:8.0;BB:7.0
1.21
59.2
257
280
10.5
3.5
20
35
20
true
true
true
true
-0.41
1.69
0.11
RealEstate:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
-14
DealerB
All2All
9
92
-52
-186
Sector>limit
Rotate
Sector concentration above limit
120
Defer adds pending macro print
C00650
CR7169
2024-05-02
Tightening
159
452
3.8
0.9
1,982,395,532
RealEstate:25.4;Industrials:29.8;Consumer:44.7
US:60.1;EU:7.3;APAC:14.2;EMEA:12.6;LATAM:5.8
BBB:14.9;A:16.4;AA:12.7;CCC:38.9;BB:17.1
0.87
41.4
272
467
3
3.5
20
55
25
true
true
true
true
-0.32
-0.28
-0.2
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
1
ECN1
RFQ
9
89
164
-331
HYCap>limit
Reduce
High-yield share above policy cap
219
Tighten HY exposure bands
C00651
CR9395
2024-10-01
Tightening
120
506
4.2
1.9
771,598,984
Energy:23.3;Materials:27.3;Industrials:16.5;Tech:8.5;RealEstate:24.5
US:74.0;EU:7.8;APAC:7.2;EMEA:7.6;LATAM:3.4
B:17.3;BB:11.6;AA:27.7;CCC:20.6;BBB:22.9
4.42
35.7
136
501
14
4
25
35
35
true
true
true
false
0.08
0.56
-0.35
Healthcare:EW
Hedge
Treasury_Futures: +86bps notional
-39
-4
ECN2
DealerAxed
12
88
84
58
VAR>budget
Hedge
Portfolio VAR above budget
198
Reviewed by risk; hedges staggered
C00652
CR3834
2024-12-01
Calm
113
411
3.3
1.9
2,206,828,866
Utilities:33.3;Healthcare:11.7;RealEstate:24.0;Energy:31.0
US:57.8;EU:13.7;APAC:13.9;EMEA:7.2;LATAM:7.4
CCC:16.3;AA:32.9;A:19.2;AAA:20.2;B:11.4
4.27
27.2
176
253
11.6
3.5
35
35
30
false
true
false
false
-0.32
0.1
-0.36
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
10
DealerA
Electronic
3
91
-137
-431
HYCap>limit
Hedge
High-yield share above policy cap
201
Escalate watchlist names
C00653
CR3133
2024-07-30
Tightening
143
360
4.9
0.6
2,352,397,202
Industrials:25.1;Utilities:19.6;Energy:15.9;Healthcare:18.5;Tech:9.4;Financials:11.5
US:70.3;EU:9.3;APAC:9.5;EMEA:8.5;LATAM:2.4
AA:16.0;BB:5.8;CCC:13.8;BBB:30.6;AAA:33.9
7.34
64.7
140
257
7.3
4
35
45
35
false
true
false
false
1.73
-0.07
0.48
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
37
ECN2
Electronic
7
96
-83
-391
HYCap>limit
Reduce
High-yield share above policy cap
97
Escalate watchlist names
C00654
CR5641
2024-02-14
Tightening
126
354
4.6
0.8
959,545,210
Consumer:25.8;Energy:26.9;Financials:30.3;Utilities:17.0
US:63.8;EU:20.7;APAC:8.7;EMEA:3.5;LATAM:3.4
A:26.5;B:11.4;AA:25.5;CCC:27.7;BB:9.0
5.92
56.8
251
448
5.5
2
25
45
25
true
true
true
true
1.98
1.76
0.59
null
Rotate
From Energy -1.0% to Utilities +1.0%
-27
17
ECN2
All2All
7
90
301
-165
VAR>budget
Hedge
Portfolio VAR above budget
129
Reviewed by risk; hedges staggered
C00655
CR3111
2025-03-31
Calm
87
412
3.4
1.7
240,624,869
Utilities:13.0;Healthcare:24.0;Consumer:14.0;Energy:21.5;Financials:15.8;Tech:11.7
US:62.6;EU:16.0;APAC:11.6;EMEA:9.1;LATAM:0.8
AAA:23.6;BB:9.9;A:21.2;B:10.2;CCC:11.0;AA:24.0
2.24
57.2
269
318
9.9
3
35
35
35
false
true
false
true
1.7
0.87
0.47
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
-15
ECN1
DealerAxed
4
