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
C07301
CR0160
2025-07-10
Stress
193
562
6.1
-1.1
1,398,792,533
Financials:18.4;RealEstate:17.5;Energy:16.7;Healthcare:11.7;Consumer:13.0;Utilities:22.7
US:63.4;EU:15.2;APAC:11.2;EMEA:6.6;LATAM:3.5
AA:23.0;CCC:16.3;AAA:35.6;BB:25.2
2.2
43
280
440
20.2
2.5
30
35
25
false
true
true
true
-0.26
0.35
0.06
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
32
DealerB
All2All
10
91
74
-13
HYCap>limit
Reduce
High-yield share above policy cap
196
Reviewed by risk; hedges staggered
C07302
CR9756
2024-02-11
Recovery
157
646
5.8
1.7
1,657,034,163
Healthcare:16.2;Financials:21.9;Consumer:25.3;Utilities:7.4;Materials:29.2
US:68.4;EU:7.9;APAC:13.1;EMEA:8.8;LATAM:1.8
BB:5.9;AA:20.6;A:34.7;BBB:26.1;B:12.7
6.74
50
263
157
11.8
2.5
20
35
20
true
true
false
true
1.34
1.01
-0.06
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
28
ECN2
DealerAxed
0
94
175
43
HYCap>limit
Hedge
High-yield share above policy cap
198
Rotate into defensive sectors
C07303
CR3019
2025-04-18
Calm
77
281
3.6
2.5
349,939,096
Comm:18.0;RealEstate:17.2;Financials:16.4;Industrials:14.8;Energy:16.7;Healthcare:17.0
US:60.3;EU:16.3;APAC:12.7;EMEA:5.8;LATAM:4.8
B:20.1;CCC:28.6;AAA:10.4;A:24.6;BB:16.3
5.63
56.5
163
270
16.1
2.5
30
35
20
false
true
true
false
0.39
1.08
0.13
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
4
DealerB
DealerAxed
9
96
76
-156
HYCap>limit
Hedge
High-yield share above policy cap
147
Tighten HY exposure bands
C07304
CR2717
2025-03-06
Calm
120
364
4.3
2.9
2,703,611,165
Industrials:10.8;Consumer:8.0;Healthcare:10.9;Tech:18.7;Energy:13.9;Comm:37.6
US:66.5;EU:12.8;APAC:11.0;EMEA:4.5;LATAM:5.3
BBB:21.2;A:14.8;BB:39.1;CCC:15.0;AAA:10.0
1.64
48
126
452
17.4
2
35
45
30
true
true
true
false
0.53
0.05
0.43
Healthcare:EW;Financials:EW;RealEstate:EW
Hedge
SingleName_CDS: +102bps notional
-40
14
DealerC
Electronic
10
89
-111
-299
HYCap>limit
Reduce
High-yield share above policy cap
257
Reviewed by risk; hedges staggered
C07305
CR7807
2024-05-05
Calm
113
396
3.7
2.1
612,331,568
Utilities:17.7;Healthcare:15.3;Energy:23.4;Tech:17.4;Financials:7.8;Industrials:18.3
US:62.6;EU:11.6;APAC:8.5;EMEA:11.2;LATAM:6.2
BBB:23.1;B:21.5;BB:5.5;AAA:19.0;A:20.4;AA:10.5
7.04
21.6
100
300
17.1
4
35
45
20
false
true
true
false
0.7
0.65
0.18
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
4
ECN1
All2All
6
92
393
-249
HYCap>limit
PauseAdds
High-yield share above policy cap
161
Escalate watchlist names
C07306
CR4654
2024-03-03
Stress
191
830
5.2
-0.6
960,611,590
Comm:36.4;Consumer:38.8;Utilities:24.8
US:67.3;EU:16.4;APAC:7.3;EMEA:4.9;LATAM:4.2
AAA:17.3;B:17.7;BB:16.4;A:24.9;BBB:17.4;CCC:6.2
5.97
32.7
146
303
15.2
2.5
25
45
35
true
true
true
false
-0.07
0.96
0.17
null
Hedge
iTraxx_XOVER: +180bps notional
-53
19
ECN1
All2All
11
98
296
-179
Region>limit
Reduce
Regional concentration above limit
196
Reviewed by risk; hedges staggered
C07307
CR2061
2024-06-07
Calm
91
297
4.3
1.8
657,376,026
Energy:22.3;Consumer:23.8;Utilities:24.7;RealEstate:29.3
US:58.0;EU:17.0;APAC:8.5;EMEA:12.1;LATAM:4.3
AAA:21.4;A:19.2;AA:22.6;B:6.6;BB:7.2;BBB:23.0
4.4
25.9
125
154
16.4
3
35
45
20
false
true
false
false
2.47
1.14
0.48
Industrials:EW;Healthcare:EW
Hedge
Options_Payer: +135bps notional
10
-15
DealerC
Electronic
4
91
280
164
Sector>limit
Hedge
Sector concentration above limit
208
Reviewed by risk; hedges staggered
C07308
CR5564
2025-02-01
Stress
238
624
7.9
-1.9
477,400,393
Industrials:21.7;Tech:19.8;Materials:13.0;Financials:14.6;Healthcare:13.9;Utilities:16.9
US:62.9;EU:15.8;APAC:5.7;EMEA:10.8;LATAM:4.9
BBB:17.0;BB:29.3;A:32.8;AA:20.8
3.15
64
266
472
14.4
4
20
55
20
true
true
true
true
-0.44
0.74
0.11
Healthcare:EW
Hedge
iTraxx_MAIN: +61bps notional
-37
35
ECN1
All2All
11
90
106
-94
Region>limit
Reduce
Regional concentration above limit
133
Escalate watchlist names
C07309
CR0886
2024-04-01
Stress
205
757
6.4
0.3
291,760,468
Industrials:16.4;Materials:14.4;Tech:22.0;Consumer:9.2;Comm:20.5;Financials:17.5
US:68.2;EU:7.4;APAC:8.6;EMEA:8.8;LATAM:7.0
CCC:5.6;BBB:25.2;AAA:25.8;AA:15.0;BB:20.0;B:8.4
6.49
45.3
274
433
14.9
2
30
55
35
false
true
false
true
1.97
0.37
0.09
Energy:EW
Hedge
CDX_IG: +124bps notional
12
-14
DealerB
Electronic
9
92
246
-296
Region>limit
Hedge
Regional concentration above limit
258
Defer adds pending macro print
C07310
CR0839
2024-09-14
Calm
78
307
3.7
2
269,252,456
Materials:26.4;Utilities:36.9;Tech:36.7
US:76.1;EU:13.1;APAC:6.0;EMEA:4.4;LATAM:0.5
BB:37.8;A:11.7;BBB:20.7;AA:29.8
7.02
33.6
114
446
6.4
2.5
30
35
30
true
true
true
false
-0.13
-0.17
-0.39
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-24
ECN1
All2All
3
88
265
-270
VAR>budget
Reduce
Portfolio VAR above budget
140
Defer adds pending macro print
C07311
CR8645
2024-08-05
Stress
243
774
6.9
0.5
102,769,384
Financials:12.9;Consumer:25.0;Healthcare:27.4;RealEstate:24.0;Tech:10.8
US:70.9;EU:7.9;APAC:7.5;EMEA:11.0;LATAM:2.7
B:10.7;AAA:28.6;BB:11.2;CCC:4.0;A:18.6;BBB:26.8
7.14
60.7
284
544
11.7
2
30
45
25
false
true
true
true
1.86
0.31
-0.39
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-59
40
DealerA
All2All
1
100
-131
-30
Sector>limit
Rotate
Sector concentration above limit
238
Tighten HY exposure bands
C07312
CR0128
2025-10-13
Stress
234
771
6.6
0.6
2,032,427,360
Healthcare:19.2;RealEstate:38.3;Financials:11.4;Consumer:31.1
US:57.9;EU:15.8;APAC:13.2;EMEA:7.3;LATAM:5.7
AAA:10.5;BBB:13.3;AA:23.3;BB:13.8;CCC:39.1
5.14
57.6
311
581
7.1
4
25
55
35
true
true
true
true
1.46
0.35
0.49
Tech:EW;Energy:EW
Hedge
CDX_HY: +55bps notional
-39
40
DealerC
All2All
5
93
33
-128
HYCap>limit
Reduce
High-yield share above policy cap
128
Tighten HY exposure bands
C07313
CR0159
