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
C07801
CR3058
2025-01-01
Calm
102
289
3.9
2.8
2,045,853,392
Industrials:33.1;Energy:8.3;Materials:17.6;Financials:41.0
US:73.5;EU:12.7;APAC:7.4;EMEA:4.7;LATAM:1.7
A:19.8;AAA:11.3;B:18.3;BB:13.4;CCC:21.4;AA:15.7
5.71
42.2
169
245
17.9
3
20
55
20
true
true
true
false
-0.5
1.44
-0.2
null
Rotate
From Energy -1.0% to Utilities +1.0%
-40
35
DealerC
All2All
2
97
-79
-332
HYCap>limit
Rotate
High-yield share above policy cap
101
Reviewed by risk; hedges staggered
C07802
CR0299
2025-02-15
Tightening
120
420
4.4
1.7
409,146,274
Energy:28.0;Tech:9.2;Healthcare:17.8;Consumer:15.6;Utilities:29.4
US:66.4;EU:8.0;APAC:9.9;EMEA:8.7;LATAM:7.0
AA:10.4;CCC:7.2;BB:19.2;BBB:11.2;A:22.9;AAA:29.1
4.99
38.1
147
218
16.2
2
35
55
20
false
true
true
false
1.35
1.64
0.06
null
Hedge
SingleName_CDS: +147bps notional
10
18
DealerA
All2All
4
93
168
-106
HYCap>limit
Hedge
High-yield share above policy cap
130
Tighten HY exposure bands
C07803
CR9661
2025-10-22
Tightening
150
475
4.9
0.7
405,048,517
Energy:17.4;Healthcare:21.4;Consumer:22.5;Utilities:14.3;Comm:24.4
US:68.7;EU:8.6;APAC:10.4;EMEA:11.3;LATAM:0.9
CCC:13.4;A:13.0;AAA:15.6;BBB:17.2;AA:28.5;BB:12.3
5.03
26.2
228
270
5.9
2.5
25
35
25
false
true
true
true
-0.05
1.07
-0.16
null
Hedge
CDX_IG: +69bps notional
-29
42
ECN2
Electronic
4
88
-51
-172
Sector>limit
Reduce
Sector concentration above limit
225
Defer adds pending macro print
C07804
CR5210
2024-03-04
Calm
84
312
3.6
1.9
536,483,106
Energy:19.0;RealEstate:10.0;Comm:19.6;Materials:15.3;Utilities:12.0;Consumer:24.1
US:55.7;EU:19.9;APAC:12.4;EMEA:7.9;LATAM:4.1
BB:16.9;BBB:36.9;AAA:32.6;B:13.6
2.34
64.1
212
254
12.6
3
20
45
20
true
true
true
true
0.14
1.71
0.28
RealEstate:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-25
7
DealerA
All2All
9
100
81
-206
VAR>budget
Rotate
Portfolio VAR above budget
172
Tighten HY exposure bands
C07805
CR5421
2024-12-27
Tightening
129
383
3.8
1.9
186,122,004
Tech:11.9;Materials:12.8;Utilities:19.4;Industrials:22.2;Comm:9.0;Energy:24.8
US:64.0;EU:20.1;APAC:8.1;EMEA:4.3;LATAM:3.5
A:29.6;AA:28.0;B:15.4;BBB:27.0
4.28
49.1
164
267
15.9
3.5
30
45
35
false
true
false
false
2.47
0.79
0.53
Comm:EW;Tech:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-7
-13
DealerC
DealerAxed
10
92
-211
-398
Sector>limit
Reduce
Sector concentration above limit
164
Reviewed by risk; hedges staggered
C07806
CR4911
2025-05-04
Stress
183
811
5.5
-0.3
1,522,732,581
Tech:25.9;Utilities:10.7;Consumer:22.6;Materials:20.3;Healthcare:20.5
US:67.4;EU:12.9;APAC:8.3;EMEA:9.2;LATAM:2.2
BB:8.6;BBB:26.0;CCC:16.6;AA:48.8
6.86
27
284
509
6
3
30
45
25
false
true
true
true
1.62
0.6
0.37
null
Rotate
From Energy -1.0% to Utilities +1.0%
7
44
ECN2
All2All
9
87
278
12
Region>limit
Reduce
Regional concentration above limit
174
Rotate into defensive sectors
C07807
CR9739
2025-02-12
Calm
92
331
3.9
2
1,001,727,269
Healthcare:21.7;Industrials:25.5;Tech:15.6;Energy:28.4;Consumer:8.8
US:66.6;EU:15.6;APAC:7.0;EMEA:10.1;LATAM:0.6
A:12.9;BB:14.5;AA:15.7;BBB:18.0;B:14.0;AAA:25.0
2.82
46.7
127
293
17.3
2
30
45
35
false
true
false
false
0.34
-0.01
0.24
null
Hedge
SingleName_CDS: +98bps notional
-18
-23
ECN1
All2All
12
88
368
-313
Sector>limit
Rotate
Sector concentration above limit
244
Escalate watchlist names
C07808
CR8569
2025-08-26
Calm
118
300
4
2.6
763,850,363
Utilities:57.0;Industrials:15.4;Tech:27.6
US:81.9;EU:7.3;APAC:5.8;EMEA:4.3;LATAM:0.7
A:32.9;AAA:36.9;BBB:26.1;BB:4.2
0.51
42
183
325
9.9
3.5
35
45
25
true
true
false
false
1.04
1
0.18
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-59
-12
ECN1
All2All
9
98
204
20
Region>limit
Hedge
Regional concentration above limit
177
Escalate watchlist names
C07809
CR2466
2024-08-28
Calm
94
362
3.3
1.5
887,433,421
RealEstate:11.9;Financials:27.9;Healthcare:11.8;Comm:26.9;Energy:21.6
US:63.4;EU:15.9;APAC:10.4;EMEA:3.9;LATAM:6.3
CCC:13.4;A:27.8;AA:29.7;BBB:16.5;BB:9.7;B:2.9
5.51
23.6
211
220
12.8
2
30
35
30
false
true
false
true
-0.13
1.75
-0.02
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
-7
ECN2
DealerAxed
4
94
58
-334
HYCap>limit
Hedge
High-yield share above policy cap
109
Reviewed by risk; hedges staggered
C07810
CR4517
2025-03-27
Stress
255
628
7.5
-1.4
816,201,511
Financials:23.3;Utilities:17.6;Energy:11.3;Consumer:15.2;Materials:11.0;Tech:21.5
US:64.3;EU:16.6;APAC:6.8;EMEA:11.6;LATAM:0.7
AAA:22.8;AA:25.6;A:16.4;BBB:22.7;BB:12.5
6.66
21.3
278
468
12.5
4
25
35
30
false
true
false
true
-0.28
1.66
-0.03
null
Hedge
CDX_HY: +108bps notional
-1
-3
ECN2
All2All
5
99
-77
99
Region>limit
Rotate
Regional concentration above limit
193
Tighten HY exposure bands
C07811
CR9459
2024-10-20
Stress
191
608
5.2
-0.2
1,363,391,419
Utilities:12.2;Financials:18.7;Comm:12.2;Consumer:28.8;Materials:28.1
US:61.4;EU:16.0;APAC:13.0;EMEA:3.0;LATAM:6.7
B:13.9;AA:20.6;BB:14.0;BBB:10.7;CCC:40.8
1.75
34.7
242
314
19
3
35
35
30
false
true
true
true
2.04
0.91
0.34
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
-1
ECN1
Electronic
0
87
-42
-375
HYCap>limit
Reduce
High-yield share above policy cap
221
Tighten HY exposure bands
C07812
CR3745
2024-10-02
Recovery
174
421
6.4
0.2
2,853,828,503
Industrials:32.6;Energy:21.1;RealEstate:28.3;Consumer:17.9
US:57.9;EU:10.4;APAC:11.8;EMEA:11.7;LATAM:8.2
BBB:42.5;B:8.3;AAA:34.5;BB:14.8
3.62
34.6
247
390
13.8
2
35
55
30
false
true
false
true
1.83
0.21
0.07
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
40
DealerA
RFQ
0
86
421
-196
Sector>limit
Reduce
Sector concentration above limit
248
Escalate watchlist names
C07813
CR9328
2025-03-03
Calm
83
304
3.5
1.9
1,238,371,163
Tech:27.2;Utilities:13.9;RealEstate:21.0;Industrials:9.5;Healthcare:10.0;Consumer:18.4
US:70.8;EU:10.2;APAC:8.4;EMEA:5.1;LATAM:5.6