99
241
-33
Sector>limit
Rotate
Sector concentration above limit
153
Rotate into defensive sectors
C00656
CR1114
2025-10-05
Tightening
102
492
4.8
0.8
2,999,209,718
Energy:39.3;Financials:16.8;Materials:43.9
US:67.7;EU:12.3;APAC:11.0;EMEA:7.8;LATAM:1.2
CCC:5.1;AAA:22.8;AA:37.1;BBB:35.0
6.36
27.3
97
421
9.8
4
20
55
20
true
true
false
false
0.39
0.91
0.58
Consumer:EW;Comm:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
-6
ECN2
All2All
2
94
104
-254
VAR>budget
Hedge
Portfolio VAR above budget
221
Reviewed by risk; hedges staggered
C00657
CR8790
2025-10-11
Tightening
144
391
4.1
0.9
2,450,094,893
Tech:33.8;Comm:9.6;Consumer:32.0;Utilities:24.7
US:80.8;EU:5.4;APAC:8.6;EMEA:4.0;LATAM:1.2
B:13.2;CCC:9.9;AA:13.3;A:25.3;BB:15.3;BBB:23.0
3.33
46.1
206
487
17.7
3.5
30
55
35
true
true
true
true
1.11
1.01
0
null
Rotate
From Energy -1.0% to Utilities +1.0%
16
15
ECN1
DealerAxed
12
92
-113
-201
HYCap>limit
Reduce
High-yield share above policy cap
172
Tighten HY exposure bands
C00658
CR2550
2025-12-11
Recovery
125
530
4.9
-0.1
2,696,401,513
Healthcare:36.3;Industrials:14.8;Utilities:28.2;Energy:10.5;Tech:10.1
US:71.3;EU:8.8;APAC:7.7;EMEA:6.0;LATAM:6.0
A:34.5;B:28.6;AA:20.4;AAA:16.4
7.46
24.9
188
139
15.5
3.5
25
35
30
true
true
false
false
-0.12
0.08
0.43
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
31
ECN1
All2All
4
97
324
-428
HYCap>limit
Hedge
High-yield share above policy cap
117
Tighten HY exposure bands
C00659
CR1670
2025-07-17
Calm
71
332
3.6
3
2,032,513,737
Utilities:33.1;Industrials:38.4;Comm:12.5;Financials:16.0
US:71.4;EU:11.2;APAC:10.7;EMEA:3.9;LATAM:2.7
BB:7.8;AA:17.7;BBB:11.3;AAA:21.4;B:14.7;A:27.0
5.72
41.9
172
374
15.5
4
20
45
35
true
true
false
false
0.96
1.45
0.35
Energy:EW
Hedge
SingleName_CDS: +139bps notional
9
5
DealerB
DealerAxed
6
89
142
54
Sector>limit
Reduce
Sector concentration above limit
132
Rotate into defensive sectors
C00660
CR1700
2024-09-14
Calm
107
296
4.4
2.5
695,271,466
Financials:15.5;RealEstate:16.1;Materials:22.6;Tech:6.9;Industrials:23.9;Energy:14.9
US:62.5;EU:16.6;APAC:10.2;EMEA:4.4;LATAM:6.3
A:9.6;B:21.5;CCC:14.5;AAA:17.7;BB:19.6;AA:17.1
3.19
59
85
234
8.2
4
35
35
20
false
true
true
false
2.41
0.97
0.07
Consumer:EW
Hedge
Options_Payer: +61bps notional
-37
14
ECN1
All2All
3
85
164
-458
VAR>budget
Rotate
Portfolio VAR above budget
130
Defer adds pending macro print
C00661
CR8609
2025-10-06
Recovery
144
480
4.5
1.1
888,499,858
Energy:37.1;Consumer:24.7;Comm:22.8;Tech:15.4
US:70.4;EU:16.0;APAC:6.7;EMEA:6.4;LATAM:0.4
B:18.6;CCC:19.6;AA:10.5;BBB:20.1;BB:6.5;AAA:24.8
5.73
40
261
471
2.1
2.5
20
45
35
true
true
true
true
1.53
1.12
0.12
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
40
DealerB
Electronic
3
90
274
-325
Sector>limit
PauseAdds
Sector concentration above limit
101
Escalate watchlist names
C00662
CR5315
2025-01-07
Calm
79
331
3.5
1.8
1,755,632,084
Consumer:20.1;Utilities:16.6;RealEstate:42.9;Energy:20.4
