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
C07601
CR5686
2024-02-01
Stress
149
572
8
0.8
628,054,234
Industrials:50.3;Comm:16.2;Materials:15.2;Healthcare:18.4
US:64.4;EU:20.2;APAC:7.3;EMEA:7.6;LATAM:0.5
CCC:25.0;AAA:39.6;AA:16.0;A:19.5
1.31
59.5
286
401
5.4
3.5
30
45
25
true
true
false
true
0.19
1.09
0.18
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-7
21
DealerA
All2All
4
91
401
-59
Sector>limit
Rotate
Sector concentration above limit
193
Defer adds pending macro print
C07602
CR7267
2024-08-18
Recovery
113
468
5.5
0.4
1,531,928,309
Materials:13.5;RealEstate:16.1;Industrials:18.9;Tech:17.2;Healthcare:17.2;Comm:17.1
US:65.3;EU:14.3;APAC:10.2;EMEA:3.4;LATAM:6.8
BB:11.0;B:21.8;A:22.0;AAA:45.2
6.37
34.8
261
264
13.7
3
25
55
20
false
true
true
true
1.18
1.36
-0.05
RealEstate:EW
Hedge
CDX_HY: +160bps notional
-52
31
DealerC
Electronic
10
91
-85
-289
Sector>limit
Reduce
Sector concentration above limit
99
Rotate into defensive sectors
C07603
CR8507
2025-07-25
Recovery
105
542
4.5
0.9
2,700,244,795
Consumer:15.9;Industrials:10.9;Financials:31.2;Healthcare:30.7;Energy:11.3
US:68.6;EU:10.2;APAC:9.1;EMEA:9.2;LATAM:2.9
A:27.4;BBB:22.9;AAA:16.4;BB:25.1;CCC:8.2
0.71
22.1
107
406
10
2.5
30
45
25
true
true
true
false
1.02
1.67
-0.13
Materials:EW;Tech:EW
Hedge
Options_Payer: +129bps notional
8
24
DealerC
DealerAxed
2
85
83
-264
HYCap>limit
Reduce
High-yield share above policy cap
125
Tighten HY exposure bands
C07604
CR1023
2025-11-13
Recovery
143
598
6.3
1.6
1,899,026,695
Utilities:32.6;Industrials:12.8;Tech:42.9;Materials:11.7
US:74.4;EU:7.5;APAC:6.9;EMEA:6.3;LATAM:4.8
A:26.7;AA:23.9;BBB:43.4;B:6.0
5.51
26.8
107
452
8
2.5
20
55
30
true
true
false
false
0.34
1.78
-0.23
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
-21
DealerC
DealerAxed
8
90
-115
-139
HYCap>limit
Reduce
High-yield share above policy cap
178
Rotate into defensive sectors
C07605
CR5939
2025-08-08
Stress
241
850
6
-1.6
437,755,834
Consumer:30.5;Financials:26.1;Healthcare:43.4
US:55.0;EU:19.5;APAC:15.9;EMEA:9.4;LATAM:0.1
CCC:15.0;A:27.7;BB:17.7;BBB:39.6
3.94
44.9
290
488
8.3
4
20
55
25
true
false
true
true
0.24
-0.26
-0.27
Financials:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-8
-18
DealerC
RFQ
2
90
265
158
HYCap>limit
Hedge
High-yield share above policy cap
206
Escalate watchlist names
C07606
CR4671
2025-03-11
Tightening
145
394
4.3
0.9
152,836,068
Financials:18.7;Energy:20.0;Healthcare:13.0;Consumer:14.4;Comm:11.2;RealEstate:22.6
US:66.2;EU:14.6;APAC:9.5;EMEA:8.4;LATAM:1.4
B:16.6;A:22.3;AA:12.0;BB:30.2;BBB:18.9
3.89
60.6
144
487
13.3
3
20
55
35
true
true
true
false
2.36
-0.28
-0.16
Healthcare:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
13
DealerA
DealerAxed
1
100
341
-269
VAR>budget
Hedge
Portfolio VAR above budget
194
Tighten HY exposure bands
C07607
CR1755
2024-07-27
Stress
212
716
6.8
0.6
895,911,095
Financials:13.9;Tech:19.2;Industrials:25.9;Materials:40.9
US:74.6;EU:9.8;APAC:5.8;EMEA:8.1;LATAM:1.7
BB:18.2;A:10.3;AAA:24.1;CCC:10.4;AA:15.9;B:21.0
6.59
29.7
318
600
14.2
3.5
30
45
20
true
true
true
true
-0.02
0.7
-0.12
Materials:EW
Hedge
iTraxx_XOVER: +102bps notional
-44
43
ECN1
Electronic
8
88
308
51
Sector>limit
Reduce
Sector concentration above limit
128
Tighten HY exposure bands
C07608
CR2607
2025-05-10
Calm
75
338
4
2.6
2,096,646,520
RealEstate:57.9;Energy:13.8;Utilities:28.2
US:62.7;EU:10.8;APAC:9.8;EMEA:9.9;LATAM:6.8
CCC:3.8;BBB:21.2;A:19.5;AAA:26.1;BB:11.7;AA:17.6
7.33
32.9
115
334
6.4
3
25
35
30
true
true
false
false
0.08
0.4
-0.15
Utilities:EW
Hedge
CDX_HY: +136bps notional
-3
-11
DealerC
RFQ
4
100
258
-429
Sector>limit
Hedge
Sector concentration above limit
190
Reviewed by risk; hedges staggered
C07609
CR3203
2025-09-15
Calm
67
286
4.5
1.5
1,950,597,429
Tech:33.8;Consumer:34.8;Materials:31.4
US:64.1;EU:11.2;APAC:11.9;EMEA:3.8;LATAM:9.0
B:15.4;CCC:16.8;BBB:35.3;AAA:32.6
1.63
57.1
264
140
14.2
2.5
35
35
25
false
true
true
true
2.45
0.83
-0.3
Utilities:EW
Hedge
Treasury_Futures: +148bps notional
-8
-5
DealerB
All2All
11
88
-9
-198
HYCap>limit
Rotate
High-yield share above policy cap
180
Escalate watchlist names
C07610
CR2273
2024-04-28
Recovery
120
623
5.2
0.4
1,123,622,572
Financials:43.8;Consumer:33.9;Materials:22.3
US:62.9;EU:18.9;APAC:8.0;EMEA:8.8;LATAM:1.4
B:15.8;A:21.3;CCC:16.6;BB:14.5;AAA:31.7
6.77
50.4
217
284
5.7
2
20
35
25
true
true
true
true
1.44
1.2
-0.35
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
-18
DealerC
All2All
5
88
-125
-116
Region>limit
Rotate
Regional concentration above limit
198
Rotate into defensive sectors
C07611
CR2483
2024-03-21
Tightening
156
491
3.9
0.5
198,976,766
Consumer:27.3;Comm:15.3;Healthcare:30.3;RealEstate:27.1
US:63.8;EU:7.5;APAC:11.7;EMEA:13.0;LATAM:3.9
B:14.2;BB:15.2;AAA:17.3;CCC:31.1;AA:6.4;A:15.7
4.02
39.3
269
399
11.4
3.5
30
55
30
true
true
true
true
1.57
0.26
0.4
Comm:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
6
DealerA
RFQ
10
91
395
-380
VAR>budget
Hedge
Portfolio VAR above budget
172
Rotate into defensive sectors
C07612
CR0010
2024-11-04
Calm
117
317
4.5
2.4
911,387,249
Financials:12.9;Materials:7.3;Energy:20.4;Comm:16.3;Industrials:25.6;RealEstate:17.6
US:65.8;EU:10.4;APAC:8.4;EMEA:6.7;LATAM:8.7
CCC:18.2;BB:13.8;AA:19.7;AAA:8.7;B:19.7;A:19.8
2.28
57.4
229
298
14.2
3.5
30
55
30
false
true
true
true
2.18
0.93
0.56
null
Hedge
CDX_IG: +146bps notional
-7
1
ECN2
All2All
0
97
-56
-171
HYCap>limit
Hedge
High-yield share above policy cap
135
Tighten HY exposure bands
C07613
CR8115
2025-06-18
Recovery
179
440
6.3
-0
977,172,987
Utilities:12.1;Industrials:19.5;Healthcare:14.1;Tech:16.1;Financials:19.0;Comm:19.2
US:66.5;EU:8.3;APAC:9.7;EMEA:6.9;LATAM:8.5
