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
C07701
CR5407
2025-03-26
Tightening
151
504
4.9
1.3
1,183,337,843
Financials:37.8;Industrials:26.7;RealEstate:35.5
US:67.5;EU:10.4;APAC:7.3;EMEA:9.5;LATAM:5.3
CCC:13.9;B:15.7;AA:41.2;BB:14.6;BBB:14.6
7.06
36
252
419
2.8
4
30
55
35
true
true
true
true
0.01
1.46
-0.3
null
Hedge
Options_Payer: +188bps notional
-60
-10
DealerB
RFQ
1
88
-193
31
HYCap>limit
Hedge
High-yield share above policy cap
157
Tighten HY exposure bands
C07702
CR3169
2025-11-28
Tightening
147
406
4.6
1.7
2,315,421,958
Energy:55.4;Materials:21.9;Healthcare:22.6
US:67.0;EU:8.7;APAC:11.4;EMEA:7.8;LATAM:5.2
A:25.9;BBB:28.4;BB:16.5;AA:22.4;CCC:6.8
6.27
36.8
212
125
7.6
2.5
25
35
20
true
true
true
true
1.33
0.83
0.32
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
6
DealerC
All2All
4
96
376
-254
HYCap>limit
Reduce
High-yield share above policy cap
226
Reviewed by risk; hedges staggered
C07703
CR8804
2025-12-25
Calm
74
305
3.3
1.6
900,768,991
Industrials:15.5;Utilities:30.9;Materials:23.9;Healthcare:29.7
US:59.7;EU:11.9;APAC:13.2;EMEA:8.0;LATAM:7.2
CCC:21.0;AAA:18.4;BBB:17.4;B:17.3;AA:15.3;A:10.7
0.89
60.5
139
186
8.6
4
35
35
20
false
true
true
false
0.09
-0.15
0.27
Healthcare:EW;Industrials:EW
Hedge
iTraxx_XOVER: +197bps notional
-23
23
DealerB
DealerAxed
6
100
347
-35
HYCap>limit
Hedge
High-yield share above policy cap
125
Rotate into defensive sectors
C07704
CR7450
2025-03-15
Calm
107
329
4.3
2.9
2,678,545,326
Comm:56.5;RealEstate:19.2;Financials:24.3
US:72.1;EU:5.9;APAC:8.6;EMEA:9.4;LATAM:3.9
AA:55.2;A:21.3;AAA:15.1;BB:8.4
5.42
46.2
235
262
11.3
3.5
20
45
25
true
true
false
true
0.11
1.78
0.07
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
-19
ECN2
Electronic
2
88
24
32
Region>limit
Reduce
Regional concentration above limit
230
Tighten HY exposure bands
C07705
CR9956
2025-11-16
Stress
205
559
6.9
-1.7
1,321,087,424
Healthcare:18.8;Comm:39.2;Financials:23.5;Utilities:18.5
US:72.2;EU:7.2;APAC:12.6;EMEA:7.7;LATAM:0.3
CCC:31.4;B:16.8;BB:26.2;BBB:10.4;AA:15.2
7.17
44
162
516
13
2.5
30
55
20
true
true
true
false
0.75
1
-0.29
Comm:EW
Hedge
CDX_HY: +97bps notional
20
19
DealerC
Electronic
2
92
-108
-219
VAR>budget
Hedge
Portfolio VAR above budget
118
Reviewed by risk; hedges staggered
C07706
CR5564
2024-06-17
Tightening
115
507
4.9
1.8
1,657,705,752
Healthcare:19.0;Energy:10.2;Consumer:25.2;Utilities:17.9;Comm:7.4;RealEstate:20.2
US:66.9;EU:9.2;APAC:6.7;EMEA:8.7;LATAM:8.4
BB:3.2;AA:24.9;BBB:15.0;B:16.0;CCC:14.5;A:26.4
6.7
23.8
228
272
12.8
3.5
20
55
30
true
true
true
true
0.2
1.29
0.15
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
5
ECN1
Electronic
2
95
-120
-247
VAR>budget
Reduce
Portfolio VAR above budget
228
Tighten HY exposure bands
C07707
CR0546
2025-01-31
Calm
66
305
4.1
2.8
2,291,116,047
RealEstate:33.4;Tech:22.8;Comm:24.2;Materials:19.6
US:64.7;EU:17.0;APAC:10.8;EMEA:3.4;LATAM:4.0
AA:13.0;B:23.8;BB:8.2;A:31.4;AAA:23.7
3.84
42.9
166
302
2.8
4
25
45
20
true
true
true
false
1.74
0.86
0.34
Comm:EW;Financials:EW
Hedge
SingleName_CDS: +155bps notional
-58
-22
DealerA
RFQ
2
98
352
-164
VAR>budget
Reduce
Portfolio VAR above budget
102
Defer adds pending macro print
C07708
CR0130
2024-09-18
Calm
105
334
3.4
2.5
221,885,977
Utilities:19.9;Materials:24.6;Energy:18.1;Industrials:17.7;Consumer:11.6;RealEstate:8.2
US:62.9;EU:13.1;APAC:9.5;EMEA:7.5;LATAM:6.9
BBB:10.3;CCC:12.3;BB:48.2;B:11.0;A:18.2
7.24
64.5
264
365
13.9
2.5
30
45
25
false
true
true
true
0.99
0.46
-0.37
Consumer:EW
Hedge
CDX_HY: +98bps notional
-41
-2
DealerB
RFQ
8
89
159
-17
VAR>budget
Reduce
Portfolio VAR above budget
192
Defer adds pending macro print
C07709
CR9116
2024-11-21
Tightening
104
486
5.2
0.6
2,695,351,289
Materials:31.6;Healthcare:32.8;Financials:35.5
US:68.5;EU:12.7;APAC:12.4;EMEA:3.4;LATAM:3.1
BB:29.8;CCC:22.7;AAA:23.0;BBB:24.4
4.65
20.8
231
450
9.1
3
20
45
35
true
true
true
true
0.32
1.66
0.17
Utilities:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-53
30
ECN1
DealerAxed
3
95
381
-338
HYCap>limit
Reduce
High-yield share above policy cap
209
Rotate into defensive sectors
C07710
CR8090
2025-03-26
Tightening
109
427
3.8
0.7
668,042,553
RealEstate:24.9;Tech:31.6;Utilities:17.4;Financials:26.2
US:72.6;EU:11.7;APAC:9.7;EMEA:3.4;LATAM:2.6
A:16.4;AA:18.0;CCC:12.8;BBB:9.9;B:25.1;BB:17.8
6.11
45.9
192
477
14.8
3
25
35
25
true
true
true
false
2.22
0.73
-0.05
null
Rotate
From Energy -1.0% to Utilities +1.0%
20
4
ECN2
DealerAxed
6
87
129
-202
HYCap>limit
Hedge
High-yield share above policy cap
181
Rotate into defensive sectors
C07711
CR6626
2025-04-11
Stress
189
844
8.5
-1.6
1,705,025,916
Financials:35.3;Energy:27.8;Industrials:8.4;RealEstate:28.6
US:69.3;EU:7.9;APAC:11.8;EMEA:5.8;LATAM:5.2
AA:34.5;B:10.6;BBB:16.8;BB:6.3;AAA:26.2;CCC:5.6
7.34
38
275
306
8.8
4
30
55
30
true
true
false
true
0.71
0.19
-0.33
Tech:EW
Hedge
CDX_IG: +111bps notional
-7
38
DealerC
All2All
8
89
329
-116
Sector>limit
Hedge
Sector concentration above limit
129
Escalate watchlist names
C07712
CR8998
2024-10-22
Recovery
141
450
6.1
0.2
2,704,634,943
Consumer:11.6;Financials:14.0;Comm:41.4;Materials:23.7;Healthcare:9.3
US:58.7;EU:18.9;APAC:6.3;EMEA:11.2;LATAM:5.0
CCC:26.6;AA:11.7;BBB:17.2;BB:20.6;AAA:23.8
3.98
29.3
163
124
9.5
3.5
35
55
25
true
true
true
false
0.55
0.02
0.11
Energy:EW;Industrials:EW
Hedge
CDX_IG: +151bps notional
-17
19
ECN2
All2All
10
94
-193
-353
HYCap>limit
Hedge
High-yield share above policy cap
218
Defer adds pending macro print
C07713
CR4664
2024-05-31
Stress
179
674
8.5
-0.2
2,481,433,527
Tech:49.8;Utilities:28.0;Healthcare:22.2
US:60.6;EU:12.2;APAC:12.3;EMEA:6.0;LATAM:9.0
AAA:13.3;AA:23.0;BBB:25.8;CCC:21.9;BB:16.0
5.26
59.2
327
449
15.9
3.5