2025-08-13
Calm
113
372
4
2.5
1,698,723,459
Comm:35.0;Consumer:33.3;Energy:31.7
US:63.8;EU:9.8;APAC:13.4;EMEA:9.6;LATAM:3.3
BBB:10.8;A:26.8;AAA:15.5;AA:18.5;B:10.6;BB:17.8
6.58
45.9
119
272
4.6
2.5
20
55
25
true
true
true
false
0.07
0.18
-0.18
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
19
32
DealerA
DealerAxed
8
96
157
-361
Sector>limit
Reduce
Sector concentration above limit
196
Reviewed by risk; hedges staggered
C07314
CR5463
2024-09-13
Calm
99
355
3.8
2.1
1,094,061,893
Tech:46.6;Financials:18.8;Consumer:34.7
US:71.5;EU:13.5;APAC:5.6;EMEA:7.7;LATAM:1.7
CCC:21.9;BBB:41.2;AAA:14.0;BB:22.9
3.57
61
196
190
6.6
2.5
30
45
20
true
true
true
false
2.35
0.4
0.37
null
Hedge
iTraxx_MAIN: +50bps notional
-10
23
ECN1
DealerAxed
6
85
254
-79
HYCap>limit
Reduce
High-yield share above policy cap
135
Rotate into defensive sectors
C07315
CR1063
2025-09-06
Stress
196
678
6.3
-0.8
318,029,208
RealEstate:41.4;Energy:19.9;Consumer:38.7
US:68.6;EU:18.4;APAC:7.2;EMEA:4.3;LATAM:1.5
BB:19.5;CCC:6.3;AA:24.9;BBB:27.0;AAA:22.2
5.49
28.2
319
591
20
2.5
25
45
25
true
true
true
true
0.54
0.96
0.44
Utilities:EW
Hedge
Treasury_Futures: +81bps notional
2
-23
DealerB
RFQ
1
85
257
-424
HYCap>limit
Hedge
High-yield share above policy cap
222
Reviewed by risk; hedges staggered
C07316
CR4057
2024-04-28
Calm
112
381
3.8
1.8
1,852,529,963
Tech:24.4;Industrials:41.4;Financials:34.2
US:63.8;EU:8.0;APAC:13.3;EMEA:7.5;LATAM:7.4
B:14.9;A:20.7;BBB:15.1;BB:15.8;AAA:13.6;CCC:19.9
7.05
51.4
222
251
3.5
4
35
45
20
true
true
true
true
1.39
0.08
0.12
null
Hedge
iTraxx_XOVER: +78bps notional
-26
-17
DealerC
DealerAxed
3
93
31
-330
HYCap>limit
Reduce
High-yield share above policy cap
120
Tighten HY exposure bands
C07317
CR5590
2025-01-28
Calm
105
313
4
2
732,851,176
Materials:16.8;Financials:19.8;Comm:27.3;Consumer:36.2
US:69.3;EU:10.7;APAC:4.9;EMEA:7.7;LATAM:7.4
AAA:14.1;B:36.4;BB:26.3;AA:23.2
2.03
34.6
178
426
16.1
4
30
35
35
true
true
true
false
1.18
0.17
0.2
Financials:EW;Materials:EW
Hedge
SingleName_CDS: +154bps notional
3
39
ECN2
All2All
2
94
-204
-196
VAR>budget
Reduce
Portfolio VAR above budget
254
Tighten HY exposure bands
C07318
CR3868
2025-11-13
Calm
72
287
3.7
1.6
2,591,015,597
Materials:13.2;Healthcare:21.1;Financials:6.9;RealEstate:12.2;Industrials:23.9;Consumer:22.7
US:64.0;EU:19.5;APAC:6.6;EMEA:6.1;LATAM:3.9
B:24.2;BBB:17.8;BB:12.3;AA:29.7;AAA:15.9
4.15
34.1
224
381
8.9
2
35
35
30
false
true
true
true
1.8
0.4
0.46
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
-10
DealerA
All2All
7
98
-55
-371
Region>limit
Rotate
Regional concentration above limit
227
Tighten HY exposure bands
C07319
CR8221
2024-11-13
Calm
67
300
4.3
1.6
996,629,734
Comm:20.2;RealEstate:38.7;Utilities:41.1
US:66.6;EU:8.0;APAC:13.6;EMEA:10.2;LATAM:1.5
AAA:20.5;BBB:23.8;BB:37.9;AA:17.8
1.54
26
140
488
10.4
4
25
45
30
true
true
true
false
0.72
1.74
0.05
Utilities:EW;Comm:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-45
-22
DealerB
All2All
9
88
331
-244
HYCap>limit
Reduce
High-yield share above policy cap
201
Reviewed by risk; hedges staggered
C07320
CR4096
2024-09-01
Stress
164
606
8.5
-0.4
353,074,375
Tech:19.8;Energy:41.3;Comm:38.8
US:63.5;EU:17.5;APAC:7.1;EMEA:4.7;LATAM:7.2
BB:28.0;B:18.0;AAA:10.8;A:15.7;BBB:13.8;CCC:13.6
2.97
43.1
249
536
17.3
4
25
55
35
true
true
true
true
0.37
0.78
0.27
Comm:EW;Tech:EW
Hedge
CDX_HY: +175bps notional
19
-22
ECN2
DealerAxed
10
97
-21
-118
HYCap>limit
PauseAdds
High-yield share above policy cap
144
Escalate watchlist names
C07321
CR2128
2024-11-25
Calm
74
327
3.4
3
971,211,980
Consumer:9.6;Industrials:30.1;Financials:10.2;Comm:15.9;Tech:26.2;Healthcare:8.0
US:59.8;EU:21.3;APAC:6.3;EMEA:5.5;LATAM:7.1
AA:13.4;BB:25.7;BBB:8.9;A:16.5;CCC:14.2;AAA:21.3
2.56
58.6
252
162
16.1
3.5
25
55
30
true
true
true
true
1.62
1.32
0.13
Energy:EW
Hedge
iTraxx_MAIN: +163bps notional
20
-10
ECN2
Electronic
1
96
84
59
Sector>limit
Hedge
Sector concentration above limit
197
Rotate into defensive sectors
C07322
CR0904
2025-08-30
Calm
77
377
3.9
3
1,719,816,240
Energy:50.2;Financials:15.6;Materials:34.2
US:56.5;EU:19.3;APAC:8.3;EMEA:9.2;LATAM:6.8
CCC:12.7;BBB:6.8;B:24.5;BB:29.7;AAA:12.7;A:13.6
4.44
43.7
140
153
8.2
3
35
35
20
true
true
true
false
1.21
0.39
0.34
null
Hedge
iTraxx_XOVER: +107bps notional
5
17
DealerC
All2All
11
87
313
-154
Sector>limit
Hedge
Sector concentration above limit
230
Defer adds pending macro print
C07323
CR9031
2024-01-09
Stress
211
795
5.2
-1.8
2,119,552,824
Utilities:16.0;Tech:21.5;Energy:8.4;Financials:18.7;Healthcare:14.6;Consumer:20.8
US:55.8;EU:20.7;APAC:10.4;EMEA:12.4;LATAM:0.7
BBB:12.3;A:15.0;BB:30.3;AAA:14.9;AA:17.6;CCC:9.9
5.24
57.9
332
454
11.9
4
35
35
20
false
true
true
true
-0.44
0.13
0.28
Healthcare:EW
Hedge
Options_Payer: +63bps notional
-40
10
DealerB
Electronic
10
97
-175
-3
Sector>limit
Reduce
Sector concentration above limit
220
Defer adds pending macro print
C07324
CR1422
2025-10-31
Tightening
134
459
4.6
1
205,033,926
Healthcare:27.0;Comm:20.4;Energy:14.0;Utilities:38.6
US:62.9;EU:14.1;APAC:9.3;EMEA:8.0;LATAM:5.6
B:18.2;AA:33.4;AAA:35.3;CCC:13.1
4.88
41.4
268
329
11.9
4
25
55
30
true
true
true
true
1.41
1.5
0.21
null
Rotate
From Energy -1.0% to Utilities +1.0%
-49
8
DealerC
DealerAxed
2
85
-179
-20
Region>limit
Reduce
Regional concentration above limit
105
Escalate watchlist names
C07325
CR1323
2025-08-10
Tightening
106
385
4.5
0.9
1,345,061,332
Energy:34.1;Consumer:8.0;Industrials:31.0;Healthcare:9.3;RealEstate:17.5
US:71.3;EU:6.4;APAC:6.0;EMEA:12.7;LATAM:3.5
CCC:28.3;BB:13.8;AA:16.2;BBB:41.8
1.3
55.3
187
239
16.7
2.5
20
55
20
true
true
true
false
2.32
1.54
-0.2
null
Rotate
From Energy -1.0% to Utilities +1.0%
-59
29