US:70.8;EU:13.1;APAC:6.5;EMEA:8.5;LATAM:1.1
BBB:12.1;BB:22.2;CCC:26.5;A:16.6;AA:22.6
4.12
64.4
199
444
9.1
4
35
35
30
true
true
true
false
2.41
1.33
0.31
null
Hedge
SingleName_CDS: +100bps notional
13
16
DealerA
RFQ
8
88
1
-16
Region>limit
Reduce
Regional concentration above limit
103
Escalate watchlist names
C00663
CR5275
2024-03-31
Recovery
180
444
5.1
1.2
2,608,854,025
Energy:25.8;Tech:24.3;Financials:9.2;Comm:13.9;RealEstate:26.8
US:65.1;EU:8.8;APAC:13.4;EMEA:9.1;LATAM:3.6
BBB:37.6;A:41.4;CCC:10.3;BB:10.8
6.3
63.3
80
462
13.7
3.5
30
45
30
false
true
false
false
2.38
0.99
0.19
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
41
DealerC
RFQ
6
89
262
-194
Region>limit
Rotate
Regional concentration above limit
162
Tighten HY exposure bands
C00664
CR3481
2024-12-05
Calm
65
397
3.2
1.8
1,634,181,015
Energy:8.2;Materials:10.0;Comm:33.3;Consumer:10.6;RealEstate:15.9;Tech:22.0
US:64.3;EU:13.4;APAC:4.9;EMEA:10.4;LATAM:7.1
AA:25.7;CCC:7.1;BB:5.2;AAA:24.2;B:12.3;BBB:25.6
5.77
26.7
212
197
16.9
2.5
30
35
20
true
true
true
true
0.54
0.67
-0.27
null
Hedge
Treasury_Futures: +59bps notional
-58
36
DealerA
Electronic
0
97
-79
-198
Sector>limit
Hedge
Sector concentration above limit
197
Escalate watchlist names
C00665
CR6300
2024-10-31
Recovery
122
426
5.3
1.5
479,444,279
Comm:8.4;Industrials:6.5;Utilities:29.6;Energy:22.1;Materials:10.6;Tech:22.9
US:69.8;EU:5.4;APAC:11.6;EMEA:9.4;LATAM:3.7
CCC:11.2;AAA:15.5;BBB:16.0;A:14.0;BB:21.9;AA:21.4
5.18
27.7
150
221
10.1
4
25
55
25
true
true
true
false
1.12
0.68
0.44
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-43
29
ECN2
Electronic
4
91
-95
-25
VAR>budget
Hedge
Portfolio VAR above budget
108
Reviewed by risk; hedges staggered
C00666
CR7082
2025-04-06
Recovery
119
436
5.2
0.9
822,279,632
Industrials:28.1;Financials:37.0;Consumer:35.0
US:71.1;EU:18.2;APAC:5.9;EMEA:4.6;LATAM:0.2
BB:6.9;AA:32.3;AAA:14.4;CCC:10.2;BBB:36.3
4.89
48.5
164
400
2.9
4
20
35
25
true
true
false
false
0.3
1.02
-0.36
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-22
33
DealerA
RFQ
12
96
105
7
HYCap>limit
Reduce
High-yield share above policy cap
114
Reviewed by risk; hedges staggered
C00667
CR8159
2025-03-01
Calm
106
364
4.3
1.7
1,743,204,139
Financials:18.0;Comm:23.5;Energy:5.4;Materials:20.4;Consumer:16.8;Industrials:15.8
US:62.8;EU:16.6;APAC:6.9;EMEA:7.5;LATAM:6.1
BBB:32.2;AAA:29.6;CCC:15.8;AA:10.6;BB:11.8
1.57
22.5
262
450
14.8
3
25
55
30
false
true
false
true
1.33
0.46
-0.26
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-41
14
ECN2
DealerAxed
11
92
-80
49
VAR>budget
Hedge
Portfolio VAR above budget
215
Rotate into defensive sectors
C00668
CR8177
2025-12-26
Recovery
173
630
6
-0.4
2,932,001,092
Consumer:29.6;Financials:14.9;Healthcare:19.9;Comm:18.7;Industrials:16.9
US:61.2;EU:14.2;APAC:11.6;EMEA:10.8;LATAM:2.3
B:18.9;AA:17.7;BB:15.4;A:31.1;CCC:17.0
2.51
27.2
256
325
12.4
3.5
20
45
20
true
true
true
true
-0.45
0.83