35
45
25
true
true
true
true
0.34
1.24
-0.35
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
27
ECN1
All2All
8
87
-40
-244
HYCap>limit
Rotate
High-yield share above policy cap
206
Reviewed by risk; hedges staggered
C07714
CR7140
2024-06-07
Recovery
105
472
6.1
1.8
799,700,030
Energy:49.1;Tech:23.1;Materials:27.8
US:60.0;EU:11.5;APAC:13.0;EMEA:12.1;LATAM:3.3
CCC:20.3;A:13.8;B:14.5;BBB:36.5;AA:15.0
5.56
30.5
117
350
7.6
3
20
45
20
true
true
true
false
0.56
-0.05
-0.23
Healthcare:EW
Hedge
iTraxx_XOVER: +97bps notional
-45
-3
DealerC
All2All
0
89
-114
-63
HYCap>limit
Rotate
High-yield share above policy cap
149
Escalate watchlist names
C07715
CR4757
2024-11-04
Recovery
176
496
5.1
1.6
853,125,107
Consumer:41.7;Healthcare:26.0;Comm:32.3
US:70.5;EU:16.5;APAC:8.8;EMEA:3.7;LATAM:0.6
AAA:37.2;BB:7.4;BBB:37.1;CCC:18.3
6.49
34.9
264
272
3.4
3
35
35
30
true
true
false
true
1.2
0.39
-0.1
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
23
DealerB
RFQ
5
100
145
-382
HYCap>limit
Reduce
High-yield share above policy cap
224
Reviewed by risk; hedges staggered
C07716
CR7064
2024-03-23
Stress
183
672
6.1
0
683,363,151
RealEstate:18.4;Comm:34.6;Healthcare:10.8;Financials:27.8;Energy:8.3
US:63.0;EU:13.3;APAC:9.4;EMEA:11.6;LATAM:2.8
CCC:8.4;BB:9.4;BBB:26.1;AAA:28.7;A:17.4;B:9.9
5.15
23.5
359
564
11.4
4
25
45
25
true
true
true
true
1.39
1.61
0.23
null
Hedge
CDX_HY: +142bps notional
-41
15
ECN2
RFQ
7
96
230
-242
VAR>budget
Rotate
Portfolio VAR above budget
158
Defer adds pending macro print
C07717
CR6867
2024-06-08
Calm
97
318
3.4
1.8
800,181,233
Energy:19.9;Consumer:17.0;Tech:18.7;Utilities:6.2;Industrials:17.0;Comm:21.2
US:60.9;EU:14.0;APAC:9.3;EMEA:9.5;LATAM:6.2
A:20.3;B:14.7;AAA:23.0;AA:21.3;CCC:11.7;BB:9.0
2.8
53.9
131
152
15.7
2
30
45
20
false
true
true
false
0.87
0.3
0.4
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-7
25
DealerB
Electronic
2
85
-129
-307
VAR>budget
Hedge
Portfolio VAR above budget
254
Escalate watchlist names
C07718
CR2981
2024-11-26
Tightening
121
460
4.2
0.8
709,624,678
Industrials:12.5;Comm:48.9;RealEstate:38.6
US:75.6;EU:6.7;APAC:6.4;EMEA:7.7;LATAM:3.6
B:22.0;AAA:50.5;BB:12.4;CCC:15.2
3.37
52.6
165
289
12.7
4
20
55
25
true
true
true
false
1.97
1.2
0.53
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-59
37
DealerC
Electronic
11
99
198
-316
Sector>limit
Reduce
Sector concentration above limit
226
Reviewed by risk; hedges staggered
C07719
CR7367
2024-04-07
Stress
180
690
5.5
-1
2,221,612,958
Financials:29.0;RealEstate:27.8;Comm:13.7;Consumer:18.0;Utilities:11.5
US:67.8;EU:12.3;APAC:11.2;EMEA:5.7;LATAM:3.0
B:9.1;BB:13.7;AAA:20.5;CCC:27.8;BBB:15.2;A:13.7
0.74
42.2
279
477
11.4
4
35
55
30
false
true
true
true
-0.05
1.07
0.34
Tech:EW
Hedge
iTraxx_XOVER: +186bps notional
14
-9
DealerC
Electronic
0
89
106
18
Sector>limit
Reduce
Sector concentration above limit
244
Escalate watchlist names
C07720
CR5122
2024-05-09
Recovery
133
488
6.3
1.1
950,626,921
Financials:37.4;Healthcare:24.5;Consumer:38.2
US:62.8;EU:15.6;APAC:10.3;EMEA:6.8;LATAM:4.5
BB:30.1;A:18.2;CCC:9.9;B:13.6;BBB:13.8;AAA:14.5
4.1
21.2
91
363
8.4
2
20
55
20
true
true
true
false
0.58
1.08
-0.02
null
Hedge
iTraxx_MAIN: +57bps notional
-3
35
DealerC
All2All
1
90
126
-118
Region>limit
Rotate
Regional concentration above limit
240
Defer adds pending macro print
C07721
CR2022
2025-08-11
Tightening
112
510
4.9
1.8
1,743,264,578
Utilities:16.0;Consumer:32.5;RealEstate:28.3;Financials:23.2
US:74.9;EU:10.2;APAC:7.1;EMEA:7.3;LATAM:0.6
A:24.7;BB:14.8;AA:25.2;AAA:27.4;B:7.9
4.71
42.8
99
467
15.2
4
20
35
30
true
true
false
false
-0.38
1.04
-0.37
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-58
6
DealerC
All2All
12
88
346
-208
Region>limit
Reduce
Regional concentration above limit
118
Defer adds pending macro print
C07722
CR4026
2024-08-28
Stress
217
685
6
-0.8
2,526,981,884
Comm:29.0;Consumer:9.9;Tech:29.0;Industrials:9.3;Energy:22.8
US:65.3;EU:10.2;APAC:9.0;EMEA:10.5;LATAM:5.0
B:39.1;AAA:20.1;AA:9.0;BBB:12.8;BB:19.0
5.35
49.2
261
318
9.5
2
30
45
35
false
true
true
true
0.13
1.65
0.23
RealEstate:EW;Healthcare:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
27
DealerA
RFQ
12
95
-114
-27
HYCap>limit
Rotate
High-yield share above policy cap
129
Defer adds pending macro print
C07723
CR8510
2024-02-12
Calm
106
360
4.2
1.6
2,756,446,243
Utilities:30.2;Energy:32.2;Tech:37.6
US:72.3;EU:8.9;APAC:10.3;EMEA:6.0;LATAM:2.5
A:35.1;AA:32.8;BB:6.7;AAA:20.7;CCC:4.7
5.13
37.9
108
508
11.9
2
30
35
35
true
true
false
false
0.83
1.34
0.06
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
-18
DealerC
DealerAxed
10
90
-46
-456
HYCap>limit
Hedge
High-yield share above policy cap
117
Rotate into defensive sectors
C07724
CR7288
2025-06-06
Stress
196
718
8.3
-0.4
900,448,331
Industrials:7.3;Materials:29.1;Comm:14.5;Tech:20.1;Consumer:29.0
US:57.6;EU:16.2;APAC:11.3;EMEA:7.1;LATAM:7.9
B:16.3;BB:23.7;BBB:20.2;CCC:21.8;A:18.1
5.46
49.9
274
566
19.3
2
30
45
30
false
true
true
true
2.42
0.3
-0.36
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-1
41
DealerC
DealerAxed
4
92
286
-223
Region>limit
Reduce
Regional concentration above limit
218
Escalate watchlist names
C07725
CR8817
2025-09-12
Calm
118
395
4.3
2.5
591,214,169
Utilities:34.4;Healthcare:11.8;RealEstate:20.7;Materials:33.1
US:66.9;EU:13.1;APAC:8.0;EMEA:9.3;LATAM:2.7
BBB:36.1;B:12.6;CCC:14.1;AA:37.1
3.28
25.5
237
450
13.9
3.5
20
45
25
true
true
true
true
0.63
0.3
0.29
RealEstate:EW
Hedge
CDX_IG: +53bps notional
2
45
ECN1
Electronic
11
85
-107
124
Sector>limit
Reduce
Sector concentration above limit
250
Escalate watchlist names
C07726
CR2110
2024-09-21
Tightening
120
444
4.4
1.8
1,554,303,640
Materials:26.5;Energy:51.4;Financials:22.2