DealerA
RFQ
10
92
310
-157
VAR>budget
Reduce
Portfolio VAR above budget
205
Defer adds pending macro print
C07326
CR0031
2025-09-29
Stress
208
622
7.2
-1.3
1,156,396,835
Financials:24.3;Consumer:28.0;Tech:20.7;Industrials:27.0
US:69.5;EU:10.0;APAC:6.8;EMEA:7.7;LATAM:6.0
AA:37.8;A:15.3;BBB:28.3;CCC:18.6
3.46
40.8
331
342
7
2.5
25
55
30
true
true
false
true
0.63
1.04
0.05
null
Rotate
From Energy -1.0% to Utilities +1.0%
17
-4
DealerC
Electronic
2
94
-96
-181
HYCap>limit
Hedge
High-yield share above policy cap
253
Escalate watchlist names
C07327
CR7844
2025-09-23
Calm
67
327
4.3
1.9
2,591,167,761
Healthcare:36.1;Materials:23.9;Tech:22.8;Financials:17.2
US:58.9;EU:18.1;APAC:10.4;EMEA:7.9;LATAM:4.7
A:21.2;B:22.6;AA:26.6;BBB:29.5
5.57
63.6
84
220
5.1
4
35
55
20
true
true
true
false
0.1
0.99
0.29
Energy:EW
Hedge
iTraxx_MAIN: +195bps notional
12
37
ECN2
RFQ
10
95
-160
-279
VAR>budget
Reduce
Portfolio VAR above budget
192
Defer adds pending macro print
C07328
CR1093
2025-05-08
Stress
185
755
8.2
-1.7
656,026,532
Industrials:21.0;Comm:17.3;Materials:15.8;Healthcare:13.1;Consumer:32.8
US:68.3;EU:10.6;APAC:9.7;EMEA:4.2;LATAM:7.2
B:8.9;A:17.1;BB:9.8;CCC:11.5;BBB:29.0;AAA:23.8
1.54
31
280
618
11.8
2
20
55
35
true
true
false
true
0.01
-0.09
0.21
Industrials:EW
Hedge
iTraxx_XOVER: +172bps notional
-1
-23
DealerC
RFQ
4
86
323
144
VAR>budget
Hedge
Portfolio VAR above budget
140
Tighten HY exposure bands
C07329
CR8350
2025-10-29
Calm
82
333
3.6
1.9
706,156,357
Utilities:25.6;Consumer:6.6;Materials:24.2;Industrials:17.5;Tech:26.0
US:63.8;EU:11.7;APAC:7.8;EMEA:10.0;LATAM:6.8
AA:31.4;B:30.5;BB:28.1;AAA:10.0
2.92
52
132
476
10.8
2.5
25
45
25
true
true
true
false
1.27
1.58
0.01
null
Hedge
Options_Payer: +86bps notional
5
30
DealerB
All2All
12
90
277
14
Sector>limit
Reduce
Sector concentration above limit
222
Tighten HY exposure bands
C07330
CR2633
2025-05-03
Calm
69
364
4.2
1.9
2,835,710,650
Consumer:46.8;Industrials:23.9;Comm:29.4
US:67.9;EU:15.9;APAC:7.6;EMEA:7.3;LATAM:1.4
BBB:26.6;A:15.5;BB:41.0;CCC:16.8
5.14
31.7
223
415
17.8
3
20
55
20
true
true
true
true
0.05
0.37
-0.06
null
Rotate
From Energy -1.0% to Utilities +1.0%
-55
39
ECN1
DealerAxed
11
97
215
-82
HYCap>limit
Reduce
High-yield share above policy cap
165
Tighten HY exposure bands
C07331
CR8115
2025-12-14
Tightening
118
479
4.8
1.8
1,008,476,554
RealEstate:15.9;Energy:48.0;Utilities:36.0
US:68.7;EU:10.7;APAC:10.8;EMEA:7.6;LATAM:2.1
AAA:16.8;A:32.6;AA:11.6;BBB:31.3;BB:7.7
1.17
35.8
97
153
9.5
3.5
25
45
30
true
true
false
false
2.18
0.71
0.28
null
Rotate
From Energy -1.0% to Utilities +1.0%
9
-21
DealerA
Electronic
10
85
-19
-289
VAR>budget
Reduce
Portfolio VAR above budget
201
Reviewed by risk; hedges staggered
C07332
CR1548
2025-11-02
Recovery
168
536
4.8
0.8
1,250,992,471
Healthcare:26.5;Utilities:34.1;Energy:39.4
US:63.2;EU:16.6;APAC:5.9;EMEA:8.5;LATAM:5.8
CCC:4.8;BBB:18.3;A:15.1;AA:34.8;BB:6.2;B:20.7
1.7
21.5
89
189
6.1
3.5
25
35
30
true
true
true
false
1.41
1.74
0.22
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
-15
DealerC
Electronic
9
87
318
-226
Region>limit
Reduce
Regional concentration above limit
249
Escalate watchlist names
C07333
CR6256
2025-10-30
Calm
79
398
3.2
2.1
1,541,064,503
Comm:21.1;Industrials:15.0;Consumer:23.7;Tech:11.2;Healthcare:14.6;Materials:14.4
US:56.3;EU:20.0;APAC:14.2;EMEA:4.8;LATAM:4.7
BBB:42.6;A:36.5;CCC:11.4;BB:9.5
3.77
21.7
279
228
10
4
25
55
35
false
true
false
true
2.18
1.51
0.17
null
Rotate
From Energy -1.0% to Utilities +1.0%
-46
28
ECN1
DealerAxed
12
100
25
-121
HYCap>limit
Reduce
High-yield share above policy cap
257
Tighten HY exposure bands
C07334
CR3941
2025-10-29
Recovery
109
483
4.7
1.2
1,337,097,547
Industrials:18.1;RealEstate:14.8;Energy:13.2;Utilities:8.6;Materials:22.5;Consumer:22.8
US:72.9;EU:8.6;APAC:13.6;EMEA:3.1;LATAM:1.8
B:24.8;CCC:11.8;AAA:17.1;A:7.4;BBB:10.1;BB:28.8
0.96
25.5
279
336
11.8
2
20
55
25
true
true
true
true
0.36
0.89
0.53
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
-2
ECN1
DealerAxed
2
92
-39
117
Sector>limit
Hedge
Sector concentration above limit
248
Reviewed by risk; hedges staggered
C07335
CR9022
2025-05-24
Calm
117
307
3.9
2.6
1,180,485,187
RealEstate:43.9;Energy:33.9;Materials:22.2
US:65.0;EU:16.0;APAC:11.4;EMEA:3.9;LATAM:3.7
A:9.9;B:26.9;CCC:25.6;BB:26.8;AA:10.8
7.18
30.7
244
314
16.7
2.5
20
45
35
true
true
true
true
0.98
0.3
0.5
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-48
14
ECN1
DealerAxed
12
97
151
175
HYCap>limit
Reduce
High-yield share above policy cap
147
Escalate watchlist names
C07336
CR5626
2025-04-19
Recovery
142
583
4.9
1.6
2,095,566,929
Utilities:16.4;Tech:42.6;Comm:26.2;Materials:14.8
US:62.4;EU:16.1;APAC:8.9;EMEA:10.0;LATAM:2.6
A:19.3;AAA:13.8;AA:18.5;BBB:24.3;CCC:10.2;BB:13.9
7.24
47.4
160
438
14.1
3.5
35
35
30
true
true
false
false
1.12
1
0.29
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-23
42
ECN2
Electronic
10
90
160
67
HYCap>limit
Hedge
High-yield share above policy cap
234
Defer adds pending macro print
C07337
CR9821
2024-12-01
Recovery
154
596
5.8
0.4
1,995,044,219
Materials:22.9;Industrials:25.4;Financials:8.8;Tech:27.4;RealEstate:15.5
US:63.6;EU:11.9;APAC:10.9;EMEA:10.2;LATAM:3.4
AAA:19.8;B:38.0;CCC:27.1;A:15.0
3.66
44.2
260
514
2.8
3.5
20
55
30
true
true
true
true
0.24
-0.11
0.06
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
-4
DealerB
All2All
3
91
342
-15
Region>limit
Reduce
Regional concentration above limit
171
Defer adds pending macro print
C07338
CR8869
2024-03-07
Calm
106
300
3.6
3
795,020,315
Utilities:39.6;Consumer:15.1;RealEstate:10.6;Tech:34.7
US:58.8;EU:15.8;APAC:11.2;EMEA:10.2;LATAM:3.9
CCC:42.2;AAA:25.1;BBB:7.2;B:25.5
5.05
21.5
183
