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
C07501
CR4631
2024-10-21
Recovery
109
546
6.5
1.8
1,799,092,568
Industrials:30.7;Financials:8.5;Comm:39.0;Utilities:21.8
US:67.4;EU:14.1;APAC:7.2;EMEA:10.1;LATAM:1.2
AAA:16.3;BBB:20.5;BB:47.5;AA:15.7
2.82
49.7
198
292
16.4
2
30
35
30
true
true
true
false
2.45
1.33
-0.01
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
35
DealerB
DealerAxed
7
94
268
-76
HYCap>limit
Hedge
High-yield share above policy cap
254
Reviewed by risk; hedges staggered
C07502
CR4138
2024-09-23
Calm
66
393
3.3
2.3
118,924,853
Financials:26.0;Tech:18.4;Energy:30.6;Materials:25.0
US:65.4;EU:15.4;APAC:6.4;EMEA:8.6;LATAM:4.2
CCC:6.9;AAA:25.5;AA:22.1;A:16.0;BB:5.8;BBB:23.9
6.7
59.4
251
265
14.5
3
20
45
30
true
true
false
true
0.42
0.58
-0.21
Utilities:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
19
3
ECN2
DealerAxed
3
96
165
-437
VAR>budget
Hedge
Portfolio VAR above budget
178
Tighten HY exposure bands
C07503
CR4249
2025-01-07
Recovery
106
508
6.1
0.4
1,987,621,885
RealEstate:36.2;Energy:18.7;Tech:26.4;Utilities:18.7
US:64.2;EU:12.4;APAC:12.8;EMEA:8.5;LATAM:2.1
BB:10.0;AA:22.8;A:13.9;BBB:36.6;B:9.1;CCC:7.6
4.74
36.9
148
188
4.8
4
25
55
35
true
true
false
false
0.75
1.29
0.45
null
Hedge
Treasury_Futures: +61bps notional
-53
-24
ECN1
All2All
9
94
71
64
HYCap>limit
Reduce
High-yield share above policy cap
129
Rotate into defensive sectors
C07504
CR3964
2025-10-26
Stress
212
695
6.8
-0.2
2,255,455,026
Tech:18.6;Healthcare:29.0;Consumer:26.1;Utilities:26.3
US:59.8;EU:17.7;APAC:11.3;EMEA:7.2;LATAM:4.0
BB:21.9;A:37.7;B:14.9;CCC:25.5
3.05
48.4
253
313
11
2.5
30
55
30
false
true
true
true
2.44
0.92
0.21
Energy:EW
Hedge
CDX_IG: +136bps notional
-7
-9
DealerC
RFQ
5
91
243
-109
Region>limit
Reduce
Regional concentration above limit
168
Defer adds pending macro print
C07505
CR9490
2025-02-01
Recovery
130
462
6.3
0.1
2,788,998,536
RealEstate:27.0;Industrials:41.0;Energy:32.0
US:61.8;EU:9.8;APAC:10.7;EMEA:11.0;LATAM:6.6
BB:18.0;CCC:16.3;BBB:19.0;AA:27.8;AAA:18.9
5.77
58.4
235
161
9.1
2
25
35
35
true
true
false
true
1.06
1.23
-0.2
null
Hedge
Treasury_Futures: +120bps notional
17
-22
DealerB
All2All
3
87
434
-66
Sector>limit
Reduce
Sector concentration above limit
246
Reviewed by risk; hedges staggered
C07506
CR2186
2025-08-21
Tightening
116
448
4.9
0.7
100,421,108
Healthcare:43.0;Financials:32.1;Materials:24.9
US:67.1;EU:15.0;APAC:9.4;EMEA:6.5;LATAM:2.0
CCC:12.9;AAA:28.2;A:20.2;AA:15.2;BB:23.5
1.61
23.1
266
328
12.8
3.5
35
35
25
true
true
true
true
1.51
0.88
0
Financials:EW
Hedge
iTraxx_MAIN: +114bps notional
-5
-13
ECN1
DealerAxed
0
98
-120
-24
Region>limit
Hedge
Regional concentration above limit
118
Tighten HY exposure bands
C07507
CR1388
2024-06-22
Tightening
135
394
4.3
1.4
1,382,900,945
Consumer:27.0;Tech:17.0;Financials:9.2;Industrials:22.6;Materials:24.2
US:64.9;EU:8.0;APAC:12.6;EMEA:8.6;LATAM:5.9
AAA:16.4;BBB:20.3;CCC:29.8;BB:33.6
4.15
54.8
115
177
16.9
3
20
35
25
true
true
true
false
1.49
0.05
0.38
Materials:EW
Hedge
CDX_IG: +160bps notional
-39
37
DealerB
DealerAxed
7
97
199
131
VAR>budget
Hedge
Portfolio VAR above budget
198
Tighten HY exposure bands
C07508
CR4489
2024-04-26
Stress
236
796
6.8
-0.5
1,030,258,919
Utilities:15.3;Consumer:52.1;RealEstate:32.6
US:65.8;EU:8.0;APAC:14.1;EMEA:4.2;LATAM:8.0
CCC:14.7;A:22.8;AAA:20.3;BBB:21.8;B:9.3;BB:11.1
0.41
43.5
333
311
17.9
3.5
30
55
25
true
true
true
true
2
-0.21
0.49
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
-25
ECN2
Electronic
3
96
-47
-95
Sector>limit
Rotate
Sector concentration above limit
182
Tighten HY exposure bands
C07509
CR4649
2025-02-16
Tightening
138
397
4.3
1.7
2,471,975,164
Tech:24.5;RealEstate:27.8;Consumer:47.8
US:72.6;EU:10.8;APAC:7.6;EMEA:6.8;LATAM:2.2
AA:14.9;BB:12.7;BBB:32.5;CCC:39.9
2.12
57.1
146
183
15.1
3.5
20
55
30
true
true
true
false
0.28
1.02
-0.03
Tech:EW;RealEstate:EW
Hedge
iTraxx_MAIN: +154bps notional
-60
-10
DealerA
Electronic
10
96
158
-441
VAR>budget
Reduce
Portfolio VAR above budget
164
Defer adds pending macro print
C07510
CR9295
2024-04-18
Recovery
159
547
4.9
0.1
317,070,465
Tech:38.5;Financials:9.3;Healthcare:23.6;Comm:17.5;Consumer:11.1
US:64.3;EU:12.6;APAC:11.5;EMEA:8.3;LATAM:3.3
B:16.9;CCC:37.9;AAA:33.5;AA:11.8
0.43
60.1
253
411
2.7
4
20
55
25
true
true
true
true
1.81
1.44
0.52
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
38
ECN1
All2All
2
97
-82
-263
VAR>budget
Reduce
Portfolio VAR above budget
182
Rotate into defensive sectors
C07511
CR2128
2025-08-16
Calm
94
372
3.3
2.1
1,862,345,896
Comm:20.3;RealEstate:12.5;Tech:16.2;Utilities:16.6;Financials:18.8;Industrials:15.5
US:61.4;EU:11.1;APAC:11.5;EMEA:9.7;LATAM:6.3
AAA:22.7;BB:25.0;CCC:6.6;BBB:25.2;AA:20.5
6.53
30.5
145
251
14.2
2
20
45
20
true
true
true
false
1.83
1.32
-0.1
Consumer:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
13
ECN1
DealerAxed
8
95
-61
-114
HYCap>limit
Hedge
High-yield share above policy cap
98
Rotate into defensive sectors
C07512
CR3190
2024-02-19
Stress
169
751
8.5
0.3
894,747,552
Utilities:40.1;Industrials:13.6;Financials:46.2
US:65.2;EU:12.2;APAC:7.8;EMEA:8.0;LATAM:6.9
B:9.6;BBB:19.5;CCC:6.7;AA:26.5;BB:19.8;AAA:18.0
5.53
36.5
244
371
9.6
2.5
35
55
30
true
true
true
true
0.74
-0.28
0.2
null
Hedge
CDX_HY: +173bps notional
-3
-1
DealerB
RFQ
0
93
200
-66
HYCap>limit
Hedge
High-yield share above policy cap
108
Reviewed by risk; hedges staggered
C07513
CR3197
2025-09-02
Stress
159
625
7.3
-1.7
1,447,000,951
RealEstate:33.7;Comm:12.9;Energy:19.2;Industrials:34.1
US:59.1;EU:16.4;APAC:9.3;EMEA:10.2;LATAM:5.0
AAA:28.8;CCC:16.2;A:17.4;BB:15.4;AA:22.1
0.82
58.8
366
626
9.1
2.5
30
45
35
true
true
false
true
2.35
1
0.04
