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
C07901
CR5914
2025-07-12
Tightening
144
394
5
0.9
854,084,038
Consumer:11.2;Energy:26.6;RealEstate:30.1;Tech:12.3;Materials:9.7;Financials:10.1
US:72.0;EU:5.7;APAC:11.3;EMEA:6.6;LATAM:4.4
A:33.3;BB:2.5;B:8.8;AA:11.1;AAA:35.5;CCC:8.7
1.88
25.8
248
244
14.3
2.5
20
35
20
true
true
false
true
0.6
-0.06
0.29
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-9
5
ECN2
Electronic
4
99
1
-257
VAR>budget
Hedge
Portfolio VAR above budget
183
Tighten HY exposure bands
C07902
CR8191
2024-12-21
Tightening
108
517
5
1
2,382,343,125
Tech:28.7;Utilities:8.7;Healthcare:20.9;Energy:16.6;Consumer:14.4;Industrials:10.8
US:64.1;EU:12.9;APAC:9.9;EMEA:9.3;LATAM:3.8
B:26.2;BBB:11.1;AAA:18.6;A:25.3;AA:18.9
3.6
50.6
108
342
8.1
3.5
20
45
30
true
true
false
false
2.12
0.45
0.14
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
27
DealerC
RFQ
3
92
253
-246
Sector>limit
Rotate
Sector concentration above limit
165
Reviewed by risk; hedges staggered
C07903
CR0817
2024-05-11
Stress
176
843
7.4
0.1
2,191,165,999
Comm:30.7;Utilities:33.3;Tech:36.0
US:72.2;EU:9.7;APAC:7.9;EMEA:3.6;LATAM:6.6
BB:15.2;A:9.9;BBB:18.5;B:22.2;AA:11.0;AAA:23.2
7.41
43.8
312
402
12.1
3
30
35
30
true
true
true
true
0.01
0.08
-0.18
null
Hedge
iTraxx_XOVER: +160bps notional
-11
11
ECN2
RFQ
7
97
69
73
Region>limit
Reduce
Regional concentration above limit
163
Defer adds pending macro print
C07904
CR5756
2024-02-04
Recovery
179
462
4.7
0.1
1,212,860,693
Comm:32.6;Tech:43.6;Energy:23.8
US:66.6;EU:8.9;APAC:11.5;EMEA:6.8;LATAM:6.1
A:17.7;CCC:24.7;B:21.0;AAA:6.1;BB:10.5;BBB:19.9
3.64
50.1
266
387
17.5
3
20
45
20
true
true
true
true
0.06
1.76
0.48
Utilities:EW
Hedge
Treasury_Futures: +152bps notional
-57
-13
ECN1
DealerAxed
10
90
66
-333
HYCap>limit
Hedge
High-yield share above policy cap
188
Escalate watchlist names
C07905
CR9107
2025-02-23
Calm
96
376
3.8
2.8
2,341,847,303
Comm:34.2;Financials:8.5;Energy:23.1;RealEstate:34.2
US:69.8;EU:9.5;APAC:10.7;EMEA:9.2;LATAM:0.8
CCC:14.3;B:14.0;AA:54.5;BB:17.1
2.12
58.2
118
136
7.2
2.5
35
45
20
false
true
true
false
0.55
-0.23
0.49
Energy:EW;RealEstate:EW
Hedge
CDX_IG: +88bps notional
-43
36
DealerB
Electronic
5
86
-220
-237
Sector>limit
Reduce
Sector concentration above limit
259
Tighten HY exposure bands
C07906
CR8188
2024-02-19
Recovery
146
581
5.4
1.9
489,215,959
Industrials:28.8;Comm:37.4;RealEstate:33.8
US:59.2;EU:16.5;APAC:11.0;EMEA:8.4;LATAM:4.8
A:34.7;AA:34.2;AAA:18.4;CCC:12.7
2.19
63.4
225
304
3.3
2.5
20
55
30
true
true
false
true
2.16
1.03
0.52
Financials:EW
Hedge
CDX_HY: +86bps notional
8
45
ECN2
RFQ
1
90
385
-347
Sector>limit
Hedge
Sector concentration above limit
218
Defer adds pending macro print
C07907
CR0227
2024-12-24
Calm
99
311
3.9
2.8
1,553,069,581
Energy:12.2;Comm:19.5;Materials:16.4;Consumer:20.2;Financials:11.1;Utilities:20.6
US:66.7;EU:17.2;APAC:4.4;EMEA:9.0;LATAM:2.8
BB:22.6;BBB:13.2;B:29.9;A:11.3;AA:22.9
3.66
41.1
165
422
7.3
2.5
20
35
25
true
true
true
false
0.81
1.11
0.3
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
-24
ECN2
DealerAxed
9
98
-207
36
HYCap>limit
Hedge
High-yield share above policy cap
232
Reviewed by risk; hedges staggered
C07908
CR6293
2025-04-12
Stress
149
733
7.1
0
1,035,282,679
Consumer:6.1;Industrials:13.3;RealEstate:19.5;Utilities:9.5;Healthcare:26.8;Comm:24.8
US:65.6;EU:15.1;APAC:7.4;EMEA:7.1;LATAM:4.8
CCC:22.5;AAA:15.0;BB:14.6;AA:16.6;BBB:8.8;B:22.4
4.5
28.1
263
291
13.3
3.5
25
45
25
true
true
true
true
0.96
0.15
-0.19
null
Hedge
Options_Payer: +78bps notional
5
-14
ECN1
All2All
5
98
-82
104
Region>limit
Hedge
Regional concentration above limit
254
Rotate into defensive sectors
C07909
CR4978
2025-08-25
Stress
148
711
6.7
-1.2
1,695,079,410
Comm:26.8;Healthcare:29.6;Financials:16.7;Consumer:11.7;Tech:15.3
US:63.2;EU:11.9;APAC:9.3;EMEA:11.7;LATAM:3.9
A:23.2;BBB:19.5;AA:25.6;AAA:25.2;BB:6.4
4.77
61.2
365
632
17.8
3
25
35
30
true
true
false
true
1.22
1.33
0.25
Consumer:EW
Hedge
Treasury_Futures: +71bps notional
-29
15
ECN1
All2All
4
90
233
-17
VAR>budget
Hedge
Portfolio VAR above budget
250
Reviewed by risk; hedges staggered
C07910
CR0085
2024-02-04
Stress
225
735
7.5
-0.3
1,058,149,751
Consumer:28.2;Materials:8.9;Comm:23.9;Tech:18.3;RealEstate:20.7
US:63.9;EU:7.1;APAC:13.8;EMEA:7.8;LATAM:7.4
CCC:17.5;B:5.9;A:19.8;BB:13.1;BBB:29.7;AAA:14.0
1.81
36.4
230
618
13.2
3
25
55
20
true
true
true
true
-0.18
1.77
0.03
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-58
8
DealerB
DealerAxed
4
97
309
-36
VAR>budget
Hedge
Portfolio VAR above budget
162
Reviewed by risk; hedges staggered