BBB:22.7;AAA:25.7;AA:16.3;A:10.8;CCC:24.6
0.52
32.9
202
182
6.5
3
20
45
25
false
true
false
true
1.7
0.61
-0.01
Consumer:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-55
11
DealerA
RFQ
8
98
56
-209
Sector>limit
Hedge
Sector concentration above limit
213
Tighten HY exposure bands
C07614
CR1616
2024-11-21
Calm
105
414
4.5
2.6
2,991,572,930
Consumer:46.5;Materials:15.6;Tech:37.9
US:71.0;EU:5.9;APAC:11.5;EMEA:4.4;LATAM:7.1
AA:14.2;A:19.1;BB:26.7;B:10.8;AAA:29.2
6.92
44.8
278
161
3.3
2.5
35
35
30
true
true
true
true
-0.31
-0.28
0.07
null
Rotate
From Energy -1.0% to Utilities +1.0%
-14
-16
DealerB
DealerAxed
5
90
311
-46
HYCap>limit
Reduce
High-yield share above policy cap
110
Rotate into defensive sectors
C07615
CR1954
2025-07-07
Calm
105
417
4.1
1.7
1,047,501,859
Comm:27.7;Materials:6.7;Consumer:28.1;Utilities:18.9;Healthcare:18.6
US:61.1;EU:15.1;APAC:6.8;EMEA:10.7;LATAM:6.3
BBB:25.2;A:14.2;BB:8.9;CCC:10.6;AAA:8.1;B:33.0
5.72
44.3
252
236
3
2
20
55
25
true
true
true
true
1.55
0.12
-0.39
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
-8
DealerA
All2All
1
90
80
-166
HYCap>limit
Rotate
High-yield share above policy cap
98
Escalate watchlist names
C07616
CR5081
2024-05-24
Calm
77
404
3.8
1.7
1,259,843,229
Tech:15.1;Utilities:9.2;Energy:28.9;Industrials:15.8;Materials:10.9;RealEstate:20.1
US:57.5;EU:15.9;APAC:15.8;EMEA:8.3;LATAM:2.6
BBB:35.6;AA:27.4;BB:8.0;CCC:7.5;AAA:21.5
5.45
21.8
92
370
6.5
4
35
35
25
false
true
false
false
0.79
1.64
0.52
Comm:EW;Materials:EW
Hedge
Options_Payer: +176bps notional
-53
-20
DealerB
Electronic
5
91
128
-132
HYCap>limit
Hedge
High-yield share above policy cap
251
Tighten HY exposure bands
C07617
CR7411
2025-12-20
Calm
104
381
4.4
2.8
1,756,655,263
Materials:31.7;Energy:18.7;RealEstate:49.6
US:63.0;EU:14.6;APAC:9.6;EMEA:4.9;LATAM:8.0
BB:29.5;CCC:32.1;BBB:12.2;B:26.2
5.78
44
137
505
8.3
2.5
20
45
30
true
true
true
false
0.22
1.14
0.21
null
Hedge
iTraxx_MAIN: +104bps notional
-21
6
ECN1
Electronic
6
100
-109
-400
HYCap>limit
Reduce
High-yield share above policy cap
94
Tighten HY exposure bands
C07618
CR1045
2024-01-21
Calm
72
369
3.2
2.2
1,297,125,816
Healthcare:23.4;Industrials:9.9;Consumer:8.4;Utilities:27.7;RealEstate:11.0;Financials:19.6
US:68.5;EU:14.6;APAC:6.8;EMEA:7.9;LATAM:2.2
B:19.3;CCC:20.9;AA:22.7;A:37.1
3.4
29.8
216
425
15.9
2
20
55
35
true
true
true
true
1.75
-0.06
-0.21
Materials:EW;Consumer:EW
Hedge
Treasury_Futures: +99bps notional
10
-21
ECN2
DealerAxed
0
91
338
48
VAR>budget
Hedge
Portfolio VAR above budget
165
Tighten HY exposure bands
C07619
CR8113
2025-07-08
Calm
72
395
3.8
2.4
324,320,456
Comm:8.7;Energy:35.0;Healthcare:35.5;Materials:20.8
US:72.0;EU:5.8;APAC:12.3;EMEA:5.7;LATAM:4.3
BB:20.9;A:23.0;BBB:51.2;B:4.9
7.33
58.4
95
286
2.5
2.5
30
55
35
true
true
false
false
-0.17
1.74
0.45
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
39
DealerB
RFQ
1
88
-96
-177
Region>limit
Reduce
Regional concentration above limit
194
Rotate into defensive sectors
C07620
CR9744
2025-08-30
Calm
102
295
3.7
2.4
112,064,866
Comm:18.2;Healthcare:10.3;Industrials:34.9;Consumer:19.0;Utilities:17.6
US:64.8;EU:13.9;APAC:8.3;EMEA:12.1;LATAM:1.0
A:30.8;AA:27.6;B:22.3;BB:19.3
6.74
45.2
234
409
2.6
4
20
45
25
true
true
true
true
2.38
1.12
0.55
null
Hedge
iTraxx_MAIN: +170bps notional
18
43
DealerC
DealerAxed
5
91
89
-434
Sector>limit
Reduce
Sector concentration above limit
123
Rotate into defensive sectors
C07621
CR9372
2024-10-17
Stress
179
663
6.1
-0.7
1,255,946,077
Financials:12.6;Consumer:24.7;Utilities:15.7;Tech:9.0;Comm:37.9
US:63.2;EU:11.5;APAC:15.5;EMEA:6.9;LATAM:2.8
BB:26.6;AA:27.4;A:14.7;BBB:16.1;AAA:15.2
6.15
56.5
134
421
15.6
2
35
45
25
true
true
true
false
1.42
0.03
-0.31
Materials:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
-8
ECN2
Electronic
3
96
-103
-402
Sector>limit
Reduce
Sector concentration above limit
255
Tighten HY exposure bands
C07622
CR1639
2024-05-10
Calm
106
359
4.2
2.8
2,700,409,751
Financials:21.3;Utilities:21.9;RealEstate:24.7;Comm:23.9;Energy:8.1
US:62.9;EU:18.9;APAC:12.3;EMEA:5.8;LATAM:0.1
BB:16.6;BBB:25.9;B:15.4;AAA:16.5;AA:25.5
5.17
63.2
205
436
7.6
3
30
45
35
false
true
false
true
1.2
-0.06
-0.24
Tech:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-29
38
ECN2
All2All
5
92
-23
-311
HYCap>limit
Hedge
High-yield share above policy cap
209
Defer adds pending macro print
C07623
CR6632
2025-12-26
Recovery
166
603
6.1
1.7
2,680,646,337
Consumer:23.1;Utilities:13.7;Tech:18.6;Materials:22.6;Comm:13.4;Financials:8.6
US:66.4;EU:15.3;APAC:9.4;EMEA:6.9;LATAM:1.9
A:21.0;B:13.2;AA:13.0;BBB:13.9;AAA:19.8;BB:19.2
6.19
22.5
248
121
3.7
3
35
55
35
false
true
false
true
1.97
0.15
0.31
null
Hedge
Options_Payer: +146bps notional
-8
-15
ECN1
Electronic
10
86
180
-394
HYCap>limit
Rotate
High-yield share above policy cap
108
Rotate into defensive sectors
C07624
CR4107
2025-02-23
Calm
97
296
4.2
1.9
2,840,123,140
RealEstate:33.1;Comm:44.1;Materials:22.8
US:67.7;EU:12.4;APAC:11.2;EMEA:6.6;LATAM:2.1
CCC:21.1;B:17.7;AAA:9.1;AA:8.4;A:23.6;BBB:20.1
3.94
59.1
247
220
3.5
2
20
35
30
true
true
true
true
0.13
1.74
0.5
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
-15
ECN2
Electronic
5
97
92
118
Sector>limit
Rotate
Sector concentration above limit
259
Reviewed by risk; hedges staggered
C07625
CR9875
2024-10-18
Calm
70
296
4.4
2.6
461,922,515
RealEstate:8.5;Consumer:13.2;Industrials:23.6;Energy:18.7;Utilities:11.0;Comm:25.1
US:61.5;EU:13.1;APAC:8.7;EMEA:8.6;LATAM:8.2
BB:19.1;B:9.4;CCC:14.3;A:57.2
2.35
38.6
91
202
5.6
2
35
55
35
false
true
true
false
0.53
1.76
-0.32
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
27
ECN2
Electronic
12
91
81
75
HYCap>limit
Hedge