AAA:21.3;A:12.1;AA:25.6;BBB:24.1;BB:5.8;CCC:11.0
3.2
58.8
113
260
9.5
3.5
25
45
30
true
true
false
false
0.01
0.04
-0.02
Materials:EW
Hedge
Options_Payer: +115bps notional
-52
26
ECN1
All2All
0
100
-212
-388
HYCap>limit
Hedge
High-yield share above policy cap
238
Defer adds pending macro print
C07814
CR1374
2025-04-04
Stress
218
668
5.8
-0.8
1,488,162,239
Financials:22.4;Energy:29.2;Tech:23.2;RealEstate:25.2
US:62.1;EU:16.9;APAC:13.0;EMEA:5.7;LATAM:2.3
BBB:13.5;AAA:36.8;B:4.8;A:44.8
6.11
58.6
275
359
8
3
25
45
35
true
true
false
true
-0.4
1.66
-0.25
Materials:EW;Comm:EW
Hedge
Treasury_Futures: +186bps notional
-47
-20
DealerA
Electronic
5
90
-120
-123
Region>limit
Rotate
Regional concentration above limit
153
Escalate watchlist names
C07815
CR2552
2025-05-26
Recovery
121
442
5.8
-0.4
1,062,493,405
Industrials:19.3;Healthcare:34.8;Tech:45.9
US:64.1;EU:15.8;APAC:5.8;EMEA:11.6;LATAM:2.7
AA:13.4;BB:11.0;BBB:23.1;A:30.3;B:9.0;CCC:13.1
4.79
50.3
215
250
8.2
4
25
55
20
true
true
true
true
1.83
1.76
0.16
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
-9
DealerA
DealerAxed
1
96
104
-415
HYCap>limit
Reduce
High-yield share above policy cap
222
Rotate into defensive sectors
C07816
CR1643
2025-01-01
Calm
88
358
4
2.9
2,703,775,587
Utilities:28.2;Comm:19.7;Energy:38.1;RealEstate:14.1
US:69.4;EU:12.4;APAC:5.1;EMEA:6.6;LATAM:6.5
AAA:23.7;BBB:15.8;B:21.2;A:15.1;BB:9.9;CCC:14.3
3.73
31.3
249
126
12.9
2
30
45
35
true
true
true
true
1.78
0.86
0.58
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
19
DealerB
RFQ
8
95
247
110
HYCap>limit
Reduce
High-yield share above policy cap
150
Defer adds pending macro print
C07817
CR7885
2025-01-02
Stress
221
844
6.1
-1.5
821,153,848
Materials:36.9;Tech:31.6;Financials:31.6
US:63.1;EU:12.7;APAC:7.0;EMEA:9.1;LATAM:8.0
B:22.5;AAA:31.3;CCC:25.2;AA:21.0
7.29
40.3
175
603
10.4
2.5
35
55
30
true
true
true
false
1.21
0.18
0.55
null
Hedge
iTraxx_MAIN: +66bps notional
-16
35
DealerA
RFQ
6
95
365
-94
HYCap>limit
Reduce
High-yield share above policy cap
110
Rotate into defensive sectors
C07818
CR3847
2024-02-10
Stress
236
558
7.6
0.1
2,639,295,338
Energy:53.9;Utilities:24.9;Materials:21.2
US:60.1;EU:18.1;APAC:16.1;EMEA:3.3;LATAM:2.4
B:26.9;AA:21.6;A:17.1;BB:24.0;BBB:10.4
3.52
58.2
358
538
23.3
4
25
55
20
true
true
true
true
2.3
1.22
0.59
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-6
45
ECN1
DealerAxed
1
86
-4
124
HYCap>limit
Rotate
High-yield share above policy cap
106
Tighten HY exposure bands
C07819
CR6818
2025-10-30
Calm
74
385
3.4
1.8
1,628,716,314
Tech:17.4;Energy:36.0;RealEstate:33.0;Healthcare:13.5
US:52.0;EU:18.9;APAC:13.9;EMEA:9.6;LATAM:5.6
BBB:25.2;AAA:27.9;B:13.6;A:25.1;CCC:8.3
2.19
25.4
222
338
8.1
3.5
20
55
20
true
false
true
true
0
1.68
0.28
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
21
DealerA
DealerAxed
6
87
-108
-370
Region>limit
Reduce
Regional concentration above limit
98
Escalate watchlist names
C07820
CR9562
2025-02-24
Tightening
96
476
4.4
1.7
2,375,831,057
Healthcare:21.0;Industrials:11.7;Energy:19.9;Materials:13.8;Consumer:17.8;Financials:15.8
US:58.4;EU:15.9;APAC:14.8;EMEA:8.6;LATAM:2.4
AA:34.5;B:8.2;AAA:44.7;BB:12.5
6.13
57
246
325
7.3
4
35
45
35
false
true
false
true
0.54
-0.05
-0.26
null
Hedge
CDX_HY: +183bps notional
20
2
ECN2
RFQ
9
95
293
-178
HYCap>limit
Hedge
High-yield share above policy cap
210
Tighten HY exposure bands
C07821
CR1792
2024-11-27
Recovery
124
588
5.9
1.1
1,439,733,982
Financials:11.2;Comm:10.2;RealEstate:24.4;Energy:13.0;Utilities:31.8;Healthcare:9.3
US:73.2;EU:6.7;APAC:8.3;EMEA:11.3;LATAM:0.5
CCC:36.7;BBB:30.1;AA:18.1;A:15.2
6.46
42.7
140
339
17.6
3.5
30
35
20
true
true
true
false
1.72
0.97
-0.36
null
Hedge
iTraxx_XOVER: +55bps notional
-6
-17
ECN1
All2All
5
86
366
-335
Sector>limit
Reduce
Sector concentration above limit
166
Rotate into defensive sectors
C07822
CR9640
2024-09-11
Calm
67
413
3.8
2.6
2,075,828,275
Materials:18.9;Healthcare:9.9;Financials:30.0;Consumer:31.8;RealEstate:9.5
US:67.8;EU:8.4;APAC:8.1;EMEA:7.9;LATAM:7.8
AA:28.4;BBB:21.8;AAA:15.1;A:34.7
3.61
35.2
221
354
9.6
3.5
35
35
25
false
true
false
true
0.44
0.31
0.45
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-17
-3
DealerC
RFQ
3
86
-72
-314
Region>limit
PauseAdds
Regional concentration above limit
111
Rotate into defensive sectors
C07823
CR0003
2025-10-01
Recovery
174
458
5.3
1.3
692,683,692
Materials:14.0;Healthcare:19.1;Utilities:36.0;Energy:17.8;RealEstate:13.2
US:74.4;EU:6.5;APAC:9.5;EMEA:4.2;LATAM:5.4
B:12.4;A:27.9;BB:4.2;BBB:43.2;AA:12.3
6.44
22.8
153
131
9
2.5
35
55
25
true
true
false
false
1.29
0.81
0.3
null
Hedge
SingleName_CDS: +128bps notional
-38
15
ECN2
RFQ
4
95
1
-463
HYCap>limit
Hedge
High-yield share above policy cap
210
Tighten HY exposure bands
C07824
CR0119
2024-09-06
Calm
117
417
4.3
2.1
156,493,397
Utilities:13.1;Energy:25.7;Consumer:7.8;RealEstate:23.4;Healthcare:30.1
US:66.7;EU:13.3;APAC:8.7;EMEA:8.3;LATAM:2.9
B:34.7;BB:20.1;CCC:15.4;BBB:10.8;AA:19.0
1.21
30.6
186
138
16.2
2.5
30
55
20
true
true
true
false
2.25
1.35
0.4
Tech:EW;Consumer:EW
Hedge
iTraxx_XOVER: +178bps notional
-10
-5
ECN1
All2All
1
92
-160
-67
HYCap>limit
Hedge
High-yield share above policy cap
229
Defer adds pending macro print
C07825
CR6038
2025-12-21
Calm
104
295
4
2.7
2,974,187,048
Energy:22.4;Industrials:55.5;Consumer:22.1
US:63.6;EU:14.8;APAC:11.0;EMEA:8.4;LATAM:2.3
BB:15.9;AA:29.9;B:13.8;AAA:40.4
6.39
26.2
192
152
16.4
3
20
35
35
true
true
false
false
-0.34
1.79
-0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
29
ECN1
DealerAxed
4
95
-93
19
HYCap>limit
Rotate
High-yield share above policy cap
253
Tighten HY exposure bands
C07826
CR4443
2025-04-10
Stress
189
560
5.6
-0