US:73.7;EU:9.7;APAC:5.8;EMEA:8.2;LATAM:2.5
B:14.6;A:16.5;AAA:8.9;AA:33.7;CCC:3.9;BBB:22.5
2.19
20.1
122
442
14.2
3
20
35
20
true
true
false
false
-0.44
1.26
-0.06
null
Hedge
iTraxx_MAIN: +85bps notional
-17
23
ECN2
All2All
12
92
-188
112
Sector>limit
Reduce
Sector concentration above limit
178
Tighten HY exposure bands
C07727
CR5171
2024-12-21
Calm
110
294
3.8
2.8
1,967,676,126
Tech:24.7;Financials:16.1;Energy:25.4;Healthcare:33.8
US:63.1;EU:18.3;APAC:12.5;EMEA:4.0;LATAM:2.0
A:15.8;BB:19.0;AAA:17.6;B:10.4;CCC:18.4;AA:18.8
6.65
54.1
159
458
14.2
2.5
20
45
25
true
true
true
false
1.43
1.4
0.1
Consumer:EW;Comm:EW
Hedge
Treasury_Futures: +181bps notional
-3
45
ECN2
All2All
12
88
425
-310
HYCap>limit
Reduce
High-yield share above policy cap
247
Rotate into defensive sectors
C07728
CR6860
2025-05-21
Stress
237
780
6.5
-1.9
594,646,260
Utilities:15.0;Consumer:19.9;Tech:6.9;Materials:25.4;RealEstate:15.5;Healthcare:17.4
US:80.8;EU:6.3;APAC:7.3;EMEA:3.7;LATAM:2.0
B:34.5;AAA:13.5;AA:36.7;BBB:15.3
2.43
60.7
259
425
13
4
35
55
20
false
true
true
true
0.77
-0.01
0.26
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
32
DealerC
All2All
10
88
-114
-432
VAR>budget
Rotate
Portfolio VAR above budget
151
Rotate into defensive sectors
C07729
CR2873
2024-01-22
Recovery
108
436
6.4
-0.4
2,583,786,860
Energy:16.4;Tech:21.3;Utilities:9.9;Industrials:24.4;Comm:16.5;Consumer:11.5
US:54.0;EU:15.2;APAC:13.6;EMEA:11.2;LATAM:5.9
A:29.3;AA:12.4;CCC:34.0;B:24.3
2.01
39.6
228
164
11.5
2
25
35
35
false
true
true
true
1.86
1.59
0.19
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
-24
ECN2
DealerAxed
10
96
244
-339
HYCap>limit
Rotate
High-yield share above policy cap
210
Escalate watchlist names
C07730
CR4407
2025-11-12
Stress
249
665
7.8
-1.3
1,829,926,328
Industrials:19.1;RealEstate:13.6;Utilities:22.9;Comm:21.7;Healthcare:22.7
US:68.4;EU:8.0;APAC:12.8;EMEA:7.4;LATAM:3.4
BBB:44.2;A:16.9;B:17.9;AAA:20.9
5.15
32.1
172
311
6
4
20
35
30
true
true
false
false
-0.47
1.37
-0.32
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
22
ECN2
All2All
10
95
-54
-26
HYCap>limit
Reduce
High-yield share above policy cap
176
Escalate watchlist names
C07731
CR4797
2024-02-21
Recovery
141
514
5.3
-0.3
2,595,705,106
Comm:8.6;Healthcare:30.8;Financials:10.0;Utilities:17.0;RealEstate:33.6
US:70.0;EU:5.9;APAC:12.4;EMEA:7.7;LATAM:4.0
B:27.6;AAA:13.8;AA:25.7;BBB:32.9
1.14
37
130
279
2.5
2
20
35
20
true
true
true
false
1.82
0.32
0.07
Materials:EW;Tech:EW
Hedge
Options_Payer: +79bps notional
-5
-4
ECN1
All2All
5
93
301
-15
HYCap>limit
Hedge
High-yield share above policy cap
96
Tighten HY exposure bands
C07732
CR7241
2025-09-14
Tightening
109
395
4.2
1.8
2,994,603,272
Comm:14.0;Tech:10.3;Financials:37.4;Consumer:38.2
US:73.1;EU:8.4;APAC:12.1;EMEA:6.1;LATAM:0.4
BBB:11.4;BB:11.4;B:13.4;AAA:10.9;A:10.6;CCC:42.3
3.12
30.2
209
169
2.4
2
25
35
20
true
true
true
true
-0.4
0.41
0.42
Consumer:EW
Hedge
iTraxx_MAIN: +109bps notional
-2
-8
ECN2
Electronic
3
96
216
-149
HYCap>limit
Reduce
High-yield share above policy cap
163
Escalate watchlist names
C07733
CR0005
2025-12-05
Calm
118
303
4.5
3
1,354,008,980
Industrials:28.1;Tech:24.2;Energy:26.9;Financials:20.8
US:62.0;EU:12.2;APAC:10.1;EMEA:11.2;LATAM:4.6
AAA:19.9;A:29.5;BBB:21.5;B:10.5;CCC:8.7;BB:9.9
0.84
27.5
102
309
14
4
25
35
30
true
true
false
false
0.19
0.13
0.41
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
8
ECN2
RFQ
1
98
71
-12
Region>limit
Hedge
Regional concentration above limit
106
Tighten HY exposure bands
C07734
CR8326
2025-06-07
Recovery
175
476
5.8
1.1
2,947,234,933
Materials:13.3;RealEstate:11.5;Industrials:10.5;Tech:11.5;Financials:24.5;Utilities:28.7
US:72.9;EU:14.1;APAC:6.0;EMEA:6.3;LATAM:0.7
CCC:9.3;AAA:11.2;BBB:15.8;BB:26.6;B:26.8;AA:10.3
3.2
56.1
134
328
13
2.5
30
55
25
false
true
true
false
1.08
0.25
-0.19
null
Rotate
From Energy -1.0% to Utilities +1.0%
-34
2
DealerB
DealerAxed
12
85
264
-219
HYCap>limit
Reduce
High-yield share above policy cap
212
Reviewed by risk; hedges staggered
C07735
CR0455
2025-12-20
Stress
215
718
8
-0.3
2,218,612,226
Industrials:36.9;Healthcare:24.2;Utilities:28.3;Tech:10.6
US:70.4;EU:7.9;APAC:13.8;EMEA:3.6;LATAM:4.2
A:12.0;B:17.6;BB:15.5;BBB:17.4;AA:25.1;CCC:12.2
4.3
20.2
254
522
20.7
2.5
35
55
35
true
true
true
true
1.85
0.21
-0.06
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-60
1
ECN1
Electronic
5
86
-7
-362
Region>limit
Reduce
Regional concentration above limit
198
Rotate into defensive sectors
C07736
CR3679
2025-11-09
Tightening
149
386
5.1
0.6
389,050,674
Utilities:14.0;Financials:9.2;Comm:13.9;Tech:22.6;Industrials:18.8;RealEstate:21.5
US:68.3;EU:13.0;APAC:14.2;EMEA:3.2;LATAM:1.3
B:18.6;BB:18.7;CCC:24.9;BBB:9.6;A:7.8;AA:20.3
1.38
36.2
260
510
5.6
2
30
45
30
false
true
true
true
-0.22
0.89
-0.35
Utilities:EW
Hedge
CDX_HY: +101bps notional
10
-21
DealerA
All2All
8
93
210
113
VAR>budget
Hedge
Portfolio VAR above budget
97
Defer adds pending macro print
C07737
CR1977
2025-02-17
Tightening
119
478
4.9
0.6
1,387,942,260
Utilities:37.5;Comm:25.7;Consumer:36.8
US:67.2;EU:13.5;APAC:9.1;EMEA:5.0;LATAM:5.2
CCC:7.9;A:12.1;AAA:19.9;BB:23.0;BBB:37.1
1.51
53.7
193
409
10.9
2
20
35
35
true
true
false
false
1.74
1.53
0.52
Comm:EW
Hedge
CDX_HY: +67bps notional
-37
24
DealerA
RFQ
12
89
333
172
VAR>budget
Reduce
Portfolio VAR above budget
112
Escalate watchlist names
C07738
CR1280
2024-08-28
Calm
113
340
3.5
1.9
2,703,201,216
Financials:18.4;RealEstate:11.7;Tech:27.6;Utilities:42.3
US:62.0;EU:9.6;APAC:17.4;EMEA:5.0;LATAM:6.1
BBB:31.1;BB:13.3;CCC:4.6;B:14.0;AAA:19.2;AA:17.8
3.45
22.6
226
220
13.1
4
25
45
30
true
true
true
true
2.49
0.87
-0.09
null
Hedge
Options_Payer: +177bps notional