C07911
CR4488
2025-07-25
Stress
177
718
6.8
0.6
1,963,627,970
Consumer:55.3;Financials:26.4;Materials:18.3
US:69.6;EU:6.8;APAC:11.0;EMEA:10.3;LATAM:2.4
AA:15.9;B:21.2;CCC:6.2;BBB:24.2;A:32.4
5.38
28.4
290
616
17.5
2.5
30
55
20
true
true
true
true
2.25
1.64
-0.29
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
35
ECN1
DealerAxed
4
91
42
97
Sector>limit
Reduce
Sector concentration above limit
245
Escalate watchlist names
C07912
CR9657
2024-07-15
Calm
93
358
3.6
2.2
1,598,421,751
Financials:23.9;Consumer:39.6;Healthcare:36.5
US:61.1;EU:15.3;APAC:9.7;EMEA:12.8;LATAM:1.3
A:17.2;CCC:6.7;AAA:15.4;AA:21.7;BBB:13.1;BB:26.0
3.84
38.9
188
398
14.7
3.5
20
55
25
true
true
true
false
2.49
0.98
0.24
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
35
DealerA
All2All
0
99
-84
60
Sector>limit
Hedge
Sector concentration above limit
208
Tighten HY exposure bands
C07913
CR8524
2024-11-03
Stress
251
836
8.5
0.2
165,748,075
Healthcare:12.2;Financials:40.6;Materials:36.8;Comm:10.3
US:63.9;EU:7.0;APAC:13.9;EMEA:10.4;LATAM:4.9
BBB:42.5;A:35.3;AA:13.8;B:8.4
3.47
23.2
314
328
19.8
4
30
55
30
true
true
false
true
-0.12
1.62
-0.36
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-33
14
DealerC
All2All
7
86
-56
-67
HYCap>limit
Hedge
High-yield share above policy cap
231
Rotate into defensive sectors
C07914
CR6352
2025-10-18
Recovery
149
566
5.4
0.7
578,380,369
Tech:17.4;Energy:8.2;Comm:13.3;RealEstate:21.7;Materials:17.3;Healthcare:22.0
US:73.5;EU:7.6;APAC:7.1;EMEA:10.8;LATAM:0.9
AAA:28.2;A:31.4;BB:12.9;CCC:27.5
2.94
58.1
131
426
9.2
3.5
30
55
30
false
true
true
false
2.43
-0.23
-0.18
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
37
DealerC
RFQ
9
87
-176
-302
HYCap>limit
Hedge
High-yield share above policy cap
157
Escalate watchlist names
C07915
CR9084
2025-04-26
Stress
174
760
6.6
-0.7
1,775,309,661
Healthcare:29.9;Comm:9.6;RealEstate:9.3;Tech:27.4;Materials:14.8;Energy:9.0
US:65.1;EU:12.8;APAC:11.1;EMEA:7.7;LATAM:3.2
BB:49.7;AAA:17.2;AA:22.0;A:11.0
3.85
34.1
226
656
10
3
25
45
30
true
true
true
true
0.5
0.74
0.3
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-46
10
DealerC
DealerAxed
2
90
212
-346
VAR>budget
Reduce
Portfolio VAR above budget
173
Defer adds pending macro print
C07916
CR0702
2024-02-25
Stress
248
573
5.4
-1.2
1,404,684,536
Utilities:49.9;Consumer:26.4;Healthcare:23.7
US:70.8;EU:9.3;APAC:7.6;EMEA:7.0;LATAM:5.3
BBB:17.4;B:24.9;BB:21.4;A:18.9;CCC:17.4
5.61
56.3
197
466
18.1
2.5
25
35
35
true
true
true
false
0.79
0.64
-0.3
Materials:EW;Financials:EW;Consumer:EW
Hedge
iTraxx_XOVER: +100bps notional
-46
28
DealerA
Electronic
8
95
88
-110
Region>limit
PauseAdds
Regional concentration above limit
122
Tighten HY exposure bands
C07917
CR0880
2025-11-09
Tightening
123
385
4.3
0.6
1,387,406,499
Industrials:21.9;Utilities:15.4;Healthcare:12.9;Materials:22.0;Tech:10.2;Energy:17.5
US:72.0;EU:5.7;APAC:10.2;EMEA:10.5;LATAM:1.6
A:16.1;AA:18.5;BBB:28.0;B:25.3;CCC:12.0
1.77
27.9
114
415
5.4
4
35
55
25
false
true
true
false
1.01
0.11
-0.05
Energy:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-8
13
DealerA
DealerAxed
11
96
195
77
HYCap>limit
PauseAdds
High-yield share above policy cap
246
Rotate into defensive sectors
C07918
CR1108
2025-06-17
Calm
73
392
3.9
2.9
1,826,038,438
Tech:27.8;RealEstate:46.3;Industrials:25.9
US:64.5;EU:11.4;APAC:8.9;EMEA:9.9;LATAM:5.4
A:25.0;BBB:31.2;BB:15.1;AAA:28.7
6.81
21
176
451
12.5
2
20
35
25
true
true
false
false
1.37
0.64
-0.26
Utilities:EW
Hedge
CDX_IG: +146bps notional
-55
-9
DealerB
Electronic
4
92
136
-360
VAR>budget
Rotate
Portfolio VAR above budget
145
Escalate watchlist names
C07919
CR7476
2024-12-29
Recovery
133
611
5.5
-0.4
104,994,117
RealEstate:6.9;Utilities:13.3;Industrials:12.7;Consumer:23.7;Energy:24.0;Financials:19.3
US:68.2;EU:6.3;APAC:10.9;EMEA:8.3;LATAM:6.3
BB:37.5;CCC:25.4;AA:20.1;BBB:17.0
3.03
60.4
240
485
14.6
3
35
35
30
false
true
true
true
-0.33
0.4
0.42
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
-18
ECN1
RFQ
5
85
-157
153
HYCap>limit
Hedge
High-yield share above policy cap
161
Rotate into defensive sectors
C07920
CR7192
2024-04-07
Tightening
154
442
5.2
1.9
656,761,231
Tech:15.9;Comm:22.6;Financials:12.2;Healthcare:24.4;Energy:24.9
US:72.1;EU:13.5;APAC:5.3;EMEA:8.3;LATAM:0.9
CCC:8.2;B:24.8;BBB:13.2;A:19.7;BB:26.7;AA:7.4
5.26
28.8
88
407
15.1
3
25
55
35
false
true
true
false
2.26
0.19
0.24
Industrials:EW
Hedge
iTraxx_XOVER: +167bps notional
13
-3
ECN2
RFQ
3
100
332
-255
Region>limit
Reduce
Regional concentration above limit
243
Tighten HY exposure bands
C07921
CR1140
2024-09-18