High-yield share above policy cap
139
Escalate watchlist names
C07626
CR7566
2024-09-23
Calm
103
335
3.9
1.7
2,507,530,923
RealEstate:44.0;Consumer:18.0;Utilities:38.0
US:53.7;EU:18.9;APAC:13.1;EMEA:11.6;LATAM:2.6
CCC:13.4;AA:27.5;B:22.0;A:37.0
5.2
36.3
87
200
6.4
2.5
30
55
35
true
false
true
false
2.17
1.6
-0.12
Industrials:EW;Healthcare:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-20
19
ECN1
DealerAxed
9
89
328
-180
HYCap>limit
Reduce
High-yield share above policy cap
173
Escalate watchlist names
C07627
CR9271
2025-01-08
Recovery
179
595
4.8
0.5
807,066,708
Industrials:44.1;Utilities:10.3;Tech:45.6
US:64.5;EU:18.4;APAC:9.1;EMEA:7.2;LATAM:0.7
B:27.4;CCC:32.0;A:8.5;AA:13.1;BBB:19.1
1.7
64.5
209
482
6.5
4
35
55
20
true
true
true
true
0.94
-0.17
0.29
Tech:EW
Hedge
CDX_IG: +56bps notional
-26
-6
DealerC
RFQ
6
87
158
-317
Region>limit
Reduce
Regional concentration above limit
250
Tighten HY exposure bands
C07628
CR1505
2024-07-05
Recovery
167
510
5.6
1.6
1,181,334,622
Consumer:36.6;Financials:25.8;Utilities:37.6
US:70.0;EU:14.6;APAC:9.3;EMEA:4.0;LATAM:2.0
AA:29.9;AAA:20.9;BB:29.2;A:20.1
4.35
58.6
127
259
16.3
2
25
55
20
true
true
true
false
0.43
0.55
-0.22
Materials:EW
Hedge
Options_Payer: +178bps notional
-23
18
ECN1
Electronic
12
93
282
-376
VAR>budget
Rotate
Portfolio VAR above budget
117
Rotate into defensive sectors
C07629
CR7296
2025-11-06
Stress
211
646
7.9
-0.2
1,137,579,274
Materials:23.5;Utilities:28.8;Tech:23.3;Financials:24.5
US:66.2;EU:17.4;APAC:6.8;EMEA:3.0;LATAM:6.6
BBB:10.4;A:17.1;AAA:21.1;AA:14.7;BB:21.2;B:15.6
7.32
44.1
236
282
13.6
3.5
25
45
20
true
true
true
true
0.46
-0.13
0.24
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
30
ECN2
RFQ
0
95
127
-82
Sector>limit
Hedge
Sector concentration above limit
239
Escalate watchlist names
C07630
CR9584
2024-05-29
Recovery
174
449
5.1
1.3
735,275,124
Consumer:18.0;Healthcare:8.9;Comm:19.6;Financials:15.7;Energy:22.4;Materials:15.3
US:71.9;EU:8.7;APAC:13.2;EMEA:3.8;LATAM:2.4
A:15.5;CCC:44.0;BB:17.8;BBB:22.7
4.63
54
89
183
3.6
2
35
55
25
false
true
true
false
2.21
0.83
-0.2
null
Hedge
CDX_IG: +105bps notional
-1
26
ECN2
DealerAxed
4
91
-115
-312
VAR>budget
Hedge
Portfolio VAR above budget
93
Escalate watchlist names
C07631
CR1970
2024-03-18
Recovery
135
583
6.1
-0
2,800,179,113
Financials:13.8;Materials:29.1;Energy:39.5;Consumer:17.6
US:72.7;EU:6.3;APAC:10.5;EMEA:8.1;LATAM:2.5
AA:21.0;B:13.6;BB:22.9;AAA:18.9;A:23.6
0.91
23.7
274
395
13
2.5
35
45
35
true
true
true
true
-0.38
-0.07
-0.28
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-22
40
DealerA
DealerAxed
0
96
374
-362
HYCap>limit
Reduce
High-yield share above policy cap
177
Tighten HY exposure bands
C07632
CR3054
2024-07-07
Calm
97
302
4.2
2.5
918,887,061
Utilities:9.2;Healthcare:42.8;Energy:18.7;Financials:12.6;Comm:16.7
US:68.8;EU:13.2;APAC:5.2;EMEA:6.7;LATAM:6.1
BB:23.8;B:38.2;AA:20.3;A:17.7
1.73
46.8
247
441
6.3
3.5
35
35
20
true
true
true
true
0.31
-0.14
0.26
null
Hedge
iTraxx_XOVER: +113bps notional
-14
-5
ECN2
All2All
7
89
129
-270
Sector>limit
Reduce
Sector concentration above limit
123
Escalate watchlist names
C07633
CR5806
2024-02-27
Tightening
124
417
4.1
1.8
2,394,305,838
Utilities:29.4;RealEstate:15.3;Healthcare:16.5;Comm:19.4;Consumer:19.4
US:66.5;EU:12.7;APAC:6.3;EMEA:9.2;LATAM:5.3
A:25.3;CCC:26.6;AAA:28.9;BBB:19.2
1.46
56.2
162
190
10.5
3.5
25
45
20
true
true
true
false
2.08
0.32
0.03
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-59
-7
DealerA
RFQ
10
99
341
-399
Region>limit
Rotate
Regional concentration above limit
235
Defer adds pending macro print
C07634
CR6055
2025-11-12
Stress
241
755
5.9
-1
2,416,980,898
Industrials:23.5;Tech:16.1;Financials:60.4
US:70.6;EU:6.6;APAC:8.6;EMEA:8.5;LATAM:5.7
BBB:19.7;B:21.0;AAA:13.6;CCC:5.9;A:14.2;BB:25.6
2.14
55
293
552
17.7
3.5
20
55
25
true
true
true
true
0.37
0.52
0.36
Materials:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-39
18
DealerC
RFQ
10
94
-134
-306
HYCap>limit
Hedge
High-yield share above policy cap
126
Defer adds pending macro print
C07635
CR9855
2025-02-23
Calm
91
413
3.5
2.2
2,190,224,357
Tech:41.4;Materials:16.4;Utilities:13.9;Comm:28.3
US:72.2;EU:11.6;APAC:7.4;EMEA:4.9;LATAM:3.9
BB:7.3;BBB:47.4;CCC:21.5;AAA:23.8
4.53
62.1
171
188
5.3
3
35
35
20
true
true
true
false
2.32
0.91
-0.39
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-45
34
DealerC
RFQ
1
89
257
-48
Sector>limit
Reduce
Sector concentration above limit
132
Escalate watchlist names
C07636
CR1994
2025-04-30
Calm
78
343
4.1
1.7
355,082,639
RealEstate:14.8;Comm:15.6;Utilities:22.0;Tech:19.5;Energy:11.1;Consumer:17.0
US:60.6;EU:13.5;APAC:10.5;EMEA:11.4;LATAM:4.0
B:2.3;BB:10.5;BBB:31.2;AAA:13.0;CCC:8.1;AA:34.8
4.55
29.9
109
315
16.1
2.5
30
35
20
false
true
true
false
1.15
1.77
0.58
null
Hedge
iTraxx_XOVER: +68bps notional
-49
31
DealerC
RFQ
1
87
37
-269
HYCap>limit
Reduce
High-yield share above policy cap
203
Escalate watchlist names
C07637
CR2325
2025-10-11
Recovery
141
618
6.3
1.6
2,182,249,300
Financials:19.8;Energy:13.7;Materials:19.3;RealEstate:23.0;Healthcare:24.2
US:59.2;EU:18.1;APAC:10.5;EMEA:11.6;LATAM:0.6
CCC:22.4;BBB:31.9;AAA:31.7;BB:14.0
6.97
60.3
97
394
9.8
4
20
55
30
true
true
true
false
0.96
0.68
0.56
null
Hedge
CDX_IG: +64bps notional
-59
41
DealerA
Electronic
6
89
22
-172
Sector>limit
Hedge
Sector concentration above limit
97
Rotate into defensive sectors
C07638
CR9344
2025-10-11
Calm
109
288
3.7
1.5
1,965,613,692
Comm:14.6;Utilities:12.7;Materials:20.8;RealEstate:7.2;Consumer:32.6;Energy:12.1
US:64.6;EU:7.0;APAC:13.1;EMEA:9.3;LATAM:6.0
B:11.2;CCC:26.0;AAA:13.3;AA:29.6;BBB:19.9
5.95
36.6
183
359
2.8
3.5
20
55
35
true
true
true
false
2.24
1.53
0.56