-0.06
Financials:EW
Hedge
CDX_IG: +162bps notional
-45
43
DealerB
Electronic
12
89
230
-190
HYCap>limit
Reduce
High-yield share above policy cap
192
Rotate into defensive sectors
C00669
CR8837
2025-04-10
Recovery
114
540
4.9
0
1,961,902,251
Tech:12.3;Healthcare:13.9;Industrials:15.6;Energy:15.4;Utilities:31.5;Consumer:11.3
US:72.8;EU:9.0;APAC:7.4;EMEA:10.1;LATAM:0.7
AAA:32.5;A:12.0;BBB:28.9;B:3.1;CCC:6.0;AA:17.5
1.9
36.4
185
309
3.9
3
30
35
30
true
true
false
false
0.25
0.21
0.49
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
-2
ECN2
DealerAxed
2
95
316
-35
VAR>budget
Hedge
Portfolio VAR above budget
169
Reviewed by risk; hedges staggered
C00670
CR6139
2025-09-09
Stress
199
729
7.7
-0.9
2,380,275,027
Utilities:44.9;Tech:24.3;Healthcare:30.8
US:67.6;EU:11.2;APAC:9.9;EMEA:7.1;LATAM:4.2
BBB:13.2;BB:7.8;AA:31.5;AAA:37.1;CCC:10.5
2.21
45.9
249
360
8.8
3
25
45
35
true
true
false
true
2.11
1.69
-0.37
null
Hedge
CDX_HY: +157bps notional
-8
-21
ECN1
DealerAxed
1
91
-200
-130
HYCap>limit
Reduce
High-yield share above policy cap
146
Reviewed by risk; hedges staggered
C00671
CR3684
2024-11-18
Stress
240
576
6.5
-1.8
2,822,293,612
Comm:42.4;Healthcare:34.6;Tech:23.0
US:65.6;EU:17.8;APAC:9.6;EMEA:6.8;LATAM:0.2
BB:21.4;A:27.4;AAA:39.0;CCC:12.2
4.84
39.5
266
636
10.3
3.5
25
45
25
true
true
true
true
1.53
0.89
-0.18
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
5
26
DealerB
Electronic
3
100
-180
-8
HYCap>limit
Rotate
High-yield share above policy cap
145
Escalate watchlist names
C00672
CR1704
2024-01-12
Recovery
158
499
5.5
1
353,995,025
RealEstate:37.0;Utilities:20.8;Tech:30.4;Financials:11.9
US:63.5;EU:13.2;APAC:12.7;EMEA:4.5;LATAM:6.1
AA:17.8;B:10.7;CCC:6.6;A:32.9;AAA:20.1;BBB:11.9
1.38
56.1
128
140
13.6
3.5
30
55
20
true
true
false
false
1.27
0.94
0.46
null
Rotate
From Energy -1.0% to Utilities +1.0%
-18
31
DealerC
Electronic
9
85
25
-337
Region>limit
Rotate
Regional concentration above limit
126
Reviewed by risk; hedges staggered
C00673
CR2041
2025-02-05
Calm
66
320
4.5
2.5
2,309,102,826
Consumer:37.0;Energy:33.7;Utilities:29.3
US:75.0;EU:9.1;APAC:8.7;EMEA:6.6;LATAM:0.6
AAA:32.8;AA:15.1;A:18.8;BB:4.9;CCC:13.9;B:14.5
0.56
54.1
217
461
14.4
3.5
25
55
30
true
true
true
true
1.61
0.84
-0.02
Financials:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-55
-5
ECN2
RFQ
10
87
102
-282
VAR>budget
Reduce
Portfolio VAR above budget
190
Tighten HY exposure bands
C00674
CR6172
2025-08-18
Stress
157
661
5.9
0.8
2,351,345,339
Utilities:35.0;Consumer:20.9;Industrials:44.1
US:62.2;EU:10.9;APAC:11.2;EMEA:11.9;LATAM:3.7
AA:18.7;BBB:16.3;A:20.9;AAA:27.9;B:7.7;CCC:8.6
3.07
33.9
237
299
10.1
3.5
20
55
30
true
true
false
true
2.04
1.61
-0.26
null
Hedge
SingleName_CDS: +166bps notional
-21
-22
ECN2
All2All
3
94
189
-267
Sector>limit
Hedge
Sector concentration above limit
203
Escalate watchlist names
C00675
CR9906
2025-04-11
Stress
224
762
8.4
0.2
1,376,726,605