Calm
65
302
3.9
2.1
2,940,700,540
Comm:8.0;Financials:11.9;Consumer:24.0;Utilities:7.0;RealEstate:26.1;Industrials:22.9
US:65.0;EU:14.6;APAC:8.8;EMEA:6.8;LATAM:4.8
AAA:13.9;BBB:24.0;BB:18.0;CCC:44.1
7.18
32.8
222
334
4.4
3
25
55
35
true
true
true
true
0.14
1.66
-0.12
Industrials:EW
Hedge
iTraxx_MAIN: +68bps notional
9
11
DealerA
All2All
5
85
101
-366
HYCap>limit
Hedge
High-yield share above policy cap
240
Reviewed by risk; hedges staggered
C07922
CR6529
2024-03-04
Stress
208
819
7
-1
640,000,583
Consumer:14.8;Financials:24.8;Healthcare:60.3
US:63.6;EU:15.1;APAC:11.7;EMEA:8.1;LATAM:1.6
BB:9.7;A:11.4;BBB:8.4;AAA:27.2;AA:11.5;CCC:31.7
4.8
48.4
197
366
19.5
2
35
45
30
true
true
true
false
0.96
1.66
0.51
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
45
DealerC
DealerAxed
9
89
40
-211
Sector>limit
Rotate
Sector concentration above limit
137
Reviewed by risk; hedges staggered
C07923
CR2955
2024-10-03
Tightening
157
387
4.6
0.8
606,481,041
RealEstate:24.1;Healthcare:22.5;Industrials:26.1;Comm:27.3
US:75.3;EU:7.5;APAC:11.5;EMEA:5.6;LATAM:0.1
B:28.4;BBB:18.2;CCC:18.8;A:11.0;AAA:8.3;AA:15.3
6.6
47.7
179
400
12
2
30
55
30
false
true
true
false
2.23
-0.05
-0.23
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
14
DealerA
DealerAxed
5
98
367
-230
Region>limit
Reduce
Regional concentration above limit
217
Defer adds pending macro print
C07924
CR3550
2024-10-18
Stress
188
849
6.2
-0.3
2,424,023,358
Comm:11.8;Consumer:34.4;Utilities:9.2;Healthcare:30.7;RealEstate:13.9
US:72.3;EU:8.0;APAC:7.4;EMEA:11.0;LATAM:1.2
CCC:19.0;BBB:14.3;BB:28.9;B:24.8;AAA:13.1
5.24
64.6
319
388
11
2
25
45
30
true
true
true
true
1.62
0.52
0.4
Utilities:EW
Hedge
CDX_IG: +186bps notional
19
-14
ECN1
Electronic
7
87
195
54
HYCap>limit
Rotate
High-yield share above policy cap
228
Reviewed by risk; hedges staggered
C07925
CR4251
2025-04-10
Calm
106
370
4.1
1.6
2,368,077,386
RealEstate:16.5;Comm:12.9;Energy:25.5;Materials:19.5;Healthcare:19.8;Industrials:5.8
US:72.2;EU:16.1;APAC:6.7;EMEA:3.8;LATAM:1.2
A:13.6;B:9.2;AAA:22.8;CCC:6.4;BBB:38.7;BB:9.4
2.7
48.9
115
474
10.6
2.5
35
45
35
false
true
false
false
1.98
1.68
0.55
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-38
34
DealerC
RFQ
9
91
19
36
Sector>limit
PauseAdds
Sector concentration above limit
184
Escalate watchlist names
C07926
CR5025
2025-12-03
Tightening
100
449
4.9
1.9
1,667,089,463
Consumer:21.4;Energy:13.4;Utilities:8.2;RealEstate:17.9;Industrials:24.1;Tech:14.9
US:69.9;EU:9.3;APAC:14.0;EMEA:4.8;LATAM:2.0
B:26.8;AAA:15.5;AA:6.1;A:18.6;BBB:18.2;CCC:14.8
3.62
55.6
159
319
11.1
4
35
35
20
false
true
true
false
1.65
0.44
-0.24
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-19
33
ECN1
RFQ
12
96
-48
-263
Region>limit
Hedge
Regional concentration above limit
153
Escalate watchlist names
C07927
CR2219
2024-04-09
Calm
80
298
4.4
2
2,600,062,010
Financials:55.6;Utilities:30.2;Comm:14.2
US:58.1;EU:19.0;APAC:14.2;EMEA:3.7;LATAM:5.0
A:25.2;B:27.2;BB:24.0;CCC:23.7
1.04
49.6
276
443
14.6
2
35
55
25
true
true
true
true
0.59
1.28
0.59
RealEstate:EW
Hedge
Options_Payer: +134bps notional
-28
10
ECN2
All2All
11
92
360
-262
Region>limit
Hedge
Regional concentration above limit
135
Rotate into defensive sectors
C07928
CR7859
2025-01-02
Tightening
104
445
3.9
0.7
2,924,025,466
Materials:20.1;Industrials:19.1;Energy:19.1;Healthcare:22.8;Comm:18.9
US:63.7;EU:15.5;APAC:9.4;EMEA:9.0;LATAM:2.5
CCC:18.2;AAA:32.8;BBB:10.3;AA:24.5;A:14.2
2
28.5
143
443
12.4
3.5
30
35
25
false
true
false
false
1.02
-0.27
0.39
RealEstate:EW;Utilities:EW
Hedge
CDX_HY: +60bps notional
-54
29
DealerA
DealerAxed
11
99
295
-60
Sector>limit
Rotate
Sector concentration above limit
90
Defer adds pending macro print
C07929
CR1152
2024-05-07
Recovery
130
599
5.9
0.1
1,640,386,589
Energy:12.7;Comm:14.4;Utilities:15.6;Financials:22.2;Tech:35.1
US:63.1;EU:12.3;APAC:12.5;EMEA:4.5;LATAM:7.5
AAA:7.4;CCC:9.7;A:24.3;B:8.8;AA:25.1;BBB:24.7
1.56
20.5
189
199
9.7
3.5
35
55
20
true
true
false
false
2.08
1.72
-0.03
Comm:EW
Hedge
iTraxx_MAIN: +155bps notional
-31
34
DealerC
RFQ
2
96
182
-289
VAR>budget
PauseAdds
Portfolio VAR above budget
107
Rotate into defensive sectors
C07930
CR1702
2024-11-09
Stress
196
599
8
-0.9
226,627,258
Materials:13.9;Industrials:15.5;Financials:12.8;Consumer:16.3;RealEstate:17.8;Comm:23.7
US:68.5;EU:7.1;APAC:12.1;EMEA:9.5;LATAM:2.8
A:7.6;B:28.5;BB:28.6;AA:23.7;BBB:11.6
5.74
58.8
292
590
19.9
3
30
45
35
false
true
true
true
0.08
0.25
0.26
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-27
-18
ECN1
All2All
10
87
-166
-395
HYCap>limit
Reduce