Utilities:EW;Energy:EW
Hedge
iTraxx_XOVER: +81bps notional
-27
38
ECN1
DealerAxed
12
88
285
109
HYCap>limit
Rotate
High-yield share above policy cap
199
Defer adds pending macro print
C07639
CR6428
2024-08-17
Calm
86
308
4.3
3
2,812,472,205
Industrials:20.6;Tech:18.7;Comm:29.1;RealEstate:9.8;Energy:21.7
US:65.4;EU:13.7;APAC:12.9;EMEA:6.8;LATAM:1.2
B:14.2;AAA:15.7;BBB:9.9;AA:26.0;CCC:18.0;BB:16.2
0.45
46.8
83
256
2.5
2
20
35
20
true
true
true
false
2.18
1.08
0.33
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
37
DealerB
RFQ
7
98
39
89
HYCap>limit
Hedge
High-yield share above policy cap
225
Rotate into defensive sectors
C07640
CR9474
2024-08-25
Recovery
118
549
5.2
0.1
2,238,264,782
Materials:47.1;RealEstate:36.1;Energy:16.8
US:68.7;EU:7.7;APAC:12.0;EMEA:6.9;LATAM:4.6
AA:36.6;AAA:31.8;A:16.7;CCC:14.9
7.3
49.3
204
269
7.4
3
20
55
35
true
true
false
true
1.03
1.33
-0.05
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
27
DealerB
Electronic
10
86
247
-174
Region>limit
Hedge
Regional concentration above limit
184
Escalate watchlist names
C07641
CR2585
2025-11-29
Stress
204
750
5
-0.8
2,950,201,083
Utilities:15.7;Energy:25.0;Consumer:43.2;Financials:16.1
US:58.4;EU:20.4;APAC:12.0;EMEA:3.9;LATAM:5.3
AA:22.5;A:33.5;AAA:15.1;BBB:28.9
4.68
49.9
325
413
19.4
2.5
25
35
30
true
true
false
true
0.04
0.5
0.07
Industrials:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-10
-12
DealerA
All2All
2
93
107
-382
Sector>limit
Reduce
Sector concentration above limit
199
Defer adds pending macro print
C07642
CR8640
2025-07-28
Stress
252
716
6.3
-1
634,424,835
Financials:29.5;Materials:31.3;Healthcare:23.1;Energy:16.1
US:63.7;EU:14.5;APAC:8.2;EMEA:10.0;LATAM:3.7
BBB:34.7;AA:11.8;AAA:20.2;A:33.2
4
26.3
237
635
10.3
4
35
35
30
false
true
false
true
1.32
0.43
-0.34
Energy:EW
Hedge
SingleName_CDS: +174bps notional
-55
33
DealerC
All2All
9
93
273
140
VAR>budget
Hedge
Portfolio VAR above budget
201
Tighten HY exposure bands
C07643
CR2770
2025-01-04
Calm
109
413
4.5
2.4
466,194,061
Healthcare:6.5;Tech:18.9;Comm:12.4;Consumer:24.8;Utilities:22.6;Materials:14.8
US:61.2;EU:12.3;APAC:13.8;EMEA:9.7;LATAM:2.9
BB:22.7;A:36.2;BBB:17.0;CCC:24.1
2.27
42.5
100
387
16.3
3
20
35
35
true
true
true
false
1.78
0.79
0
null
Rotate
From Energy -1.0% to Utilities +1.0%
-42
2
DealerA
DealerAxed
10
91
-138
-293
VAR>budget
Reduce
Portfolio VAR above budget
138
Defer adds pending macro print
C07644
CR1583
2025-06-21
Tightening
111
458
4.9
1.5
1,886,147,582
Tech:11.7;Financials:14.2;Materials:20.4;Utilities:24.5;Healthcare:7.7;Consumer:21.6
US:63.3;EU:17.2;APAC:11.5;EMEA:5.6;LATAM:2.4
CCC:10.0;BB:17.7;AAA:15.5;A:21.5;AA:15.4;B:19.9
6.97
54.3
276
449
5.3
2.5
25
35
30
false
true
true
true
1.46
0.46
-0.17
Consumer:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
2
DealerA
RFQ
1
86
55
-141
Sector>limit
Rotate
Sector concentration above limit
234
Escalate watchlist names
C07645
CR3207
2025-04-07
Tightening
158
519
3.8
1.7
419,466,274
Consumer:23.8;Healthcare:35.2;Energy:15.2;Utilities:25.8
US:61.9;EU:8.3;APAC:14.1;EMEA:8.7;LATAM:7.0
A:16.9;AA:12.8;CCC:11.2;BBB:30.7;AAA:16.4;BB:12.0
5.71
64.9
236
238
4
3.5
30
35
35
true
true
false
true
1.07
-0.02
-0.25
null
Rotate
From Energy -1.0% to Utilities +1.0%
9
26
DealerA
All2All
10
94
261
-290
Region>limit
Rotate
Regional concentration above limit
215
Escalate watchlist names
C07646
CR0979
2024-06-20
Recovery
137
495
5.7
-0.2
1,833,234,239
Tech:26.5;Energy:50.8;Healthcare:22.7
US:57.8;EU:17.6;APAC:15.3;EMEA:7.0;LATAM:2.3
BBB:7.2;BB:17.0;CCC:30.1;A:24.7;AA:21.1
1.47
40.9
180
281
6.5
4
25
35
35
true
true
true
false
0.26
0.51
-0.38
Industrials:EW
Hedge
iTraxx_MAIN: +63bps notional
-35
13
DealerB
All2All
11
95
-108
-4
Region>limit
Hedge
Regional concentration above limit
215
Escalate watchlist names
C07647
CR8571
2024-08-20
Calm
106
295
3.3
2.1
1,535,241,914
Utilities:21.5;Healthcare:10.6;Energy:23.7;Tech:18.9;Materials:25.4
US:64.6;EU:17.2;APAC:12.6;EMEA:5.4;LATAM:0.2
AA:12.2;AAA:26.4;BBB:7.0;A:15.1;B:30.2;BB:9.2
5.43
39.1
204
147
17.5
3
20
45
30
true
true
true
true
0.84
0.85
0.55
Financials:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-25
-17
ECN1
RFQ
4
100
-87
-59
Region>limit
Reduce
Regional concentration above limit
110
Escalate watchlist names
C07648
CR9152
2024-09-28
Tightening
94
363
4.1
0.6
1,347,005,367
Tech:23.9;RealEstate:20.2;Utilities:13.7;Consumer:10.6;Comm:31.7
US:59.9;EU:23.7;APAC:9.5;EMEA:6.7;LATAM:0.3
CCC:11.9;A:22.6;B:28.2;BB:17.5;AA:7.4;BBB:12.3
2.69
29
214
372
8.4
4
30
55
20
true
true
true
true
0.12
0.67
0.38
Industrials:EW
Hedge
Treasury_Futures: +104bps notional
-27
8
ECN1
DealerAxed
8
100
380
149
HYCap>limit
Reduce
High-yield share above policy cap
253
Tighten HY exposure bands
C07649
CR0345
2025-09-10
Tightening
144
371
5.1
1.4
904,096,258
RealEstate:28.9;Financials:9.8;Materials:21.1;Tech:40.2
US:60.3;EU:14.0;APAC:16.4;EMEA:5.4;LATAM:4.0
AAA:44.2;CCC:7.3;BBB:14.0;BB:6.0;A:28.6
4.02
33.6
268
475
17.3
4
20
45
20
true
true
false
true
2.33
1.62
0.04
Energy:EW
Hedge
iTraxx_XOVER: +98bps notional
3
-2
DealerB
All2All
3
89
-81
-85
Region>limit
Rotate
Regional concentration above limit
252
Reviewed by risk; hedges staggered
C07650
CR1322
2024-09-02
Stress
177
599
7
-1.7
755,866,280
Utilities:14.8;Consumer:20.2;Healthcare:30.0;Industrials:35.0
US:77.5;EU:6.9;APAC:6.6;EMEA:3.9;LATAM:5.1
AAA:15.1;BB:33.4;AA:17.8;BBB:33.7
4.86
45
382
275
20.8
3
35
35
30
false
true
true
true
1.02
0.14
-0.17
Financials:EW;Energy:EW
Hedge
iTraxx_MAIN: +160bps notional
11
4
ECN1
RFQ
9
87
120
-221
Sector>limit
Reduce
Sector concentration above limit
247
Escalate watchlist names
C07651
CR1495
2024-03-11
Tightening
139
463
5.1
1.8