124
10.4
3.5
20
55
35
true
true
true
false
0.92
0.94
-0.1
null
Rotate
From Energy -1.0% to Utilities +1.0%
3
-6
DealerA
Electronic
11
91
265
-311
Sector>limit
Reduce
Sector concentration above limit
131
Escalate watchlist names
C07339
CR5657
2025-03-13
Calm
83
299
4
2.4
332,860,343
Utilities:28.0;Energy:36.9;Materials:35.1
US:65.9;EU:8.6;APAC:12.9;EMEA:4.9;LATAM:7.8
B:9.9;BBB:29.3;CCC:20.8;AA:15.9;AAA:24.1
5.23
50.2
94
389
5.8
2.5
25
35
35
true
true
false
false
1.28
0.95
0.03
Materials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
23
ECN1
Electronic
11
99
370
-108
HYCap>limit
Hedge
High-yield share above policy cap
143
Defer adds pending macro print
C07340
CR5184
2024-01-18
Calm
91
344
3.3
2.8
2,184,887,984
Industrials:18.4;Financials:31.5;Utilities:18.9;Energy:31.2
US:60.9;EU:19.1;APAC:5.9;EMEA:9.9;LATAM:4.2
A:44.0;CCC:13.7;AAA:26.1;B:16.2
6.78
35.6
197
488
14.1
2.5
20
35
25
true
true
true
false
1.94
0.66
0.31
null
Hedge
Options_Payer: +86bps notional
18
43
ECN1
RFQ
7
100
319
103
Sector>limit
Hedge
Sector concentration above limit
191
Reviewed by risk; hedges staggered
C07341
CR4488
2024-05-21
Calm
114
321
3.4
2.4
2,383,609,660
Industrials:26.0;Healthcare:35.8;RealEstate:28.5;Utilities:9.7
US:65.2;EU:13.9;APAC:7.8;EMEA:8.9;LATAM:4.2
AAA:27.0;AA:18.2;B:8.8;BBB:23.8;CCC:10.1;A:12.1
4.55
42.8
251
267
10.6
3.5
20
45
30
true
true
false
true
0.04
1.04
0.59
Financials:EW
Hedge
CDX_IG: +75bps notional
17
9
DealerC
RFQ
2
88
146
52
HYCap>limit
Hedge
High-yield share above policy cap
245
Defer adds pending macro print
C07342
CR8901
2025-02-22
Recovery
122
634
5.4
-0.5
1,070,113,790
Tech:21.0;Utilities:30.0;Healthcare:49.0
US:59.9;EU:15.5;APAC:14.3;EMEA:5.3;LATAM:4.9
CCC:12.3;A:34.1;AAA:9.8;AA:31.0;BBB:12.8
2.61
21.9
235
500
14.4
3.5
30
45
20
true
true
false
true
0.25
0.83
0.08
Tech:EW
Hedge
Treasury_Futures: +153bps notional
-54
7
ECN1
All2All
12
91
61
-275
HYCap>limit
Hedge
High-yield share above policy cap
133
Defer adds pending macro print
C07343
CR8904
2024-03-10
Calm
66
370
3.4
1.9
2,069,392,611
RealEstate:29.3;Consumer:32.1;Industrials:7.7;Tech:30.9
US:59.2;EU:9.4;APAC:15.6;EMEA:11.3;LATAM:4.6
AA:24.0;AAA:40.5;A:21.5;B:14.1
4.31
59.6
269
199
3.2
2
35
45
30
false
true
false
true
2.4
0.01
0.12
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
39
ECN2
Electronic
3
94
-55
1
Sector>limit
Hedge
Sector concentration above limit
177
Escalate watchlist names
C07344
CR4280
2025-04-17
Tightening
158
472
4.6
0.7
1,716,319,393
Materials:13.4;RealEstate:24.2;Comm:17.0;Healthcare:7.8;Energy:23.7;Consumer:13.9
US:61.2;EU:12.1;APAC:8.7;EMEA:9.7;LATAM:8.3
B:17.5;BBB:7.2;BB:15.6;AA:10.1;AAA:21.9;CCC:27.7
4.51
55
207
192
3.3
4
25
55
35
false
true
true
true
-0.34
0.34
0.28
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
18
-16
ECN2
DealerAxed
6
94
219
-220
HYCap>limit
Reduce
High-yield share above policy cap
122
Rotate into defensive sectors
C07345
CR9352
2024-04-12
Calm
98
360
3.6
2.3
125,981,266
Financials:15.6;RealEstate:21.9;Materials:62.5
US:63.0;EU:11.7;APAC:8.7;EMEA:9.4;LATAM:7.2
AAA:14.4;BBB:11.7;BB:12.3;AA:9.6;A:15.4;CCC:36.6
5.67
36.5
125
293
15.6
2
30
45
30
true
true
true
false
0.6
0.04
0.4
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
-2
DealerA
Electronic
11
95
-35
104
HYCap>limit
Reduce
High-yield share above policy cap
175
Rotate into defensive sectors
C07346
CR3281
2024-04-19
Recovery
105
436
5.6
1.4
725,537,052
Financials:47.3;Materials:20.0;Utilities:32.7
US:69.8;EU:7.1;APAC:8.2;EMEA:9.6;LATAM:5.2
BBB:6.6;CCC:23.6;AA:16.0;BB:5.1;B:23.3;A:25.4
0.42
35.2
199
285
6.4
3
25
35
30
true
true
true
false
0.59
1.27
0.44
null
Rotate
From Energy -1.0% to Utilities +1.0%
-46
26
DealerB
All2All
4
95
213
-421
HYCap>limit
PauseAdds
High-yield share above policy cap
195
Defer adds pending macro print
C07347
CR0917
2024-07-20
Stress
146
826
5.4
-0.3
1,694,920,100
Utilities:16.5;Comm:7.9;RealEstate:17.6;Industrials:21.4;Healthcare:12.7;Financials:23.8
US:64.0;EU:9.8;APAC:12.4;EMEA:7.4;LATAM:6.5
A:26.0;B:11.9;AA:18.6;AAA:43.5
2.16
30.7
301
506
10.1
3.5
30
35
35
false
true
false
true
-0.18
-0.29
0.36
null
Rotate
From Energy -1.0% to Utilities +1.0%
-10
24
ECN2
All2All
1
92
202
-146
Sector>limit
Reduce
Sector concentration above limit
203
Escalate watchlist names
C07348
CR5113
2025-12-10
Calm
101
328
3.9
2.1
1,877,813,770
Comm:27.6;Tech:24.5;Financials:17.2;Materials:15.7;Healthcare:14.9
US:53.1;EU:16.2;APAC:15.5;EMEA:10.7;LATAM:4.5
A:16.8;AAA:15.7;BBB:17.1;B:32.4;BB:18.0
6.38
27.6
80
500
8.3
3
20
45
20
true
true
true
false
-0.31
-0.21
0.5
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-5
-25
ECN2
RFQ
9
87
86
30
HYCap>limit
Reduce
High-yield share above policy cap
98
Rotate into defensive sectors
C07349
CR3219
2025-04-12
Recovery
150
554
6
0.4
1,108,143,834
Comm:14.4;Tech:20.8;Materials:22.3;Industrials:33.5;Energy:9.0
US:71.6;EU:10.6;APAC:10.5;EMEA:4.0;LATAM:3.4
BBB:26.4;BB:20.3;A:27.0;AA:26.3
0.5
39.8
183
186
8.5
2
30
45
25
true
true
false
false
1.41
-0.12
0.2
null
Hedge
iTraxx_XOVER: +80bps notional
-13
-25
ECN2
Electronic
4
99
303
-248
HYCap>limit
Hedge
High-yield share above policy cap
194
Escalate watchlist names
C07350
CR1876
2024-10-14
Calm
86
319
3.5
3
413,336,572
Healthcare:10.1;Utilities:28.4;RealEstate:12.4;Industrials:16.2;Energy:20.8;Financials:12.0
US:59.2;EU:13.3;APAC:12.6;EMEA:8.6;LATAM:6.3
BB:4.9;AAA:33.0;BBB:20.4;A:41.7
3.49
57.5
83
459
2.4
2.5
25
45
35
true
true
false
false
0.01
0.87
0.07
Financials:EW
Hedge
SingleName_CDS: +134bps notional
7
15
ECN1
All2All
0
95
410
47
Sector>limit
Hedge
Sector concentration above limit
96
Defer adds pending macro print
C07351
CR7408
2024-12-18
Tightening
133
397
4.3
0.9