High-yield share above policy cap
124
Reviewed by risk; hedges staggered
C07931
CR3866
2024-06-29
Recovery
159
622
5.3
-0.1
1,230,367,118
RealEstate:29.8;Financials:27.0;Utilities:7.5;Materials:10.3;Comm:17.0;Consumer:8.4
US:65.8;EU:15.0;APAC:7.4;EMEA:7.6;LATAM:4.3
BB:23.1;BBB:9.1;CCC:14.1;AAA:19.4;B:14.5;AA:19.8
1.29
27.1
177
474
5.3
3
25
45
30
true
true
true
false
0.36
0.53
0.45
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
26
DealerB
RFQ
0
98
423
-4
Region>limit
Hedge
Regional concentration above limit
149
Rotate into defensive sectors
C07932
CR2763
2025-05-05
Tightening
104
496
4.8
1.8
1,740,878,472
Industrials:16.0;Materials:9.9;Tech:11.0;Consumer:18.3;Utilities:44.8
US:60.4;EU:22.4;APAC:5.9;EMEA:10.5;LATAM:0.8
CCC:4.8;BBB:13.4;A:30.3;BB:10.4;AA:23.7;AAA:17.4
3.84
41.9
245
489
9.1
2.5
35
35
25
true
true
false
true
1.66
0.75
0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
-3
DealerA
All2All
11
100
-125
-24
Sector>limit
Reduce
Sector concentration above limit
105
Tighten HY exposure bands
C07933
CR6164
2024-11-17
Tightening
135
477
4.9
1.5
800,390,468
Industrials:28.0;Consumer:25.5;Comm:46.5
US:62.4;EU:14.2;APAC:7.5;EMEA:8.3;LATAM:7.6
CCC:27.9;B:19.0;BBB:18.3;BB:16.6;A:18.2
2.51
52.3
175
173
4.3
3.5
25
45
25
true
true
true
false
2.16
1.47
-0.33
Consumer:EW;Utilities:EW
Hedge
CDX_IG: +170bps notional
-58
1
DealerC
DealerAxed
0
98
356
-300
Region>limit
Hedge
Regional concentration above limit
205
Rotate into defensive sectors
C07934
CR2685
2024-08-19
Calm
91
363
3.8
2.8
595,837,164
Consumer:25.7;Industrials:43.3;Comm:31.0
US:65.2;EU:12.5;APAC:8.1;EMEA:12.1;LATAM:2.0
A:33.1;BBB:18.1;B:20.3;AAA:28.5
3.81
20.9
237
441
8.4
3
30
55
30
true
true
false
true
0.12
1.57
0.56
null
Rotate
From Energy -1.0% to Utilities +1.0%
-4
0
ECN2
All2All
6
92
255
28
Sector>limit
Rotate
Sector concentration above limit
176
Rotate into defensive sectors
C07935
CR4823
2024-10-02
Tightening
124
369
4
0.7
2,386,309,731
Consumer:21.7;Industrials:20.1;Comm:11.2;Materials:22.5;Healthcare:24.5
US:62.1;EU:16.4;APAC:11.0;EMEA:7.5;LATAM:3.0
B:5.9;BBB:41.3;AA:40.1;BB:12.7
7.22
26.9
106
280
10.9
4
30
45
20
false
true
false
false
0.9
0.89
0.46
Comm:EW;Utilities:EW;Industrials:EW
Hedge
CDX_HY: +130bps notional
-18
16
DealerC
RFQ
2
88
105
-356
VAR>budget
Reduce
Portfolio VAR above budget
216
Rotate into defensive sectors
C07936
CR3830
2024-08-08
Calm
100
420
3.7
2.9
308,928,084
RealEstate:25.3;Industrials:25.7;Comm:22.2;Consumer:26.7
US:59.2;EU:19.7;APAC:13.1;EMEA:7.1;LATAM:0.9
B:19.2;CCC:18.2;BBB:14.1;A:8.0;AA:11.2;BB:29.4
5.71
51.5
234
517
11.5
3.5
20
55
30
true
true
true
true
0.61
0.04
-0.3
Utilities:EW;Financials:EW
Hedge
Options_Payer: +138bps notional
4
18
DealerB
All2All
2
96
-18
-16
Sector>limit
Reduce
Sector concentration above limit
160
Rotate into defensive sectors
C07937
CR2472
2025-01-08
Recovery
170
624
5.6
0.1
2,195,187,173
Consumer:24.8;Energy:6.3;RealEstate:18.5;Financials:15.0;Tech:13.4;Comm:22.1
US:66.8;EU:14.1;APAC:5.9;EMEA:7.4;LATAM:5.9
CCC:5.1;AA:28.4;A:24.7;BBB:41.8
2
20.4
124
246
4.2
3
25
35
25
false
true
false
false
1.87
0.75
-0.17
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
-15
DealerC
DealerAxed
10
99
94
-182
Region>limit
Rotate
Regional concentration above limit
225
Escalate watchlist names
C07938
CR4102
2025-07-02
Recovery
160
621
6.2
1.9
2,713,847,196
Consumer:26.0;Comm:8.0;Industrials:24.9;Tech:16.5;RealEstate:24.6
US:62.5;EU:15.4;APAC:13.7;EMEA:4.4;LATAM:4.0
AA:38.0;AAA:12.0;A:40.3;B:9.7
6
42.8
220
491
13.3
2
35
45
20
false
true
false
true
0.3
1.51
0.52
null
Hedge
CDX_IG: +109bps notional
9
9
ECN2
Electronic
8
88
7
-227
Sector>limit
Hedge
Sector concentration above limit
164
Escalate watchlist names
C07939
CR1620
2024-05-14
Stress
202
830
8.1
-1.8
1,756,998,822
RealEstate:18.5;Consumer:17.3;Healthcare:22.9;Tech:21.0;Industrials:20.3
US:62.7;EU:15.9;APAC:12.0;EMEA:4.6;LATAM:4.9
BBB:15.5;A:25.7;AAA:30.5;BB:28.3
3.12
28.4
239
360
19.5
3
25
35
30
false
true
false
true
0.07
0.4
0.53
null
Hedge
iTraxx_XOVER: +116bps notional
0
-9
DealerC
RFQ
0
96
-108
-352
Region>limit
Rotate
Regional concentration above limit
144
Escalate watchlist names
C07940
CR8708
2024-04-29
Recovery
131
427
5.4
-0.3
1,260,535,269
RealEstate:24.4;Utilities:14.9;Tech:37.9;Comm:22.7
US:64.8;EU:13.5;APAC:15.2;EMEA:3.7;LATAM:2.9
CCC:13.9;BBB:20.4;BB:16.5;B:5.6;AA:19.1;AAA:24.6
2.91
20.2
85
356
6.8
3
20
55
25
true
true
true
false
0.64
1.39
0.14
Materials:EW;Consumer:EW
Hedge
Treasury_Futures: +167bps notional
-52
28
DealerC
DealerAxed
9
91
356
-95
HYCap>limit
Reduce
High-yield share above policy cap