-50
1
DealerA
DealerAxed
4
100
-55
125
VAR>budget
Reduce
Portfolio VAR above budget
166
Tighten HY exposure bands
C07739
CR4337
2024-05-17
Stress
238
718
5.3
-0.4
2,342,837,179
Tech:15.2;Financials:26.0;Industrials:19.5;Consumer:24.2;Materials:15.1
US:68.5;EU:8.9;APAC:13.3;EMEA:6.7;LATAM:2.5
AA:19.5;AAA:23.6;B:16.8;A:10.2;CCC:29.8
6.52
33.3
235
402
5.4
3.5
30
35
25
false
true
true
true
1.62
-0.21
0.18
Industrials:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-33
13
ECN1
DealerAxed
1
95
183
-149
Region>limit
Rotate
Regional concentration above limit
227
Defer adds pending macro print
C07740
CR9108
2025-11-21
Calm
94
395
4.1
2
2,029,160,919
Industrials:13.8;Energy:25.9;Utilities:31.3;Healthcare:29.1
US:62.8;EU:15.7;APAC:8.3;EMEA:11.8;LATAM:1.4
A:27.6;AAA:41.8;B:14.5;BB:16.1
5.05
42.2
208
125
4.2
3.5
20
55
20
true
true
true
true
1.06
1.11
0.19
Healthcare:EW;Consumer:EW
Hedge
CDX_HY: +83bps notional
-17
-13
ECN2
DealerAxed
8
98
143
14
HYCap>limit
Hedge
High-yield share above policy cap
226
Defer adds pending macro print
C07741
CR1312
2024-03-24
Recovery
140
601
6.3
0.3
1,228,720,141
Utilities:15.5;Financials:18.8;Healthcare:23.6;Tech:16.0;Energy:16.6;Materials:9.4
US:69.7;EU:12.4;APAC:7.6;EMEA:7.9;LATAM:2.4
BB:19.9;AAA:27.8;A:25.3;CCC:27.0
0.69
28.7
207
239
6.9
2
30
45
25
false
true
true
true
1.72
0.35
-0.24
Comm:EW
Hedge
iTraxx_MAIN: +189bps notional
9
31
ECN2
DealerAxed
4
87
-52
-326
HYCap>limit
Rotate
High-yield share above policy cap
111
Rotate into defensive sectors
C07742
CR1209
2025-04-11
Tightening
140
487
5.1
1.9
589,472,650
RealEstate:35.6;Materials:34.6;Energy:15.8;Consumer:14.0
US:65.9;EU:8.8;APAC:15.5;EMEA:7.8;LATAM:1.9
CCC:17.1;B:19.9;AA:12.2;A:18.7;BB:9.7;AAA:22.5
1.62
34.1
84
420
3.1
3
25
55
30
true
true
true
false
0.02
-0.12
0.39
Energy:EW;Consumer:EW
Hedge
SingleName_CDS: +132bps notional
-27
-12
ECN2
All2All
3
100
-192
-167
HYCap>limit
Reduce
High-yield share above policy cap
161
Tighten HY exposure bands
C07743
CR0064
2025-10-29
Stress
258
717
5.6
-0.6
645,340,619
Materials:19.1;Energy:40.6;Consumer:40.3
US:68.1;EU:9.8;APAC:14.0;EMEA:2.9;LATAM:5.2
AA:39.7;BB:18.1;BBB:20.5;A:21.8
6.81
24.5
198
508
10
2
25
35
30
true
true
false
false
0.25
0.29
0.32
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-26
-16
DealerA
RFQ
9
91
-206
-467
Sector>limit
Reduce
Sector concentration above limit
158
Escalate watchlist names
C07744
CR1727
2025-08-12
Tightening
108
520
5
1.4
393,620,852
Tech:18.4;Materials:30.5;Comm:14.9;RealEstate:36.2
US:62.9;EU:20.2;APAC:5.2;EMEA:11.0;LATAM:0.6
BB:7.2;AA:35.8;BBB:18.0;B:8.1;AAA:30.9
0.66
53.6
171
232
14
2
20
35
30
true
true
false
false
1.2
0.51
-0.24
Tech:EW
Hedge
Options_Payer: +113bps notional
-38
18
DealerB
DealerAxed
11
86
279
-32
Region>limit
Reduce
Regional concentration above limit
178
Rotate into defensive sectors
C07745
CR1778
2025-03-14
Recovery
161
582
6.3
1
774,078,132
Healthcare:15.4;Materials:46.4;Energy:38.1
US:60.6;EU:12.9;APAC:12.1;EMEA:10.7;LATAM:3.7
BBB:30.7;CCC:17.0;A:26.3;AA:17.9;B:8.0
2.95
34.1
209
495
8
3.5
35
35
25
true
true
false
true
1.61
0.79
-0.31
RealEstate:EW
Hedge
iTraxx_MAIN: +117bps notional
-45
-19
ECN2
All2All
5
100
-182
-53
Region>limit
Hedge
Regional concentration above limit
246
Defer adds pending macro print
C07746
CR6522
2024-12-02
Tightening
140
362
4.6
1.3
1,489,924,594
Utilities:18.4;Tech:45.1;Industrials:13.9;Energy:22.6
US:59.9;EU:12.1;APAC:11.9;EMEA:8.8;LATAM:7.3
BBB:17.6;A:13.6;AAA:19.1;AA:6.7;BB:32.8;B:10.1
4.08
23.3
271
218
14
3
35
55
25
true
true
true
true
1.75
0.07
0.27
null
Hedge
Treasury_Futures: +66bps notional
-51
20
ECN1
RFQ
2
86
-95
-197
VAR>budget
Reduce
Portfolio VAR above budget
227
Defer adds pending macro print
C07747
CR7088
2025-03-27
Tightening
135
484
4.1
1
1,544,726,577
Consumer:18.7;Healthcare:9.7;Materials:9.9;Utilities:22.1;Financials:16.2;RealEstate:23.3
US:65.4;EU:8.1;APAC:11.2;EMEA:7.0;LATAM:8.4
B:19.8;AAA:10.8;CCC:34.3;BB:35.1
7.17
28.4
236
456
4.2
2
20
45
25
true
true
true
true
1.5
1.16
0.3
Healthcare:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
16
DealerC
Electronic
7
88
266
105
Sector>limit
Hedge
Sector concentration above limit
226
Defer adds pending macro print
C07748
CR8024
2024-06-07
Tightening
127
488
4.9
1.5
1,440,875,591
Utilities:25.2;RealEstate:25.2;Comm:28.7;Healthcare:20.8
US:63.0;EU:14.6;APAC:7.4;EMEA:9.4;LATAM:5.5
B:7.1;AA:26.0;BBB:16.2;CCC:21.0;BB:29.7
0.94
51.1
103
429
16
2.5
30
35
25
false
true
true
false
1.41
0.35
0.57
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-36
-12
ECN2
DealerAxed
3
95
-7
-208
HYCap>limit
Reduce
High-yield share above policy cap
104
Tighten HY exposure bands
C07749
CR2623
2025-12-15
Calm
94
286
3.3
1.9
1,837,782,692
RealEstate:19.6;Financials:28.8;Industrials:17.4;Utilities:34.2
US:67.1;EU:11.5;APAC:12.6;EMEA:5.0;LATAM:3.8
A:16.7;B:21.6;CCC:15.1;BBB:15.2;BB:16.5;AA:14.9
3.72
37.6
152
323
13
3.5
30
35
35
true
true
true
false
0.6
1.6
-0.19
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
-11
DealerA
Electronic
1
92
286
-40
HYCap>limit
Reduce
High-yield share above policy cap
167
Tighten HY exposure bands
C07750
CR0108
2024-08-05
Calm
85
368
3.7
2.1
1,697,549,153
RealEstate:10.0;Utilities:22.9;Industrials:10.5;Healthcare:29.6;Tech:27.0
US:64.7;EU:18.0;APAC:8.4;EMEA:7.9;LATAM:0.9
AA:49.9;BB:15.1;B:13.6;A:21.4
5.48
33.9
267
176
15.2
3
20
55
35
true
true
false
true
1.97
0.35
0.13
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
10
DealerA
RFQ
0
94
-38
-402
HYCap>limit
Hedge
High-yield share above policy cap
112
Defer adds pending macro print
C07751
CR6595
2025-03-02
Calm
100
386
4.2
2
2,227,423,907
Energy:16.9;Materials:12.4;RealEstate:14.3;Industrials:21.0;Tech:10.2;Healthcare:25.2