Industrials:EW;Comm:EW
Hedge
Options_Payer: +129bps notional
-40
-22
DealerC
All2All
2
90
-103
-124
Region>limit
Hedge
Regional concentration above limit
132
Reviewed by risk; hedges staggered
C07514
CR7075
2024-10-30
Stress
211
765
7.8
-0.6
796,105,592
Comm:46.6;Energy:17.5;Consumer:36.0
US:62.9;EU:12.5;APAC:9.3;EMEA:12.2;LATAM:3.2
A:15.3;BBB:19.0;CCC:32.6;AAA:14.5;AA:6.7;B:11.9
3.15
39
236
521
8.4
3
20
35
20
true
true
true
true
1.59
0.9
-0.09
Tech:EW
Hedge
CDX_HY: +159bps notional
-15
33
DealerC
Electronic
6
92
351
-142
Sector>limit
Hedge
Sector concentration above limit
157
Reviewed by risk; hedges staggered
C07515
CR6740
2024-07-01
Calm
71
365
4.1
2.1
1,873,060,225
Comm:8.2;Healthcare:26.9;Energy:21.7;RealEstate:16.6;Financials:26.6
US:64.8;EU:19.1;APAC:7.1;EMEA:4.3;LATAM:4.6
CCC:12.3;B:8.2;AA:43.0;BBB:13.8;AAA:22.7
5.06
42.2
137
453
12.4
3
20
45
30
true
true
false
false
0.56
1.16
-0.06
RealEstate:EW;Materials:EW
Hedge
CDX_IG: +148bps notional
1
44
DealerC
All2All
3
98
308
-119
HYCap>limit
Hedge
High-yield share above policy cap
103
Rotate into defensive sectors
C07516
CR8616
2024-06-10
Stress
232
593
7.2
-1.3
346,751,160
Comm:16.3;Energy:30.4;Financials:29.7;Utilities:23.6
US:58.8;EU:17.5;APAC:6.9;EMEA:10.1;LATAM:6.6
A:10.2;AA:15.8;BBB:10.0;BB:15.9;CCC:28.3;AAA:19.7
7.22
21.2
228
582
9.3
4
35
55
30
false
true
true
true
2.44
0.78
0.52
RealEstate:EW
Hedge
SingleName_CDS: +78bps notional
-17
1
DealerA
DealerAxed
9
98
-85
-50
Region>limit
Rotate
Regional concentration above limit
174
Rotate into defensive sectors
C07517
CR1070
2024-11-08
Calm
110
372
3.7
2.4
2,945,272,584
Financials:32.1;Utilities:34.2;Consumer:33.8
US:61.4;EU:16.0;APAC:6.1;EMEA:10.4;LATAM:6.2
BBB:17.0;A:17.2;AAA:30.4;AA:21.0;CCC:14.3
0.87
48.9
195
134
3.5
4
30
45
25
true
true
false
false
0.29
-0.19
0.38
Consumer:EW
Hedge
Options_Payer: +79bps notional
-43
9
ECN1
DealerAxed
1
85
432
-62
Sector>limit
Rotate
Sector concentration above limit
160
Escalate watchlist names
C07518
CR2856
2024-01-24
Calm
86
356
3.4
2.8
2,011,648,286
Comm:23.8;Utilities:29.1;Healthcare:27.4;Consumer:19.7
US:59.3;EU:10.6;APAC:12.7;EMEA:13.5;LATAM:3.8
BB:11.5;BBB:30.1;B:26.0;CCC:6.9;AA:25.6
1.49
20.5
91
506
5.9
4
30
35
30
false
true
true
false
-0.3
0.99
0.3
Utilities:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-8
37
ECN1
RFQ
10
96
-111
-218
VAR>budget
Reduce
Portfolio VAR above budget
235
Rotate into defensive sectors
C07519
CR7790
2025-10-15
Stress
144
667
7.2
-1.3
314,498,631
Healthcare:19.8;Utilities:22.1;RealEstate:10.7;Financials:21.4;Tech:17.7;Industrials:8.2
US:64.6;EU:16.6;APAC:4.6;EMEA:7.1;LATAM:7.1
A:17.3;AA:15.8;AAA:7.8;BBB:11.8;CCC:27.6;B:19.7
2.72
21
154
282
9.4
3.5
25
45
35
false
true
true
false
2.39
1.51
0.08
Consumer:EW
Hedge
Treasury_Futures: +92bps notional
10
-13
ECN1
DealerAxed
2
85
341
-121
VAR>budget
Rotate
Portfolio VAR above budget
172
Escalate watchlist names
C07520
CR1201
2025-10-12
Recovery
134
573
5.3
0.4
845,546,081
Industrials:30.2;Financials:38.1;Utilities:11.4;RealEstate:20.3
US:62.4;EU:20.3;APAC:6.4;EMEA:9.3;LATAM:1.6
AAA:10.7;BB:39.1;BBB:21.7;CCC:9.1;A:19.4
4.79
62.7
113
207
4.8
3
30
35
30
true
true
true
false
0.93
0.52
-0.35
null
Hedge
SingleName_CDS: +54bps notional
-11
35
ECN2
All2All
10
94
28
57
Sector>limit
Hedge
Sector concentration above limit
200
Tighten HY exposure bands
C07521
CR6033
2024-12-03
Stress
239
643
5.6
-1.1
1,466,154,691
Tech:29.5;Energy:27.5;Industrials:18.4;Comm:24.6
US:61.3;EU:14.2;APAC:10.1;EMEA:12.1;LATAM:2.3
BB:10.1;CCC:26.2;AA:16.0;AAA:6.9;B:26.3;BBB:14.4
6.07
31.2
265
480
13.6
4
30
55
20
false
true
true
true
0.49
1.56
-0.29
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
-4
DealerC
Electronic
7
86
-58
53
Sector>limit
Reduce
Sector concentration above limit
103
Tighten HY exposure bands
C07522
CR5540
2025-01-16
Stress
170
771
7.6
0.2
1,972,778,632
Tech:22.1;Financials:5.8;Materials:19.3;Industrials:19.1;Consumer:7.8;Healthcare:26.0
US:73.6;EU:5.4;APAC:9.6;EMEA:10.3;LATAM:1.1
AA:10.7;BB:37.4;A:17.3;B:10.4;CCC:24.2
3.92
31.8
167
631
20.6
3
20
55
25
true
true
true
false
2.02
0.83
-0.22
Energy:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
36
DealerA
Electronic
7
98
67
128
HYCap>limit
Reduce
High-yield share above policy cap
142
Escalate watchlist names
C07523
CR8079
2024-12-12
Stress
142
820
8.2
0.4
1,041,042,046
Financials:13.2;Tech:17.7;Materials:30.8;Healthcare:25.0;RealEstate:13.5
US:57.8;EU:19.3;APAC:10.8;EMEA:9.6;LATAM:2.5
AAA:25.2;BBB:22.8;AA:23.8;A:12.0;CCC:16.2
4.55
25
350
337
17.2
3.5
30
45
35
true
true
false
true
0.78
0.96
0.22
null
Hedge
iTraxx_XOVER: +178bps notional
-48
30
DealerC
Electronic
9
89
-111
108
HYCap>limit
Hedge
High-yield share above policy cap
94
Rotate into defensive sectors
C07524
CR2571
2025-07-03
Stress
185
679
7.5
-0.5
2,230,839,352
Financials:17.2;Healthcare:22.2;Comm:26.5;Industrials:34.0
US:66.7;EU:14.2;APAC:11.8;EMEA:4.3;LATAM:3.0
CCC:10.2;AA:21.0;BB:16.0;B:4.1;BBB:22.5;A:26.2
5.62
24
297
338
10.1
2.5
35
45
20
false
true
true
true
0.54
0.64
-0.27
Industrials:EW
Hedge
CDX_IG: +187bps notional
14
45
DealerC
Electronic
1
90
322
-54
HYCap>limit
Hedge
High-yield share above policy cap
139
Rotate into defensive sectors
C07525
CR2950
2025-03-11
Stress
171
761
6.3
-1.7
216,311,467
Materials:22.6;Financials:5.1;RealEstate:17.0;Energy:15.5;Healthcare:23.7;Utilities:16.1
US:67.2;EU:15.1;APAC:7.5;EMEA:7.0;LATAM:3.2
AAA:13.1;CCC:33.5;AA:15.6;BBB:10.7;A:27.2
1.93
42.6
310
581
9.7
3
25
35
25
false
true
true
true
0.55
-0.29
0.33
RealEstate:EW
Hedge
iTraxx_MAIN: +181bps notional
-23
-21
DealerB
RFQ
9
89
81
149
HYCap>limit
Reduce
High-yield share above policy cap
239
Escalate watchlist names