2,631,710,794
Tech:11.1;Energy:9.7;Consumer:16.3;Comm:26.3;Materials:17.5;Industrials:19.0
US:67.5;EU:12.9;APAC:8.5;EMEA:10.5;LATAM:0.5
AA:19.5;B:17.3;CCC:17.7;A:16.7;BB:15.8;BBB:13.1
5.76
20.9
357
382
18.8
2
35
35
35
false
true
true
true
-0.4
0.48
0.44
RealEstate:EW;Industrials:EW
Hedge
SingleName_CDS: +149bps notional
-46
-19
DealerA
RFQ
10
86
296
-359
HYCap>limit
Hedge
High-yield share above policy cap
244
Reviewed by risk; hedges staggered
C07827
CR5638
2025-07-24
Stress
231
724
5.4
-1.3
1,352,726,760
Energy:15.2;Tech:12.6;Consumer:21.9;RealEstate:25.0;Utilities:16.4;Materials:8.9
US:67.4;EU:14.3;APAC:10.8;EMEA:4.7;LATAM:2.9
B:19.8;A:21.7;AAA:13.9;BB:10.1;BBB:18.1;AA:16.3
5.86
38.4
223
559
14.6
2
25
45
25
false
true
true
true
0.76
1.47
-0.27
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
-20
ECN1
Electronic
0
85
-31
-214
HYCap>limit
Reduce
High-yield share above policy cap
203
Reviewed by risk; hedges staggered
C07828
CR7799
2025-08-21
Calm
118
358
4.2
2.7
2,665,019,974
Industrials:32.6;Tech:17.0;Utilities:30.4;Comm:20.1
US:56.3;EU:16.6;APAC:12.4;EMEA:9.2;LATAM:5.6
CCC:14.3;A:19.7;AAA:19.0;BBB:8.6;AA:8.0;B:30.4
5.99
36.5
151
494
9.7
3
35
45
20
false
true
true
false
1.79
0.94
-0.01
Tech:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
21
DealerB
DealerAxed
1
91
-169
-171
HYCap>limit
Hedge
High-yield share above policy cap
136
Rotate into defensive sectors
C07829
CR4263
2025-07-20
Tightening
120
493
4.6
1.1
1,033,360,373
Energy:53.3;Industrials:12.5;Tech:34.2
US:69.5;EU:4.7;APAC:13.1;EMEA:9.1;LATAM:3.6
CCC:32.2;AA:22.0;A:25.7;AAA:20.1
4.37
21.8
130
425
8.1
4
25
35
20
true
true
true
false
-0.15
1.46
0.52
RealEstate:EW;Financials:EW
Hedge
Treasury_Futures: +90bps notional
-44
35
DealerA
RFQ
9
95
160
165
HYCap>limit
Rotate
High-yield share above policy cap
123
Escalate watchlist names
C07830
CR7080
2024-01-24
Stress
231
573
7.6
-0.3
1,431,198,816
Consumer:19.4;Materials:24.9;RealEstate:10.5;Utilities:24.1;Energy:11.1;Tech:10.0
US:63.6;EU:8.8;APAC:12.1;EMEA:9.8;LATAM:5.8
BBB:12.8;A:32.6;CCC:9.7;B:6.6;BB:8.3;AA:30.0
0.95
61.1
302
620
8.6
2.5
35
55
35
false
true
false
true
0.66
0.19
-0.18
Industrials:EW
Hedge
Options_Payer: +57bps notional
6
15
ECN2
DealerAxed
8
98
375
59
HYCap>limit
Rotate
High-yield share above policy cap
138
Defer adds pending macro print
C07831
CR4816
2025-07-28
Recovery
100
612
5.1
1.6
2,160,451,325
Consumer:19.3;Tech:37.8;Comm:43.0
US:72.6;EU:7.1;APAC:9.5;EMEA:6.5;LATAM:4.3
BBB:22.8;AA:11.2;B:31.3;AAA:34.6
5.22
61.6
109
489
11.5
3.5
30
45
35
true
true
false
false
0.18
1.39
0.49
null
Hedge
SingleName_CDS: +56bps notional
7
-13
DealerC
RFQ
3
94
-81
-18
Region>limit
Rotate
Regional concentration above limit
185
Escalate watchlist names
C07832
CR2292
2024-04-01
Recovery
125
642
4.6
1.8
666,282,627
RealEstate:19.2;Consumer:27.7;Industrials:18.8;Energy:11.3;Utilities:13.0;Comm:10.0
US:74.8;EU:9.1;APAC:8.8;EMEA:3.6;LATAM:3.7
CCC:33.6;BBB:13.2;A:30.6;AAA:22.7
4.18
33.9
90
219
17.4
4
25
45
35
true
true
false
false
0.19
-0.25
0.33
Comm:EW;Energy:EW;Utilities:EW
Hedge
SingleName_CDS: +63bps notional
-7
-1
ECN1
DealerAxed
6
87
340
-16
Sector>limit
Hedge
Sector concentration above limit
251
Tighten HY exposure bands
C07833
CR5546
2025-05-15
Calm
95
329
3.3
1.5
1,048,608,298
Energy:30.0;Materials:37.3;Comm:32.7
US:71.6;EU:10.8;APAC:12.8;EMEA:4.4;LATAM:0.4
CCC:8.1;BB:10.0;AA:45.8;B:7.1;AAA:29.0
2.28
48.7
214
283
15.9
3.5
25
55
25
true
true
true
true
1.57
0.39
-0.06
null
Hedge
iTraxx_XOVER: +89bps notional
-6
42
ECN2
DealerAxed
2
86
-126
-225
Sector>limit
Reduce
Sector concentration above limit
247
Tighten HY exposure bands
C07834
CR5866
2024-05-03
Calm
118
295
3.2
1.9
1,825,938,689
Tech:12.9;Financials:7.7;RealEstate:16.9;Healthcare:21.0;Comm:22.2;Consumer:19.2
US:59.1;EU:16.4;APAC:12.4;EMEA:8.4;LATAM:3.6
A:29.7;B:24.8;BBB:22.3;CCC:23.2
7.49
22.8
209
442
7.5
3.5
30
35
25
false
true
true
true
1.34
-0.02
-0.13
Comm:EW;Tech:EW
Hedge
CDX_IG: +91bps notional
-33
1
ECN2
RFQ
4
96
-33
-428
Region>limit
Reduce
Regional concentration above limit
238
Rotate into defensive sectors
C07835
CR5430
2024-10-29
Calm
120
337
3.6
3
459,620,918
Energy:37.9;Financials:17.9;Comm:44.2
US:58.6;EU:17.8;APAC:10.7;EMEA:5.6;LATAM:7.3
A:27.4;AAA:26.3;BB:7.1;AA:16.1;BBB:23.2
1.77
28.7
137
192
16.7
2.5
30
35
25
true
true
false
false
-0.13
1.15
-0.09
null
Hedge
CDX_HY: +136bps notional
15
17
DealerC
All2All
7
91
106
14
HYCap>limit
Hedge
High-yield share above policy cap
239
Escalate watchlist names
C07836
CR5702
2024-06-07
Calm
109
351
4.5
2
2,497,376,217
Healthcare:11.8;RealEstate:29.5;Financials:6.4;Tech:19.0;Consumer:24.1;Materials:9.2
US:62.9;EU:16.8;APAC:12.0;EMEA:7.4;LATAM:0.8
A:39.7;AA:20.4;CCC:24.8;BBB:15.2
6.11
28.9
85
427
6.8
3
30
55
35
false
true
false
false
1.9
1.42
0.43
Materials:EW;Financials:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-36
13
ECN1
Electronic
8
92
-167
-424
VAR>budget
Hedge
Portfolio VAR above budget
205
Reviewed by risk; hedges staggered
C07837
CR8188
2025-05-12
Recovery
159
598
5.7
1
269,995,570
Energy:40.3;Materials:35.2;Industrials:24.6
US:74.2;EU:8.6;APAC:7.2;EMEA:10.0;LATAM:0.0
AAA:42.4;B:6.1;AA:21.6;BBB:29.8
2.5
40.8
150
282
3.6
2.5
35
35
20
true
true
false
false
0.19
0.66
-0.01
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-9
-25
ECN1
Electronic
5
95
93
-154
HYCap>limit
Hedge
High-yield share above policy cap
160
Tighten HY exposure bands
C07838
CR9200
2024-12-26
Stress
225
597
7.6
-0.2
376,293,745
Consumer:25.0;Healthcare:12.0;Financials:16.7;Materials:16.4;Utilities:16.4;RealEstate:13.5
US:61.0;EU:16.7;APAC:8.5;EMEA:6.7;LATAM:7.1
AA:18.0;B:4.9;AAA:27.3;A:21.5;BB:6.8;BBB:21.5
5.06
35.6
261
595
12.4
3.5
35
35
30
false
true
false