233
Reviewed by risk; hedges staggered
C07941
CR6410
2024-05-05
Stress
251
735
7.4
0.5
2,932,307,181
Tech:34.4;Industrials:17.4;Consumer:19.9;Utilities:28.3
US:53.6;EU:19.0;APAC:15.8;EMEA:9.1;LATAM:2.6
CCC:16.2;B:20.5;AA:23.9;BBB:15.2;A:11.4;AAA:12.8
2.82
27.6
344
385
15.5
2
30
45
25
true
true
true
true
0.34
1.02
0.46
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
34
DealerB
DealerAxed
12
95
352
-22
Sector>limit
Hedge
Sector concentration above limit
139
Rotate into defensive sectors
C07942
CR4719
2024-04-27
Calm
90
281
3.3
2.8
2,737,884,308
Tech:11.1;Utilities:44.5;Industrials:44.4
US:70.9;EU:11.6;APAC:5.5;EMEA:6.3;LATAM:5.7
BB:8.8;BBB:55.0;B:12.4;CCC:23.8
3.01
58.1
267
364
4.3
4
30
45
35
true
true
true
true
-0.44
1.11
0.31
RealEstate:EW
Hedge
SingleName_CDS: +158bps notional
-9
-5
ECN1
Electronic
5
98
348
-159
VAR>budget
Reduce
Portfolio VAR above budget
99
Defer adds pending macro print
C07943
CR2948
2024-08-22
Recovery
163
466
6
-0.3
2,844,799,525
Comm:17.0;Energy:42.0;Utilities:21.8;Industrials:19.1
US:60.2;EU:9.4;APAC:14.9;EMEA:13.5;LATAM:2.0
CCC:20.4;BBB:20.5;AAA:20.7;BB:11.0;AA:15.3;A:12.1
3.58
29.5
198
368
9.2
3
30
35
30
true
true
true
false
1.73
0.4
0.29
null
Hedge
Options_Payer: +186bps notional
-36
26
DealerC
All2All
10
96
197
-420
VAR>budget
Hedge
Portfolio VAR above budget
150
Defer adds pending macro print
C07944
CR8328
2024-10-03
Tightening
125
395
4.8
0.5
249,440,420
Energy:42.0;Materials:15.4;Utilities:42.6
US:66.9;EU:10.0;APAC:12.4;EMEA:6.2;LATAM:4.4
CCC:12.4;BBB:23.1;AA:29.0;A:35.5
3.71
26.3
253
431
5.6
3
35
45
30
true
true
false
true
0.8
0.67
0.01
Materials:EW
Hedge
iTraxx_XOVER: +143bps notional
-19
8
ECN2
DealerAxed
2
85
179
-200
Sector>limit
Hedge
Sector concentration above limit
208
Reviewed by risk; hedges staggered
C07945
CR5070
2025-07-08
Tightening
92
352
4.1
0.9
1,844,329,030
Financials:13.8;Comm:8.8;Healthcare:29.1;RealEstate:18.5;Materials:18.8;Utilities:11.0
US:62.0;EU:18.5;APAC:7.7;EMEA:10.9;LATAM:0.8
BB:8.5;B:19.4;BBB:32.0;AAA:40.2
5.52
23.5
219
149
11.1
4
30
45
35
false
true
false
true
1.33
-0.22
-0.11
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
4
DealerA
Electronic
5
86
266
-111
Sector>limit
Hedge
Sector concentration above limit
115
Tighten HY exposure bands
C07946
CR6757
2025-03-30
Calm
104
325
3.7
2.8
589,916,371
Utilities:36.3;Consumer:29.2;Industrials:19.3;Financials:15.2
US:60.0;EU:17.5;APAC:13.3;EMEA:4.8;LATAM:4.4
BBB:24.8;CCC:17.6;BB:19.5;B:38.2
5.46
22.6
83
308
14.3
3
30
45
25
true
true
true
false
-0.5
1.4
0.22
null
Rotate
From Energy -1.0% to Utilities +1.0%
-20
-3
DealerA
RFQ
8
95
413
61
VAR>budget
Reduce
Portfolio VAR above budget
234
Rotate into defensive sectors
C07947
CR4795
2024-09-22
Stress
224
677
6.7
-1.5
2,329,127,813
Utilities:18.6;Consumer:7.9;Financials:13.0;Comm:14.9;Energy:19.0;Materials:26.7
US:74.0;EU:6.1;APAC:5.3;EMEA:9.1;LATAM:5.5
B:4.7;BBB:28.9;BB:5.0;A:31.8;AA:29.7
7.2
59.7
222
554
12.2
3
25
45
35
true
true
false
true
-0.42
0.6
0.59
Healthcare:EW;RealEstate:EW
Hedge
Options_Payer: +161bps notional
4
7
DealerB
DealerAxed
2
87
3
-266
HYCap>limit
Rotate
High-yield share above policy cap
216
Reviewed by risk; hedges staggered
C07948
CR4736
2024-03-13
Calm
116
370
4.4
2.1
486,428,234
Materials:25.1;Energy:25.0;Tech:12.7;Consumer:10.6;Comm:21.1;Industrials:5.5
US:65.2;EU:17.8;APAC:6.1;EMEA:10.4;LATAM:0.6
BB:16.6;BBB:20.0;AA:22.7;CCC:25.5;A:15.2
6.82
40.3
266
429
11.4
2.5
35
55
25
false
true
true
true
-0.38
0.13
0.06
null
Hedge
SingleName_CDS: +197bps notional
-22
26
ECN2
DealerAxed
1
93
181
139
HYCap>limit
PauseAdds
High-yield share above policy cap
172
Defer adds pending macro print
C07949
CR2772
2025-10-07
Calm
84
361
3.3
2.3
1,517,494,099
Consumer:46.8;RealEstate:37.5;Energy:15.7
US:68.7;EU:13.9;APAC:10.6;EMEA:3.7;LATAM:3.0
A:26.2;BB:4.4;AAA:25.7;BBB:19.1;AA:17.7;CCC:6.9
2.86
46.6
113
355
11.1
2.5
25
35
35
true
true
false
false
-0.16
-0.23
0.56
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
31
ECN1
RFQ
8
93
-83
7
HYCap>limit
Hedge
High-yield share above policy cap
146
Rotate into defensive sectors
C07950
CR2174
2024-06-24
Stress
153
563
7.1
0.7
1,908,108,485
Utilities:14.4;Tech:28.4;Comm:31.4;Financials:25.9
US:67.7;EU:6.0;APAC:14.8;EMEA:11.3;LATAM:0.2
AA:20.4;B:19.2;BBB:18.6;AAA:20.6;BB:10.8;A:10.4
5.01
45.6
215
450
13.5
2
25
45
25
true
true
true
true
2.09
-0.09
0.44
null
Hedge
iTraxx_MAIN: +122bps notional
-37
25
DealerB
DealerAxed
9
86
-124
100
Sector>limit
Hedge
Sector concentration above limit
181
Reviewed by risk; hedges staggered
C07951
CR7552
2025-11-21