C07526
CR6085
2025-09-22
Calm
120
314
3.3
1.5
631,729,263
Financials:8.9;Energy:11.7;RealEstate:6.1;Materials:25.9;Consumer:20.0;Industrials:27.3
US:63.6;EU:16.8;APAC:5.7;EMEA:10.1;LATAM:3.8
B:29.8;BBB:12.8;BB:27.3;A:30.1
3.28
28.4
144
478
9.8
3
25
45
25
true
true
true
false
0.53
0.92
0.42
Tech:EW
Hedge
CDX_IG: +51bps notional
8
33
ECN1
Electronic
5
85
-131
73
Sector>limit
Hedge
Sector concentration above limit
142
Rotate into defensive sectors
C07527
CR1487
2024-09-27
Stress
222
802
7.7
-1.2
2,022,874,783
Consumer:13.3;RealEstate:25.0;Energy:9.1;Materials:16.0;Financials:14.9;Healthcare:21.7
US:64.8;EU:17.6;APAC:6.2;EMEA:7.5;LATAM:3.9
AAA:23.6;AA:23.0;BB:11.4;BBB:18.8;CCC:23.2
3.64
62.9
389
540
18.9
2
25
35
35
false
true
false
true
1.72
0.64
0.11
Industrials:EW
Hedge
Options_Payer: +50bps notional
-29
26
DealerC
DealerAxed
10
85
114
-426
HYCap>limit
Reduce
High-yield share above policy cap
127
Rotate into defensive sectors
C07528
CR2528
2025-04-24
Tightening
123
475
4.4
1.9
284,178,308
Healthcare:17.9;Utilities:23.7;Energy:18.1;Consumer:20.7;Financials:19.6
US:72.4;EU:5.8;APAC:5.5;EMEA:9.1;LATAM:7.1
AA:20.6;BB:12.9;CCC:22.8;A:6.8;BBB:20.9;AAA:16.1
5.53
46.1
164
379
6.5
3
20
35
20
true
true
true
false
1.71
0.29
-0.36
Energy:EW
Hedge
CDX_HY: +130bps notional
14
2
DealerB
DealerAxed
3
93
235
95
VAR>budget
Reduce
Portfolio VAR above budget
166
Defer adds pending macro print
C07529
CR1354
2024-04-14
Calm
78
325
4.4
1.6
2,616,530,622
Healthcare:16.4;Materials:16.3;Utilities:17.5;Energy:35.1;Financials:14.8
US:69.0;EU:6.1;APAC:14.3;EMEA:5.2;LATAM:5.4
CCC:36.3;AAA:22.3;A:25.0;AA:16.3
5.76
56.6
255
400
15.3
2.5
20
55
35
true
true
true
true
-0.02
1.2
-0.02
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-52
9
DealerC
RFQ
1
86
403
-305
Sector>limit
Hedge
Sector concentration above limit
194
Escalate watchlist names
C07530
CR8898
2025-08-03
Stress
204
734
5.9
-0.2
97,398,540
Energy:30.6;RealEstate:29.0;Tech:40.5
US:61.9;EU:17.6;APAC:8.7;EMEA:6.4;LATAM:5.5
BBB:10.1;A:16.6;AA:18.6;BB:7.3;AAA:14.4;B:33.0
3.42
62.3
273
660
8
3
20
55
20
true
true
true
true
-0.47
1.78
-0.35
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
26
DealerC
All2All
3
95
364
-316
Sector>limit
Hedge
Sector concentration above limit
92
Escalate watchlist names
C07531
CR8908
2025-09-12
Stress
186
622
6.6
-1.6
238,277,516
RealEstate:23.5;Comm:11.7;Financials:37.2;Utilities:17.1;Healthcare:10.5
US:53.6;EU:20.7;APAC:12.6;EMEA:7.9;LATAM:5.1
A:23.9;AAA:18.9;B:14.4;AA:36.8;CCC:5.9
3.38
43.8
322
317
7.9
3.5
20
55
25
true
false
false
true
0.57
1.35
0.42
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
12
DealerB
All2All
12
100
277
-249
VAR>budget
Hedge
Portfolio VAR above budget
124
Defer adds pending macro print
C07532
CR5254
2024-12-14
Stress
147
700
7
-1.5
2,039,500,564
Utilities:11.8;Healthcare:13.0;Comm:40.5;RealEstate:34.7
US:66.5;EU:9.7;APAC:7.2;EMEA:10.2;LATAM:6.4
AA:21.1;CCC:14.6;B:35.6;A:28.8
0.55
46.6
257
660
5
4
35
35
25
true
true
true
true
2.39
1.55
0.49
null
Rotate
From Energy -1.0% to Utilities +1.0%
4
43
DealerA
Electronic
10
93
330
-184
Sector>limit
Rotate
Sector concentration above limit
122
Rotate into defensive sectors
C07533
CR0353
2025-08-31
Calm
106
389
3.7
2.4
1,723,840,470
RealEstate:35.6;Comm:41.6;Tech:22.8
US:67.7;EU:8.8;APAC:6.9;EMEA:10.7;LATAM:6.0
BBB:15.0;B:10.4;CCC:29.0;A:22.7;AA:8.6;AAA:14.4
4.23
58.1
220
350
10.2
4
20
35
20
true
true
true
true
1.58
0.09
-0.22
Energy:EW;Consumer:EW
Hedge
CDX_HY: +140bps notional
-33
-18
ECN1
DealerAxed
11
90
-60
17
HYCap>limit
Hedge
High-yield share above policy cap
147
Rotate into defensive sectors
C07534
CR0645
2024-12-30
Calm
87
295
4.5
2.5
1,873,587,530
Utilities:11.3;Financials:18.9;Energy:18.8;RealEstate:26.4;Healthcare:24.5
US:72.5;EU:8.6;APAC:9.4;EMEA:5.6;LATAM:3.9
BBB:27.6;CCC:4.9;A:23.8;AAA:26.3;AA:17.4
6.27
63.3
202
444
12
3.5
25
35
35
true
true
false
true
0.04
1.16
0.13
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
36
ECN2
DealerAxed
9
98
367
-220
HYCap>limit
Reduce
High-yield share above policy cap
204
Escalate watchlist names
C07535
CR1839
2025-11-08
Tightening
117
479
4
1.7
1,412,855,437
Financials:29.3;Tech:17.4;Healthcare:25.7;Materials:27.6
US:68.6;EU:16.8;APAC:8.0;EMEA:5.0;LATAM:1.5
CCC:27.7;B:25.2;BBB:13.1;A:11.6;BB:11.1;AAA:11.2
3.81
54.6
225
298
16.6
3
35
35
30
false
true
true
true
-0.06
1.05
-0.26
Utilities:EW;Energy:EW;RealEstate:EW
Hedge
CDX_HY: +54bps notional
5
25
ECN2
RFQ
9
96
310
71
HYCap>limit
Reduce
High-yield share above policy cap
118
Reviewed by risk; hedges staggered
C07536
CR8323
2024-01-22
Calm
97
305
4.2
2.3
2,895,936,795
Comm:33.2;Materials:15.6;Healthcare:8.5;RealEstate:24.4;Consumer:18.2
US:73.1;EU:4.7;APAC:12.5;EMEA:3.4;LATAM:6.2
AA:24.0;BBB:12.4;AAA:24.5;BB:39.1
5.06
53.8
242
308
10.5
2
30
35
35
true
true
true
true
-0.17
1.05
0.1
RealEstate:EW
Hedge
CDX_HY: +51bps notional
-23
34
ECN2
Electronic
11
87
417
-310
VAR>budget
Hedge
Portfolio VAR above budget
131
Reviewed by risk; hedges staggered
C07537
CR8159
2025-07-27
Calm
80
308
4.5
2.9
1,315,549,455
Energy:20.3;Healthcare:17.5;RealEstate:19.0;Consumer:9.4;Comm:33.8
US:71.0;EU:5.8;APAC:6.4;EMEA:11.3;LATAM:5.6
AA:30.5;BBB:16.2;B:19.7;CCC:33.6
5.73
25.9
223
218
7.6
3.5
30
35
20
true
true
true
true
0.18
-0.21
0.19
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
20
ECN2
All2All
11
90
155
-129
Sector>limit
Rotate
Sector concentration above limit
132
Rotate into defensive sectors
C07538
CR3249
2025-07-18
Calm
111
289
4.2
2
2,652,913,558
Financials:19.9;Utilities:9.9;Energy:33.8;Consumer:36.3
US:61.4;EU:10.5;APAC:11.8;EMEA:9.7;LATAM:6.5
B:15.0;AA:15.1;CCC:17.5;A:14.4;AAA:23.5;BBB:14.7
3.7
38.4