US:60.8;EU:10.2;APAC:16.4;EMEA:9.6;LATAM:3.0
AA:26.0;A:9.6;B:41.2;AAA:23.3
7.29
48.6
241
407
16.8
4
35
35
35
false
true
true
true
2.01
0.57
0.3
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
23
ECN1
Electronic
2
95
126
-218
VAR>budget
Hedge
Portfolio VAR above budget
195
Tighten HY exposure bands
C07752
CR9902
2024-06-26
Calm
105
324
3.8
1.9
2,906,234,926
Financials:17.9;RealEstate:30.0;Healthcare:52.0
US:61.6;EU:13.4;APAC:13.2;EMEA:7.9;LATAM:4.0
AAA:17.2;B:19.9;BB:37.6;A:12.9;CCC:12.4
0.88
36.5
92
286
3.9
3.5
30
45
20
true
true
true
false
-0.23
-0.12
-0.16
Materials:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-36
-14
DealerC
RFQ
7
87
27
76
HYCap>limit
Reduce
High-yield share above policy cap
163
Defer adds pending macro print
C07753
CR0330
2024-06-18
Tightening
141
513
4.5
0.9
1,271,796,072
Consumer:30.5;Comm:19.9;Tech:33.8;Healthcare:15.7
US:68.3;EU:7.9;APAC:12.0;EMEA:6.8;LATAM:4.8
AAA:14.9;CCC:6.3;A:23.1;BB:13.8;B:20.6;BBB:21.3
3.97
43.2
200
493
13.9
3
25
45
20
true
true
true
false
1.6
1.47
0.4
null
Hedge
Treasury_Futures: +190bps notional
-38
19
DealerC
All2All
6
86
-8
88
HYCap>limit
Hedge
High-yield share above policy cap
126
Defer adds pending macro print
C07754
CR9433
2024-02-28
Stress
222
690
7.4
0.3
846,065,026
Healthcare:24.8;Consumer:8.7;Energy:19.7;Industrials:15.7;Utilities:23.5;RealEstate:7.7
US:67.3;EU:6.6;APAC:12.5;EMEA:10.6;LATAM:2.9
CCC:20.8;AAA:26.5;AA:11.3;B:10.6;A:9.6;BBB:21.1
3.35
54.2
305
401
9.5
2
35
55
25
false
true
true
true
1.1
1.21
-0.17
null
Rotate
From Energy -1.0% to Utilities +1.0%
-51
19
DealerC
All2All
7
86
111
-406
VAR>budget
Rotate
Portfolio VAR above budget
256
Tighten HY exposure bands
C07755
CR2297
2025-06-12
Tightening
100
476
4.3
0.8
1,057,533,812
Consumer:26.8;Industrials:12.3;Comm:19.8;Utilities:20.1;Energy:21.1
US:54.8;EU:17.7;APAC:14.4;EMEA:9.4;LATAM:3.8
CCC:6.5;BB:13.6;AA:37.7;B:14.6;A:13.6;BBB:14.1
6.67
43.2
211
481
7.9
4
25
45
25
true
true
true
true
-0.44
0.82
0.39
Healthcare:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
16
ECN1
RFQ
8
87
-149
-312
HYCap>limit
Reduce
High-yield share above policy cap
203
Tighten HY exposure bands
C07756
CR7399
2025-10-19
Recovery
162
644
4.9
1
1,206,559,688
Financials:26.1;Tech:54.6;Industrials:19.2
US:59.0;EU:16.7;APAC:14.8;EMEA:7.7;LATAM:1.8
AAA:25.6;BBB:11.9;CCC:20.6;BB:27.3;A:14.6
5.38
49.4
248
287
8
3.5
35
45
30
true
true
true
true
0.04
1.27
-0.28
Industrials:EW
Hedge
Options_Payer: +127bps notional
-59
5
DealerB
All2All
7
92
131
-276
Region>limit
Hedge
Regional concentration above limit
233
Reviewed by risk; hedges staggered
C07757
CR2321
2024-08-12
Calm
89
389
4.1
1.9
838,699,457
Healthcare:26.1;Materials:30.2;Comm:8.6;Industrials:35.1
US:56.4;EU:20.1;APAC:14.0;EMEA:4.8;LATAM:4.8
AA:40.2;B:6.1;BBB:23.6;CCC:9.7;AAA:20.3
4.64
40.1
89
421
5.9
3
35
45
25
true
true
false
false
0.15
0.64
0.16
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
-24
DealerB
All2All
5
90
155
91
HYCap>limit
Hedge
High-yield share above policy cap
173
Escalate watchlist names
C07758
CR2877
2025-11-10
Tightening
110
456
4.8
1.8
869,556,340
Materials:27.0;Comm:9.8;Utilities:25.7;RealEstate:12.2;Financials:25.4
US:71.4;EU:10.3;APAC:6.4;EMEA:5.8;LATAM:6.2
CCC:11.6;A:17.0;BBB:18.8;BB:25.2;B:27.4
1.67
49.7
86
212
2.6
4
20
35
25
true
true
true
false
1.17
0.61
-0.13
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
-7
DealerB
Electronic
3
92
-13
-278
HYCap>limit
Hedge
High-yield share above policy cap
188
Tighten HY exposure bands
C07759
CR8453
2025-08-27
Calm
68
399
4
1.5
501,187,495
RealEstate:30.2;Healthcare:16.9;Energy:29.1;Consumer:23.9
US:60.8;EU:14.6;APAC:12.6;EMEA:7.4;LATAM:4.7
AAA:24.6;BBB:27.5;B:4.9;AA:26.8;CCC:16.2
3.14
52.4
233
354
9.9
4
20
45
35
true
true
false
true
1.12
1.42
0.55
Industrials:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
-3
ECN2
All2All
10
87
348
76
HYCap>limit
Hedge
High-yield share above policy cap
238
Rotate into defensive sectors
C07760
CR3905
2024-06-21
Tightening
101
462
4.1
1.4
1,309,561,270
Financials:20.0;Healthcare:10.9;RealEstate:22.0;Energy:25.6;Tech:21.6
US:67.2;EU:12.5;APAC:13.6;EMEA:5.9;LATAM:0.8
AAA:12.8;B:7.0;AA:30.1;A:28.9;BBB:14.4;BB:6.7
4.33
41.9
210
420
3.1
3
20
35
35
true
true
false
true
0.54
-0.05
0.19
null
Rotate
From Energy -1.0% to Utilities +1.0%
-28
-8
DealerC
All2All
0
98
-187
-32
VAR>budget
Hedge
Portfolio VAR above budget
223
Rotate into defensive sectors
C07761
CR8183
2025-05-12
Recovery
176
476
5.5
0.7
1,781,508,750
Financials:12.8;Consumer:20.9;Energy:22.2;Tech:22.8;Healthcare:21.3
US:78.2;EU:6.5;APAC:6.6;EMEA:6.0;LATAM:2.8
B:9.2;CCC:11.8;AA:30.9;BBB:27.7;AAA:20.4
1.31
45.2
102
415
3.5
4
35
55
35
false
true
false
false
0.9
0.56
0.37
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
-15
ECN1
RFQ
8
95
-181
-367
Region>limit
PauseAdds
Regional concentration above limit
228
Tighten HY exposure bands
C07762
CR8943
2025-05-25
Recovery
164
464
4.7
0.8
1,240,509,465
Healthcare:39.3;Financials:8.8;Materials:31.1;Industrials:20.8
US:64.8;EU:12.9;APAC:6.1;EMEA:9.8;LATAM:6.4
B:31.6;CCC:12.8;A:7.7;BB:17.4;BBB:22.3;AA:8.1
4.25
60.7
275
416
4
2.5
25
45
25
true
true
true
true
1.19
-0.21
0.56
Tech:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-2
7
ECN1
All2All
12
86
-142
-49
VAR>budget
Reduce
Portfolio VAR above budget
206
Escalate watchlist names
C07763
CR4394
2025-01-06
Recovery
105
601
6.2
1.4
1,250,228,270
RealEstate:28.9;Healthcare:13.1;Utilities:43.2;Financials:14.9
US:69.9;EU:11.6;APAC:9.7;EMEA:7.7;LATAM:1.1
AAA:18.1;B:6.7;AA:36.0;A:31.8;CCC:7.3
4.53
61
82
464
4.7
2.5
20
35
25
true
true
false
false
1.84
0.43
0.39
Materials:EW;Tech:EW
Hedge