true
0.01
0.31
-0.34
RealEstate:EW;Comm:EW
Hedge
iTraxx_MAIN: +97bps notional
-21
11
ECN1
All2All
0
94
224
-280
Region>limit
Hedge
Regional concentration above limit
201
Rotate into defensive sectors
C07839
CR4631
2025-06-18
Calm
65
412
4.4
2.3
2,878,147,595
Energy:13.2;Comm:12.7;Consumer:21.5;Utilities:5.6;Tech:22.7;Industrials:24.3
US:71.7;EU:10.0;APAC:11.1;EMEA:3.7;LATAM:3.5
CCC:14.1;AA:21.1;BB:25.9;BBB:21.8;A:17.1
3.09
30.4
107
149
2
2.5
25
45
30
false
true
true
false
2.09
1.57
0.12
Industrials:EW;Tech:EW
Hedge
SingleName_CDS: +129bps notional
9
-17
DealerA
Electronic
9
87
140
-326
Sector>limit
Reduce
Sector concentration above limit
237
Defer adds pending macro print
C07840
CR9243
2025-01-13
Tightening
91
425
4.7
0.9
703,599,945
Financials:27.8;Tech:19.7;Comm:16.2;Utilities:36.3
US:72.1;EU:6.8;APAC:8.4;EMEA:12.1;LATAM:0.5
AAA:14.5;CCC:6.5;AA:32.2;BB:10.7;A:28.0;B:8.0
7.3
39
116
239
9
2.5
30
35
35
true
true
false
false
0.41
0.23
0.18
Healthcare:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
-4
ECN1
All2All
3
95
345
-217
HYCap>limit
Hedge
High-yield share above policy cap
170
Defer adds pending macro print
C07841
CR0824
2024-12-10
Tightening
143
382
4.4
1.9
1,678,009,355
RealEstate:41.5;Materials:37.8;Energy:20.7
US:66.2;EU:15.3;APAC:7.2;EMEA:5.2;LATAM:6.0
BBB:18.9;CCC:19.2;BB:36.0;AA:15.3;AAA:10.5
4.16
54.3
273
131
10.2
4
25
35
25
true
true
true
true
1.53
1.79
0.43
Tech:EW
Hedge
iTraxx_XOVER: +72bps notional
-1
37
ECN2
Electronic
8
93
41
189
Sector>limit
Hedge
Sector concentration above limit
208
Tighten HY exposure bands
C07842
CR7816
2024-08-11
Stress
155
713
6.9
-1.2
2,725,804,454
Industrials:23.0;Materials:40.7;RealEstate:17.0;Financials:19.4
US:61.3;EU:16.4;APAC:11.8;EMEA:9.1;LATAM:1.5
AA:21.1;AAA:32.5;B:16.1;BB:24.8;CCC:5.5
2.88
44.6
199
281
7.7
4
30
55
25
true
true
true
false
0.04
0.98
-0.06
null
Hedge
SingleName_CDS: +191bps notional
-32
2
DealerC
DealerAxed
9
100
140
-46
Region>limit
Rotate
Regional concentration above limit
159
Reviewed by risk; hedges staggered
C07843
CR4419
2024-05-12
Calm
96
391
4.1
3
252,656,889
Energy:46.8;Financials:20.8;RealEstate:32.4
US:66.3;EU:9.7;APAC:14.7;EMEA:8.9;LATAM:0.4
B:17.3;BBB:24.0;A:12.0;AA:12.2;CCC:16.6;AAA:17.9
1.2
62.4
152
232
15.5
3
20
55
20
true
true
true
false
2.41
1.52
0.09
null
Hedge
CDX_HY: +105bps notional
-39
35
ECN2
Electronic
4
98
361
-312
VAR>budget
Rotate
Portfolio VAR above budget
173
Rotate into defensive sectors
C07844
CR1746
2024-12-24
Recovery
151
453
5.6
1.4
2,804,798,732
Utilities:26.9;Energy:10.7;Healthcare:32.6;Industrials:29.7
US:57.7;EU:21.5;APAC:11.9;EMEA:8.3;LATAM:0.6
BB:9.3;A:22.7;AAA:14.3;B:38.7;BBB:15.0
2.24
58.1
234
201
3.6
2.5
35
55
25
false
true
true
true
-0.13
-0.23
0.43
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
17
ECN1
DealerAxed
5
92
282
68
HYCap>limit
Reduce
High-yield share above policy cap
136
Escalate watchlist names
C07845
CR0156
2024-05-15
Calm
115
305
3.4
2
1,713,844,520
Materials:18.7;Tech:10.8;Utilities:15.6;Consumer:21.7;Financials:17.1;Comm:16.1
US:75.7;EU:7.3;APAC:5.9;EMEA:6.2;LATAM:4.9
AAA:15.5;CCC:34.6;AA:11.9;BBB:20.4;BB:9.4;A:8.2
4.36
45.3
90
129
7.6
3
25
35
25
false
true
true
false
-0.35
-0.15
0.31
Utilities:EW
Hedge
Treasury_Futures: +57bps notional
11
12
ECN2
All2All
6
100
307
-258
VAR>budget
Rotate
Portfolio VAR above budget
231
Reviewed by risk; hedges staggered
C07846
CR4580
2024-01-20
Calm
74
376
3.7
2.7
541,124,495
Utilities:13.3;Materials:7.7;Healthcare:21.0;Industrials:20.6;RealEstate:18.6;Financials:18.8
US:62.2;EU:14.8;APAC:11.7;EMEA:5.6;LATAM:5.8
B:12.8;AAA:26.5;AA:17.4;A:9.6;BBB:20.6;BB:13.0
7.36
63.7
223
393
3.2
3.5
35
55
20
false
true
true
true
2.04
0.22
0.15
Utilities:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
26
ECN2
Electronic
1
88
97
-177
Sector>limit
Reduce
Sector concentration above limit
140
Reviewed by risk; hedges staggered
C07847
CR5628
2025-04-20
Tightening
142
362
3.8
1.5
1,456,243,462
Tech:42.9;Comm:23.3;Consumer:33.8
US:67.5;EU:8.2;APAC:14.4;EMEA:4.4;LATAM:5.5
A:28.5;AA:38.8;BB:15.1;AAA:17.6
3.4
61
86
304
14.8
2.5
35
45
20
true
true
false
false
1.82
0.26
-0.29
null
Rotate
From Energy -1.0% to Utilities +1.0%
2
35
ECN1
DealerAxed
8
90
60
167
Sector>limit
Rotate
Sector concentration above limit
131
Tighten HY exposure bands
C07848
CR9552
2024-10-16
Recovery
127
496
5.1
1.1
2,741,291,359
Comm:40.8;Materials:14.7;Energy:44.4
US:62.2;EU:16.4;APAC:15.1;EMEA:5.4;LATAM:1.0
B:8.5;CCC:10.9;AA:13.0;AAA:24.2;A:25.6;BBB:17.7
5.75
56.2
181
175
11.2
3
30
45
35
true
true
false
false
0.31
1.65
0.23
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
41
DealerC
Electronic
7
99
-8
-399
Region>limit
Hedge
Regional concentration above limit
176
Reviewed by risk; hedges staggered
C07849
CR6458
2024-07-20
Tightening
145
377
5
1.4
834,497,374
Consumer:57.4;Energy:26.0;Tech:16.6
US:62.3;EU:18.5;APAC:5.7;EMEA:11.7;LATAM:1.7
B:54.4;BBB:14.3;CCC:15.6;AAA:15.7
5.63
33.7
277
203
12.5
2.5
35
45
30
true
true
true
true
-0.11
0.82
0.41
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-48
2
DealerA
DealerAxed
10
96
75
-140
VAR>budget
Reduce
Portfolio VAR above budget
203
Defer adds pending macro print
C07850
CR9488
2024-07-14
Tightening
147
472
4.2
1.5
1,830,781,916
Utilities:44.2;Energy:16.5;Materials:39.3
US:70.5;EU:7.7;APAC:10.5;EMEA:4.9;LATAM:6.4
CCC:6.4;AA:31.4;BBB:33.7;B:28.5
4.91
51.9
261
490
14.6
2.5
20
45
30
true
true
true
true
1.58
1.56
-0.34
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
-8
DealerA
Electronic
4
93
-140
-450
Region>limit
Reduce
Regional concentration above limit
187
Defer adds pending macro print
C07851
CR3263
2025-06-25
Tightening
156
486
4.7
1.8
290,855,753