1,389,904,538
Healthcare:15.2;Utilities:23.3;Industrials:17.4;Financials:21.0;Energy:10.9;Materials:12.2
US:69.3;EU:8.0;APAC:13.1;EMEA:6.0;LATAM:3.7
CCC:11.5;A:40.1;B:22.5;BB:25.9
3.16
58.4
123
504
15.6
3
25
45
25
false
true
true
false
-0.47
1.59
0.51
Utilities:EW
Hedge
iTraxx_MAIN: +122bps notional
-51
-18
ECN1
All2All
12
100
-124
32
Sector>limit
Hedge
Sector concentration above limit
230
Defer adds pending macro print
C07652
CR8087
2024-12-04
Stress
203
744
7.8
-1.6
2,569,325,244
Healthcare:32.5;Utilities:29.4;Materials:24.5;Tech:13.6
US:59.3;EU:17.2;APAC:7.0;EMEA:9.2;LATAM:7.3
AA:11.2;BB:23.0;A:17.4;B:18.8;BBB:16.3;CCC:13.4
5.05
35.2
228
548
15.4
2.5
35
45
25
false
true
true
true
-0.21
1.4
0.36
null
Hedge
SingleName_CDS: +166bps notional
5
1
ECN1
All2All
11
88
-112
-398
VAR>budget
Hedge
Portfolio VAR above budget
244
Escalate watchlist names
C07653
CR3438
2025-07-15
Calm
93
419
3.6
2.5
2,071,418,653
RealEstate:15.8;Comm:69.0;Utilities:15.1
US:56.2;EU:17.3;APAC:13.6;EMEA:10.5;LATAM:2.4
AAA:32.3;B:30.1;BB:21.9;A:15.6
2.24
39.9
164
346
13.6
2.5
35
45
20
true
true
true
false
-0.16
0.3
-0.29
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
13
34
DealerC
Electronic
12
87
-91
-123
Region>limit
Hedge
Regional concentration above limit
228
Defer adds pending macro print
C07654
CR1553
2025-01-31
Calm
100
286
4.2
1.5
1,755,495,724
RealEstate:7.7;Utilities:11.6;Comm:27.4;Energy:20.9;Healthcare:32.4
US:69.8;EU:7.9;APAC:16.4;EMEA:5.7;LATAM:0.2
B:10.5;AAA:11.4;CCC:7.4;AA:30.7;BB:15.8;BBB:24.2
1.74
39.3
102
518
7
4
25
35
20
true
true
true
false
2.33
0.36
0.48
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-57
4
ECN1
Electronic
6
91
297
-120
Region>limit
Rotate
Regional concentration above limit
181
Reviewed by risk; hedges staggered
C07655
CR2770
2025-12-09
Calm
98
281
4.5
2
290,967,454
Utilities:15.5;Financials:20.8;Energy:13.7;Industrials:25.0;Comm:10.1;Materials:15.0
US:62.9;EU:13.7;APAC:8.9;EMEA:10.1;LATAM:4.4
A:20.1;BBB:39.8;AA:31.8;BB:8.3
6.15
63.1
209
461
4.5
2.5
35
55
20
false
true
false
true
2.23
1.12
0.03
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
3
ECN1
All2All
2
93
-92
-91
Sector>limit
Reduce
Sector concentration above limit
218
Escalate watchlist names
C07656
CR1144
2024-05-17
Stress
254
553
6.4
-1.5
2,091,944,135
Financials:35.2;Healthcare:23.9;Consumer:40.9
US:68.5;EU:7.1;APAC:10.9;EMEA:10.2;LATAM:3.3
AAA:15.5;B:23.1;AA:18.2;BB:29.7;BBB:13.5
4.01
57.1
157
520
22.4
3.5
30
55
20
true
true
true
false
2.16
0.71
-0.27
Tech:EW;Energy:EW
Hedge
iTraxx_XOVER: +134bps notional
-28
26
ECN1
RFQ
5
96
222
-376
HYCap>limit
Reduce
High-yield share above policy cap
201
Tighten HY exposure bands
C07657
CR8179
2024-10-11
Tightening
157
493
4.2
1.1
1,421,796,328
Energy:21.9;RealEstate:26.0;Consumer:21.3;Healthcare:17.9;Comm:12.9
US:74.4;EU:9.2;APAC:10.1;EMEA:3.7;LATAM:2.6
CCC:12.5;BBB:24.0;B:18.5;BB:12.6;A:32.4
2.95
30.5
247
375
8.3
2.5
30
35
20
false
true
true
true
1.83
0.3
-0.33
Energy:EW
Hedge
SingleName_CDS: +109bps notional
-51
-4
ECN1
All2All
11
88
332
-255
Sector>limit
Hedge
Sector concentration above limit
154
Defer adds pending macro print
C07658
CR4468
2024-06-28
Tightening
146
519
4.5
0.8
2,473,726,294
Consumer:40.6;RealEstate:27.2;Energy:32.1
US:70.8;EU:16.8;APAC:8.8;EMEA:3.5;LATAM:0.1
AA:52.1;BB:10.8;AAA:30.9;CCC:6.2
3.68
57.2
230
347
6.5
2.5
20
35
30
true
true
false
true
1.22
1.26
0.26
Energy:EW
Hedge
Options_Payer: +77bps notional
-31
5
DealerB
DealerAxed
1
87
356
-109
VAR>budget
Hedge
Portfolio VAR above budget
110
Escalate watchlist names
C07659
CR0800
2025-06-17
Recovery
148
534
4.7
-0.2
2,083,962,650
Financials:16.7;Utilities:15.1;RealEstate:23.0;Comm:23.5;Tech:12.5;Healthcare:9.3
US:67.5;EU:9.7;APAC:12.4;EMEA:9.0;LATAM:1.4
AAA:27.9;BB:9.1;CCC:41.5;B:21.4
1.29
53.1
231
447
3.4
3.5
20
55
30
true
true
true
true
2.22
1.76
0.04
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
44
ECN2
DealerAxed
0
94
401
-6
Sector>limit
PauseAdds
Sector concentration above limit
157
Tighten HY exposure bands
C07660
CR1020
2025-07-09
Calm
79
363
4.1
2.1
2,207,374,009
Financials:23.1;Energy:23.2;Industrials:7.5;Comm:27.3;Tech:18.9
US:63.3;EU:17.7;APAC:6.1;EMEA:5.7;LATAM:7.3
AA:17.0;BB:9.1;AAA:10.1;B:13.6;CCC:26.3;BBB:23.8
5.26
56.5
270
512
7.6
3.5
30
35
25
false
true
true
true
1.12
0.24
-0.1
null
Rotate
From Energy -1.0% to Utilities +1.0%
-33
-13
ECN2
RFQ
1
92
185
-175
HYCap>limit
Reduce
High-yield share above policy cap
156
Reviewed by risk; hedges staggered
C07661
CR3582
2025-05-02
Calm
104
389
4.2
1.8
2,847,448,787
Energy:37.1;Consumer:10.9;Materials:8.6;RealEstate:7.8;Financials:27.8;Comm:7.7
US:54.7;EU:15.2;APAC:13.1;EMEA:9.9;LATAM:7.0
B:11.7;BBB:13.4;BB:40.3;CCC:22.8;AA:11.8
4.78
64.4
196
465
9
2
25
35
25
true
true
true
false
-0.15
0.96
0.11
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
2
DealerB
DealerAxed
0
87
118
-227
VAR>budget
Reduce
Portfolio VAR above budget
91
Reviewed by risk; hedges staggered
C07662
CR6285
2025-11-02
Recovery
169
472
5.3
1.2
197,387,217
Utilities:24.2;Tech:36.4;Healthcare:39.4
US:74.6;EU:10.6;APAC:9.1;EMEA:4.5;LATAM:1.3
AA:23.2;B:10.6;A:37.6;BBB:28.6
6.71
25.2
224
380
4.9
2
30
35
20
true
true
false
true
0.26
0.69
0.05
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
-13
ECN2
All2All
9
99
344
-183
HYCap>limit
Hedge
High-yield share above policy cap
139
Tighten HY exposure bands
C07663
CR9284
2025-10-17
Tightening
139
418
4.9
1.5
959,512,998
Utilities:38.5;Comm:24.5;Materials:37.0
US:71.2;EU:9.2;APAC:14.1;EMEA:5.4;LATAM:0.1
BBB:16.9;BB:9.4;AAA:25.5;CCC:9.1;B:6.8;AA:32.2
3.8
48.8
263
482
10.7
2
20
55
30
true
true
false
true
1.25
-0.15
0.53
Healthcare:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