Energy:33.7;Healthcare:38.2;Financials:16.2;Tech:11.9
US:64.6;EU:16.5;APAC:7.3;EMEA:9.2;LATAM:2.4
CCC:18.2;B:16.3;BBB:32.0;AA:33.5
1.98
30.2
214
491
11.1
2
25
45
20
true
true
true
true
1.08
1.1
-0.15
null
Hedge
Treasury_Futures: +134bps notional
-29
45
ECN1
DealerAxed
3
87
262
-394
Sector>limit
Rotate
Sector concentration above limit
187
Escalate watchlist names
C00676
CR6559
2024-05-20
Recovery
176
582
5.1
1.8
550,218,579
Energy:15.2;Tech:32.6;Materials:29.1;Healthcare:23.2
US:56.2;EU:17.5;APAC:9.7;EMEA:9.8;LATAM:6.8
A:18.2;AA:13.2;AAA:12.1;BBB:24.9;BB:18.2;CCC:13.4
4.79
59.1
278
474
12.2
3.5
20
55
25
true
true
true
true
0.14
0.69
-0.06
Healthcare:EW
Hedge
CDX_HY: +63bps notional
-60
26
ECN1
RFQ
9
91
242
-125
HYCap>limit
Reduce
High-yield share above policy cap
134
Defer adds pending macro print
C00677
CR9336
2024-09-03
Recovery
131
468
5.8
1.8
322,301,401
Tech:51.9;RealEstate:29.6;Materials:18.6
US:60.8;EU:8.2;APAC:14.1;EMEA:12.8;LATAM:4.1
AA:24.4;BBB:33.6;BB:7.5;A:34.4
7.47
30.2
153
252
14.3
3.5
35
35
20
true
true
false
false
1.07
0.51
0.27
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
13
ECN2
Electronic
9
98
144
80
VAR>budget
Hedge
Portfolio VAR above budget
132
Rotate into defensive sectors
C00678
CR1615
2024-10-31
Stress
252
687
6
-1.2
409,723,652
Healthcare:38.8;RealEstate:20.7;Energy:40.5
US:68.9;EU:10.6;APAC:13.5;EMEA:6.2;LATAM:0.8
A:30.5;AA:24.9;AAA:30.5;BBB:14.1
1.44
54.4
373
530
11.4
2.5
30
45
20
true
true
false
true
-0.14
1.67
-0.1
Materials:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
-14
DealerA
DealerAxed
11
87
137
-112
VAR>budget
Hedge
Portfolio VAR above budget
201
Rotate into defensive sectors
C00679
CR8704
2024-09-24
Stress
217
744
7.5
-0.5
2,005,181,550
Industrials:21.5;Tech:12.4;Materials:21.6;Consumer:18.4;Energy:26.1
US:73.5;EU:9.3;APAC:8.4;EMEA:8.3;LATAM:0.5
A:24.9;B:7.6;CCC:7.1;AAA:27.0;AA:23.5;BB:9.9
5.74
61
269
539
16.6
3.5
30
35
25
false
true
false
true
0.65
0.85
0.23
Tech:EW;Materials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
21
DealerC
Electronic
8
90
287
10
VAR>budget
Reduce
Portfolio VAR above budget
170
Tighten HY exposure bands
C00680
CR7685
2025-08-02
Tightening
142
372
4
1.7
2,498,536,610
RealEstate:37.4;Tech:30.1;Energy:15.4;Financials:17.1
US:67.4;EU:6.7;APAC:12.7;EMEA:9.2;LATAM:4.0
BBB:12.5;B:13.7;AAA:40.7;AA:33.2
2.55
48
159
158
3.7
2.5
25
35
25
true
true
false
false
-0.36
-0.09
-0.34
Materials:EW
Hedge
CDX_IG: +200bps notional
16
14
ECN2
Electronic
12
88
92
-264
HYCap>limit
Rotate
High-yield share above policy cap
161
Escalate watchlist names
C00681
CR1764
2025-03-12
Stress
240
588
6.7
-0
75,683,997
Energy:27.5;Consumer:42.3;Financials:30.3
US:66.3;EU:16.3;APAC:7.0;EMEA:6.2;LATAM:4.1
B:21.8;BB:11.3;BBB:46.2;CCC:20.6
2.23
34.3
278
427
17.6
3.5
20
55
35
true
true
true
true
0.58
1.62
0.17
null
Hedge
Treasury_Futures: +111bps notional
-33
36
ECN1
All2All
12
92
94
112
Region>limit
Reduce