235
220
14.7
2.5
35
35
35
true
true
false
true
2.45
1.22
0.12
Consumer:EW
Hedge
CDX_IG: +99bps notional
-1
1
ECN1
DealerAxed
7
85
-24
-391
Sector>limit
Reduce
Sector concentration above limit
121
Reviewed by risk; hedges staggered
C07539
CR4515
2025-07-08
Tightening
95
452
4.8
1.7
787,896,122
Comm:20.3;Healthcare:24.4;Utilities:21.6;Consumer:13.6;Tech:20.1
US:72.7;EU:9.9;APAC:8.8;EMEA:5.7;LATAM:3.0
AA:15.7;BB:39.7;A:11.1;AAA:20.5;BBB:13.0
1.37
28
279
368
4.2
3
20
45
25
true
true
true
true
1.15
0.6
0.53
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
7
DealerA
Electronic
3
97
52
204
HYCap>limit
Rotate
High-yield share above policy cap
180
Rotate into defensive sectors
C07540
CR1301
2025-11-18
Recovery
142
519
5.2
0.3
2,078,462,108
RealEstate:13.8;Healthcare:25.3;Tech:17.8;Financials:22.7;Comm:13.3;Consumer:7.1
US:71.4;EU:8.3;APAC:11.5;EMEA:6.6;LATAM:2.2
AAA:16.2;BB:16.1;CCC:42.4;BBB:25.4
0.83
54.9
214
360
12.5
4
35
35
20
false
true
true
true
0.38
1.23
0.39
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
-18
DealerA
Electronic
8
90
187
-351
HYCap>limit
Reduce
High-yield share above policy cap
219
Escalate watchlist names
C07541
CR9473
2025-11-18
Stress
201
604
6.3
0.7
2,883,664,913
Consumer:34.1;Utilities:19.0;RealEstate:18.8;Materials:28.1
US:66.8;EU:13.4;APAC:5.6;EMEA:9.4;LATAM:4.8
B:15.2;CCC:24.5;BB:22.8;AAA:37.5
3.85
57.8
311
307
19.8
3
30
35
20
true
true
true
true
2.1
0.99
0.14
Materials:EW;RealEstate:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-6
24
DealerA
All2All
3
100
-211
-257
Sector>limit
Hedge
Sector concentration above limit
163
Tighten HY exposure bands
C07542
CR3293
2025-11-29
Recovery
160
501
4.5
-0.2
2,616,198,717
Energy:35.4;Industrials:20.6;Consumer:44.0
US:65.0;EU:9.7;APAC:9.6;EMEA:6.5;LATAM:9.3
BBB:17.8;BB:15.8;AA:21.7;B:24.0;AAA:20.8
2.13
28.8
172
473
6.6
2.5
20
45
20
true
true
true
false
0.86
0.46
0.12
Healthcare:EW
Hedge
CDX_HY: +111bps notional
-58
23
ECN1
RFQ
3
92
-204
-141
Sector>limit
Reduce
Sector concentration above limit
177
Defer adds pending macro print
C07543
CR8342
2025-09-18
Tightening
105
377
4.5
1
2,794,334,581
Tech:27.6;Financials:26.5;Utilities:45.8
US:67.6;EU:10.5;APAC:11.4;EMEA:5.9;LATAM:4.6
B:30.3;BBB:38.0;BB:12.0;CCC:19.8
6.84
35.9
210
415
15
2.5
25
45
30
true
true
true
true
1.88
-0.28
-0.01
Healthcare:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
1
ECN1
All2All
11
94
384
-32
Sector>limit
Hedge
Sector concentration above limit
196
Escalate watchlist names
C07544
CR2214
2025-07-21
Recovery
171
463
5.4
0.1
1,197,689,521
Energy:28.5;Industrials:26.3;Financials:45.2
US:56.3;EU:15.0;APAC:13.8;EMEA:11.4;LATAM:3.5
AA:23.1;BB:29.1;BBB:9.1;A:10.5;B:28.3
6.48
41.3
155
294
17.3
2
25
45
35
true
true
true
false
0.28
0.83
0.04
Financials:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
-6
DealerB
RFQ
4
95
306
-366
VAR>budget
Reduce
Portfolio VAR above budget
103
Reviewed by risk; hedges staggered
C07545
CR9256
2024-09-22
Stress
201
635
5.4
-0.1
1,759,515,840
Industrials:17.7;Tech:28.0;Utilities:17.3;Financials:15.8;Energy:21.2
US:70.1;EU:8.2;APAC:11.2;EMEA:7.7;LATAM:2.8
CCC:6.1;AA:45.0;B:16.9;BBB:32.0
1.85
48
361
458
18.5
2.5
30
55
25
false
true
false
true
-0.08
1.51
-0.15
Healthcare:EW;Materials:EW
Hedge
Treasury_Futures: +94bps notional
-50
20
DealerC
All2All
3
96
-53
47
HYCap>limit
Rotate
High-yield share above policy cap
113
Tighten HY exposure bands
C07546
CR7570
2025-04-16
Calm
82
378
3.4
1.7
2,151,884,980
Materials:10.9;Energy:13.0;Financials:22.7;Industrials:13.3;RealEstate:22.0;Consumer:18.1
US:67.4;EU:11.8;APAC:13.4;EMEA:7.4;LATAM:0.1
AA:23.5;AAA:31.3;BB:14.1;BBB:25.5;B:5.6
3.19
63.5
81
452
9
3
35
55
20
false
true
false
false
-0.17
0.22
-0.04
Energy:EW
Hedge
Treasury_Futures: +120bps notional
5
-23
DealerA
DealerAxed
12
93
-158
-148
Region>limit
Rotate
Regional concentration above limit
247
Tighten HY exposure bands
C07547
CR9438
2024-04-19
Tightening
109
450
4.4
1.7
691,593,347
Materials:8.7;Tech:20.2;Industrials:14.9;Financials:23.6;Utilities:32.6
US:68.6;EU:13.0;APAC:4.9;EMEA:8.3;LATAM:5.2
BBB:20.3;CCC:13.9;AAA:16.4;BB:8.2;A:41.2
7
63.2
258
287
17.7
3
35
45
20
false
true
true
true
0.25
0.55
-0
Industrials:EW
Hedge
Options_Payer: +111bps notional
-6
44
DealerA
Electronic
7
87
7
-59
Sector>limit
Reduce
Sector concentration above limit
149
Rotate into defensive sectors
C07548
CR6769
2024-04-14
Calm
103
318
3.2
1.7
1,985,433,114
Financials:41.2;Utilities:43.2;Healthcare:15.6
US:62.2;EU:14.3;APAC:12.3;EMEA:4.5;LATAM:6.7
CCC:10.6;A:45.7;AA:31.4;BB:12.3
3.56
44.6
228
450
5.1
4
35
55
35
true
true
false
true
2.23
1.63
0.53
Consumer:EW
Hedge
SingleName_CDS: +191bps notional
-1
-24
ECN2
RFQ
0
87
-19
-335
Region>limit
Rotate
Regional concentration above limit
211
Defer adds pending macro print
C07549
CR2302
2024-09-29
Calm
75
334
3.2
1.8
2,079,597,806
Utilities:24.3;Consumer:26.5;Materials:6.7;RealEstate:9.5;Tech:24.8;Healthcare:8.1
US:71.3;EU:16.2;APAC:5.7;EMEA:3.8;LATAM:3.0
AAA:19.5;A:26.0;BB:10.6;B:43.8
6.99
63.9
260
273
4.8
2.5
20
45
35
true
true
true
true
0.89
0.26
-0.09
Materials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
-5
ECN1
RFQ
6
86
290
-283
Sector>limit
Hedge
Sector concentration above limit
172
Defer adds pending macro print
C07550
CR6051
2024-02-11
Recovery
143
575
5.1
0.4
587,984,027
Utilities:17.2;Industrials:31.5;Consumer:10.0;Energy:31.6;RealEstate:9.8
US:73.6;EU:13.9;APAC:8.8;EMEA:3.1;LATAM:0.7
AA:19.7;CCC:26.9;BB:23.8;B:29.5
5.74
31.8
270
328
14.4
2
30
45
30
true
true
true
true
-0.18
0.54
-0.28
null
Hedge
iTraxx_MAIN: +77bps notional
19
-1
ECN1
All2All
8
90
141
2
Sector>limit
Hedge
Sector concentration above limit
163