-2
DealerA
RFQ
9
90
128
104
VAR>budget
Hedge
Portfolio VAR above budget
194
Escalate watchlist names
C07664
CR1949
2024-12-06
Recovery
134
501
6.4
0.7
1,191,311,644
Materials:15.9;Financials:28.9;Comm:6.6;Tech:28.6;Industrials:20.1
US:79.0;EU:8.0;APAC:9.3;EMEA:3.6;LATAM:0.1
A:12.7;AAA:20.5;BB:9.9;AA:25.9;BBB:20.9;CCC:10.1
4.28
39.5
184
416
8.9
4
30
35
30
false
true
false
false
2.23
-0.21
0.31
Consumer:EW;Financials:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-13
-3
DealerB
DealerAxed
10
90
-122
-199
VAR>budget
Reduce
Portfolio VAR above budget
167
Rotate into defensive sectors
C07665
CR2966
2024-05-06
Tightening
122
380
4.1
1.6
2,341,281,398
Comm:31.5;Tech:33.8;Energy:27.0;Industrials:7.7
US:64.7;EU:8.4;APAC:14.0;EMEA:5.9;LATAM:7.0
BB:34.3;CCC:10.8;AA:32.5;A:22.5
2.02
36.1
208
348
7.1
3.5
35
35
20
false
true
true
true
1.04
1.09
-0.15
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-23
-3
DealerB
RFQ
9
94
368
-106
HYCap>limit
PauseAdds
High-yield share above policy cap
144
Reviewed by risk; hedges staggered
C07666
CR7675
2025-04-07
Stress
235
697
6.2
-0.2
240,649,019
Industrials:33.9;Comm:23.6;Energy:42.6
US:70.4;EU:9.4;APAC:9.5;EMEA:9.2;LATAM:1.4
AA:17.3;AAA:17.7;A:33.5;BBB:12.3;B:19.2
1.96
35.1
210
287
13.3
4
20
55
25
true
true
false
true
-0.42
1.59
-0.34
null
Hedge
iTraxx_XOVER: +102bps notional
-40
-9
DealerB
RFQ
0
94
250
-397
Region>limit
Reduce
Regional concentration above limit
97
Tighten HY exposure bands
C07667
CR8672
2025-07-13
Stress
232
760
7.5
0.5
1,840,899,678
Consumer:23.1;Materials:23.1;Tech:18.9;Comm:26.3;Healthcare:8.5
US:70.7;EU:8.5;APAC:6.5;EMEA:10.3;LATAM:4.0
CCC:27.2;B:21.3;A:20.4;BBB:31.1
5.3
60.6
223
522
9
3
35
35
30
false
true
true
true
-0.35
0.24
-0.01
RealEstate:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
9
ECN2
DealerAxed
0
93
104
-228
Sector>limit
Hedge
Sector concentration above limit
192
Rotate into defensive sectors
C07668
CR9693
2025-08-21
Tightening
120
463
3.9
0.9
2,865,678,872
Industrials:20.8;Materials:14.2;Energy:26.8;Tech:23.1;Financials:5.9;RealEstate:9.2
US:68.2;EU:7.7;APAC:16.1;EMEA:4.8;LATAM:3.1
AA:29.1;BBB:25.1;B:7.4;A:27.1;CCC:11.3
0.62
37.7
256
129
17.8
4
35
35
30
false
true
false
true
0.37
1.36
0.33
Financials:EW;Comm:EW
Hedge
SingleName_CDS: +159bps notional
14
-7
DealerA
DealerAxed
10
98
174
-417
HYCap>limit
Reduce
High-yield share above policy cap
100
Reviewed by risk; hedges staggered
C07669
CR2114
2024-09-19
Recovery
163
643
6.1
1.1
2,215,084,453
Comm:29.6;Energy:28.7;Tech:41.7
US:71.9;EU:9.8;APAC:9.0;EMEA:4.8;LATAM:4.6
BBB:14.4;B:15.3;AA:16.4;A:30.3;AAA:13.5;BB:10.1
2.64
40.6
280
452
13.6
2
20
55
30
true
true
false
true
1.67
-0.21
-0.22
null
Hedge
CDX_HY: +102bps notional
-46
34
ECN1
DealerAxed
10
96
210
-407
Sector>limit
Hedge
Sector concentration above limit
247
Reviewed by risk; hedges staggered
C07670
CR8851
2025-05-30
Tightening
107
414
4.9
1.4
2,554,675,082
Tech:13.5;Utilities:26.3;Healthcare:16.9;Financials:20.1;RealEstate:16.2;Energy:7.0
US:61.9;EU:14.7;APAC:12.9;EMEA:5.7;LATAM:4.8
BBB:16.5;B:36.5;AAA:16.2;CCC:30.8
6.45
59.6
253
245
9.9
2.5
20
45
20
true
true
true
true
0.96
-0.06
0.12
Comm:EW
Hedge
CDX_IG: +137bps notional
-30
-20
DealerA
All2All
10
100
196
-367
Sector>limit
Reduce
Sector concentration above limit
104
Reviewed by risk; hedges staggered
C07671
CR2043
2025-02-03
Recovery
114
563
4.9
1.5
2,751,552,330
Industrials:26.0;Consumer:20.2;Materials:11.3;Financials:13.3;Utilities:6.0;Healthcare:23.2
US:71.0;EU:12.2;APAC:8.6;EMEA:7.9;LATAM:0.2
AA:28.5;AAA:23.9;B:12.4;BB:18.7;A:16.5
5.11
23.8
115
346
11.1
3.5
25
35
35
true
true
false
false
0.51
1.76
-0.12
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
20
-21
DealerC
Electronic
3
98
298
93
VAR>budget
Hedge
Portfolio VAR above budget
102
Reviewed by risk; hedges staggered
C07672
CR0739
2025-01-13
Calm
65
293
3.5
2.5
1,675,581,733
Financials:7.9;Comm:8.9;Healthcare:7.7;Industrials:19.3;RealEstate:26.9;Tech:29.2
US:73.7;EU:6.8;APAC:9.2;EMEA:9.6;LATAM:0.7
AA:17.1;CCC:26.3;BBB:27.8;AAA:28.8
5.29
23.8
208
503
13
2
20
35
20
true
true
true
true
0.16
0.27
-0.34
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
6
ECN1
All2All
9
87
7
-323
HYCap>limit
Rotate
High-yield share above policy cap
234
Defer adds pending macro print
C07673
CR2019
2024-07-19
Calm
74
416
4.4
2.7
914,371,265
Materials:33.7;Energy:41.9;Comm:24.5
US:67.3;EU:16.3;APAC:4.4;EMEA:8.9;LATAM:3.0
BBB:15.5;CCC:28.0;B:32.7;A:13.9;BB:9.8
3.92
47.6
218
251
7
3
30
55
20
true
true
true
true
1.41
1.77
0.28
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-28
-21
DealerB
RFQ
6
98
139
-384
Region>limit
Hedge
Regional concentration above limit
175
Reviewed by risk; hedges staggered
C07674
CR0562
2025-08-21
Stress
235
833
6.8
-1.4
2,062,900,151
Energy:34.8;Comm:35.6;Financials:13.7;Healthcare:15.9
US:69.1;EU:15.3;APAC:6.9;EMEA:8.7;LATAM:0.0
AAA:23.7;AA:24.3;A:17.8;CCC:8.6;BB:10.9;BBB:14.7
6.92
24.6
257
407
7.5
2
35
55
20
true
true
false
true
1.62
1.11
-0.06
null
Rotate
From Energy -1.0% to Utilities +1.0%
-48
31
DealerC
DealerAxed
3
85
340
116
VAR>budget
Hedge
Portfolio VAR above budget
142
Rotate into defensive sectors
C07675
CR2019
2025-05-13
Recovery
151
435
5.4
0.1
254,316,331
Industrials:12.7;Financials:7.4;Energy:22.0;Healthcare:16.4;Utilities:23.2;Consumer:18.1
US:61.8;EU:9.6;APAC:12.8;EMEA:8.7;LATAM:7.1
BB:8.2;BBB:19.7;B:4.4;AA:31.3;A:24.7;AAA:11.8
3.28
55.1
239
261
2
3
35
35
20
false
true
false
true
1.25
0.73
-0.21
null
Hedge
Options_Payer: +128bps notional
4
9
DealerC
All2All
4
85
403
-133
VAR>budget
Rotate
Portfolio VAR above budget
187
Escalate watchlist names
C07676
CR6190
2024-04-04
Recovery
119
575