CDX_HY: +124bps notional
-35
22
DealerB
DealerAxed
3
89
372
66
Region>limit
Reduce
Regional concentration above limit
114
Rotate into defensive sectors
C07764
CR2565
2025-03-09
Calm
109
305
4.4
2.4
930,828,471
Utilities:17.5;Materials:28.4;Tech:54.1
US:67.6;EU:9.9;APAC:10.6;EMEA:5.5;LATAM:6.4
BB:10.5;CCC:39.7;BBB:14.4;B:13.8;AA:7.4;AAA:14.2
3.87
27.1
157
313
17.1
2.5
25
55
20
true
true
true
false
1.15
0.76
0.39
Tech:EW
Hedge
CDX_IG: +148bps notional
19
23
ECN2
Electronic
0
94
275
-406
Region>limit
Reduce
Regional concentration above limit
97
Rotate into defensive sectors
C07765
CR9654
2025-11-11
Tightening
141
432
4.1
0.9
605,151,411
Healthcare:16.5;Consumer:25.5;Financials:6.7;RealEstate:23.4;Utilities:27.9
US:62.8;EU:15.3;APAC:7.7;EMEA:8.5;LATAM:5.7
BBB:18.5;AAA:9.0;AA:26.4;A:18.5;B:23.3;BB:4.3
3.18
21.1
221
265
8.2
3.5
20
35
20
true
true
true
true
-0.47
0.44
0.43
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
45
DealerA
All2All
10
98
158
139
Region>limit
Hedge
Regional concentration above limit
170
Tighten HY exposure bands
C07766
CR9191
2025-01-22
Recovery
174
431
5
1.9
2,433,456,639
Materials:12.5;Healthcare:35.1;Consumer:31.6;Tech:20.8
US:60.8;EU:15.6;APAC:6.3;EMEA:13.3;LATAM:4.1
CCC:5.9;B:7.3;A:29.4;BB:10.7;AAA:18.2;BBB:28.5
1.95
37.2
203
346
9.5
2
30
35
30
true
true
false
true
1.73
1.02
-0.13
RealEstate:EW;Tech:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
8
DealerA
All2All
6
87
254
-166
Sector>limit
Hedge
Sector concentration above limit
227
Reviewed by risk; hedges staggered
C07767
CR9416
2024-10-25
Calm
66
384
3.6
1.6
2,484,039,107
Utilities:20.2;RealEstate:45.7;Materials:34.1
US:63.4;EU:15.4;APAC:7.8;EMEA:8.6;LATAM:4.8
BB:7.2;CCC:10.3;B:21.2;A:61.2
5.26
47.3
182
371
8.7
4
20
55
25
true
true
true
false
1.22
0.57
0.56
Energy:EW;Comm:EW
Hedge
iTraxx_MAIN: +179bps notional
-47
16
DealerA
DealerAxed
9
89
180
21
Region>limit
Hedge
Regional concentration above limit
176
Escalate watchlist names
C07768
CR8464
2025-12-18
Tightening
151
395
4
1.8
2,390,682,316
RealEstate:8.5;Comm:20.6;Materials:27.6;Utilities:18.3;Industrials:12.2;Financials:12.8
US:69.2;EU:11.5;APAC:5.2;EMEA:8.6;LATAM:5.6
CCC:20.1;B:19.3;AA:22.5;BBB:18.6;AAA:19.5
4.61
24.3
157
467
9.6
2.5
30
35
20
false
true
true
false
0.25
-0.23
-0.18
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
-22
ECN1
All2All
5
97
262
2
HYCap>limit
Hedge
High-yield share above policy cap
234
Tighten HY exposure bands
C07769
CR5100
2024-03-08
Tightening
100
495
5
0.6
2,981,919,237
Industrials:8.8;Financials:28.6;Utilities:25.9;Comm:14.4;Consumer:6.9;Energy:15.4
US:56.4;EU:19.6;APAC:14.4;EMEA:9.3;LATAM:0.3
B:9.6;AAA:15.0;AA:21.3;CCC:15.1;BB:10.8;A:28.3
5.59
40.3
234
374
16.2
3
30
45
30
false
true
true
true
1.36
0.17
-0.05
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-16
-18
DealerB
All2All
9
98
305
-113
VAR>budget
Reduce
Portfolio VAR above budget
131
Escalate watchlist names
C07770
CR3163
2024-08-21
Recovery
173
643
5.6
0.2
1,641,634,397
Industrials:30.7;Utilities:22.7;Consumer:34.8;Materials:11.9
US:67.3;EU:8.8;APAC:17.2;EMEA:6.6;LATAM:0.2
BBB:30.9;AAA:30.7;A:17.6;CCC:20.8
1.02
22.2
251
503
15
4
25
45
25
true
true
false
true
-0.12
0.81
0.26
RealEstate:EW;Comm:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
35
DealerB
RFQ
6
88
172
-226
VAR>budget
Hedge
Portfolio VAR above budget
207
Rotate into defensive sectors
C07771
CR3241
2025-11-27
Calm
81
411
3.5
1.8
2,935,045,946
Tech:16.3;Energy:42.4;Comm:41.3
US:63.1;EU:9.4;APAC:15.7;EMEA:8.2;LATAM:3.5
BBB:24.9;AAA:12.6;CCC:9.6;A:26.6;AA:26.4
1.74
50.5
273
348
16.1
3.5
30
35
30
true
true
false
true
-0.06
0.08
0.23
null
Hedge
CDX_IG: +59bps notional
-4
41
ECN1
Electronic
8
88
-92
-231
Sector>limit
Rotate
Sector concentration above limit
113
Tighten HY exposure bands
C07772
CR8839
2025-01-03
Calm
82
284
4.2
2
2,089,723,320
Financials:40.7;Materials:12.9;Energy:10.0;Utilities:36.4
US:63.2;EU:18.2;APAC:12.6;EMEA:3.8;LATAM:2.2
AAA:46.5;BB:13.4;B:20.4;AA:19.8
1.34
57
89
381
17
2
25
55
35
true
true
false
false
-0.41
0.72
0.59
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
-20
DealerA
All2All
1
89
95
-227
VAR>budget
Hedge
Portfolio VAR above budget
112
Reviewed by risk; hedges staggered
C07773
CR2551
2024-09-06
Calm
69
307
3.9
2.8
2,889,529,793
Comm:21.1;Industrials:19.5;Energy:30.0;Financials:29.4
US:68.4;EU:13.4;APAC:6.0;EMEA:11.4;LATAM:0.8
BBB:15.7;B:21.7;AA:31.5;A:11.3;BB:19.9
1.7
54.9
88
268
11.4
2.5
30
45
25
false
true
true
false
-0.03
1.09
0.47
Healthcare:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
-13
DealerC
Electronic
10
98
-50
100
HYCap>limit
Reduce
High-yield share above policy cap
131
Defer adds pending macro print
C07774
CR7579
2025-03-28
Calm
67
350
4.1
2.1
1,132,254,974
Tech:22.4;Financials:22.5;Utilities:18.4;Consumer:19.3;Energy:17.5
US:70.3;EU:7.4;APAC:9.7;EMEA:9.3;LATAM:3.2
BB:13.5;AA:27.8;CCC:11.8;BBB:25.0;A:10.3;B:11.5
1.9
59.6
104
331
5.9
2
30
55
20
false
true
true
false
0.68
1.45
-0.09
Comm:EW
Hedge
SingleName_CDS: +55bps notional
-30
40
DealerB
All2All
6
94
226
15
Sector>limit
Hedge
Sector concentration above limit
122
Defer adds pending macro print
C07775
CR0400
2025-09-27
Recovery
117
556
4.8
0.7
1,775,557,722
RealEstate:36.8;Healthcare:41.8;Energy:21.4
US:66.7;EU:14.0;APAC:6.7;EMEA:4.9;LATAM:7.8
CCC:15.6;B:27.6;AA:17.6;BBB:13.1;AAA:12.2;BB:14.0
0.96
44.9
208
291
8.1
3.5
35
35
20
true
true
true
true
1.04
-0.14
-0.08
null
Hedge
CDX_IG: +123bps notional
-39
-10
ECN1
Electronic
8
97
345
-134
Region>limit
Hedge
Regional concentration above limit
190
Rotate into defensive sectors
C07776
CR4589
2024-08-14
Calm
92
285
3.6
2.2
1,498,436,373
Energy:15.8;Materials:6.2;Tech:17.6;Comm:14.4;Utilities:19.5;RealEstate:26.6