Calm
89
356
3.7
2
720,271,323
Materials:22.6;Energy:14.7;Healthcare:13.4;Utilities:15.3;RealEstate:10.0;Industrials:23.9
US:67.1;EU:6.8;APAC:11.6;EMEA:5.7;LATAM:8.8
CCC:19.3;AA:24.6;A:28.9;AAA:27.3
4.07
31.8
272
409
15.9
2
20
45
30
true
true
false
true
1.27
0.78
0.4
Utilities:EW;Consumer:EW
Hedge
Options_Payer: +87bps notional
2
-24
ECN1
Electronic
7
100
82
168
HYCap>limit
Reduce
High-yield share above policy cap
240
Rotate into defensive sectors
C07952
CR4736
2025-07-04
Calm
109
294
4.5
1.6
2,583,131,769
Energy:21.7;Comm:29.2;Tech:26.2;Materials:23.0
US:66.6;EU:15.3;APAC:6.6;EMEA:9.2;LATAM:2.3
BB:41.7;A:19.7;BBB:11.6;CCC:27.1
0.85
59.8
167
489
7.7
4
30
55
20
false
true
true
false
1.14
1.74
0.3
Utilities:EW;Materials:EW
Hedge
iTraxx_MAIN: +196bps notional
-6
41
ECN2
DealerAxed
12
96
93
86
Sector>limit
Hedge
Sector concentration above limit
137
Defer adds pending macro print
C07953
CR2203
2024-11-06
Recovery
123
426
5.2
-0.1
1,745,202,549
Healthcare:17.7;Consumer:21.2;Financials:21.9;Energy:20.3;RealEstate:18.9
US:65.2;EU:17.7;APAC:9.8;EMEA:5.5;LATAM:1.8
B:12.2;A:35.1;CCC:16.4;AAA:36.2
0.59
46.6
160
121
6.6
3
35
55
20
false
true
true
false
0.83
0.48
0.57
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-23
-20
DealerA
All2All
4
89
169
-199
Region>limit
Reduce
Regional concentration above limit
135
Tighten HY exposure bands
C07954
CR1758
2025-02-05
Calm
106
417
3.4
2.5
1,399,559,411
RealEstate:12.2;Utilities:39.7;Industrials:24.9;Financials:23.2
US:70.5;EU:8.2;APAC:11.2;EMEA:8.9;LATAM:1.2
AA:42.9;B:23.9;CCC:15.8;A:17.4
3.37
64.4
115
199
12.5
3
20
45
25
true
true
true
false
-0.47
0.16
-0.21
Industrials:EW
Hedge
CDX_IG: +64bps notional
-35
-25
DealerB
DealerAxed
9
93
-53
-163
HYCap>limit
Reduce
High-yield share above policy cap
205
Defer adds pending macro print
C07955
CR1035
2025-09-07
Stress
180
678
8.2
0.5
407,338,613
Industrials:28.0;Healthcare:40.5;Tech:31.4
US:66.5;EU:13.3;APAC:9.8;EMEA:6.8;LATAM:3.5
B:12.8;A:30.2;AAA:25.4;CCC:12.9;BB:18.8
2.06
29.8
256
585
14.6
4
25
35
30
true
true
true
true
-0.11
0.53
0.35
Energy:EW;Healthcare:EW
Hedge
CDX_HY: +160bps notional
6
8
ECN1
Electronic
8
95
195
14
Sector>limit
Reduce
Sector concentration above limit
179
Rotate into defensive sectors
C07956
CR9599
2025-12-19
Stress
143
777
7.3
0.2
2,501,828,229
Healthcare:21.7;Energy:19.1;RealEstate:14.0;Materials:15.8;Tech:8.6;Consumer:20.8
US:75.5;EU:9.1;APAC:7.1;EMEA:3.9;LATAM:4.4
BBB:20.3;CCC:8.1;AA:50.8;BB:20.8
4.5
26.1
254
421
11.9
3.5
30
45
25
false
true
true
true
1.24
0.49
-0.05
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
6
DealerA
Electronic
10
97
-4
106
HYCap>limit
Hedge
High-yield share above policy cap
250
Reviewed by risk; hedges staggered
C07957
CR4635
2024-01-16
Stress
156
772
5.5
0.6
674,049,126
Consumer:17.2;Utilities:45.1;Healthcare:37.6
US:69.0;EU:15.2;APAC:6.5;EMEA:4.8;LATAM:4.5
AAA:28.3;BBB:17.9;AA:21.4;A:25.0;B:7.4
6.29
57.6
252
396
16.4
2
30
45
25
true
true
false
true
0.14
1.13
-0.15
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
-6
ECN1
All2All
5
100
102
-177
VAR>budget
Hedge
Portfolio VAR above budget
136
Reviewed by risk; hedges staggered
C07958
CR9087
2024-11-14
Calm
87
335
3.7
2.1
1,049,632,186
Financials:8.7;Consumer:21.4;Comm:20.2;Utilities:14.2;Tech:16.7;Healthcare:18.7
US:62.8;EU:14.2;APAC:13.7;EMEA:7.4;LATAM:2.0
BB:12.1;B:44.8;AA:20.4;A:22.7
4.02
38.9
162
269
9
3.5
20
35
35
true
true
true
false
1.09
-0.25
0.44
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-44
35
ECN1
Electronic
5
87
-119
108
Region>limit
Hedge
Regional concentration above limit
196
Reviewed by risk; hedges staggered
C07959
CR4821
2024-07-26
Tightening
157
511
4.6
0.5
1,233,382,960
Tech:28.3;Utilities:15.4;Materials:13.6;Industrials:27.3;RealEstate:15.5
US:61.4;EU:18.2;APAC:9.5;EMEA:10.6;LATAM:0.4
BBB:24.8;BB:9.9;CCC:11.8;AAA:28.6;AA:24.9
5.5
43.9
182
206
17
2.5
35
55
30
false
true
false
false
-0.4
1.33
0.19
Industrials:EW;Materials:EW
Hedge
CDX_IG: +72bps notional
-27
6
ECN1
DealerAxed
7
94
-191
-259
HYCap>limit
Hedge
High-yield share above policy cap
216
Rotate into defensive sectors
C07960
CR8711
2025-06-10
Stress
177
813
5.8
-2
1,832,547,269
Energy:19.9;Comm:7.0;Industrials:17.5;Materials:11.1;Financials:19.8;Healthcare:24.7
US:66.7;EU:5.9;APAC:12.4;EMEA:7.6;LATAM:7.3
BB:24.1;AAA:23.9;BBB:34.1;B:17.9
4.91
44.7
226
548
4.8
2
20
35
25
true
true
true
true
0.68
0.21
0.3
null
Hedge
CDX_HY: +183bps notional
-25
4
DealerA
Electronic
11
97
397
-321
VAR>budget
Reduce
Portfolio VAR above budget
238
Escalate watchlist names
C07961
CR0470
2025-12-24
Calm