Regional concentration above limit
208
Tighten HY exposure bands
C00682
CR2196
2025-06-25
Calm
93
375
3.8
2.6
2,884,510,153
Industrials:10.8;Materials:18.3;Consumer:19.3;Healthcare:16.5;Utilities:12.6;Comm:22.6
US:65.1;EU:9.7;APAC:11.9;EMEA:9.5;LATAM:3.8
BBB:32.7;AA:20.6;B:18.6;A:28.2
2.82
35.1
203
512
4.1
3
30
55
30
false
true
false
true
2.05
0.29
-0.21
Industrials:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
-14
DealerC
Electronic
11
86
-75
73
Region>limit
Hedge
Regional concentration above limit
136
Rotate into defensive sectors
C00683
CR3398
2025-12-02
Recovery
108
526
5.6
0.5
198,728,477
Comm:21.0;Industrials:27.7;RealEstate:22.7;Materials:14.9;Energy:13.8
US:72.5;EU:7.7;APAC:14.8;EMEA:3.5;LATAM:1.5
CCC:12.8;B:13.6;BBB:25.7;A:36.1;BB:11.9
2.7
59.6
162
327
10.5
4
30
35
35
false
true
true
false
0.56
1.09
0.47
Healthcare:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
-13
DealerA
DealerAxed
1
88
57
-181
Sector>limit
Reduce
Sector concentration above limit
219
Tighten HY exposure bands
C00684
CR3819
2025-11-08
Calm
78
373
3.6
2.2
1,409,741,781
Consumer:15.9;Energy:24.6;Financials:18.7;Healthcare:40.8
US:70.1;EU:13.8;APAC:7.7;EMEA:2.8;LATAM:5.6
AA:26.2;BBB:20.7;B:29.7;BB:23.4
7.2
20.4
189
456
7.9
3.5
30
45
20
true
true
true
false
1.86
0.24
-0
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
26
DealerA
DealerAxed
1
98
381
153
HYCap>limit
Reduce
High-yield share above policy cap
152
Reviewed by risk; hedges staggered
C00685
CR6239
2024-08-10
Tightening
117
437
4.2
1.2
1,239,435,586
Healthcare:43.3;Energy:31.5;Industrials:25.2
US:59.6;EU:22.0;APAC:8.1;EMEA:3.8;LATAM:6.5
AAA:19.3;CCC:11.0;A:14.5;AA:10.9;BB:34.2;BBB:10.1
4.43
23.9
106
381
17.7
4
25
35
35
true
true
true
false
-0.47
1.45
-0.06
Healthcare:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
34
DealerA
Electronic
5
98
-147
133
Sector>limit
PauseAdds
Sector concentration above limit
178
Rotate into defensive sectors
C00686
CR6281
2025-04-06
Stress
214
689
8.1
-1.3
337,325,777
Healthcare:12.7;Tech:15.3;Industrials:11.8;Consumer:38.1;Financials:22.2
US:64.8;EU:10.2;APAC:11.7;EMEA:10.4;LATAM:2.9
AAA:34.9;A:22.2;AA:17.3;CCC:3.2;B:10.2;BBB:12.3
5.35
48.5
284
390
14.9
2.5
25
35
35
true
true
false
true
1.43
1.01
0.52
Industrials:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
-12
ECN2
DealerAxed
5
97
367
-57
Sector>limit
Rotate
Sector concentration above limit
155
Escalate watchlist names
C00687
CR9902
2025-07-14
Calm
107
404
3.4
2.1
2,984,596,997
Energy:14.4;RealEstate:14.8;Materials:46.5;Consumer:24.3
US:68.4;EU:13.5;APAC:5.7;EMEA:10.6;LATAM:1.8
AAA:12.7;B:12.8;A:21.5;AA:18.4;CCC:34.6
0.78
35.6
83
212
10.4
3.5
20
55
30
true
true
true
false
1.22
0.55
0.05
Financials:EW
Hedge
Treasury_Futures: +121bps notional
0
-10
ECN2
Electronic
8
97
-172
-344
Region>limit
Hedge
Regional concentration above limit
210
Reviewed by risk; hedges staggered
C00688
CR4746
2024-02-18
Stress
172
629