1,555,143,881
Materials:12.5;Industrials:25.5;Tech:6.1;Financials:19.5;Comm:12.6;Energy:23.8
US:71.1;EU:7.4;APAC:10.2;EMEA:7.3;LATAM:4.1
AAA:32.7;AA:11.8;BBB:18.7;BB:4.7;A:32.1
4.28
23
227
343
7.1
2
20
55
20
true
true
false
true
0.32
1.04
-0.3
null
Hedge
CDX_HY: +107bps notional
-38
20
ECN1
Electronic
7
99
-201
-224
HYCap>limit
Hedge
High-yield share above policy cap
218
Rotate into defensive sectors
C07352
CR3457
2025-06-26
Calm
96
359
3.3
2.4
1,993,856,515
Healthcare:12.2;Comm:13.1;Materials:22.7;Industrials:13.1;RealEstate:16.1;Financials:22.9
US:69.7;EU:18.9;APAC:7.5;EMEA:3.8;LATAM:0.1
A:12.2;BB:22.6;B:33.3;AA:13.1;BBB:18.8
6.93
22.2
113
272
11.2
3.5
30
55
35
false
true
true
false
1.84
0.73
-0.38
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-41
41
DealerC
All2All
7
91
-162
97
Sector>limit
Hedge
Sector concentration above limit
165
Escalate watchlist names
C07353
CR3007
2025-08-03
Tightening
102
492
5.1
0.5
2,606,349,772
Energy:22.1;Tech:33.7;Healthcare:15.7;Industrials:12.9;Utilities:15.5
US:55.3;EU:19.2;APAC:9.5;EMEA:11.3;LATAM:4.7
AAA:34.0;AA:16.7;B:15.4;A:21.6;CCC:12.4
5.28
20.9
235
289
13.9
3
30
55
30
true
true
false
true
2.36
0.44
0.11
null
Hedge
Treasury_Futures: +114bps notional
-39
-8
ECN1
RFQ
2
89
334
-295
Region>limit
Reduce
Regional concentration above limit
173
Escalate watchlist names
C07354
CR9880
2024-10-14
Tightening
132
457
4.1
0.6
1,943,829,550
Financials:15.5;Materials:16.4;Comm:35.9;Utilities:32.2
US:56.8;EU:17.4;APAC:11.3;EMEA:9.1;LATAM:5.5
B:10.9;BB:15.4;BBB:23.2;CCC:12.8;AAA:24.8;A:12.8
2.34
63.9
229
287
5.9
2.5
25
45
25
true
true
true
true
-0.41
0.38
0.5
null
Rotate
From Energy -1.0% to Utilities +1.0%
-50
1
ECN1
Electronic
9
98
295
-58
Region>limit
Hedge
Regional concentration above limit
162
Defer adds pending macro print
C07355
CR1029
2024-03-29
Calm
79
284
3.9
2
1,576,583,486
Utilities:10.1;Tech:9.6;RealEstate:34.2;Comm:28.7;Energy:17.4
US:57.7;EU:17.5;APAC:14.3;EMEA:6.4;LATAM:4.1
CCC:36.6;AAA:26.2;AA:20.8;BBB:16.5
4.96
42.6
151
239
14.1
4
20
35
20
true
true
true
false
2.48
1.24
-0.11
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
3
DealerC
All2All
5
86
-58
-306
Sector>limit
Rotate
Sector concentration above limit
254
Defer adds pending macro print
C07356
CR3428
2025-04-29
Recovery
135
539
5.2
-0.2
496,201,833
Energy:34.9;Healthcare:11.0;Materials:25.9;RealEstate:28.2
US:70.4;EU:10.5;APAC:10.7;EMEA:4.4;LATAM:4.0
BB:21.1;CCC:25.2;BBB:26.6;AAA:27.1
1.61
21.3
175
241
3.6
4
35
35
20
false
true
true
false
2.44
0.03
-0.04
Healthcare:EW
Hedge
Options_Payer: +164bps notional
-29
25
DealerC
Electronic
3
92
-112
-42
Sector>limit
Hedge
Sector concentration above limit
130
Escalate watchlist names
C07357
CR1063
2024-07-27
Tightening
124
475
4.7
0.8
876,273,364
Energy:24.6;Healthcare:12.2;Tech:25.4;Materials:7.4;Financials:30.3
US:64.7;EU:15.0;APAC:6.0;EMEA:8.5;LATAM:5.9
AAA:22.0;AA:14.4;B:11.6;A:14.0;BBB:38.0
6.41
56.4
222
141
16
3.5
35
45
20
false
true
false
true
2.48
-0.08
0.54
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
-10
DealerB
Electronic
10
97
45
-56
Sector>limit
Reduce
Sector concentration above limit
217
Defer adds pending macro print
C07358
CR4343
2024-12-22
Tightening
133
429
4.8
1.2
1,339,402,153
Industrials:31.5;Materials:29.4;Consumer:16.7;Financials:9.1;Energy:13.4
US:63.1;EU:10.9;APAC:10.9;EMEA:8.2;LATAM:6.8
BBB:20.6;CCC:4.5;BB:18.0;AAA:9.7;AA:23.8;B:23.4
4.77
58.8
118
206
3.2
3.5
30
55
25
true
true
true
false
1.45
-0.26
0.4
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
11
DealerB
RFQ
5
89
32
-94
Sector>limit
Hedge
Sector concentration above limit
237
Tighten HY exposure bands
C07359
CR2345
2024-02-07
Tightening
96
375
3.8
1.6
2,211,504,140
Energy:25.9;RealEstate:28.2;Financials:17.8;Tech:28.0
US:75.3;EU:6.4;APAC:6.9;EMEA:5.3;LATAM:6.1
BBB:20.4;A:8.3;BB:15.6;AAA:15.4;CCC:14.8;AA:25.4
3.55
34.2
207
192
14.1
2
20
55
20
true
true
true
true
-0.04
0.46
-0.35
Materials:EW
Hedge
SingleName_CDS: +161bps notional
6
8
DealerC
Electronic
12
88
64
-430
HYCap>limit
Hedge
High-yield share above policy cap
111
Reviewed by risk; hedges staggered
C07360
CR4881
2024-09-13
Calm
86
331
4.3
2.7
1,044,341,077
Comm:41.2;RealEstate:39.6;Consumer:19.3
US:58.6;EU:20.0;APAC:10.1;EMEA:4.4;LATAM:7.0
CCC:15.5;AAA:11.4;BB:12.2;A:23.1;B:20.6;BBB:17.3
2.97
22.1
154
200
5.8
3.5
25
45
30
true
true
true
false
0.08
0.17
0.38
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
-13
ECN1
All2All
9
99
306
-81
Region>limit
Hedge
Regional concentration above limit
243
Rotate into defensive sectors
C07361
CR0649
2024-07-25
Calm
65
322
4.3
1.9
302,108,925
RealEstate:20.0;Utilities:20.5;Financials:29.1;Tech:30.3
US:74.0;EU:8.4;APAC:11.3;EMEA:4.9;LATAM:1.5
AA:28.4;B:11.2;CCC:12.8;BB:8.5;A:25.5;BBB:13.5
6.62
53
185
438
13.3
2
35
55
30
false
true
true
false
2.13
1.58
0.45
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-31
31
DealerB
RFQ
1
91
217
-126
Region>limit
Reduce
Regional concentration above limit
115
Reviewed by risk; hedges staggered
C07362
CR8260
2025-10-04
Tightening
136
517
5.1
0.6
2,604,019,377
RealEstate:30.0;Utilities:25.6;Comm:25.5;Tech:18.9
US:67.4;EU:12.6;APAC:10.9;EMEA:4.0;LATAM:5.0
AA:32.1;BB:15.9;CCC:26.3;AAA:25.7
5.55
62.5
264
493
17.8
4
20
45
30
true
true
true
true
-0.27
0.95
-0.33
null
Rotate
From Energy -1.0% to Utilities +1.0%
19
27
ECN2
All2All
2
98
155
-308
Region>limit
Rotate
Regional concentration above limit
154
Reviewed by risk; hedges staggered
C07363
CR4991
2025-07-22
Calm
83
306
3.7
2.2
900,591,117
Healthcare:30.5;Utilities:14.4;Tech:31.0;Energy:10.7;Industrials:13.4
US:63.6;EU:11.0;APAC:12.0;EMEA:7.0;LATAM:6.4
BB:32.4;BBB:10.8;B:28.9;AAA:27.9
1.79
20.1
263
184