105
346
3.7
2.7
2,591,449,862
Tech:36.1;Comm:35.6;Industrials:28.3
US:71.3;EU:9.8;APAC:9.2;EMEA:4.5;LATAM:5.2
CCC:23.4;B:20.6;BBB:37.2;AAA:18.8
1.71
56.8
245
148
13.4
3
25
45
20
true
true
true
true
1.34
1.05
-0.09
Healthcare:EW
Hedge
SingleName_CDS: +52bps notional
-40
34
ECN2
All2All
0
97
-67
41
Sector>limit
Reduce
Sector concentration above limit
230
Rotate into defensive sectors
C07962
CR7375
2024-04-04
Recovery
151
593
5.2
0.3
1,418,451,947
Industrials:31.0;RealEstate:15.2;Utilities:18.5;Financials:35.3
US:62.4;EU:17.6;APAC:14.4;EMEA:4.9;LATAM:0.6
AAA:18.9;B:22.0;BB:20.0;CCC:10.8;A:28.3
7.12
43.2
198
232
12.1
3
35
35
20
true
true
true
false
-0.36
0.73
0.25
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
-21
ECN1
DealerAxed
2
87
-91
-76
Sector>limit
Reduce
Sector concentration above limit
123
Escalate watchlist names
C07963
CR3526
2024-07-09
Calm
66
387
4.4
2.4
2,740,467,830
Financials:9.3;Industrials:23.6;Consumer:8.8;Tech:22.8;Comm:18.0;Utilities:17.6
US:55.8;EU:16.4;APAC:16.0;EMEA:3.4;LATAM:8.4
A:17.3;BBB:17.0;AAA:26.1;CCC:19.5;BB:20.1
2.71
54.6
88
445
15.4
2
20
45
30
true
true
true
false
1.99
-0.25
0.14
null
Hedge
SingleName_CDS: +109bps notional
2
35
ECN1
Electronic
12
88
97
-255
VAR>budget
Hedge
Portfolio VAR above budget
235
Tighten HY exposure bands
C07964
CR7828
2025-04-29
Calm
102
409
3.5
2.3
1,362,087,766
Industrials:36.6;Utilities:43.5;Materials:19.9
US:67.5;EU:16.1;APAC:8.4;EMEA:3.8;LATAM:4.3
AA:44.2;B:10.0;BBB:38.9;CCC:6.9
5.72
42.8
156
374
14.2
3
25
55
35
true
true
false
false
0.61
1.58
-0.16
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
15
DealerC
RFQ
5
100
108
-213
HYCap>limit
Hedge
High-yield share above policy cap
107
Tighten HY exposure bands
C07965
CR9215
2025-08-16
Tightening
109
373
4.2
1.3
1,030,354,171
Materials:26.1;Tech:21.6;Energy:52.3
US:68.9;EU:16.2;APAC:7.3;EMEA:5.0;LATAM:2.6
CCC:10.7;BBB:33.4;B:28.4;AAA:27.5
4.86
62.3
133
363
8.8
2.5
20
45
35
true
true
true
false
0.47
1.78
-0.31
null
Hedge
Treasury_Futures: +157bps notional
-48
27
ECN1
DealerAxed
10
97
191
139
HYCap>limit
Rotate
High-yield share above policy cap
197
Escalate watchlist names
C07966
CR8995
2025-05-08
Calm
78
296
3.7
2.2
1,525,726,695
Healthcare:44.0;Energy:27.3;RealEstate:28.7
US:63.8;EU:12.3;APAC:9.6;EMEA:8.9;LATAM:5.4
BBB:31.4;BB:16.5;A:35.5;AA:16.6
3.29
35.2
220
155
9.8
3.5
30
35
20
true
true
false
true
0.18
1.32
-0.2
null
Rotate
From Energy -1.0% to Utilities +1.0%
-26
11
DealerA
RFQ
0
98
78
-124
Region>limit
PauseAdds
Regional concentration above limit
122
Escalate watchlist names
C07967
CR8797
2024-08-28
Stress
247
716
6.7
-0.9
2,335,563,824
Industrials:28.8;Consumer:8.7;RealEstate:11.1;Materials:23.9;Tech:27.6
US:64.8;EU:18.4;APAC:7.4;EMEA:7.6;LATAM:1.8
BBB:20.4;AAA:28.8;AA:10.0;A:21.8;BB:4.6;CCC:14.5
7.05
25.9
184
262
9.7
2
20
35
25
true
true
false
false
0.98
0.02
0.32
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
41
ECN2
All2All
8
98
279
-13
HYCap>limit
Rotate
High-yield share above policy cap
101
Reviewed by risk; hedges staggered
C07968
CR5492
2024-02-06
Tightening
93
437
4.1
1
1,962,926,679
Industrials:24.5;Comm:23.4;Healthcare:24.2;Materials:27.9
US:66.9;EU:15.5;APAC:9.4;EMEA:3.6;LATAM:4.7
B:8.7;BBB:16.2;CCC:30.9;AAA:27.9;A:16.2
3.51
60.2
138
304
10.9
4
20
35
30
true
true
true
false
0.35
0.25
-0.06
Energy:EW
Hedge
SingleName_CDS: +124bps notional
-40
3
DealerA
Electronic
8
98
198
19
Region>limit
Hedge
Regional concentration above limit
180
Tighten HY exposure bands
C07969
CR8878
2024-04-25
Stress
198
588
6.4
-1.9
2,642,293,167
Materials:53.7;Energy:21.7;Healthcare:24.6
US:66.5;EU:16.4;APAC:8.3;EMEA:5.3;LATAM:3.5
BBB:19.2;B:43.8;CCC:23.3;A:13.7
5.93
23.7
263
572
7.3
2
20
45
20
true
true
true
true
-0.09
0.4
0.49
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
25
ECN2
RFQ
5
93
240
3
Sector>limit
Rotate
Sector concentration above limit
181
Tighten HY exposure bands
C07970
CR8769
2025-04-06
Stress
186
823
7.8
-1.9
203,613,486
Tech:14.7;Healthcare:25.6;Utilities:21.2;Comm:17.2;Energy:8.3;Industrials:12.9
US:53.5;EU:14.5;APAC:15.5;EMEA:11.7;LATAM:4.8
AA:16.4;BB:29.7;AAA:22.8;B:31.2
3.14
57.4
163
589
16.1
4
20
45
35
true
true
true
false
0.52
0.15
0.11
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-30
23
DealerA
All2All
10
89
193
-64
VAR>budget
Hedge
Portfolio VAR above budget
123
Defer adds pending macro print
C07971
CR9892
2024-04-21
Tightening
138
433
4.5
1.9
161,214,919
Industrials:23.8;RealEstate:40.3;Consumer:14.3;Comm:21.6
US:62.4;EU:13.3;APAC:11.4;EMEA:10.9;LATAM:2.0
BB:27.4;BBB:12.3;B:12.8;CCC:22.2;A:25.3
6.49