5.3
0.4
813,685,051
Consumer:18.3;Industrials:21.5;Comm:23.8;RealEstate:14.5;Energy:12.8;Healthcare:9.1
US:68.0;EU:12.4;APAC:7.4;EMEA:7.7;LATAM:4.4
B:16.9;AA:13.3;BB:48.9;A:20.9
2.11
55.1
258
586
9
2
20
55
30
true
true
true
true
0.92
-0.04
0.51
null
Hedge
CDX_HY: +196bps notional
-21
11
ECN1
RFQ
10
89
239
-231
Sector>limit
Rotate
Sector concentration above limit
178
Rotate into defensive sectors
C00689
CR5500
2024-10-29
Calm
95
405
4
2.1
2,108,424,852
RealEstate:14.0;Industrials:25.7;Consumer:9.8;Financials:8.9;Utilities:26.6;Energy:15.1
US:62.5;EU:10.3;APAC:12.6;EMEA:11.6;LATAM:3.0
AA:54.6;CCC:5.8;A:21.0;BB:18.6
5.73
48.1
113
212
3.2
3
25
35
35
true
true
false
false
0.7
1.48
-0.36
null
Hedge
SingleName_CDS: +158bps notional
-45
35
DealerC
All2All
11
91
76
13
HYCap>limit
Reduce
High-yield share above policy cap
198
Rotate into defensive sectors
C00690
CR5865
2025-09-28
Tightening
126
435
5
0.6
1,470,452,871
Industrials:13.7;RealEstate:17.4;Healthcare:18.6;Tech:18.0;Energy:17.8;Materials:14.5
US:71.8;EU:17.9;APAC:6.1;EMEA:3.8;LATAM:0.4
AAA:11.0;B:33.1;BBB:16.3;AA:17.4;A:10.4;BB:11.8
0.51
42.7
147
411
3.5
4
20
35
20
false
true
true
false
2.06
0.03
0.38
Healthcare:EW
Hedge
iTraxx_XOVER: +58bps notional
-27
-5
DealerA
DealerAxed
3
95
242
-16
HYCap>limit
Reduce
High-yield share above policy cap
93
Escalate watchlist names
C00691
CR0107
2024-01-25
Stress
166
773
8
0.7
1,737,860,926
Consumer:25.0;Materials:24.4;Energy:50.6
US:67.1;EU:8.6;APAC:12.4;EMEA:8.5;LATAM:3.4
AA:28.0;CCC:13.2;BBB:20.0;BB:10.6;A:28.3
3.7
48.4
138
306
12
2
30
35
30
true
true
false
false
0.76
-0.27
0.31
Energy:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
-9
ECN2
DealerAxed
12
95
-101
45
HYCap>limit
Hedge
High-yield share above policy cap
252
Reviewed by risk; hedges staggered
C00692
CR7383
2024-06-17
Recovery
101
619
5.8
0.4
1,236,620,010
Energy:24.5;Financials:12.8;RealEstate:31.3;Industrials:20.6;Comm:10.8
US:58.4;EU:16.9;APAC:9.3;EMEA:11.0;LATAM:4.4
CCC:8.3;AA:28.3;BB:6.5;AAA:15.0;B:6.2;A:35.7
0.88
25.5
123
462
7.1
3.5
35
35
35
false
true
false
false
-0.46
0.7
-0.36
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-48
-11
DealerB
RFQ
5
93
430
18
HYCap>limit
Hedge
High-yield share above policy cap
124
Escalate watchlist names
C00693
CR3321
2024-04-03
Recovery
169
469
5.5
0.4
2,892,024,641
Consumer:13.8;Healthcare:12.1;Utilities:24.2;Comm:21.7;RealEstate:20.1;Materials:8.2
US:62.4;EU:10.6;APAC:5.7;EMEA:13.2;LATAM:8.0
A:20.6;AAA:37.6;BBB:19.4;B:9.5;AA:12.9
0.6
47.5
156
335
9.4
4
30
45
20
false
true
false
false
-0.44
1.14
0.02
Comm:EW;Healthcare:EW
Hedge
CDX_IG: +176bps notional
-37
0
ECN2
All2All
6
94
244
101
VAR>budget
Hedge
Portfolio VAR above budget
190
Tighten HY exposure bands
C00694
CR2344
2025-12-03
Calm
67
301
4.4
2.2
1,691,727,277
Healthcare:16.8;Industrials:34.5;Energy:18.5;Comm:7.3;Materials:22.8
US:69.7;EU:16.0;APAC:4.9;EMEA:6.7;LATAM:2.7
BB:24.4;AAA:19.3;CCC:34.4;A:21.9