Energy:9.6;Tech:22.1;Consumer:8.6;Industrials:24.2;Comm:11.0;Healthcare:24.5
US:62.6;EU:17.1;APAC:9.2;EMEA:5.8;LATAM:5.3
CCC:9.8;BBB:11.0;BB:20.1;AA:17.0;A:9.4;B:32.8
2.2
49.9
230
372
6.3
3.5
25
35
35
false
true
true
true
0.36
1.54
-0.02
Energy:EW
Hedge
CDX_IG: +128bps notional
-11
25
ECN2
All2All
5
92
143
-376
Region>limit
Reduce
Regional concentration above limit
211
Defer adds pending macro print
C07852
CR1202
2025-11-03
Recovery
116
623
5
0.4
1,272,020,572
RealEstate:25.9;Utilities:28.1;Financials:7.4;Energy:12.1;Tech:26.6
US:61.9;EU:15.9;APAC:10.8;EMEA:9.1;LATAM:2.3
B:35.5;BBB:39.8;BB:14.9;CCC:9.8
6.55
36.3
104
460
17.9
2.5
30
45
25
false
true
true
false
0.22
0.71
-0.11
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
6
DealerC
DealerAxed
4
97
377
-279
Sector>limit
Reduce
Sector concentration above limit
94
Escalate watchlist names
C07853
CR4616
2024-01-19
Calm
85
375
3.3
2.1
1,833,446,804
Comm:12.8;Energy:27.5;Industrials:32.8;RealEstate:12.4;Healthcare:14.6
US:61.9;EU:11.3;APAC:16.4;EMEA:10.3;LATAM:0.0
AA:10.3;B:27.5;AAA:22.4;A:22.6;BBB:17.2
1.46
52.2
220
233
6.8
2.5
20
45
25
true
true
true
true
1.18
0.06
0.39
null
Rotate
From Energy -1.0% to Utilities +1.0%
-25
4
ECN2
RFQ
11
89
283
-141
HYCap>limit
Rotate
High-yield share above policy cap
97
Defer adds pending macro print
C07854
CR3690
2025-11-19
Tightening
153
355
3.9
1
454,221,504
Materials:32.5;RealEstate:12.2;Comm:24.2;Tech:17.0;Utilities:14.0
US:73.2;EU:6.9;APAC:6.3;EMEA:10.7;LATAM:3.0
BBB:25.4;AA:16.8;CCC:12.0;AAA:22.1;A:12.0;BB:11.7
4.5
51
146
390
2
2.5
20
55
20
true
true
true
false
1.19
0.45
0.46
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
23
ECN2
RFQ
11
95
274
-427
Sector>limit
PauseAdds
Sector concentration above limit
197
Reviewed by risk; hedges staggered
C07855
CR5042
2025-05-28
Tightening
157
355
4.9
0.9
838,390,563
Consumer:20.4;RealEstate:60.9;Comm:18.8
US:65.3;EU:12.7;APAC:5.3;EMEA:9.7;LATAM:7.0
B:3.9;AA:34.6;BB:10.5;CCC:10.6;A:30.1;BBB:10.2
3.79
25.3
264
246
11.7
4
25
55
30
true
true
false
true
1.49
0.64
-0.01
null
Rotate
From Energy -1.0% to Utilities +1.0%
-50
-4
ECN2
DealerAxed
0
97
84
-21
Region>limit
Hedge
Regional concentration above limit
181
Rotate into defensive sectors
C07856
CR2651
2025-09-19
Calm
82
295
4.5
2.4
1,575,255,281
Comm:14.1;Energy:16.8;Financials:23.4;Healthcare:18.9;Consumer:18.9;Tech:7.9
US:66.9;EU:15.9;APAC:12.1;EMEA:4.8;LATAM:0.3
BB:33.3;CCC:19.1;A:27.5;B:20.1
3.23
63.9
100
447
8.2
3.5
30
45
35
false
true
true
false
2.05
0.29
0.57
Utilities:EW;Tech:EW
Hedge
iTraxx_MAIN: +96bps notional
-11
-2
ECN1
DealerAxed
0
100
149
-477
HYCap>limit
Hedge
High-yield share above policy cap
106
Tighten HY exposure bands
C07857
CR0292
2024-01-19
Calm
77
404
4.2
2.8
1,478,941,331
Financials:34.3;Utilities:45.0;RealEstate:20.7
US:62.8;EU:17.2;APAC:13.1;EMEA:2.9;LATAM:4.0
BBB:23.2;BB:9.0;AA:40.5;CCC:27.4
1.33
58
110
183
6.2
2.5
20
35
30
true
true
true
false
1.05
0.86
-0.12
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
-9
DealerC
DealerAxed
2
87
278
64
Sector>limit
Rotate
Sector concentration above limit
154
Defer adds pending macro print
C07858
CR9626
2025-05-24
Tightening
109
435
3.8
1.4
768,593,884
Energy:20.9;Healthcare:41.6;Tech:37.5
US:59.9;EU:8.9;APAC:11.5;EMEA:12.1;LATAM:7.4
BBB:34.2;A:32.3;BB:8.6;B:10.0;CCC:14.9
7
40.4
122
447
12.5
3
25
45
20
true
true
true
false
1.32
0.44
-0.15
null
Rotate
From Energy -1.0% to Utilities +1.0%
-55
20
ECN1
DealerAxed
0
86
-97
140
VAR>budget
Reduce
Portfolio VAR above budget
208
Defer adds pending macro print
C07859
CR1655
2025-09-14
Tightening
151
391
4
0.8
1,295,025,368
RealEstate:13.6;Tech:18.2;Comm:24.0;Materials:22.6;Healthcare:21.6
US:64.3;EU:15.1;APAC:8.2;EMEA:9.1;LATAM:3.4
BB:15.3;A:12.8;AAA:23.2;AA:15.1;BBB:20.7;B:12.8
1.61
61.6
153
502
3.4
2.5
30
35
30
false
true
false
false
0.25
0.82
-0.35
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
-15
DealerA
RFQ
2
95
-25
-155
VAR>budget
Reduce
Portfolio VAR above budget
233
Rotate into defensive sectors
C07860
CR1048
2024-05-30
Stress
151
721
5.5
-0.5
484,961,624
Healthcare:16.5;Utilities:36.9;Tech:15.2;RealEstate:31.3
US:61.0;EU:18.3;APAC:5.1;EMEA:8.4;LATAM:7.2
BBB:40.0;AA:14.7;CCC:7.8;A:14.3;AAA:23.2
3.43
38.1
261
616
9.5
4
35
55
35
true
true
false
true
1.21
1.52
0.5
Healthcare:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
-18
ECN2
DealerAxed
12
88
134
9
Sector>limit
Hedge
Sector concentration above limit
229
Escalate watchlist names
C07861
CR0861
2024-04-18
Tightening
126
357
4.8
1.5
2,507,326,669
Tech:21.2;Consumer:30.3;Healthcare:20.3;Materials:28.2
US:66.4;EU:14.2;APAC:10.1;EMEA:7.5;LATAM:1.9
AAA:21.1;CCC:16.9;B:18.7;A:15.4;BBB:13.6;AA:14.3
5.68
63.6
155
264
14.3
3.5
20
45
30
true
true
true
false
0.82
0.16
-0.17
RealEstate:EW
Hedge
Options_Payer: +164bps notional
-32
-14
ECN1
DealerAxed
5
95
126
-183
Sector>limit
Hedge
Sector concentration above limit
134
Defer adds pending macro print
C07862
CR4703
2025-10-14
Calm
91
348
3.9
2
2,311,348,141
Financials:25.6;Industrials:10.3;Tech:19.7;Healthcare:16.8;Consumer:27.6
US:61.7;EU:17.0;APAC:7.6;EMEA:10.4;LATAM:3.2
CCC:16.2;AA:15.1;A:8.8;AAA:17.4;BBB:23.3;B:19.2
5.92
34.2
155
217
12.5
3
25
45
20
true
true
true
false
1.38
0.23
0.21
Healthcare:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
9
DealerC
Electronic
3
92
360
-73
HYCap>limit
Rotate
High-yield share above policy cap
196
Escalate watchlist names
C07863
CR9563
2025-02-04
Calm
89
296
4.2
2.5
2,907,534,719
Consumer:38.6;Tech:26.4;Utilities:35.0
US:72.7;EU:6.8;APAC:13.3;EMEA:7.1;LATAM:0.0
BBB:16.6;CCC:10.0;AA:40.8;A:32.6
0.75
32.5
126
129
7.7
3
20
55
20
true
true
false
false
0.39
0.01
-0.18
Energy:EW
Hedge
Options_Payer: +76bps notional
14
-13
DealerC
RFQ
7
85
374
-422
HYCap>limit