US:62.0;EU:18.6;APAC:7.2;EMEA:4.5;LATAM:7.7
CCC:13.8;B:21.3;BB:31.9;AA:19.4;AAA:13.6
4.38
61.8
194
402
14.3
2
20
45
35
true
true
true
false
1.52
1.44
-0.24
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
32
DealerC
Electronic
7
100
240
-231
HYCap>limit
Rotate
High-yield share above policy cap
92
Reviewed by risk; hedges staggered
C07777
CR5534
2024-09-09
Stress
226
584
7.3
-1
1,952,419,860
Materials:32.0;Consumer:19.9;RealEstate:16.9;Energy:31.2
US:63.2;EU:11.3;APAC:13.6;EMEA:6.9;LATAM:4.9
BB:16.7;A:17.3;BBB:47.8;AAA:18.2
4.31
23
311
419
9.3
2
35
35
30
false
true
false
true
2.15
1.17
-0.31
null
Rotate
From Energy -1.0% to Utilities +1.0%
4
-19
DealerB
DealerAxed
12
85
-167
-216
HYCap>limit
Reduce
High-yield share above policy cap
227
Escalate watchlist names
C07778
CR3724
2024-08-13
Calm
74
348
3.6
1.8
307,675,039
Healthcare:24.2;Comm:31.2;Tech:15.2;Industrials:29.3
US:66.6;EU:12.7;APAC:10.2;EMEA:7.9;LATAM:2.7
CCC:18.5;BB:20.4;A:17.3;BBB:17.6;AAA:26.2
6.31
61.6
167
288
9.1
4
35
35
30
false
true
true
false
2.02
0.34
0.36
RealEstate:EW
Hedge
iTraxx_XOVER: +161bps notional
-11
7
ECN1
Electronic
3
94
-208
-405
VAR>budget
Rotate
Portfolio VAR above budget
123
Defer adds pending macro print
C07779
CR9642
2024-03-15
Stress
140
727
7.3
-0.1
1,939,251,153
Comm:30.9;Utilities:10.8;Energy:25.7;Healthcare:32.6
US:59.6;EU:12.7;APAC:10.5;EMEA:11.9;LATAM:5.3
AA:24.9;BB:5.5;AAA:19.7;A:49.9
4.85
27.3
239
483
12.6
3.5
25
45
20
true
true
false
true
2.12
0.28
-0.09
Financials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
2
ECN2
Electronic
5
94
248
-148
Sector>limit
Reduce
Sector concentration above limit
100
Reviewed by risk; hedges staggered
C07780
CR5861
2025-06-12
Calm
86
334
3.3
2.7
631,416,457
Energy:21.2;Industrials:23.2;Comm:27.3;Materials:28.3
US:63.9;EU:20.6;APAC:7.9;EMEA:6.7;LATAM:0.8
B:6.1;AAA:10.2;A:9.9;AA:21.9;BB:27.2;CCC:24.6
2.81
21
145
454
15.8
2
35
35
35
false
true
true
false
1.37
0.75
-0.17
Financials:EW
Hedge
iTraxx_XOVER: +174bps notional
6
6
ECN2
RFQ
11
96
341
-441
Region>limit
Hedge
Regional concentration above limit
92
Reviewed by risk; hedges staggered
C07781
CR4416
2025-01-18
Stress
222
695
5.7
-0.6
1,953,024,561
Energy:34.4;Healthcare:36.1;Materials:29.5
US:61.2;EU:19.0;APAC:10.0;EMEA:7.6;LATAM:2.2
A:50.0;CCC:24.0;BB:9.1;AA:16.9
1.69
35.4
321
599
16.1
4
25
55
20
true
true
true
true
0.67
0.65
-0.05
null
Hedge
CDX_HY: +50bps notional
-12
23
DealerA
DealerAxed
5
87
253
-163
Region>limit
Hedge
Regional concentration above limit
109
Defer adds pending macro print
C07782
CR4614
2025-01-04
Calm
101
341
3.7
1.8
589,166,960
Comm:13.2;Utilities:10.4;Financials:22.2;Industrials:13.8;Energy:18.3;Materials:22.0
US:67.6;EU:13.0;APAC:11.3;EMEA:3.5;LATAM:4.6
BB:15.4;BBB:6.3;B:12.1;AA:17.1;CCC:27.3;A:21.7
5.89
41.6
87
130
15.6
3
20
45
30
true
true
true
false
0.07
0.99
0.44
Energy:EW;Consumer:EW
Hedge
iTraxx_XOVER: +55bps notional
-38
24
DealerB
Electronic
8
90
1
-178
VAR>budget
PauseAdds
Portfolio VAR above budget
249
Defer adds pending macro print
C07783
CR1652
2025-01-04
Calm
69
392
3.9
2.4
229,534,495
Energy:25.9;Healthcare:25.6;Utilities:27.6;RealEstate:20.9
US:71.9;EU:10.2;APAC:7.4;EMEA:5.1;LATAM:5.4
AA:26.2;AAA:16.2;B:23.7;BBB:15.7;A:18.3
2.15
56.8
191
465
15.3
3
35
35
35
false
true
false
false
1.27
0.84
0.33
Financials:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-5
10
ECN2
All2All
2
94
2
113
Region>limit
Hedge
Regional concentration above limit
206
Tighten HY exposure bands
C07784
CR8764
2024-07-06
Stress
217
695
6.9
0.3
368,758,698
Materials:18.0;Industrials:37.3;RealEstate:22.6;Comm:22.0
US:59.1;EU:11.6;APAC:16.0;EMEA:12.3;LATAM:1.0
CCC:6.3;AAA:18.5;AA:37.3;B:10.0;BBB:23.6;BB:4.3
3.43
54.7
271
308
11.8
4
20
45
30
true
true
false
true
0.91
1.1
0.39
Utilities:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
41
ECN1
All2All
7
98
-170
-57
Region>limit
Reduce
Regional concentration above limit
161
Defer adds pending macro print
C07785
CR5065
2024-09-01
Calm
107
344
3.3
1.9
390,583,835
Materials:19.1;Consumer:47.4;Industrials:33.5
US:58.2;EU:19.1;APAC:14.4;EMEA:4.7;LATAM:3.6
BBB:12.4;A:33.6;AA:34.3;B:13.5;BB:6.2
3.85
64.3
88
439
3.5
2
20
35
20
true
true
false
false
-0.15
0.88
0.4
Industrials:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
-15
DealerB
DealerAxed
12
91
207
-185
Sector>limit
Hedge
Sector concentration above limit
182
Reviewed by risk; hedges staggered
C07786
CR1945
2024-08-16
Calm
74
409
4.4
2.1
1,043,622,504
Healthcare:18.9;Tech:20.7;Energy:15.2;Financials:45.2
US:69.2;EU:13.7;APAC:10.9;EMEA:3.6;LATAM:2.6
BBB:21.1;AA:36.8;CCC:13.7;B:16.1;AAA:12.3
1.59
37.9
135
456
16.9
2
30
45
20
true
true
true
false
2.08
1.11
0.45
null
Hedge
iTraxx_XOVER: +120bps notional
-49
-13
ECN2
Electronic
6
90
166
37
Sector>limit
Reduce
Sector concentration above limit
142
Tighten HY exposure bands
C07787
CR5461
2024-04-12
Calm
84
383
4.1
2.4
2,451,829,630
Utilities:11.1;RealEstate:35.0;Consumer:15.8;Materials:28.6;Tech:9.4
US:57.5;EU:18.4;APAC:15.1;EMEA:6.0;LATAM:3.0
AA:36.8;B:28.2;BBB:19.4;A:15.7
5.9
25.6
138
329
3.3
2
35
45
35
false
true
false
false
-0.4
1.17
-0.2
null
Rotate
From Energy -1.0% to Utilities +1.0%
-15
32
ECN1
Electronic
1
87
-52
-370
HYCap>limit
PauseAdds
High-yield share above policy cap
236
Escalate watchlist names
C07788
CR7327
2025-01-14
Stress
205
845
7.2
0
1,392,474,114
Energy:25.5;Financials:19.9;Utilities:24.5;Healthcare:11.7;Materials:18.4
US:59.6;EU:15.3;APAC:13.0;EMEA:10.0;LATAM:2.1
AA:11.6;B:20.9;AAA:12.3;BB:5.6;A:34.0;BBB:15.6
4.2
43.8
289
318
11.3
2.5
20
55
35
true
true
false
true
2.3
0.41
-0.06
Financials:EW;Tech:EW
Hedge
SingleName_CDS: +97bps notional
-57
36
DealerC
All2All