Defer adds pending macro print
C07551
CR2803
2025-08-18
Stress
218
636
7.3
-0.4
2,544,414,971
Comm:12.1;Industrials:10.5;Healthcare:19.7;Utilities:17.2;Materials:30.8;Consumer:9.7
US:61.1;EU:10.8;APAC:12.3;EMEA:8.9;LATAM:7.0
AA:29.3;A:26.9;BBB:32.2;BB:11.6
2.04
26.2
300
248
22
3.5
20
45
35
true
true
false
true
2.36
1.03
0.13
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
43
DealerC
Electronic
5
94
87
-29
Region>limit
Reduce
Regional concentration above limit
95
Rotate into defensive sectors
C07552
CR1075
2025-04-14
Tightening
151
397
5
0.6
1,371,408,585
Comm:16.8;Consumer:20.4;Financials:11.7;Healthcare:20.4;Energy:21.3;Materials:9.5
US:67.5;EU:8.3;APAC:11.0;EMEA:6.2;LATAM:7.0
CCC:42.6;BB:16.3;B:31.7;AAA:9.5
2.37
45.7
202
310
6.4
2
20
55
30
true
true
true
true
2.38
1.47
0.01
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
44
ECN1
Electronic
2
92
163
-265
VAR>budget
Hedge
Portfolio VAR above budget
238
Rotate into defensive sectors
C07553
CR6917
2024-12-06
Stress
243
790
6
-1.7
888,730,417
Consumer:31.5;Energy:15.2;Utilities:12.3;Comm:12.9;Industrials:28.1
US:66.9;EU:13.6;APAC:11.5;EMEA:5.0;LATAM:2.9
BB:12.1;B:24.2;CCC:16.4;AA:27.4;AAA:19.9
6.58
34
344
379
16
4
35
35
25
false
true
true
true
0.51
1.19
0.29
Tech:EW
Hedge
CDX_IG: +134bps notional
-10
-11
DealerA
RFQ
8
86
52
-441
Sector>limit
Reduce
Sector concentration above limit
166
Escalate watchlist names
C07554
CR5793
2025-10-23
Calm
72
377
3.3
1.7
1,661,153,901
Materials:18.9;RealEstate:42.6;Industrials:23.4;Utilities:15.1
US:67.9;EU:5.7;APAC:11.6;EMEA:11.5;LATAM:3.3
B:15.1;AA:44.6;BB:11.2;A:29.1
5.3
32
147
432
13.3
3.5
30
45
35
true
true
false
false
-0.39
1.11
-0.17
null
Hedge
iTraxx_MAIN: +155bps notional
12
-8
DealerB
DealerAxed
1
85
-204
-149
HYCap>limit
Hedge
High-yield share above policy cap
232
Reviewed by risk; hedges staggered
C07555
CR2717
2025-01-06
Tightening
146
461
4.9
1.1
546,541,572
Tech:34.9;Energy:26.9;Comm:24.5;Utilities:13.8
US:54.3;EU:19.4;APAC:12.8;EMEA:8.4;LATAM:5.2
B:23.4;A:17.2;CCC:10.0;AAA:33.3;BBB:16.0
2.7
48.2
161
427
7.4
3
30
45
30
true
true
true
false
2.1
1.63
0.06
Consumer:EW
Hedge
iTraxx_XOVER: +100bps notional
19
35
DealerB
All2All
7
86
209
-15
Region>limit
Reduce
Regional concentration above limit
173
Reviewed by risk; hedges staggered
C07556
CR0345
2025-09-23
Tightening
90
424
4.9
1.2
2,976,223,114
Comm:14.6;Energy:18.4;Industrials:17.0;Tech:30.3;Healthcare:19.8
US:64.0;EU:13.8;APAC:6.3;EMEA:8.5;LATAM:7.3
CCC:28.1;BBB:22.1;AA:32.7;BB:17.1
1.11
39.6
191
409
7.3
3
30
45
20
true
true
true
false
0.22
-0.21
0.4
null
Rotate
From Energy -1.0% to Utilities +1.0%
16
23
DealerA
DealerAxed
11
94
56
-471
HYCap>limit
Hedge
High-yield share above policy cap
253
Tighten HY exposure bands
C07557
CR7203
2024-08-27
Stress
249
732
6.8
0.3
1,798,703,446
Utilities:35.0;Financials:16.1;Consumer:26.3;Healthcare:22.5
US:63.4;EU:16.0;APAC:8.4;EMEA:11.1;LATAM:1.1
CCC:8.5;BB:23.8;AAA:50.0;A:17.8
7.19
37.3
321
453
18.6
4
30
35
35
true
true
false
true
0.62
0.01
0.04
null
Hedge
Options_Payer: +99bps notional
-10
21
ECN2
All2All
5
100
-56
-91
HYCap>limit
PauseAdds
High-yield share above policy cap
228
Rotate into defensive sectors
C07558
CR5660
2025-09-07
Calm
92
319
3.5
1.7
809,263,701
RealEstate:58.2;Energy:26.1;Utilities:15.7
US:59.5;EU:9.7;APAC:12.0;EMEA:11.5;LATAM:7.2
AA:6.4;CCC:13.6;BBB:20.0;AAA:21.2;A:10.1;B:28.6
1.72
52.1
81
385
13.1
3.5
35
35
30
true
true
true
false
1.87
1.65
-0.08
Healthcare:EW
Hedge
iTraxx_MAIN: +149bps notional
-11
4
DealerB
DealerAxed
7
98
338
98
Sector>limit
Reduce
Sector concentration above limit
252
Defer adds pending macro print
C07559
CR9749
2024-04-24
Calm
120
402
3.9
2.1
2,404,930,866
Healthcare:18.1;Materials:25.6;Financials:24.5;Utilities:12.9;RealEstate:18.9
US:70.2;EU:8.0;APAC:7.7;EMEA:10.5;LATAM:3.7
CCC:16.9;B:20.7;AAA:43.9;BB:18.4
6.28
60.2
107
139
15.8
3.5
35
35
35
false
true
true
false
2.06
1.19
0.28
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
-20
DealerC
RFQ
5
98
183
-309
HYCap>limit
Reduce
High-yield share above policy cap
207
Escalate watchlist names
C07560
CR2858
2024-08-12
Tightening
147
424
4.5
1.7
2,850,843,088
Financials:32.4;Tech:13.2;Materials:9.4;Comm:33.2;RealEstate:11.7
US:66.7;EU:12.6;APAC:7.9;EMEA:7.1;LATAM:5.7
BBB:30.5;BB:10.0;AAA:23.7;A:35.9
7.12
60.1
133
302
16.5
4
30
45
30
true
true
false
false
1.21
0.07
0.55
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
-8
DealerB
Electronic
11
88
199
-103
Region>limit
Hedge
Regional concentration above limit
162
Escalate watchlist names
C07561
CR4447
2025-11-29
Calm
113
396
4.4
2.6
1,725,152,071
Tech:10.3;Consumer:13.5;Financials:22.6;Healthcare:26.5;Utilities:13.0;Energy:14.2
US:57.8;EU:16.0;APAC:16.8;EMEA:6.6;LATAM:2.8
BB:16.3;B:15.7;CCC:14.1;BBB:19.5;A:34.3
6.95
26.6
119
414
6.8
2
35
35
35
false
true
true
false
1.88
0.59
-0.38
null
Hedge
CDX_IG: +72bps notional
-31
9
ECN1
All2All
2
100
-54
176
HYCap>limit
Reduce
High-yield share above policy cap
153
Defer adds pending macro print
C07562
CR4826
2024-02-06
Tightening
153
431
4
0.8
522,210,635
Healthcare:30.8;Consumer:24.7;Energy:31.6;Materials:13.0
US:73.5;EU:8.0;APAC:9.5;EMEA:7.3;LATAM:1.7
A:10.9;BBB:31.4;B:5.3;CCC:21.0;BB:15.8;AA:15.6
0.94
59.7
245
395
17.9
4
20
45
25
true
true
true
true
1.63
0.26
0.3
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
-21
ECN1
RFQ
7
91
206
-55
HYCap>limit
Rotate
High-yield share above policy cap
132
Defer adds pending macro print
C07563
CR2376
2025-08-29
Tightening
114
420
4.5
0.8
1,543,515,554
Industrials:39.9;Tech:44.6;RealEstate:15.5
US:64.6;EU:17.8;APAC:6.2;EMEA:6.2;LATAM:5.3
CCC:28.5;BB:9.6;B:24.6;AAA:12.9;A:16.4;BBB:7.9
3.84
30.7
186
328
6.7
4
30
55
35
true