Hedge
High-yield share above policy cap
91
Reviewed by risk; hedges staggered
C07864
CR2865
2025-05-01
Calm
66
380
3.8
2.1
489,569,025
Utilities:20.3;Consumer:39.3;RealEstate:19.8;Energy:20.6
US:74.4;EU:15.2;APAC:5.3;EMEA:4.2;LATAM:0.8
BB:11.1;B:29.3;AA:26.6;A:33.0
6.55
59.3
119
373
11.1
2
25
45
20
true
true
true
false
0.78
1.04
0.54
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-39
-17
ECN2
Electronic
5
88
-69
-43
HYCap>limit
PauseAdds
High-yield share above policy cap
221
Rotate into defensive sectors
C07865
CR8421
2025-12-01
Stress
170
824
5.4
-1.3
620,636,557
Utilities:18.0;Energy:21.4;Financials:20.4;Consumer:13.4;Tech:26.8
US:63.6;EU:12.1;APAC:13.3;EMEA:6.1;LATAM:4.9
AA:29.8;CCC:41.6;BB:16.1;A:12.6
5.54
39.1
332
537
16.4
2
30
35
25
false
true
true
true
1.2
0.59
0.01
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
8
-16
DealerC
All2All
8
91
-65
-167
HYCap>limit
Rotate
High-yield share above policy cap
139
Rotate into defensive sectors
C07866
CR9048
2024-09-21
Recovery
166
467
5.5
0.8
484,564,048
Tech:28.3;Comm:12.7;Healthcare:34.0;Utilities:25.0
US:64.8;EU:12.2;APAC:11.7;EMEA:7.1;LATAM:4.2
CCC:17.9;BBB:19.9;BB:14.1;A:20.4;AAA:27.7
3.25
46.5
226
167
9.4
4
30
55
35
true
true
false
true
-0.24
1.57
-0.3
null
Hedge
SingleName_CDS: +73bps notional
-21
-19
DealerC
DealerAxed
6
90
32
-172
HYCap>limit
Hedge
High-yield share above policy cap
223
Escalate watchlist names
C07867
CR6508
2025-08-29
Calm
106
401
4.4
2.2
1,641,046,617
Industrials:13.9;Tech:36.8;Utilities:49.3
US:62.1;EU:11.4;APAC:10.1;EMEA:7.7;LATAM:8.6
A:60.1;B:10.2;BB:16.9;CCC:12.8
7.11
54.8
114
478
13.8
4
30
45
30
true
true
true
false
-0.13
0.98
-0.11
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
44
ECN2
Electronic
12
99
50
-89
HYCap>limit
Hedge
High-yield share above policy cap
221
Rotate into defensive sectors
C07868
CR0186
2024-10-06
Tightening
117
399
3.9
0.6
113,030,155
Consumer:53.6;Tech:26.4;RealEstate:20.0
US:68.3;EU:7.0;APAC:14.6;EMEA:7.4;LATAM:2.6
AAA:17.0;B:12.6;A:18.1;BBB:26.3;AA:20.5;CCC:5.5
5.76
48.5
270
248
3.5
2
30
45
25
true
true
false
true
0.7
0.32
0.46
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
19
DealerA
RFQ
3
95
408
47
VAR>budget
Reduce
Portfolio VAR above budget
125
Defer adds pending macro print
C07869
CR5950
2025-03-23
Calm
81
336
3.6
2.8
747,119,922
Healthcare:22.6;Industrials:25.4;Energy:52.0
US:59.2;EU:14.3;APAC:15.4;EMEA:9.0;LATAM:2.1
B:19.5;AAA:13.6;BBB:17.3;BB:23.0;AA:26.6
6.03
24.6
177
359
13.4
2.5
25
45
30
true
true
true
false
2.26
0.12
-0.04
null
Rotate
From Energy -1.0% to Utilities +1.0%
-55
-6
DealerA
Electronic
3
93
208
88
Sector>limit
Hedge
Sector concentration above limit
133
Reviewed by risk; hedges staggered
C07870
CR2426
2025-07-05
Stress
184
814
8.4
0.2
2,267,245,499
Industrials:26.6;Utilities:30.2;Financials:7.4;Energy:35.8
US:64.6;EU:14.5;APAC:11.9;EMEA:3.2;LATAM:5.9
A:16.9;AA:16.8;BBB:22.4;AAA:13.9;B:30.0
1.49
20.2
388
571
6.1
2
20
35
20
true
true
true
true
1.03
0.31
0.1
RealEstate:EW;Financials:EW;Energy:EW
Hedge
CDX_IG: +157bps notional
7
18
ECN1
Electronic
7
98
-95
-429
Region>limit
Rotate
Regional concentration above limit
104
Escalate watchlist names
C07871
CR4852
2024-07-12
Tightening
115
404
4.3
1.7
1,373,391,595
Utilities:11.7;Financials:21.8;Materials:33.3;RealEstate:33.2
US:63.8;EU:19.7;APAC:7.1;EMEA:3.6;LATAM:5.8
B:10.7;BBB:20.5;BB:15.4;AA:10.3;CCC:17.5;A:25.6
4.35
25.6
138
346
9.4
4
25
45
20
true
true
true
false
0.99
-0.26
-0.22
Healthcare:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-28
7
DealerC
RFQ
10
91
17
-133
Region>limit
Reduce
Regional concentration above limit
161
Rotate into defensive sectors
C07872
CR3245
2024-06-23
Calm
79
330
4.3
1.7
2,304,902,033
Consumer:25.8;Tech:22.0;Financials:23.5;Industrials:17.9;Healthcare:10.8
US:62.0;EU:13.5;APAC:12.8;EMEA:6.8;LATAM:4.9
B:22.9;CCC:20.8;A:17.9;BBB:26.7;BB:11.7
6.03
59.8
116
412
11.2
3.5
30
55
25
false
true
true
false
0.94
0.1
0.3
null
Hedge
iTraxx_MAIN: +60bps notional
18
2
ECN1
All2All
3
100
177
-5
HYCap>limit
Reduce
High-yield share above policy cap
149
Defer adds pending macro print
C07873
CR9420
2024-06-04
Calm
87
406
4.3
1.5
1,726,534,583
Utilities:19.3;Industrials:11.0;RealEstate:25.8;Financials:12.3;Healthcare:23.1;Tech:8.6
US:69.1;EU:15.4;APAC:9.1;EMEA:5.9;LATAM:0.6
A:26.9;BB:5.4;AA:35.7;B:8.6;CCC:23.5
5.53
21.6
235
453
9.5
4
35
35
25
false
true
true
true
-0.04
1.79
-0.22
Industrials:EW
Hedge
Treasury_Futures: +193bps notional
-23
42
DealerB
DealerAxed
7
94
99
-387
HYCap>limit
Rotate
High-yield share above policy cap
209
Escalate watchlist names
C07874
CR9814
2024-06-30
Tightening
91
405
4.4
1.1
963,469,356
Energy:28.3;Healthcare:34.6;Financials:13.2;Consumer:23.9
US:71.3;EU:11.3;APAC:6.9;EMEA:7.1;LATAM:3.4
BB:34.2;AA:7.8;BBB:22.6;B:11.4;AAA:24.0
1.78
44.3
161
236
4.2
4
30
35
20
true
true
true
false
0.5
0.52
-0.21
null
Hedge
iTraxx_MAIN: +109bps notional
13
-19
DealerA
All2All
3
100
203
-38
VAR>budget
Reduce
Portfolio VAR above budget
211
Tighten HY exposure bands
C07875
CR4878
2025-07-14
Stress
228
556
5.5
-0.2
567,253,369
Industrials:15.8;Utilities:23.8;Tech:12.0;Energy:24.6;Comm:23.8
US:61.5;EU:17.5;APAC:10.8;EMEA:6.2;LATAM:3.9
CCC:10.2;B:14.9;BBB:24.9;AA:22.7;AAA:27.3
7.26
51.7
284
629
13.5
2.5
30
55
25
false
true
true
true
1.27
1.51
0.05
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
37
ECN1
All2All
0
88
375
-353
Sector>limit
Reduce
Sector concentration above limit
186
Tighten HY exposure bands
C07876
CR3523
2025-02-08
Calm
92
366
3.5
2.2
2,275,937,098
Energy:15.7;Comm:42.1;Utilities:21.8;Industrials:11.3;Healthcare:9.2
US:65.6;EU:17.4;APAC:9.2;EMEA:5.4;LATAM:2.4
CCC:8.6;A:23.9;BBB:26.4;AAA:23.0;B:10.7;BB:7.4
5.8
47.4
123
220
5.9