6.1
1.9
2,447,911,486
RealEstate:40.5;Healthcare:37.3;Materials:22.2
US:73.4;EU:8.7;APAC:12.5;EMEA:5.4;LATAM:0.0
B:30.2;CCC:23.2;AAA:13.7;AA:16.4;BB:16.6
0.54
31.6
94
200
10.7
2.5
20
55
25
true
true
true
false
2.21
1.1
0.56
Industrials:EW;Healthcare:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
20
ECN1
RFQ
2
94
342
-75
Sector>limit
Reduce
Sector concentration above limit
123
Defer adds pending macro print
C07677
CR4647
2024-04-25
Calm
75
289
4
2.5
176,052,929
Consumer:43.7;RealEstate:29.7;Healthcare:26.6
US:67.5;EU:14.3;APAC:8.3;EMEA:8.2;LATAM:1.7
B:21.3;CCC:18.1;AAA:25.7;A:10.2;BBB:15.5;AA:9.2
3.79
58.6
278
411
2.7
3.5
35
55
35
true
true
true
true
0.5
-0.01
0.19
Utilities:EW;Financials:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
20
DealerB
RFQ
5
87
140
-6
HYCap>limit
Reduce
High-yield share above policy cap
116
Tighten HY exposure bands
C07678
CR5026
2025-02-05
Calm
90
288
4.4
1.5
1,862,045,783
Industrials:8.2;Utilities:8.5;Tech:28.9;Materials:25.4;Consumer:22.5;Healthcare:6.6
US:66.3;EU:18.3;APAC:8.9;EMEA:5.2;LATAM:1.3
CCC:11.7;AA:17.0;A:10.8;AAA:19.6;BBB:33.8;BB:7.1
2.62
29.5
154
320
13.9
3.5
35
45
25
false
true
false
false
1.59
1.65
-0.29
Tech:EW
Hedge
iTraxx_MAIN: +144bps notional
16
12
ECN1
Electronic
4
88
367
-300
HYCap>limit
Reduce
High-yield share above policy cap
129
Reviewed by risk; hedges staggered
C07679
CR4704
2025-11-27
Calm
75
315
4.4
2.3
2,546,966,934
Industrials:38.0;Materials:27.8;Energy:12.1;Consumer:22.0
US:65.0;EU:14.7;APAC:8.7;EMEA:9.1;LATAM:2.4
BB:10.1;B:3.1;A:39.7;AAA:25.2;BBB:21.9
2.77
33.2
152
171
8.3
3
20
45
20
true
true
false
false
0.06
0.8
0.11
Financials:EW;Energy:EW
Hedge
iTraxx_XOVER: +123bps notional
-6
18
DealerC
All2All
6
86
390
-235
Sector>limit
Reduce
Sector concentration above limit
169
Reviewed by risk; hedges staggered
C07680
CR4733
2024-10-24
Calm
79
353
3.2
2.5
824,298,588
RealEstate:24.1;Industrials:16.8;Tech:13.3;Financials:24.9;Utilities:21.0
US:70.8;EU:8.8;APAC:14.8;EMEA:5.3;LATAM:0.2
A:11.6;AA:27.5;BBB:18.8;B:16.8;AAA:14.2;BB:11.1
6.03
30.1
266
274
9.8
2.5
35
45
20
false
true
true
true
1.58
0.04
0.47
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
-12
DealerB
All2All
9
93
-7
-133
VAR>budget
Reduce
Portfolio VAR above budget
157
Rotate into defensive sectors
C07681
CR7123
2024-09-05
Tightening
143
364
4.8
0.6
2,224,201,550
RealEstate:11.7;Healthcare:53.0;Energy:20.5;Consumer:14.9
US:55.0;EU:14.6;APAC:13.5;EMEA:10.5;LATAM:6.5
BB:15.3;A:16.1;B:19.7;AAA:7.2;BBB:12.7;CCC:28.9
5.83
57.2
110
404
12.8
3.5
20
35
20
true
true
true
false
-0.45
0.17
0.06
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
-19
DealerB
DealerAxed
2
99
273
-8
HYCap>limit
Reduce
High-yield share above policy cap
151
Tighten HY exposure bands
C07682
CR9534
2024-01-19
Calm
78
304
3.3
1.6
781,410,682
Financials:14.9;Tech:54.6;Industrials:30.6
US:77.7;EU:10.0;APAC:7.3;EMEA:4.4;LATAM:0.5
AA:10.2;BBB:15.1;BB:21.7;B:21.7;CCC:17.2;AAA:14.0
5.18
47.5
216
237
6.3
4
25
45
20
true
true
true
true
1.17
1.24
0.06
null
Rotate
From Energy -1.0% to Utilities +1.0%
-19
37
ECN1
RFQ
8
98
-27
152
Region>limit
Rotate
Regional concentration above limit
172
Escalate watchlist names
C07683
CR2045
2025-09-30
Calm
77
297
4
2
2,188,801,193
Comm:17.5;Tech:20.1;Industrials:27.9;Healthcare:18.2;Consumer:16.5
US:58.6;EU:15.8;APAC:11.9;EMEA:7.9;LATAM:5.8
AAA:18.4;BBB:11.5;BB:13.6;CCC:20.7;AA:28.1;B:7.8
3.6
52.5
239
242
5.7
3.5
20
45
20
true
true
true
true
1.39
0.14
0.4
null
Hedge
CDX_IG: +196bps notional
-36
4
DealerB
All2All
1
85
320
205
VAR>budget
Hedge
Portfolio VAR above budget
120
Escalate watchlist names
C07684
CR9779
2024-04-10
Recovery
130
647
5.1
-0.3
1,245,582,135
Healthcare:18.6;Comm:14.1;Utilities:21.8;Consumer:28.8;RealEstate:16.8
US:62.4;EU:15.3;APAC:8.2;EMEA:10.1;LATAM:4.1
A:20.6;BB:37.2;BBB:15.5;B:26.7
1.11
28
213
463
8.8
3.5
35
35
20
false
true
true
true
1.22
1.35
0.51
Financials:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
-20
ECN1
DealerAxed
11
97
340
49
Region>limit
Rotate
Regional concentration above limit
99
Rotate into defensive sectors
C07685
CR7943
2025-12-24
Calm
100
343
4.1
2.1
2,581,709,902
Comm:20.3;RealEstate:10.1;Healthcare:20.8;Energy:10.4;Tech:17.0;Consumer:21.4
US:60.3;EU:12.0;APAC:15.2;EMEA:12.0;LATAM:0.5
AA:24.2;AAA:23.3;A:8.5;B:44.0
5.48
25.1
129
212
2.4
2.5
30
55
20
false
true
true
false
0.95
0.66
-0.26
null
Rotate
From Energy -1.0% to Utilities +1.0%
-41
-18
DealerB
Electronic
7
99
291
-291
HYCap>limit
Reduce
High-yield share above policy cap
258
Escalate watchlist names
C07686
CR2819
2024-01-07
Tightening
110
418
4
0.7
1,471,798,924
Energy:27.2;Financials:51.1;Tech:21.8
US:60.8;EU:15.8;APAC:9.6;EMEA:7.7;LATAM:6.1
CCC:10.7;BBB:53.8;BB:14.1;B:21.4
1.6
22.4
202
204
4.9
4
30
35
35
true
true
true
true
0.39
1.26
0.01
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
16
ECN2
DealerAxed
10
92
46
-183
VAR>budget
Reduce
Portfolio VAR above budget
149
Reviewed by risk; hedges staggered
C07687
CR8732
2024-04-28
Calm
80
336
3.6
2.3
940,018,414
RealEstate:32.7;Financials:17.4;Tech:27.5;Utilities:22.5
US:57.6;EU:21.0;APAC:13.0;EMEA:6.5;LATAM:1.9
CCC:24.0;A:22.9;BBB:8.3;B:19.9;BB:15.6;AA:9.3
2
47.6
255
376
11.3
3.5
20
55
20
true
true
true
true
0.18
0.68
-0.23
Consumer:EW
Hedge
SingleName_CDS: +146bps notional
-47
15
ECN2
All2All
2
95
-85
-189
HYCap>limit
Reduce
High-yield share above policy cap
199
Escalate watchlist names
C07688
CR8364
2024-03-30
Calm
120
376
3.6
2
1,236,581,372
Industrials:15.4;RealEstate:30.0;Consumer:14.8;Healthcare:13.4;Energy:26.4
US:66.2;EU:10.6;APAC:11.8;EMEA:8.9;LATAM:2.5
CCC:30.3;BBB:9.1;B:20.9;AAA:23.8;BB:15.9
0.79
47.9
183
248
13.1
2
20
35
30
true
true