5
99
-69
-69
Region>limit
PauseAdds
Regional concentration above limit
248
Rotate into defensive sectors
C07789
CR6453
2025-06-01
Calm
70
345
3.5
2.3
1,631,655,365
Financials:16.7;Healthcare:21.5;Energy:13.1;Utilities:22.0;Tech:7.4;Industrials:19.3
US:69.7;EU:9.8;APAC:6.1;EMEA:10.9;LATAM:3.4
BB:3.9;CCC:10.1;AA:41.5;BBB:28.6;AAA:15.8
6.38
43.9
190
412
14.9
2
35
35
25
false
true
false
false
1.47
0.98
0.43
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
31
DealerA
DealerAxed
12
96
147
-386
Region>limit
Hedge
Regional concentration above limit
246
Tighten HY exposure bands
C07790
CR4789
2024-02-28
Calm
69
304
4.2
2.6
1,670,951,728
Consumer:12.7;Industrials:20.9;Utilities:26.0;Healthcare:18.5;Tech:21.9
US:66.5;EU:10.6;APAC:10.8;EMEA:7.6;LATAM:4.5
BBB:21.0;AAA:31.7;A:15.9;B:31.4
5.36
45.7
96
415
10
2
20
55
20
true
true
true
false
1.64
0.4
-0.2
Healthcare:EW
Hedge
Options_Payer: +141bps notional
-5
9
DealerB
DealerAxed
10
89
167
-371
Region>limit
Rotate
Regional concentration above limit
224
Tighten HY exposure bands
C07791
CR0176
2025-06-07
Recovery
135
629
4.9
2
644,368,125
Tech:17.6;Comm:23.2;Utilities:16.7;Healthcare:26.4;Materials:16.1
US:73.7;EU:7.7;APAC:10.9;EMEA:4.4;LATAM:3.2
CCC:17.1;BB:18.0;AAA:16.6;AA:17.2;A:14.6;B:16.6
4.02
21.8
273
225
2.7
4
20
35
35
true
true
true
true
1.23
-0.16
-0.25
null
Hedge
iTraxx_MAIN: +66bps notional
-38
-22
ECN1
All2All
0
94
234
121
VAR>budget
Reduce
Portfolio VAR above budget
222
Reviewed by risk; hedges staggered
C07792
CR7524
2025-11-09
Stress
255
590
5.6
-2
1,481,996,683
Healthcare:26.3;Energy:24.6;Consumer:11.0;Industrials:15.4;Financials:6.0;RealEstate:16.7
US:62.4;EU:19.1;APAC:11.2;EMEA:4.7;LATAM:2.6
AAA:19.6;A:8.8;CCC:25.6;AA:8.3;BB:18.7;BBB:19.0
4.21
51.9
190
254
21
2
35
55
30
false
true
true
false
-0.37
1.52
0.57
null
Hedge
SingleName_CDS: +114bps notional
15
-8
DealerB
All2All
6
99
178
-194
HYCap>limit
Reduce
High-yield share above policy cap
219
Defer adds pending macro print
C07793
CR5046
2024-05-07
Calm
103
319
4.3
2.7
626,627,476
Tech:22.4;Utilities:32.9;Materials:35.2;Industrials:9.5
US:65.4;EU:16.8;APAC:5.1;EMEA:7.6;LATAM:5.1
AA:36.1;BB:5.9;AAA:11.0;BBB:25.2;A:14.4;B:7.3
2.46
25
241
164
14.1
3.5
20
45
25
true
true
false
true
0.34
-0.12
-0.13
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-18
-22
DealerA
Electronic
6
98
201
10
Region>limit
PauseAdds
Regional concentration above limit
248
Rotate into defensive sectors
C07794
CR9809
2024-06-26
Recovery
102
530
5.3
-0.2
1,004,195,710
Energy:12.3;Comm:11.0;Financials:12.7;Consumer:24.2;Materials:28.3;RealEstate:11.6
US:69.8;EU:7.3;APAC:11.7;EMEA:7.5;LATAM:3.8
A:19.8;CCC:27.1;BBB:19.5;AAA:20.3;AA:13.3
1.7
50.2
85
336
10.5
2
25
55
25
true
true
true
false
1.12
0.14
-0.32
null
Hedge
iTraxx_XOVER: +63bps notional
-8
-3
DealerA
Electronic
2
86
79
-117
Sector>limit
Hedge
Sector concentration above limit
183
Reviewed by risk; hedges staggered
C07795
CR7531
2025-03-27
Calm
86
353
3.4
1.7
1,512,609,893
RealEstate:25.3;Industrials:27.1;Materials:25.2;Energy:9.7;Tech:12.8
US:67.1;EU:11.3;APAC:11.3;EMEA:6.4;LATAM:3.8
A:30.7;AA:19.5;BB:9.1;CCC:10.1;BBB:30.5
1.42
39.2
254
361
15.1
3
20
45
30
true
true
false
true
0.88
1.64
0.23
null
Rotate
From Energy -1.0% to Utilities +1.0%
-38
-14
ECN2
All2All
7
92
-20
-20
HYCap>limit
Rotate
High-yield share above policy cap
193
Defer adds pending macro print
C07796
CR6580
2024-03-18
Tightening
156
364
4.3
1.4
1,513,027,160
Industrials:19.9;Tech:9.4;Consumer:29.3;Healthcare:11.9;Energy:29.5
US:65.4;EU:19.5;APAC:6.8;EMEA:8.0;LATAM:0.2
B:16.9;CCC:13.9;A:16.2;BB:11.5;BBB:20.4;AA:21.2
1.4
55.3
264
217
6.6
2
35
45
30
false
true
true
true
0.22
0.56
0.37
Materials:EW;Tech:EW
Hedge
iTraxx_XOVER: +54bps notional
5
13
ECN1
DealerAxed
2
85
234
-209
HYCap>limit
Reduce
High-yield share above policy cap
162
Defer adds pending macro print
C07797
CR8643
2025-09-25
Stress
188
814
7.8
-1.4
1,686,977,602
Utilities:9.9;Consumer:9.3;Industrials:26.8;Healthcare:15.0;Energy:24.2;Materials:14.8
US:64.7;EU:16.6;APAC:11.7;EMEA:3.7;LATAM:3.3
A:45.2;B:10.2;CCC:12.9;BBB:31.7
6.61
30.1
249
343
9.6
3.5
30
35
30
false
true
false
true
0.18
0.81
0.05
null
Rotate
From Energy -1.0% to Utilities +1.0%
-34
36
DealerB
RFQ
7
89
311
-202
HYCap>limit
Reduce
High-yield share above policy cap
183
Escalate watchlist names
C07798
CR8680
2025-09-18
Calm
105
412
3.2
2.3
1,192,679,029
Healthcare:21.3;Financials:23.8;Materials:25.0;Comm:29.9
US:67.5;EU:11.8;APAC:13.2;EMEA:4.3;LATAM:3.3
AA:66.6;A:17.6;B:8.3;BB:7.4
3.34
42.6
214
232
2.1
3
25
45
35
true
true
false
true
0.38
-0.13
0.23
null
Hedge
SingleName_CDS: +121bps notional
-53
28
ECN1
RFQ
9
96
-47
-250
Sector>limit
Reduce
Sector concentration above limit
157
Reviewed by risk; hedges staggered
C07799
CR6018
2024-06-06
Tightening
131
387
5
0.5
2,690,658,274
Financials:21.0;Industrials:30.2;Comm:33.3;RealEstate:15.4
US:66.8;EU:13.3;APAC:13.3;EMEA:5.5;LATAM:1.1
B:15.2;AAA:19.5;BBB:16.1;CCC:13.9;A:35.3
3.58
34.7
93
490
18
2
20
55
35
true
true
false
false
-0.47
0.34
-0.36
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
11
DealerB
All2All
7
86
288
-324
HYCap>limit
Hedge
High-yield share above policy cap
257
Tighten HY exposure bands
C07800
CR8140
2025-02-23
Tightening
135
513
4.2
1
2,545,089,414
Comm:21.5;Tech:10.0;RealEstate:12.7;Materials:19.5;Financials:10.3;Energy:26.1
US:60.7;EU:12.5;APAC:13.1;EMEA:8.8;LATAM:5.0
AAA:20.0;BB:6.0;CCC:12.1;B:5.0;AA:21.5;A:35.5
7.11
51.3
182
136
16.3
2
25
45
35
true
true
false
false
2.11
1.22
-0.04
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
19
30
DealerB
All2All
1
85
121
-428
VAR>budget
Reduce
Portfolio VAR above budget
169
Reviewed by risk; hedges staggered