2
30
45
35
true
true
false
false
0.25
1.22
0.33
null
Hedge
Treasury_Futures: +136bps notional
17
-2
ECN1
DealerAxed
2
86
-155
-11
VAR>budget
Hedge
Portfolio VAR above budget
180
Rotate into defensive sectors
C07877
CR2538
2025-01-11
Stress
214
614
7.7
0.7
2,240,519,086
RealEstate:8.3;Healthcare:17.8;Materials:20.7;Comm:16.4;Utilities:23.9;Tech:12.9
US:63.9;EU:8.8;APAC:13.3;EMEA:7.2;LATAM:6.8
CCC:18.6;BBB:12.2;BB:14.9;AA:7.2;AAA:10.0;B:37.0
2.43
62.2
166
603
10
2.5
35
35
35
false
true
true
false
1.78
1.02
-0.39
Utilities:EW
Hedge
iTraxx_MAIN: +118bps notional
-35
23
ECN2
Electronic
4
98
-161
-289
VAR>budget
Hedge
Portfolio VAR above budget
131
Defer adds pending macro print
C07878
CR7392
2025-05-22
Recovery
121
574
5.8
1.2
2,173,528,637
Financials:26.2;Utilities:21.0;Consumer:20.5;RealEstate:16.9;Materials:15.4
US:61.4;EU:18.5;APAC:9.4;EMEA:4.7;LATAM:5.9
B:11.2;BB:9.3;AAA:26.7;A:12.5;BBB:40.3
6.16
51
246
219
16.4
3
20
35
20
true
true
true
true
1.05
0.33
-0.35
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-32
12
DealerC
DealerAxed
11
99
-26
-36
HYCap>limit
Rotate
High-yield share above policy cap
110
Tighten HY exposure bands
C07879
CR1073
2024-09-22
Tightening
135
475
4.9
1.3
564,885,770
Industrials:13.8;Utilities:34.7;RealEstate:21.8;Healthcare:11.3;Financials:18.4
US:76.4;EU:8.9;APAC:9.5;EMEA:4.6;LATAM:0.5
B:32.8;BBB:29.9;BB:23.7;A:13.6
0.96
29.8
171
283
14.1
4
30
35
25
true
true
true
false
0.89
1.39
0.3
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
12
DealerB
RFQ
8
96
84
-164
Sector>limit
Reduce
Sector concentration above limit
213
Rotate into defensive sectors
C07880
CR2079
2025-05-16
Calm
76
402
4
1.9
2,194,651,954
Consumer:47.6;Tech:36.7;Comm:15.7
US:57.7;EU:9.6;APAC:15.2;EMEA:11.3;LATAM:6.2
AAA:34.4;BBB:31.4;BB:9.2;AA:25.0
2.7
37.6
149
190
6.9
3.5
25
35
25
true
true
false
false
2.19
0.93
0.51
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-32
7
DealerC
DealerAxed
6
97
-122
23
Sector>limit
Reduce
Sector concentration above limit
155
Defer adds pending macro print
C07881
CR7246
2025-11-04
Calm
94
400
3.4
1.9
2,065,118,097
Consumer:10.4;Utilities:13.4;Financials:13.2;Materials:24.2;Tech:22.5;Energy:16.4
US:78.3;EU:10.3;APAC:6.5;EMEA:3.6;LATAM:1.3
AAA:7.1;CCC:36.3;AA:11.0;A:16.7;B:28.7
2.54
26.5
233
420
9.9
3.5
30
35
35
false
true
true
true
1.62
1.58
0.45
Tech:EW;Industrials:EW
Hedge
CDX_IG: +53bps notional
-5
23
DealerB
RFQ
0
96
-90
-47
VAR>budget
Rotate
Portfolio VAR above budget
136
Defer adds pending macro print
C07882
CR0922
2024-03-18
Stress
144
797
6.3
-2
1,547,146,581
Healthcare:13.8;Materials:20.1;Utilities:13.3;Comm:8.9;RealEstate:24.2;Industrials:19.7
US:63.6;EU:9.2;APAC:10.3;EMEA:14.2;LATAM:2.7
AAA:20.6;AA:17.4;B:16.8;BB:22.7;CCC:8.7;BBB:13.8
0.67
33.4
215
611
10.9
2.5
25
55
30
false
true
true
true
0.73
1.74
-0.35
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
-11
DealerC
DealerAxed
3
95
-158
79
HYCap>limit
Reduce
High-yield share above policy cap
194
Tighten HY exposure bands
C07883
CR1387
2024-05-17
Calm
108
322
3.2
1.7
1,604,786,380
Healthcare:15.9;Consumer:14.9;Comm:49.3;Utilities:19.9
US:64.6;EU:11.3;APAC:12.2;EMEA:10.0;LATAM:1.9
B:7.2;BBB:29.5;AA:27.5;A:35.7
1.34
51
176
384
10.4
3
20
45
35
true
true
false
false
2.41
0.27
-0.37
null
Rotate
From Energy -1.0% to Utilities +1.0%
-25
44
ECN2
All2All
1
99
94
-214
VAR>budget
PauseAdds
Portfolio VAR above budget
186
Defer adds pending macro print
C07884
CR2433
2025-03-30
Recovery
151
620
5.9
1
1,704,680,843
Financials:18.3;Materials:16.4;Tech:21.7;Comm:15.1;Consumer:9.1;Industrials:19.5
US:56.8;EU:20.9;APAC:10.9;EMEA:8.9;LATAM:2.4
BBB:29.5;BB:23.4;B:14.4;AAA:32.6
1.37
53.4
277
334
3.6
2.5
20
45
20
true
true
true
true
0.36
1.24
0.04
null
Hedge
Treasury_Futures: +88bps notional
-37
29
ECN2
All2All
7
96
-78
114
HYCap>limit
Reduce
High-yield share above policy cap
243
Escalate watchlist names
C07885
CR0363
2024-01-08
Recovery
147
622
6.4
2
319,002,428
Materials:18.8;Utilities:16.1;Consumer:21.2;Financials:18.4;RealEstate:11.1;Healthcare:14.4
US:58.0;EU:15.3;APAC:15.8;EMEA:9.0;LATAM:1.9
BBB:40.3;B:34.7;AAA:15.9;BB:9.1
4.05
31.8
92
512
10.3
2.5
25
45
30
false
true
true
false
-0.11
0.63
-0.07
Industrials:EW
Hedge
SingleName_CDS: +128bps notional
-19
9
DealerB
Electronic
1
97
347
-388
Region>limit
Hedge
Regional concentration above limit
179
Escalate watchlist names
C07886
CR0077
2025-07-22
Calm
112
397
4.4
2
1,958,180,854
Utilities:19.8;Energy:20.7;Consumer:14.1;RealEstate:8.3;Materials:19.0;Tech:18.1
US:66.3;EU:9.2;APAC:12.1;EMEA:8.8;LATAM:3.5
A:20.9;AAA:54.6;CCC:8.9;B:15.6
0.82
24.4
248
280
17.2
3
35
45
30
false
true
false
true
1.9
1.19
-0.3
Tech:EW
Hedge
CDX_HY: +78bps notional
-26
1
DealerB
Electronic
7
85
307
-225
HYCap>limit
Hedge
High-yield share above policy cap
185
Reviewed by risk; hedges staggered
C07887
CR5422
2024-12-23
Calm
112
400
4
1.8
593,064,590
Healthcare:14.4;RealEstate:29.6;Tech:11.0;Materials:7.2;Utilities:12.5;Industrials:25.3
US:70.2;EU:11.5;APAC:12.9;EMEA:4.4;LATAM:1.1
B:31.7;CCC:19.7;AA:13.2;BB:7.4;A:19.2;AAA:8.8
7.03
60.2
170
450
2.9
2.5
35
45
35
false
true
true
false
0.05
1.7
-0.39
Utilities:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
21
DealerB
Electronic
4
92
181
80
VAR>budget
Hedge
Portfolio VAR above budget
100
Tighten HY exposure bands
C07888
CR6049
2024-04-12
Calm
107
350
3.9
2
1,776,095,613
Utilities:14.4;Materials:11.5;Consumer:13.4;Healthcare:22.2;Industrials:17.2;Tech:21.3
US:57.5;EU:16.6;APAC:11.4;EMEA:6.3;LATAM:8.2
B:35.6;AA:25.9;AAA:13.9;CCC:24.7
4.9
51.9
236
182
8.3
2.5
30
35
20
false
true
true
true
0.92
1.4
0.33
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
35
DealerB
Electronic
0
87
279
-126
Sector>limit
Reduce