14.4
4
35
35
25
false
true
true
true
-0.4
1.03
-0.12
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
-17
ECN2
DealerAxed
8
100
267
95
HYCap>limit
Rotate
High-yield share above policy cap
201
Rotate into defensive sectors
C07364
CR0805
2024-04-05
Recovery
174
585
5.2
1.2
973,439,271
Financials:18.8;Healthcare:18.1;Utilities:20.6;Materials:11.3;Industrials:21.0;Consumer:10.2
US:63.3;EU:9.2;APAC:13.2;EMEA:10.3;LATAM:4.0
AA:19.9;BB:29.3;B:10.5;CCC:7.4;A:11.0;AAA:21.8
7.34
45
157
377
5.5
2.5
30
45
30
false
true
true
false
2.1
0.54
-0.29
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
9
0
DealerC
Electronic
0
92
-90
-329
HYCap>limit
Hedge
High-yield share above policy cap
212
Tighten HY exposure bands
C07365
CR2156
2024-10-25
Recovery
165
514
6.2
-0.2
1,950,187,925
Industrials:22.8;Healthcare:31.3;Financials:20.0;Materials:25.8
US:66.4;EU:10.4;APAC:11.7;EMEA:8.0;LATAM:3.4
AAA:21.3;CCC:15.8;BBB:25.0;BB:19.5;AA:18.3
7.05
47
263
138
15.1
3
25
45
30
true
true
true
true
-0.46
0.15
-0.31
Energy:EW
Hedge
iTraxx_MAIN: +148bps notional
3
15
DealerC
RFQ
11
99
218
136
HYCap>limit
Reduce
High-yield share above policy cap
173
Reviewed by risk; hedges staggered
C07366
CR9258
2025-01-14
Tightening
126
442
4.7
1.9
2,638,333,496
Materials:19.4;Industrials:12.9;Healthcare:20.4;RealEstate:20.1;Tech:18.1;Utilities:9.1
US:66.8;EU:14.3;APAC:11.7;EMEA:7.1;LATAM:0.1
AA:28.4;AAA:22.7;B:20.4;BB:28.6
1.93
33.7
196
397
9.9
2.5
35
55
30
false
true
true
false
1.18
1.05
0.53
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
17
ECN2
RFQ
11
90
-107
-177
HYCap>limit
Hedge
High-yield share above policy cap
260
Escalate watchlist names
C07367
CR9375
2025-10-12
Recovery
142
490
5.3
0.1
1,492,210,908
Financials:25.5;Utilities:29.3;Materials:11.5;Energy:11.1;RealEstate:22.6
US:77.5;EU:5.9;APAC:6.5;EMEA:7.3;LATAM:2.8
BB:5.3;B:8.0;BBB:27.8;A:28.9;AA:10.3;AAA:19.8
0.82
62.1
125
227
10.3
2
35
45
20
false
true
false
false
2.01
0.07
0.03
Financials:EW
Hedge
iTraxx_XOVER: +161bps notional
-42
-4
ECN2
RFQ
11
97
265
-168
Region>limit
Hedge
Regional concentration above limit
175
Defer adds pending macro print
C07368
CR8281
2024-02-25
Recovery
100
453
5.6
-0.1
2,208,778,034
Energy:29.2;Utilities:25.7;Consumer:13.1;Industrials:7.5;Healthcare:24.5
US:65.5;EU:15.5;APAC:5.8;EMEA:6.6;LATAM:6.6
BBB:20.1;B:20.2;BB:38.7;AA:21.0
6.61
42.9
181
364
12.7
4
30
35
25
false
true
true
false
1.99
-0.17
-0.14
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-20
37
ECN2
DealerAxed
5
88
227
5
VAR>budget
Reduce
Portfolio VAR above budget
251
Rotate into defensive sectors
C07369
CR4467
2025-02-01
Tightening
121
451
4.2
1.9
2,307,055,804
Comm:11.0;Industrials:22.1;Consumer:19.7;RealEstate:22.0;Healthcare:6.8;Materials:18.4
US:71.1;EU:5.7;APAC:8.5;EMEA:10.3;LATAM:4.5
B:24.9;BB:17.6;AA:37.1;CCC:7.4;AAA:12.8
0.79
56
82
435
11.7
2
30
45
20
false
true
true
false
0.99
-0.02
-0.18
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-60
34
ECN1
DealerAxed
1
87
223
-160
HYCap>limit
Rotate
High-yield share above policy cap
174
Rotate into defensive sectors
C07370
CR6933
2024-08-09
Recovery
178
596
6.3
0.2
724,487,659
Utilities:25.2;Healthcare:10.0;RealEstate:37.7;Energy:27.0
US:68.4;EU:11.6;APAC:15.1;EMEA:4.1;LATAM:0.9
BB:14.1;B:24.8;AA:33.6;BBB:27.5
3.89
29.5
276
371
15.9
2
35
45
25
true
true
true
true
0.37
0.34
0.39
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
16
38
DealerB
Electronic
8
90
340
-308
Sector>limit
Reduce
Sector concentration above limit
231
Rotate into defensive sectors
C07371
CR9875
2025-04-25
Tightening
132
354
4.3
0.5
419,685,804
Healthcare:8.4;Industrials:17.3;Comm:27.3;Tech:21.4;Utilities:25.7
US:63.7;EU:13.2;APAC:11.1;EMEA:9.1;LATAM:2.8
AAA:21.7;B:24.7;A:22.8;BBB:5.9;CCC:24.8
0.48
57.6
149
303
9.8
2
35
35
25
false
true
true
false
-0.49
0.57
-0.25
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
-14
DealerB
RFQ
6
98
191
-230
Region>limit
Reduce
Regional concentration above limit
162
Escalate watchlist names
C07372
CR6250
2024-06-09
Recovery
117
504
5.2
0.4
2,429,705,179
Consumer:28.5;Utilities:18.2;Healthcare:53.3
US:71.9;EU:7.9;APAC:5.9;EMEA:6.4;LATAM:8.0
BB:32.3;B:28.8;AAA:28.8;BBB:10.1
2.71
45.9
137
300
8.7
2
20
35
30
true
true
true
false
0.31
-0.14
0.46
Utilities:EW
Hedge
CDX_IG: +198bps notional
-13
29
DealerC
Electronic
5
89
134
-370
Sector>limit
Hedge
Sector concentration above limit
204
Rotate into defensive sectors
C07373
CR9178
2024-10-18
Tightening
136
352
5.1
0.7
2,376,926,472
Consumer:34.6;Industrials:10.5;Comm:20.5;Tech:34.4
US:64.8;EU:10.0;APAC:11.0;EMEA:5.3;LATAM:8.9
AAA:16.3;BBB:6.3;B:11.4;CCC:20.4;AA:16.5;BB:29.2
1.94
54.2
242
139
9
3.5
20
55
30
true
true
true
true
1.59
0.97
0.19
Utilities:EW
Hedge
Options_Payer: +166bps notional
-28
2
ECN2
RFQ
3
91
-45
12
HYCap>limit
Hedge
High-yield share above policy cap
220
Reviewed by risk; hedges staggered
C07374
CR4182
2025-09-13
Tightening
91
383
4.9
1.6
1,149,159,071
Comm:40.6;Materials:15.5;Utilities:43.9
US:71.5;EU:13.0;APAC:10.8;EMEA:3.5;LATAM:1.3
AA:26.0;CCC:9.3;BBB:28.9;B:35.9
4.7
48.8
142
347
11.7
2
30
45
30
true
true
true
false
2.11
1.1
0.46
Energy:EW;Comm:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
21
DealerB
All2All
3
96
310
-29
VAR>budget
Reduce
Portfolio VAR above budget
214
Rotate into defensive sectors
C07375
CR1260
2025-08-03
Tightening
146
515
4.5
1.9
2,432,982,434
Financials:29.6;Consumer:37.3;Materials:33.1
US:68.9;EU:7.6;APAC:16.0;EMEA:7.3;LATAM:0.2
CCC:17.4;BBB:14.7;B:19.3;AA:48.6
5.45
41.7
267
424
6
2
25
55
20
true
true
true
true
0.93
-0.14
-0.04
null
Hedge
SingleName_CDS: +173bps notional
-16
14
ECN2
RFQ
10
95
214
-372
HYCap>limit
Hedge
High-yield share above policy cap