true
true
false
0.21
0.97
0.5
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-28
35
ECN2
RFQ
9
96
123
-348
HYCap>limit
Reduce
High-yield share above policy cap
197
Rotate into defensive sectors
C07564
CR5489
2024-02-20
Stress
196
563
5.7
-1.4
2,702,131,485
Healthcare:15.9;RealEstate:17.3;Tech:17.3;Utilities:19.5;Comm:8.0;Financials:22.0
US:54.3;EU:19.1;APAC:11.5;EMEA:10.2;LATAM:4.9
B:12.4;BBB:14.9;CCC:19.9;A:13.3;AAA:13.1;BB:26.4
4.49
26.5
326
452
7.6
2.5
35
55
35
false
false
true
true
2.39
1.14
0.25
null
Hedge
SingleName_CDS: +53bps notional
-58
-5
ECN2
Electronic
2
90
-144
27
VAR>budget
Hedge
Portfolio VAR above budget
233
Tighten HY exposure bands
C07565
CR5136
2024-09-14
Tightening
146
397
4
1.2
65,487,031
Tech:46.6;Comm:17.9;Healthcare:35.5
US:67.4;EU:7.3;APAC:15.1;EMEA:5.0;LATAM:5.2
B:10.9;CCC:6.5;BB:3.7;A:30.2;BBB:17.5;AA:31.2
0.56
22.7
173
517
7.5
3.5
35
45
20
true
true
true
false
-0.06
0.06
-0.17
null
Rotate
From Energy -1.0% to Utilities +1.0%
-9
32
ECN1
All2All
3
85
30
66
VAR>budget
Reduce
Portfolio VAR above budget
107
Tighten HY exposure bands
C07566
CR1743
2025-02-25
Calm
99
359
3.4
1.6
1,092,178,933
Financials:22.7;RealEstate:22.7;Tech:19.5;Industrials:18.2;Healthcare:16.9
US:65.8;EU:6.8;APAC:11.9;EMEA:10.1;LATAM:5.5
A:8.7;B:7.9;AAA:31.2;BBB:20.7;AA:31.5
2.49
30.5
120
217
2.7
3
30
55
20
false
true
false
false
0.4
1.07
0.5
Comm:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-59
-19
ECN1
DealerAxed
10
97
109
-71
VAR>budget
Rotate
Portfolio VAR above budget
121
Tighten HY exposure bands
C07567
CR1769
2025-05-02
Calm
65
284
3.8
2
206,308,343
Energy:13.0;Industrials:34.2;Healthcare:17.8;Consumer:35.0
US:64.3;EU:14.0;APAC:11.7;EMEA:7.6;LATAM:2.4
BB:35.3;A:17.9;BBB:21.3;AAA:25.5
7.27
39.6
105
279
6
3
35
45
20
false
true
true
false
1.1
0.59
0.32
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
-25
DealerA
Electronic
2
98
-160
-329
Region>limit
Rotate
Regional concentration above limit
90
Escalate watchlist names
C07568
CR6851
2025-03-15
Recovery
140
641
6.4
1.8
1,657,493,451
Financials:19.3;RealEstate:19.7;Comm:16.6;Healthcare:25.0;Utilities:9.6;Tech:9.9
US:72.7;EU:5.2;APAC:7.9;EMEA:10.0;LATAM:4.1
BBB:20.8;AAA:33.9;B:17.2;CCC:28.1
3.04
36.1
228
275
13.4
3.5
20
55
25
true
true
true
true
0.09
0.74
-0.05
Comm:EW
Hedge
CDX_HY: +84bps notional
-41
4
ECN1
DealerAxed
2
93
80
-377
Sector>limit
Reduce
Sector concentration above limit
227
Escalate watchlist names
C07569
CR8225
2025-12-16
Calm
111
286
3.2
1.8
1,873,226,569
Industrials:26.1;Comm:22.2;Utilities:7.8;Healthcare:16.2;Energy:20.7;Financials:7.1
US:67.5;EU:9.3;APAC:12.0;EMEA:7.2;LATAM:4.0
BBB:26.4;AA:11.8;CCC:23.4;AAA:18.6;B:19.8
0.56
61.7
177
168
10.6
2
25
35
25
true
true
true
false
0.81
0.56
-0.02
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
-19
DealerA
RFQ
3
95
85
-318
Region>limit
Rotate
Regional concentration above limit
151
Escalate watchlist names
C07570
CR1521
2025-09-23
Calm
101
372
4.5
1.9
1,699,784,192
Comm:40.8;Financials:16.1;Materials:20.8;Consumer:22.3
US:66.7;EU:11.5;APAC:8.7;EMEA:10.4;LATAM:2.7
AAA:26.2;BBB:30.4;A:30.8;BB:7.3;CCC:5.4
5.79
34.9
126
508
12.1
2.5
20
35
30
true
true
false
false
0.4
1.73
-0.14
null
Hedge
SingleName_CDS: +50bps notional
-32
21
DealerB
All2All
12
90
304
-65
HYCap>limit
Reduce
High-yield share above policy cap
138
Tighten HY exposure bands
C07571
CR4701
2024-11-15
Recovery
167
423
4.8
-0.5
1,480,063,112
Financials:9.2;Consumer:23.1;Utilities:19.5;Materials:18.4;Healthcare:21.6;Energy:8.3
US:63.3;EU:14.7;APAC:8.5;EMEA:7.3;LATAM:6.1
AA:12.9;B:19.9;A:14.0;BB:26.3;AAA:14.5;CCC:12.5
2.34
27.4
165
332
6.2
3
30
55
35
false
true
true
false
1.24
0.72
-0.24
Utilities:EW;RealEstate:EW
Hedge
Options_Payer: +79bps notional
-40
40
DealerB
All2All
3
98
-123
-347
HYCap>limit
Reduce
High-yield share above policy cap
210
Reviewed by risk; hedges staggered
C07572
CR0131
2024-09-13
Recovery
173
633
5.3
0.7
2,763,972,460
Consumer:30.0;Healthcare:36.2;Energy:9.4;Tech:24.4
US:63.9;EU:16.3;APAC:7.8;EMEA:4.8;LATAM:7.2
CCC:10.0;B:12.1;AAA:39.3;A:38.6
3.24
20.6
211
324
17.9
3.5
20
35
25
true
true
false
true
1.81
0.17
-0.21
null
Rotate
From Energy -1.0% to Utilities +1.0%
16
-15
DealerC
DealerAxed
5
89
-109
80
Sector>limit
Rotate
Sector concentration above limit
254
Rotate into defensive sectors
C07573
CR9950
2024-09-27
Stress
239
740
8.3
-0.7
864,831,695
Consumer:16.6;Healthcare:13.8;Financials:26.5;Comm:12.5;Tech:14.4;Energy:16.2
US:60.4;EU:11.9;APAC:13.6;EMEA:5.9;LATAM:8.3
A:22.3;CCC:33.1;AA:14.2;BB:30.4
6.29
42.1
258
586
16.3
2.5
20
35
30
true
true
true
true
1.84
1.41
0.57
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
-24
DealerB
RFQ
4
88
306
-156
Sector>limit
Reduce
Sector concentration above limit
144
Defer adds pending macro print
C07574
CR8589
2024-05-01
Recovery
136
518
6
0.5
64,485,699
Industrials:22.1;Consumer:27.5;RealEstate:9.1;Utilities:20.2;Tech:9.9;Healthcare:11.3
US:67.5;EU:9.2;APAC:11.2;EMEA:11.0;LATAM:1.1
AAA:28.1;BBB:27.3;CCC:17.4;A:10.2;BB:5.9;B:11.2
6.22
40.3
113
444
4.5
2.5
30
35
35
false
true
false
false
2.17
0.71
0.16
Consumer:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-35
-3
DealerC
All2All
8
96
293
-87
HYCap>limit
Reduce
High-yield share above policy cap
138
Escalate watchlist names
C07575
CR9200
2024-12-30
Tightening
148
421
4.2
0.6
1,752,871,317
Materials:19.8;Comm:19.1;Consumer:17.5;Healthcare:13.5;Energy:10.5;Industrials:19.6
US:63.7;EU:16.6;APAC:5.1;EMEA:9.6;LATAM:5.1
B:13.9;BBB:26.8;AA:24.8;CCC:16.3;A:18.2
6.83
43.5
237
464
2.9
2
20
35
20
false
true
true
true
0.31
1.5
-0.36
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
32
ECN2
RFQ
1
98
310
-94
HYCap>limit
Hedge