Sector concentration above limit
247
Escalate watchlist names
C07889
CR6812
2024-06-10
Tightening
155
491
3.9
1.6
1,609,571,743
Energy:24.3;Financials:8.3;Utilities:7.0;Healthcare:6.5;RealEstate:26.8;Consumer:27.1
US:67.8;EU:9.2;APAC:10.8;EMEA:8.0;LATAM:4.2
AA:29.7;B:1.6;CCC:9.4;AAA:30.4;BB:7.3;A:21.6
2.88
49.9
230
317
17.7
3
30
35
35
false
true
false
true
0.2
-0.09
0.24
Consumer:EW;Healthcare:EW
Hedge
CDX_IG: +108bps notional
-25
12
ECN1
RFQ
12
87
199
-291
Sector>limit
Hedge
Sector concentration above limit
168
Escalate watchlist names
C07890
CR4261
2025-01-09
Calm
99
400
3.4
3
585,263,508
Consumer:10.8;Industrials:12.7;Materials:8.1;Utilities:18.5;Comm:24.0;Healthcare:25.9
US:62.6;EU:15.6;APAC:11.5;EMEA:6.7;LATAM:3.5
AAA:14.8;BB:12.6;A:19.2;B:31.7;AA:21.7
6.32
46.2
191
142
12.4
3
30
35
25
false
true
true
false
-0.21
0.02
0.31
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
-18
DealerB
All2All
11
90
299
144
VAR>budget
Rotate
Portfolio VAR above budget
225
Defer adds pending macro print
C07891
CR2714
2024-09-27
Recovery
120
444
6.1
-0.5
868,383,013
Energy:12.6;Utilities:25.7;Comm:29.8;Consumer:8.0;Tech:23.9
US:66.6;EU:10.0;APAC:11.1;EMEA:6.2;LATAM:6.1
BB:13.1;CCC:14.4;B:26.7;A:20.9;AA:12.4;AAA:12.5
4.51
55.2
100
467
5.6
3.5
20
35
35
true
true
true
false
0.84
1.69
-0.17
RealEstate:EW
Hedge
CDX_HY: +151bps notional
-25
-24
ECN2
Electronic
10
91
235
-307
HYCap>limit
Rotate
High-yield share above policy cap
259
Tighten HY exposure bands
C07892
CR6582
2025-11-22
Calm
100
382
4.3
2.8
525,683,530
Industrials:14.1;Energy:15.8;Tech:18.6;RealEstate:10.4;Comm:17.9;Utilities:23.3
US:66.7;EU:14.5;APAC:9.7;EMEA:8.8;LATAM:0.3
BBB:16.7;A:23.5;AAA:6.9;BB:28.6;B:24.4
4.92
62.1
214
472
4.1
3
30
45
30
false
true
true
true
0.37
0.27
0.23
null
Rotate
From Energy -1.0% to Utilities +1.0%
-2
-23
ECN2
DealerAxed
7
85
102
-9
Region>limit
Hedge
Regional concentration above limit
136
Reviewed by risk; hedges staggered
C07893
CR7011
2024-10-21
Stress
174
601
8.1
-1.7
2,648,443,905
Financials:27.2;Utilities:19.8;Healthcare:14.8;Materials:16.4;Comm:21.8
US:62.2;EU:13.2;APAC:10.5;EMEA:8.3;LATAM:5.9
AA:27.9;BBB:20.5;A:42.5;CCC:9.1
4.69
29.6
180
307
16.8
2
25
45
35
true
true
false
false
1.17
0.11
-0.06
null
Rotate
From Energy -1.0% to Utilities +1.0%
-24
-7
DealerC
DealerAxed
5
95
154
92
HYCap>limit
Hedge
High-yield share above policy cap
143
Defer adds pending macro print
C07894
CR3178
2024-10-09
Tightening
138
496
4.9
2
304,156,871
Consumer:12.9;Tech:14.7;Comm:24.1;Materials:10.6;Energy:12.7;Healthcare:25.1
US:73.8;EU:7.4;APAC:10.0;EMEA:3.6;LATAM:5.2
BBB:8.6;CCC:44.8;A:16.5;AAA:13.7;B:16.5
0.76
28.9
113
127
11.2
4
30
35
20
false
true
true
false
1.15
0.06
-0.39
Financials:EW
Hedge
Options_Payer: +95bps notional
7
20
ECN2
RFQ
12
88
91
-270
Region>limit
Hedge
Regional concentration above limit
214
Tighten HY exposure bands
C07895
CR3078
2025-03-19
Stress
187
721
7.5
0.8
1,936,969,875
Materials:22.3;Industrials:24.4;Financials:9.8;Utilities:26.6;Energy:16.8
US:60.7;EU:15.3;APAC:11.3;EMEA:6.2;LATAM:6.5
BBB:36.1;AA:13.2;A:25.4;BB:15.6;CCC:9.8
7.36
32.9
205
434
8.7
2.5
30
45
30
false
true
false
true
1.29
0
-0.06
RealEstate:EW;Materials:EW
Hedge
SingleName_CDS: +134bps notional
-30
38
DealerB
RFQ
6
96
99
-31
Sector>limit
Hedge
Sector concentration above limit
144
Defer adds pending macro print
C07896
CR6635
2025-09-14
Recovery
164
624
4.5
1.3
690,079,691
Energy:11.5;Consumer:24.7;Tech:24.9;Utilities:8.4;Comm:10.0;Industrials:20.6
US:65.6;EU:12.2;APAC:13.4;EMEA:7.7;LATAM:0.9
CCC:9.8;A:28.6;B:18.8;AA:21.3;AAA:21.5
7.19
54.8
93
342
9.1
2
30
35
35
false
true
false
false
0.67
0.1
0.24
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
-20
DealerC
Electronic
11
95
1
66
Sector>limit
Hedge
Sector concentration above limit
116
Tighten HY exposure bands
C07897
CR7764
2024-07-14
Calm
83
400
3.3
1.8
1,018,827,526
Consumer:21.1;Industrials:12.0;Energy:19.1;Materials:17.9;Healthcare:16.8;Tech:13.2
US:63.3;EU:6.5;APAC:9.4;EMEA:13.2;LATAM:7.6
BB:17.7;A:10.2;BBB:20.0;AA:17.7;AAA:17.6;CCC:16.9
3.48
43.8
227
472
5
3.5
30
55
35
false
true
false
true
1.98
1.04
-0.29
Comm:EW
Hedge
iTraxx_XOVER: +91bps notional
-41
-11
DealerB
RFQ
2
91
360
-257
VAR>budget
Reduce
Portfolio VAR above budget
224
Rotate into defensive sectors
C07898
CR0925
2024-11-26
Stress
188
583
6.7
0.2
2,416,042,299
Tech:16.8;Healthcare:28.0;RealEstate:24.6;Comm:11.7;Materials:7.3;Utilities:11.6
US:61.4;EU:15.8;APAC:13.0;EMEA:3.2;LATAM:6.6
B:16.8;A:17.5;AAA:16.3;AA:18.8;CCC:13.7;BBB:16.8
6.42
23.6
272
495
17.6
2.5
20
55
35
true
true
false
true
-0.09
1.73
0.01
Consumer:EW
Hedge
Options_Payer: +80bps notional
9
-19
ECN2
Electronic
2
95
-12
54
VAR>budget
Reduce
Portfolio VAR above budget
216
Tighten HY exposure bands
C07899
CR9450
2025-03-27
Recovery
127
612
5.1
0.6
2,142,060,603
Energy:19.6;Comm:18.4;Materials:7.3;Utilities:18.8;Industrials:16.3;RealEstate:19.7
US:70.6;EU:12.1;APAC:7.4;EMEA:3.5;LATAM:6.3
CCC:2.1;AAA:36.7;BB:8.4;A:12.9;AA:32.1;B:7.8
2.95
51.1
259
389
9.5
3
35
55
25
false
true
false
true
1.58
-0.05
0.28
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
6
DealerC
Electronic
2
89
52
-462
Sector>limit
Hedge
Sector concentration above limit
147
Reviewed by risk; hedges staggered
C07900
CR0646
2025-07-28
Stress
232
705
7.8
-1.1
1,738,591,259
Utilities:19.9;Financials:18.4;Consumer:26.7;RealEstate:6.9;Energy:12.0;Comm:16.0
US:73.4;EU:5.1;APAC:10.1;EMEA:5.5;LATAM:5.9
AA:17.1;B:27.9;CCC:25.6;AAA:18.4;BBB:11.0
1.3
21.2
173
276
14.3
3
25
35
20
true
true
true
false
-0.05
-0.27
0.15
null
Rotate
From Energy -1.0% to Utilities +1.0%
-33
-15
ECN1
All2All
2
95
379
-450
Sector>limit
Rotate
Sector concentration above limit
149
Tighten HY exposure bands