249
Rotate into defensive sectors
C07376
CR0764
2024-06-20
Calm
90
314
3.2
1.6
1,556,820,721
Utilities:31.0;Energy:35.0;Comm:34.0
US:66.5;EU:12.2;APAC:7.0;EMEA:13.1;LATAM:1.1
A:21.7;CCC:20.9;B:15.6;AA:21.6;BBB:11.7;AAA:8.4
7.3
48.7
269
140
10.2
4
25
45
35
true
true
true
true
1.4
-0.27
0.13
null
Hedge
CDX_HY: +50bps notional
13
7
ECN2
RFQ
10
87
-89
-328
Region>limit
PauseAdds
Regional concentration above limit
96
Tighten HY exposure bands
C07377
CR5950
2024-03-05
Calm
119
331
3.5
2.8
249,536,941
RealEstate:37.6;Utilities:24.5;Materials:37.9
US:56.9;EU:15.4;APAC:12.0;EMEA:9.1;LATAM:6.5
A:12.5;CCC:16.3;B:53.6;BB:17.6
3.93
50.3
212
294
8.8
4
30
35
20
true
true
true
true
-0.15
0.62
0.25
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
27
ECN2
All2All
0
92
411
-181
HYCap>limit
Reduce
High-yield share above policy cap
144
Reviewed by risk; hedges staggered
C07378
CR0227
2025-04-20
Calm
103
285
3.6
1.5
310,280,477
Comm:9.2;Consumer:24.4;RealEstate:16.1;Industrials:24.4;Tech:6.7;Healthcare:19.1
US:67.9;EU:7.7;APAC:6.9;EMEA:12.4;LATAM:5.1
B:35.0;AA:13.5;BBB:27.5;CCC:24.0
4.56
62.4
151
217
3.7
2.5
30
45
35
false
true
true
false
-0.12
0.69
0.51
Tech:EW;Financials:EW
Hedge
iTraxx_MAIN: +50bps notional
0
9
ECN2
RFQ
12
98
345
-370
HYCap>limit
Reduce
High-yield share above policy cap
120
Rotate into defensive sectors
C07379
CR4009
2025-04-18
Calm
111
299
4.1
2.2
856,742,548
Materials:7.1;Healthcare:6.9;RealEstate:26.2;Utilities:18.1;Industrials:24.7;Financials:17.0
US:59.4;EU:15.3;APAC:7.0;EMEA:11.6;LATAM:6.7
BBB:14.5;AA:12.0;BB:14.4;CCC:13.3;A:16.7;B:29.1
4.6
49
241
343
12.2
2
35
45
30
false
true
true
true
0.88
1.31
0.13
null
Rotate
From Energy -1.0% to Utilities +1.0%
-35
-12
DealerA
RFQ
0
87
-188
-290
VAR>budget
Hedge
Portfolio VAR above budget
257
Escalate watchlist names
C07380
CR2276
2025-10-03
Calm
90
293
4.2
2
2,685,927,532
RealEstate:28.9;Materials:15.5;Healthcare:8.4;Consumer:16.6;Energy:30.6
US:64.2;EU:11.3;APAC:11.9;EMEA:6.5;LATAM:6.1
AAA:14.7;BBB:16.0;CCC:21.1;BB:9.8;AA:12.1;A:26.3
3.34
45.5
242
159
4.2
3.5
30
35
25
true
true
true
true
0.44
0.21
-0.27
Financials:EW;Industrials:EW;Tech:EW
Hedge
CDX_IG: +95bps notional
-46
-4
DealerA
Electronic
2
88
-73
-43
Region>limit
Rotate
Regional concentration above limit
114
Tighten HY exposure bands
C07381
CR3212
2025-04-16
Tightening
99
407
3.9
2
1,106,621,809
Comm:15.2;Tech:16.9;Materials:32.6;Consumer:12.0;Healthcare:13.4;Financials:9.9
US:64.0;EU:14.9;APAC:12.0;EMEA:5.8;LATAM:3.2
BB:12.6;A:36.3;B:7.8;AA:11.0;CCC:10.2;BBB:22.2
6.61
23.4
116
186
9
2
20
45
20
true
true
true
false
-0.04
0.83
-0.26
Industrials:EW;Materials:EW
Hedge
CDX_HY: +189bps notional
3
26
DealerA
Electronic
0
92
-153
209
HYCap>limit
Reduce
High-yield share above policy cap
94
Reviewed by risk; hedges staggered
C07382
CR4540
2025-03-23
Tightening
148
411
4.7
1.8
1,172,142,828
Energy:32.0;Utilities:23.0;Financials:16.9;Materials:28.1
US:68.9;EU:13.4;APAC:5.4;EMEA:4.7;LATAM:7.5
CCC:16.3;B:21.7;A:24.3;BB:20.1;AA:7.0;AAA:10.6
5.34
53.6
270
136
6.3
3
25
35
35
true
true
true
true
2.11
0.44
0.28
null
Hedge
SingleName_CDS: +198bps notional
-31
-4
DealerB
DealerAxed
5
91
261
-353
Region>limit
Rotate
Regional concentration above limit
118
Rotate into defensive sectors
C07383
CR4416
2025-03-06
Stress
240
620
7
-1.8
941,929,728
Utilities:33.1;Industrials:16.4;Comm:34.7;Financials:15.8
US:68.1;EU:13.8;APAC:8.2;EMEA:3.7;LATAM:6.3
B:23.8;AA:11.9;BB:25.6;AAA:15.7;A:15.2;BBB:7.8
4.2
44.2
316
436
21.6
2
20
35
25
true
true
true
true
2.17
0.35
-0.13
null
Hedge
Options_Payer: +162bps notional
-47
-22
ECN1
RFQ
7
98
95
-370
HYCap>limit
Reduce
High-yield share above policy cap
157
Rotate into defensive sectors
C07384
CR4161
2025-07-28
Stress
182
620
7.7
0.1
549,041,622
Financials:18.1;Tech:22.7;Industrials:13.5;Utilities:12.5;Materials:22.1;Energy:11.1
US:65.9;EU:14.6;APAC:6.9;EMEA:6.3;LATAM:6.3
AAA:22.6;BB:27.8;AA:11.7;B:7.0;CCC:16.0;A:14.8
5.47
25.3
190
312
10.5
2
30
35
25
false
true
true
false
0.11
1.49
0.47
Materials:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
3
-6
DealerA
Electronic
9
92
234
-410
VAR>budget
Hedge
Portfolio VAR above budget
226
Rotate into defensive sectors
C07385
CR6349
2025-11-04
Calm
74
407
4.4
2.5
315,533,671
Financials:18.4;Utilities:17.0;Energy:16.0;Tech:19.3;Materials:15.7;Healthcare:13.6
US:61.4;EU:16.9;APAC:6.6;EMEA:10.4;LATAM:4.7
BB:34.1;A:10.0;AA:17.2;B:23.6;AAA:15.0
0.92
26.1
99
378
15.4
3.5
35
45
35
false
true
true
false
0.13
-0.2
-0.02
RealEstate:EW
Hedge
Treasury_Futures: +104bps notional
-55
14
ECN2
All2All
9
88
11
-193
HYCap>limit
Hedge
High-yield share above policy cap
129
Defer adds pending macro print
C07386
CR1341
2024-07-14
Recovery
149
512
6.2
1
363,525,183
Healthcare:17.4;Utilities:39.4;Consumer:26.2;Tech:17.0
US:66.4;EU:8.6;APAC:14.4;EMEA:8.8;LATAM:1.8
BB:12.0;AA:12.0;CCC:12.1;BBB:21.1;A:17.4;AAA:25.4
2.35
49.6
198
214
16.5
2.5
20
35
20
true
true
true
false
2.44
0.55
0.01
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
0
DealerB
RFQ
1
100
323
24
HYCap>limit
Hedge
High-yield share above policy cap
228
Escalate watchlist names
C07387
CR2570
2024-09-14
Tightening
97
479
4.7
1.5
2,411,252,330
Consumer:36.0;Materials:16.5;Industrials:26.4;Utilities:21.0
US:65.5;EU:13.7;APAC:13.0;EMEA:3.8;LATAM:4.1
A:19.0;AA:25.3;BB:19.2;BBB:26.9;CCC:9.6
2.96
43.5
161
167
17.4
4
30
45
20
true
true
true
false
2.11
0.41
-0.13
RealEstate:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-21
28
DealerA
Electronic
5
89
34
-73
HYCap>limit
Rotate
High-yield share above policy cap
135
Reviewed by risk; hedges staggered
C07388
CR4767
2024-12-01
Calm
118
394
4.4
2.8
2,902,007,003