High-yield share above policy cap
119
Tighten HY exposure bands
C07576
CR7931
2025-12-12
Tightening
111
427
4.7
1.9
1,949,814,854
Utilities:49.7;Comm:28.1;Materials:22.2
US:66.3;EU:14.6;APAC:7.9;EMEA:9.6;LATAM:1.6
AA:33.6;A:14.6;B:33.4;CCC:18.4
7.21
28.2
124
319
2.6
4
20
35
25
true
true
true
false
0.96
1.02
0.38
Industrials:EW
Hedge
CDX_HY: +144bps notional
-8
-17
DealerC
DealerAxed
9
90
-100
-5
HYCap>limit
Rotate
High-yield share above policy cap
256
Reviewed by risk; hedges staggered
C07577
CR4999
2025-09-29
Tightening
95
504
4.8
2
2,799,102,253
Financials:26.8;Comm:15.8;Utilities:26.5;Consumer:30.9
US:61.1;EU:17.5;APAC:10.6;EMEA:9.3;LATAM:1.5
BB:16.1;A:17.5;AAA:25.7;BBB:14.3;AA:10.5;B:16.1
0.67
28.8
83
279
15.9
3
30
35
25
true
true
true
false
1.97
-0.28
0.08
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
0
ECN2
All2All
7
98
56
-459
Region>limit
Reduce
Regional concentration above limit
132
Rotate into defensive sectors
C07578
CR3589
2024-07-01
Stress
227
787
5.3
-0.6
505,311,211
Healthcare:12.4;Industrials:42.1;Utilities:45.4
US:80.6;EU:7.1;APAC:7.0;EMEA:5.3;LATAM:0.1
BB:33.6;AAA:24.6;A:27.2;CCC:14.6
4.23
62
218
547
11.5
3.5
25
45
20
true
true
true
true
0.44
0.44
0.16
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
34
ECN1
All2All
2
88
-116
-193
Sector>limit
Reduce
Sector concentration above limit
239
Defer adds pending macro print
C07579
CR9826
2024-05-03
Tightening
133
483
4.4
1.2
1,477,652,806
Comm:13.3;Healthcare:26.9;Energy:28.3;Tech:31.5
US:63.3;EU:19.5;APAC:10.7;EMEA:4.0;LATAM:2.5
A:18.6;CCC:3.5;BB:16.0;AAA:23.2;B:8.5;BBB:30.2
2.54
42
215
227
18
4
30
45
35
true
true
false
true
2.05
1.72
0.2
null
Hedge
CDX_HY: +84bps notional
-52
1
ECN1
All2All
3
91
187
-225
HYCap>limit
Reduce
High-yield share above policy cap
189
Reviewed by risk; hedges staggered
C07580
CR0007
2024-10-08
Stress
158
600
5.2
-1.3
2,142,270,337
Healthcare:12.4;RealEstate:15.6;Tech:19.5;Utilities:24.7;Energy:16.4;Industrials:11.3
US:59.7;EU:15.7;APAC:11.6;EMEA:6.8;LATAM:6.2
AAA:26.9;BBB:24.4;A:19.9;AA:17.7;BB:11.2
4.08
37.4
250
506
10.7
3.5
20
35
30
true
true
false
true
0.92
1.42
0.49
Utilities:EW
Hedge
SingleName_CDS: +168bps notional
-9
45
DealerB
DealerAxed
0
98
14
114
Sector>limit
Reduce
Sector concentration above limit
203
Defer adds pending macro print
C07581
CR2396
2025-09-02
Recovery
179
427
4.6
0.8
209,528,168
Healthcare:14.8;Comm:18.4;Consumer:18.9;Energy:9.6;RealEstate:16.4;Materials:21.9
US:65.5;EU:20.0;APAC:8.4;EMEA:3.9;LATAM:2.2
BB:8.5;AAA:19.2;B:6.0;BBB:19.2;AA:21.1;A:26.1
4.03
29.5
271
450
15.3
2
20
35
35
true
true
false
true
-0.23
0.4
-0.19
null
Hedge
iTraxx_MAIN: +144bps notional
-24
8
ECN2
All2All
9
95
-13
52
Sector>limit
Reduce
Sector concentration above limit
140
Reviewed by risk; hedges staggered
C07582
CR2015
2025-11-21
Calm
116
288
3.5
2.4
1,609,325,387
RealEstate:36.8;Tech:34.3;Energy:10.3;Healthcare:18.6
US:61.8;EU:16.2;APAC:8.1;EMEA:10.5;LATAM:3.5
AA:6.8;AAA:23.3;CCC:24.6;BBB:21.9;B:23.3
5.89
32.6
152
420
8.6
3.5
20
55
25
true
true
true
false
0.16
0.06
-0.04
null
Hedge
SingleName_CDS: +78bps notional
-26
-23
ECN1
Electronic
1
94
144
-134
HYCap>limit
Rotate
High-yield share above policy cap
215
Tighten HY exposure bands
C07583
CR8262
2025-10-09
Tightening
105
470
4.8
0.9
1,155,169,550
Industrials:20.7;Utilities:15.7;Financials:21.1;Consumer:42.5
US:69.9;EU:14.6;APAC:5.4;EMEA:7.2;LATAM:2.8
A:40.2;BBB:13.6;CCC:16.3;B:13.3;AA:16.6
6.68
44.7
265
258
5
4
30
45
30
true
true
false
true
1.37
0.27
-0.37
Utilities:EW
Hedge
CDX_IG: +92bps notional
0
1
DealerC
All2All
12
86
-145
-260
Sector>limit
Rotate
Sector concentration above limit
216
Escalate watchlist names
C07584
CR8162
2025-10-31
Calm
66
356
4.1
3
1,530,215,719
Energy:18.8;Materials:15.5;Healthcare:28.2;Utilities:37.6
US:68.5;EU:16.9;APAC:9.1;EMEA:2.8;LATAM:2.8
A:12.8;B:14.3;AA:20.2;AAA:11.6;BB:24.5;BBB:16.6
1.49
54.5
167
348
17.4
2
35
35
20
true
true
true
false
1.38
1.6
-0.02
Healthcare:EW;Energy:EW
Hedge
CDX_IG: +175bps notional
-37
12
DealerB
RFQ
6
86
-98
-390
VAR>budget
Hedge
Portfolio VAR above budget
103
Tighten HY exposure bands
C07585
CR5645
2025-05-25
Calm
70
349
3.5
2.7
1,005,946,105
Consumer:47.8;Comm:39.0;Industrials:13.2
US:71.3;EU:6.4;APAC:11.1;EMEA:5.8;LATAM:5.3
BB:16.7;BBB:20.5;AA:20.4;B:24.6;A:17.8
7.4
60.2
169
367
11.4
4
25
55
20
true
true
true
false
0.26
1.27
0.45
Healthcare:EW
Hedge
iTraxx_XOVER: +77bps notional
-42
9
DealerC
DealerAxed
9
97
-13
-369
Region>limit
Hedge
Regional concentration above limit
233
Tighten HY exposure bands
C07586
CR3091
2025-04-20
Recovery
149
527
5.4
1.9
1,007,286,476
RealEstate:13.1;Energy:27.2;Healthcare:59.7
US:65.3;EU:8.6;APAC:12.6;EMEA:9.6;LATAM:3.9
A:22.6;BB:17.7;BBB:9.8;B:25.7;AAA:24.2
6.81
27.9
154
405
6.4
3
20
35
30
true
true
true
false
0.46
1.4
-0
Consumer:EW;Tech:EW
Hedge
CDX_IG: +50bps notional
-8
12
DealerA
RFQ
12
94
80
144
Region>limit
Rotate
Regional concentration above limit
197
Rotate into defensive sectors
C07587
CR8849
2024-01-16
Calm
80
370
4.4
2.1
1,568,294,960
Comm:28.2;Utilities:42.3;Energy:10.4;Consumer:19.1
US:57.6;EU:18.3;APAC:11.4;EMEA:8.2;LATAM:4.4
B:10.3;AAA:37.6;BB:7.6;AA:44.6
5.39
31.2
163
455
3.7
2
35
55
20
true
true
false
false
1.86
0.98
0.08
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
-20
ECN2
Electronic
2
85
225
-263
Region>limit
Hedge
Regional concentration above limit
235
Escalate watchlist names
C07588
CR1373
2025-01-27
Stress
162
558
6.2
0.5
1,103,266,217
Materials:35.5;Healthcare:32.8;Tech:31.7
US:64.0;EU:17.8;APAC:6.7;EMEA:8.2;LATAM:3.3
BBB:14.6;A:30.9;BB:6.4;AA:13.9;B:18.5;CCC:15.7
0.64
34.1
143
528
9.1
2.5
30
55
20
true
true
true
false
2.29
-0.04
0.43
Comm:EW
Hedge