true
false
0.42
1.24
0.59
Comm:EW
Hedge
SingleName_CDS: +190bps notional
20
16
DealerA
Electronic
11
91
228
28
VAR>budget
Reduce
Portfolio VAR above budget
95
Rotate into defensive sectors
C07689
CR0174
2025-03-13
Stress
184
812
6.8
-0.5
1,865,988,444
Tech:39.8;Healthcare:14.3;Comm:35.8;Industrials:10.0
US:72.3;EU:6.3;APAC:7.8;EMEA:11.0;LATAM:2.6
B:11.5;CCC:25.3;AAA:40.8;AA:22.3
7.1
33.3
200
546
9.8
3
35
45
20
true
true
true
false
2.05
1.52
-0.29
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-29
-6
DealerB
RFQ
5
98
105
88
HYCap>limit
Reduce
High-yield share above policy cap
121
Tighten HY exposure bands
C07690
CR4999
2025-06-15
Calm
79
363
3.6
2.1
1,092,364,161
Materials:19.6;Healthcare:13.3;Industrials:22.2;Comm:5.4;Financials:23.9;Energy:15.6
US:78.0;EU:5.5;APAC:10.6;EMEA:4.0;LATAM:1.8
AA:11.3;BB:27.3;B:7.9;A:25.3;AAA:19.0;CCC:9.3
4.07
51.6
123
360
15.3
3.5
35
45
20
false
true
true
false
1.51
1.11
-0.39
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
-13
DealerB
RFQ
8
92
33
115
Region>limit
Hedge
Regional concentration above limit
105
Reviewed by risk; hedges staggered
C07691
CR8329
2025-01-18
Stress
206
683
6.1
-0.6
483,270,675
Financials:6.0;Healthcare:27.0;Utilities:24.9;Comm:18.9;Materials:16.0;Tech:7.3
US:57.7;EU:11.2;APAC:15.3;EMEA:12.3;LATAM:3.4
B:14.6;BB:17.8;CCC:23.4;A:29.7;BBB:14.5
6.88
44.3
194
624
21.9
2.5
35
35
30
false
true
true
false
2.21
-0.17
0.39
Industrials:EW
Hedge
iTraxx_XOVER: +52bps notional
-13
33
ECN2
RFQ
12
94
185
-169
Region>limit
Reduce
Regional concentration above limit
211
Rotate into defensive sectors
C07692
CR3217
2025-08-07
Tightening
125
508
4.2
1.3
2,517,071,362
Tech:16.5;Energy:18.9;Financials:11.0;Industrials:22.8;Healthcare:17.4;Materials:13.3
US:78.1;EU:5.4;APAC:5.8;EMEA:3.7;LATAM:7.1
BB:6.7;A:27.3;AAA:21.7;AA:30.2;B:9.3;CCC:4.7
3.39
27.4
165
482
16.5
3.5
30
35
35
false
true
false
false
-0.41
0.45
0.09
null
Rotate
From Energy -1.0% to Utilities +1.0%
-31
2
ECN2
Electronic
11
97
-162
-55
VAR>budget
Reduce
Portfolio VAR above budget
211
Tighten HY exposure bands
C07693
CR0472
2025-12-13
Tightening
146
440
5
1.3
2,291,115,680
RealEstate:27.8;Financials:32.3;Tech:23.8;Comm:16.1
US:67.7;EU:14.8;APAC:9.3;EMEA:7.1;LATAM:1.1
B:19.2;BB:3.5;A:14.7;BBB:28.3;AAA:25.6;CCC:8.7
6.45
63.4
148
350
13.6
3.5
35
45
30
false
true
true
false
0.75
0.11
0.49
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
6
ECN1
DealerAxed
9
87
154
-109
VAR>budget
Hedge
Portfolio VAR above budget
253
Escalate watchlist names
C07694
CR7250
2025-11-22
Recovery
115
562
4.6
1.1
1,495,552,645
Energy:9.9;Materials:29.8;Comm:31.4;RealEstate:17.7;Consumer:11.3
US:65.1;EU:11.5;APAC:11.5;EMEA:5.2;LATAM:6.6
AA:14.1;AAA:25.0;B:9.4;BBB:19.2;A:32.3
1.68
55.4
267
383
9.3
3
35
45
25
false
true
false
true
-0.46
1.78
0.43
Financials:EW
Hedge
iTraxx_XOVER: +57bps notional
-37
3
DealerB
Electronic
0
98
-76
-210
HYCap>limit
Hedge
High-yield share above policy cap
119
Reviewed by risk; hedges staggered
C07695
CR1302
2024-02-28
Recovery
133
616
5.3
1.7
978,116,553
Healthcare:16.2;Comm:19.7;Utilities:30.3;Financials:33.8
US:67.0;EU:13.6;APAC:6.8;EMEA:9.7;LATAM:2.9
AAA:36.8;BB:10.3;CCC:32.4;AA:20.5
4.77
36.3
125
480
3.6
3.5
25
35
30
true
true
true
false
2.26
1.45
0.15
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
24
DealerC
RFQ
7
88
-171
-97
Sector>limit
Hedge
Sector concentration above limit
253
Defer adds pending macro print
C07696
CR5407
2025-12-22
Calm
79
366
3.5
2.7
261,991,873
Comm:29.7;Consumer:55.3;RealEstate:15.0
US:61.6;EU:15.6;APAC:11.9;EMEA:6.6;LATAM:4.2
CCC:19.0;AA:12.4;BB:8.5;A:15.3;B:29.2;BBB:15.5
0.92
35
264
347
2.1
4
35
55
35
true
true
true
true
1.48
0.48
-0
RealEstate:EW
Hedge
iTraxx_MAIN: +63bps notional
-19
41
ECN1
RFQ
12
93
-136
-253
Sector>limit
Reduce
Sector concentration above limit
242
Defer adds pending macro print
C07697
CR3707
2025-10-30
Recovery
101
447
5.5
-0.4
1,829,136,327
Comm:33.1;Utilities:22.9;Consumer:13.8;Tech:30.1
US:69.0;EU:6.3;APAC:8.0;EMEA:9.8;LATAM:6.9
AA:12.6;CCC:8.7;AAA:13.4;BBB:15.3;BB:31.5;A:18.4
3.93
34.9
127
145
17.1
3
25
55
30
true
true
true
false
1.25
1.74
0.24
Industrials:EW
Hedge
Options_Payer: +52bps notional
-46
-12
DealerC
All2All
6
87
225
-155
HYCap>limit
Hedge
High-yield share above policy cap
164
Rotate into defensive sectors
C07698
CR3595
2025-01-21
Tightening
100
352
4.7
0.7
402,941,459
Financials:22.3;Tech:30.2;Healthcare:47.5
US:67.5;EU:16.2;APAC:8.1;EMEA:5.3;LATAM:2.7
AAA:31.7;CCC:6.1;A:30.9;AA:13.7;BBB:17.6
7.04
43.7
277
431
6.3
4
30
45
20
true
true
false
true
1.28
1.79
-0.25
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-28
-25
ECN1
All2All
3
90
28
24
VAR>budget
Rotate
Portfolio VAR above budget
226
Tighten HY exposure bands
C07699
CR1149
2024-04-28
Stress
190
807
8.4
0.3
2,402,220,393
Comm:11.9;Utilities:9.6;Financials:33.7;Healthcare:13.9;RealEstate:17.5;Consumer:13.4
US:73.4;EU:11.4;APAC:11.2;EMEA:3.7;LATAM:0.2
AA:17.7;B:18.4;A:27.7;AAA:26.8;CCC:9.4
1.98
58.6
366
342
8.2
4
35
55
35
false
true
false
true
2.08
0.12
-0.24
Materials:EW
Hedge
iTraxx_XOVER: +140bps notional
-38
-13
ECN2
DealerAxed
9
99
-15
-97
Sector>limit
Rotate
Sector concentration above limit
150
Escalate watchlist names
C07700
CR4344
2025-07-10
Tightening
157
400
4.1
0.8
361,986,046
Industrials:10.0;Consumer:22.2;Healthcare:18.7;Energy:29.7;Materials:11.1;Financials:8.3
US:65.8;EU:19.0;APAC:6.6;EMEA:8.5;LATAM:0.1
B:16.5;AAA:11.7;BB:39.5;CCC:13.9;BBB:13.1;A:5.4
0.55
33.7
160
223
8.3
2
35
55
25
false
true
true
false
-0.19
0.39
0.09
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-19
ECN2
RFQ
1
89
48
91
Sector>limit
Reduce
Sector concentration above limit
207
Tighten HY exposure bands