Industrials:33.2;Financials:31.7;Healthcare:25.5;Comm:9.6
US:67.3;EU:8.3;APAC:6.4;EMEA:8.9;LATAM:9.1
CCC:41.0;BB:31.7;A:15.4;B:11.9
4.48
44.7
164
250
15.9
3.5
20
35
35
true
true
true
false
-0.26
-0.17
0.01
Energy:EW
Hedge
Options_Payer: +143bps notional
10
-11
DealerC
Electronic
8
88
109
-380
Sector>limit
Hedge
Sector concentration above limit
226
Escalate watchlist names
C07389
CR2393
2024-03-08
Stress
150
671
7.6
-0.5
384,606,420
Tech:7.4;RealEstate:24.2;Healthcare:29.5;Materials:29.5;Comm:9.4
US:71.9;EU:14.4;APAC:5.3;EMEA:3.5;LATAM:4.9
BBB:17.5;BB:23.8;B:28.0;CCC:20.1;A:10.6
5.45
50.5
262
604
16.5
4
25
35
25
true
true
true
true
0.49
0.14
-0.01
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
38
DealerC
DealerAxed
1
92
-20
96
HYCap>limit
Hedge
High-yield share above policy cap
155
Escalate watchlist names
C07390
CR2527
2024-03-23
Calm
110
413
3.2
1.6
788,100,312
Utilities:23.3;Industrials:39.2;Comm:37.6
US:73.9;EU:9.3;APAC:10.8;EMEA:2.9;LATAM:3.1
BBB:14.6;AAA:11.7;AA:21.9;CCC:31.0;A:20.8
5.81
31
234
428
3
3
20
45
35
true
true
false
true
-0.3
0.73
-0.23
Utilities:EW
Hedge
Treasury_Futures: +198bps notional
-59
28
ECN1
Electronic
3
90
-138
-167
Sector>limit
Hedge
Sector concentration above limit
123
Escalate watchlist names
C07391
CR5454
2024-10-03
Recovery
162
461
5.5
0.9
1,880,524,944
Materials:28.0;Financials:32.1;Utilities:39.9
US:69.9;EU:9.5;APAC:13.2;EMEA:6.5;LATAM:0.9
BBB:18.9;AA:39.7;AAA:21.6;CCC:5.0;BB:8.2;B:6.6
6.81
25.4
219
335
13.4
4
30
55
35
true
true
false
true
-0.37
0.25
-0.07
null
Hedge
CDX_IG: +97bps notional
-49
7
DealerC
Electronic
3
98
-45
93
HYCap>limit
Hedge
High-yield share above policy cap
120
Rotate into defensive sectors
C07392
CR7634
2024-12-22
Calm
83
359
3.5
2.4
1,274,737,251
Materials:36.3;Consumer:38.2;Energy:25.5
US:62.2;EU:18.1;APAC:10.7;EMEA:4.4;LATAM:4.6
AAA:33.1;BB:13.7;A:14.2;CCC:14.4;BBB:24.5
2.27
59.1
118
375
7.6
2.5
20
55
25
true
true
true
false
1.78
0.22
-0.28
Healthcare:EW
Hedge
CDX_HY: +187bps notional
-27
-21
DealerB
Electronic
0
92
-73
25
VAR>budget
Hedge
Portfolio VAR above budget
140
Rotate into defensive sectors
C07393
CR5625
2024-05-01
Calm
87
374
3.4
2.8
708,824,858
Healthcare:34.8;Industrials:38.0;Consumer:27.2
US:63.8;EU:8.0;APAC:10.6;EMEA:11.0;LATAM:6.5
B:25.4;BB:37.9;A:14.5;CCC:22.3
3.58
31.8
230
317
5.6
3
35
55
30
true
true
true
true
-0.12
-0.29
-0.35
Tech:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
-5
ECN2
Electronic
11
95
200
-303
Region>limit
Rotate
Regional concentration above limit
99
Defer adds pending macro print
C07394
CR8426
2024-06-02
Calm
70
374
4.1
2
2,794,520,435
Healthcare:36.5;Utilities:50.3;Industrials:13.1
US:59.7;EU:14.8;APAC:14.3;EMEA:8.8;LATAM:2.4
AA:18.6;B:9.3;CCC:8.0;AAA:17.0;BBB:47.2
6.74
31.4
219
503
4.4
2
35
35
30
true
true
false
true
2
0.89
-0.36
Tech:EW
Hedge
CDX_HY: +73bps notional
-5
16
ECN2
All2All
10
92
28
-161
Sector>limit
Reduce
Sector concentration above limit
129
Escalate watchlist names
C07395
CR5715
2025-11-08
Calm
68
280
4.1
2.5
1,822,175,339
Comm:11.3;Materials:22.7;Energy:11.0;Consumer:44.8;Financials:10.2
US:67.8;EU:14.0;APAC:9.4;EMEA:7.0;LATAM:1.8
CCC:9.2;BB:20.0;AA:33.7;AAA:31.1;B:6.0
1.06
41.1
244
150
17
3.5
30
35
25
true
true
true
true
0.62
1.04
0.17
Materials:EW
Hedge
Options_Payer: +139bps notional
16
34
DealerA
RFQ
3
94
393
-36
Region>limit
Reduce
Regional concentration above limit
128
Escalate watchlist names
C07396
CR0184
2025-11-30
Recovery
163
513
6.5
-0.2
2,741,777,012
Industrials:32.2;Materials:35.5;Financials:32.4
US:70.3;EU:8.1;APAC:17.8;EMEA:3.8;LATAM:0.0
B:21.0;AA:6.7;CCC:36.3;BBB:10.8;AAA:13.6;BB:11.6
1.35
64.9
178
325
3.6
2
25
35
20
true
true
true
false
2.43
0.91
-0.36
null
Hedge
iTraxx_MAIN: +197bps notional
-9
38
DealerC
All2All
5
90
175
-414
HYCap>limit
Hedge
High-yield share above policy cap
241
Tighten HY exposure bands
C07397
CR1082
2025-09-21
Tightening
96
465
4.7
0.7
2,009,769,788
Utilities:19.7;Consumer:31.1;Energy:19.3;Financials:15.2;Materials:14.7
US:62.1;EU:17.1;APAC:8.7;EMEA:9.1;LATAM:3.0
B:19.0;AAA:23.0;A:23.0;CCC:35.0
5.83
40.5
110
499
4.8
3
30
55
20
true
true
true
false
0.72
1.49
0.19
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
6
ECN1
RFQ
5
91
354
-134
VAR>budget
Reduce
Portfolio VAR above budget
241
Tighten HY exposure bands
C07398
CR5449
2024-08-01
Calm
102
312
4.3
2.6
2,265,469,532
Tech:20.6;RealEstate:19.5;Industrials:9.3;Comm:15.5;Healthcare:16.8;Energy:18.3
US:63.3;EU:12.7;APAC:12.8;EMEA:9.9;LATAM:1.3
A:27.1;B:16.6;BBB:31.5;CCC:24.8
1.92
64.2
174
499
6.2
3
25
35
30
false
true
true
false
1.71
0.58
0.27
Tech:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
30
DealerC
RFQ
2
99
240
-22
Sector>limit
Reduce
Sector concentration above limit
232
Tighten HY exposure bands
C07399
CR3182
2025-04-03
Recovery
130
420
6.2
-0.1
1,183,833,413
RealEstate:11.1;Healthcare:15.6;Energy:27.8;Utilities:25.6;Financials:19.9
US:65.5;EU:8.7;APAC:11.0;EMEA:10.9;LATAM:4.0
A:16.8;BB:14.2;AA:11.0;BBB:15.4;B:16.1;CCC:26.4
6.28
25.7
136
195
6
3.5
30
45
20
false
true
true
false
1.48
1.19
-0.3
Comm:EW;Financials:EW
Hedge
iTraxx_XOVER: +90bps notional
-56
2
DealerC
RFQ
9
96
21
-209
Region>limit
Rotate
Regional concentration above limit
157
Reviewed by risk; hedges staggered
C07400
CR7988
2024-04-07
Stress
167
704
6.8
-1.4
1,837,155,965
Industrials:21.8;Tech:31.8;Materials:46.5
US:68.0;EU:11.9;APAC:10.4;EMEA:4.1;LATAM:5.6
AAA:21.8;B:4.9;CCC:6.0;BBB:34.0;AA:21.6;A:11.7
0.53
35.1
242
448
9.9
3
25
45
35
true
true
false
true
1.17
1.66
-0.03
Consumer:EW;Healthcare:EW
Hedge
SingleName_CDS: +64bps notional
-34
-12
DealerC
Electronic
0
88
-66
-111
Sector>limit
Reduce
Sector concentration above limit
220
Defer adds pending macro print