7.1
52.1
229
481
3.3
3.5
20
35
25
true
true
true
true
1.89
1.08
-0.11
Energy:EW
Hedge
CDX_HY: +75bps notional
-39
13
ECN1
DealerAxed
11
100
94
46
VAR>budget
Reduce
Portfolio VAR above budget
235
Tighten HY exposure bands
C00695
CR0160
2025-07-14
Stress
143
606
7.5
-0.7
659,038,810
Materials:35.8;RealEstate:12.3;Tech:20.6;Energy:17.2;Utilities:14.2
US:59.6;EU:20.0;APAC:8.9;EMEA:10.8;LATAM:0.6
CCC:34.6;B:21.8;AAA:12.9;BBB:30.8
4.99
31
238
290
16.5
4
20
35
20
true
true
true
true
2.47
0.12
-0.4
Tech:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
-10
DealerC
DealerAxed
8
88
23
154
Sector>limit
Hedge
Sector concentration above limit
154
Reviewed by risk; hedges staggered
C00696
CR5894
2024-01-06
Tightening
101
420
4.7
1.7
871,606,589
Financials:30.5;Healthcare:20.3;Utilities:33.8;Comm:15.3
US:70.9;EU:13.6;APAC:7.9;EMEA:7.4;LATAM:0.2
BBB:21.6;AA:12.0;CCC:9.4;AAA:34.3;BB:22.6
1.6
46.3
132
367
15
3
30
45
30
true
true
true
false
0.76
-0.03
-0.11
null
Hedge
iTraxx_XOVER: +143bps notional
-17
-1
DealerB
Electronic
8
88
18
-464
HYCap>limit
Hedge
High-yield share above policy cap
205
Escalate watchlist names
C00697
CR3483
2025-03-08
Recovery
124
449
4.6
1.8
1,955,970,072
Industrials:23.2;Consumer:34.9;Tech:41.9
US:69.7;EU:17.7;APAC:6.9;EMEA:4.4;LATAM:1.4
BBB:15.7;AAA:30.7;AA:32.9;BB:20.7
4.43
58.4
152
154
4.9
3.5
25
45
25
true
true
false
false
1.78
-0.18
-0.28
RealEstate:EW
Hedge
iTraxx_MAIN: +194bps notional
-48
19
DealerB
RFQ
3
95
435
-405
VAR>budget
Hedge
Portfolio VAR above budget
246
Rotate into defensive sectors
C00698
CR4788
2024-10-19
Stress
186
734
6.2
-1.5
860,474,533
Materials:13.8;Energy:8.5;Tech:26.0;RealEstate:17.8;Healthcare:8.5;Utilities:25.4
US:61.2;EU:12.9;APAC:15.3;EMEA:6.8;LATAM:3.7
CCC:12.2;B:39.6;AAA:15.7;A:15.0;AA:17.5
6.27
23.5
250
675
10.7
3.5
35
45
25
false
true
true
true
0.42
0.07
-0.33
null
Hedge
CDX_HY: +153bps notional
-26
29
DealerC
RFQ
2
89
116
124
Sector>limit
Hedge
Sector concentration above limit
149
Escalate watchlist names
C00699
CR1844
2025-12-05
Calm
87
293
3.5
1.8
360,561,713
Comm:17.6;Materials:19.2;Utilities:24.3;Tech:21.3;RealEstate:10.6;Healthcare:7.0
US:68.6;EU:7.8;APAC:15.6;EMEA:5.1;LATAM:2.9
A:26.4;AAA:30.7;B:29.1;BBB:13.9
5.04
29.8
191
489
14.6
2.5
35
45
20
false
true
true
false
-0.4
0.66
0.45
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
17
DealerC
All2All
5
91
174
-388
Region>limit
Hedge
Regional concentration above limit
210
Reviewed by risk; hedges staggered
C00700
CR6812
2025-05-03
Calm
73
392
4.2
2.3
115,539,463
Financials:16.9;Tech:21.6;Comm:32.8;Energy:28.7
US:63.8;EU:15.9;APAC:6.1;EMEA:9.7;LATAM:4.5
A:11.6;CCC:45.4;AAA:12.3;B:13.8;AA:16.9
6.31
32.3
250
122
17.3
4
30
55
25
true
true
true
true
1.36
1.71
0.58
Energy:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-32
1
ECN1
All2All
3
100
262
98
Region>limit
Hedge
Regional concentration above limit
250
Tighten HY exposure bands