iTraxx_MAIN: +76bps notional
-57
-11
DealerA
RFQ
9
97
69
-119
HYCap>limit
Hedge
High-yield share above policy cap
173
Tighten HY exposure bands
C07589
CR5639
2024-07-31
Tightening
107
487
4.5
1.8
1,484,969,956
Consumer:12.2;Financials:15.8;Materials:11.3;Healthcare:28.6;Tech:11.9;Comm:20.2
US:70.2;EU:12.5;APAC:8.7;EMEA:7.9;LATAM:0.7
BB:9.0;B:7.1;BBB:22.1;AAA:28.6;AA:33.2
6.4
61.4
225
505
10.5
3.5
30
35
30
false
true
false
true
0.28
0.39
0.4
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
32
DealerC
RFQ
8
94
313
-140
Region>limit
Hedge
Regional concentration above limit
106
Tighten HY exposure bands
C07590
CR7161
2025-04-04
Recovery
145
643
5.6
1.3
159,672,542
Healthcare:13.4;Industrials:23.0;Utilities:29.9;Materials:20.3;Energy:13.4
US:61.1;EU:13.7;APAC:10.1;EMEA:10.0;LATAM:5.1
AAA:21.8;CCC:20.6;BBB:8.8;BB:48.9
5.49
52.7
263
180
3.9
2
25
45
20
true
true
true
true
2.46
0.02
0.26
null
Rotate
From Energy -1.0% to Utilities +1.0%
-56
-6
ECN1
All2All
1
99
325
119
Region>limit
Reduce
Regional concentration above limit
129
Escalate watchlist names
C07591
CR3307
2024-11-28
Calm
99
374
4.2
1.8
2,147,108,673
Financials:28.8;Tech:41.9;Consumer:29.3
US:54.1;EU:19.6;APAC:10.9;EMEA:10.5;LATAM:4.9
A:8.9;AAA:13.9;AA:27.9;BBB:24.0;BB:7.5;CCC:17.9
2.98
43.6
243
135
4.8
2
20
35
20
true
true
true
true
1.07
0.34
-0.38
Tech:EW;Healthcare:EW;Financials:EW
Hedge
Treasury_Futures: +65bps notional
-51
-9
ECN1
DealerAxed
0
89
-77
-227
Region>limit
Hedge
Regional concentration above limit
253
Defer adds pending macro print
C07592
CR8828
2025-09-05
Stress
167
709
8.2
-1.6
2,625,132,042
Materials:29.7;Comm:27.6;Utilities:17.1;Healthcare:25.6
US:68.1;EU:9.0;APAC:11.1;EMEA:11.6;LATAM:0.2
BBB:12.1;B:7.0;A:12.1;BB:5.4;AAA:34.4;AA:29.0
2.85
30.9
207
477
22.5
4
20
35
30
true
true
false
true
0.69
0.13
0.55
null
Hedge
iTraxx_MAIN: +190bps notional
-17
37
ECN1
RFQ
12
86
134
-336
VAR>budget
Rotate
Portfolio VAR above budget
131
Tighten HY exposure bands
C07593
CR1018
2025-10-23
Stress
193
657
8.3
-1.4
587,293,464
Consumer:8.7;Energy:19.2;Comm:16.7;Industrials:20.5;Materials:15.1;Utilities:19.8
US:62.6;EU:14.9;APAC:8.9;EMEA:7.7;LATAM:5.9
BBB:26.2;BB:17.8;AA:11.5;B:36.1;A:8.5
2.81
31.6
201
614
11.8
3
30
35
30
false
true
true
true
1.87
-0.28
0.03
Industrials:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-1
ECN1
RFQ
5
90
294
27
Region>limit
Reduce
Regional concentration above limit
182
Tighten HY exposure bands
C07594
CR8824
2024-03-25
Calm
74
389
4.1
2.5
1,823,871,959
RealEstate:23.5;Tech:9.0;Energy:23.9;Industrials:20.8;Utilities:22.8
US:72.7;EU:5.0;APAC:7.9;EMEA:10.9;LATAM:3.3
CCC:7.8;A:44.5;BB:21.5;AA:16.8;B:9.3
1.54
64.3
115
177
14.6
4
20
45
25
true
true
true
false
-0.44
-0.25
-0.38
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
42
DealerB
RFQ
10
90
153
-390
Region>limit
Hedge
Regional concentration above limit
216
Rotate into defensive sectors
C07595
CR6117
2025-02-25
Recovery
124
536
4.8
0.5
1,489,514,220
Financials:20.0;Industrials:27.4;Energy:15.0;Tech:21.8;Healthcare:15.8
US:65.5;EU:12.6;APAC:8.0;EMEA:7.5;LATAM:6.3
AA:39.8;CCC:19.2;BB:7.4;AAA:33.5
4.35
36.5
215
485
15.5
2
20
55
30
true
true
false
true
1.6
1.16
0.22
Tech:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
19
3
DealerA
Electronic
6
93
38
65
HYCap>limit
Rotate
High-yield share above policy cap
169
Escalate watchlist names
C07596
CR8869
2025-05-21
Stress
192
803
8.1
-1.4
2,128,621,491
RealEstate:28.1;Comm:12.3;Tech:31.7;Financials:8.6;Industrials:19.3
US:71.5;EU:11.9;APAC:6.7;EMEA:3.8;LATAM:6.1
BB:17.0;B:31.4;BBB:6.6;A:13.4;CCC:15.7;AAA:15.9
2.36
55.4
169
542
7.3
4
30
45
30
true
true
true
false
0.96
0.53
0.36
null
Rotate
From Energy -1.0% to Utilities +1.0%
-50
-1
ECN2
All2All
6
96
-107
-232
Sector>limit
Reduce
Sector concentration above limit
257
Escalate watchlist names
C07597
CR6288
2024-09-27
Calm
115
379
4.4
2.3
2,836,852,045
Financials:13.8;Energy:23.8;Consumer:13.7;Industrials:29.6;Healthcare:19.0
US:59.8;EU:18.6;APAC:14.1;EMEA:5.8;LATAM:1.7
BB:9.7;B:14.8;AAA:15.2;BBB:27.3;AA:22.7;CCC:10.3
2.54
32.7
133
329
4.5
2
35
35
25
false
true
true
false
2.23
1.34
-0.12
Financials:EW;Energy:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-25
16
DealerB
Electronic
5
87
-110
-130
Sector>limit
Rotate
Sector concentration above limit
172
Escalate watchlist names
C07598
CR4354
2024-12-01
Recovery
146
450
5.7
-0.3
1,201,294,712
Healthcare:10.8;Financials:28.1;Comm:12.0;Energy:20.3;Utilities:13.4;Consumer:15.5
US:71.8;EU:13.1;APAC:7.7;EMEA:4.8;LATAM:2.6
BB:36.7;B:9.2;CCC:15.5;AA:6.7;AAA:15.5;BBB:16.4
1.61
35
246
407
7
2.5
25
55
30
true
true
true
true
0.3
1.07
0
Financials:EW
Hedge
iTraxx_MAIN: +191bps notional
-34
-10
DealerA
DealerAxed
6
97
-109
86
HYCap>limit
PauseAdds
High-yield share above policy cap
120
Rotate into defensive sectors
C07599
CR0586
2024-09-22
Calm
111
339
4.2
1.7
495,062,523
Healthcare:35.8;RealEstate:41.7;Materials:22.5
US:65.0;EU:16.2;APAC:12.9;EMEA:5.9;LATAM:0.1
AA:11.9;BB:18.2;CCC:30.7;BBB:17.4;AAA:11.9;B:10.0
6.12
53.3
248
402
12.2
2.5
20
45
30
true
true
true
true
0.96
1.35
-0.25
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
-25
DealerB
All2All
12
94
-181
-263
HYCap>limit
Reduce
High-yield share above policy cap
148
Tighten HY exposure bands
C07600
CR3457
2024-01-11
Calm
106
349
4.3
2.5
703,788,176
Healthcare:8.9;Industrials:25.3;Materials:31.3;Consumer:34.5
US:67.3;EU:14.8;APAC:11.4;EMEA:4.2;LATAM:2.3
BB:18.1;A:20.5;BBB:18.5;B:43.0
0.8
40
207
433
16.6
2.5
25
45
20
true
true
true
true
1.28
0.34
0.49
null
Hedge
Options_Payer: +61bps notional
-12
7
ECN2
Electronic
3
92
-152
-52
Sector>limit
Hedge
Sector concentration above limit
152
Tighten HY exposure bands