40.9
221
414
9.8
3
35
45
30
true
true
true
true
0.02
0.49
0.14
null
Hedge
CDX_IG: +89bps notional
-33
17
DealerA
Electronic
11
100
-115
-10
HYCap>limit
Rotate
High-yield share above policy cap
194
Rotate into defensive sectors
C07972
CR6302
2025-04-02
Calm
68
318
3.9
2.9
774,882,762
Materials:19.6;RealEstate:12.1;Energy:23.7;Comm:16.5;Financials:11.8;Tech:16.3
US:59.6;EU:16.0;APAC:12.3;EMEA:9.4;LATAM:2.8
CCC:32.3;B:21.6;AAA:33.6;AA:12.5
4.96
26.3
127
233
14.2
2
30
55
35
false
true
true
false
2.45
-0.2
0.16
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
24
ECN2
Electronic
9
94
-197
-76
VAR>budget
Hedge
Portfolio VAR above budget
147
Tighten HY exposure bands
C07973
CR0652
2024-04-26
Stress
214
662
7.6
-0.6
2,070,595,928
Industrials:23.6;Energy:19.8;Tech:32.5;Utilities:14.4;Financials:9.6
US:63.8;EU:12.7;APAC:14.0;EMEA:4.8;LATAM:4.7
AAA:25.4;B:6.1;BB:16.6;AA:23.1;A:28.7
4.46
39.3
306
321
15.7
3
20
55
35
true
true
false
true
0.61
1.72
-0.04
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
-18
DealerA
Electronic
6
94
208
-332
VAR>budget
Hedge
Portfolio VAR above budget
124
Reviewed by risk; hedges staggered
C07974
CR4418
2025-03-29
Calm
106
401
4.3
2.2
615,750,608
Comm:20.0;Utilities:15.2;Energy:21.6;Financials:22.8;Industrials:20.2
US:69.1;EU:10.1;APAC:12.0;EMEA:7.7;LATAM:1.1
A:37.7;BB:9.7;AA:24.1;AAA:28.5
4.39
44.8
205
257
13.9
4
30
45
20
false
true
false
true
2.16
1.55
0.3
null
Hedge
iTraxx_XOVER: +115bps notional
-36
26
ECN2
DealerAxed
10
87
284
-418
Region>limit
Rotate
Regional concentration above limit
182
Tighten HY exposure bands
C07975
CR7893
2025-06-05
Recovery
112
566
6.5
-0.2
486,757,470
Energy:22.3;Consumer:55.4;Healthcare:22.2
US:61.9;EU:15.3;APAC:6.8;EMEA:8.9;LATAM:7.1
AAA:25.5;BB:8.5;A:23.2;BBB:26.7;B:16.1
5.06
31.4
187
430
5.1
3
25
55
30
true
true
false
false
2.05
0.68
0.44
Energy:EW
Hedge
iTraxx_XOVER: +115bps notional
-22
3
ECN2
All2All
12
99
-21
72
VAR>budget
Rotate
Portfolio VAR above budget
167
Defer adds pending macro print
C07976
CR2372
2025-06-11
Calm
93
344
3.8
2.2
2,181,062,981
Energy:38.1;Financials:12.3;Consumer:12.4;Comm:37.2
US:64.5;EU:11.4;APAC:13.9;EMEA:8.7;LATAM:1.4
B:25.3;AAA:8.6;AA:29.4;BBB:23.5;BB:13.3
0.76
32.2
143
270
8.1
3.5
35
35
35
true
true
true
false
1.54
0.31
-0.13
null
Hedge
Treasury_Futures: +84bps notional
-18
15
ECN1
Electronic
6
93
346
-31
Region>limit
PauseAdds
Regional concentration above limit
222
Defer adds pending macro print
C07977
CR7666
2024-10-01
Tightening
122
425
4.5
1.9
1,647,899,783
Materials:34.6;Utilities:34.5;RealEstate:18.4;Comm:12.5
US:61.0;EU:16.0;APAC:7.4;EMEA:11.6;LATAM:4.0
CCC:20.2;B:16.6;AAA:18.1;A:11.9;BB:12.5;BBB:20.7
2.56
33.3
178
415
2.2
2.5
20
55
35
true
true
true
false
1.68
1.16
0.25
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-59
26
DealerB
All2All
2
85
-113
-191
Region>limit
Hedge
Regional concentration above limit
99
Tighten HY exposure bands
C07978
CR6989
2025-09-10
Recovery
150
448
6.1
0.9
1,241,350,030
Comm:24.6;Materials:21.7;RealEstate:24.3;Tech:29.5
US:71.9;EU:11.7;APAC:6.7;EMEA:3.4;LATAM:6.4
BB:10.2;AA:26.2;CCC:18.6;BBB:13.9;A:31.1
3.44
62.2
204
507
11.4
2
20
45
25
true
true
true
true
0.24
1.62
0.14
Comm:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
-22
DealerA
All2All
7
87
294
-38
Region>limit
Rotate
Regional concentration above limit
91
Tighten HY exposure bands
C07979
CR2743
2024-04-08
Calm
112
299
3.6
2.3
2,229,069,633
Energy:19.2;Financials:33.1;Comm:32.3;Materials:15.5
US:60.7;EU:16.8;APAC:5.7;EMEA:10.5;LATAM:6.2
B:25.3;A:7.4;AAA:16.7;BBB:14.1;CCC:25.4;BB:11.2
0.84
34.4
231
225
6
2.5
25
55
35
true
true
true
true
-0.39
1.57
-0.36
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
-14
ECN2
All2All
5
98
263
39
HYCap>limit
Hedge
High-yield share above policy cap
231
Defer adds pending macro print
C07980
CR8463
2025-06-20
Calm
111
306
4.1
2.4
1,305,842,576
Tech:7.0;Energy:20.5;Materials:18.0;Comm:25.6;Financials:28.9
US:72.6;EU:7.7;APAC:7.0;EMEA:9.3;LATAM:3.3
B:8.3;AAA:37.2;BBB:36.0;A:18.5
6.31
26.7
265
466
11.8
2
25
45
25
true
true
false
true
0.55
-0.13
0.05
Healthcare:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-54
-18
ECN1
All2All
12
88
369
-58
Sector>limit
Hedge
Sector concentration above limit
166
Tighten HY exposure bands
C07981
CR7710
2024-09-14
Stress
233
660
6.7
0.5
2,419,814,474
Energy:7.2;Comm:21.7;Consumer:20.5;Materials:32.2;Financials:18.4
US:68.0;EU:7.8;APAC:9.5;EMEA:7.3;LATAM:7.4
B:32.9;CCC:21.7;AAA:15.3;BBB:12.4;A:17.7
6.75
34.6
151
315
16.8
4
25
45
35
true
true
true
false
0.97
0.61
0.1
null
Hedge
Options_Payer: +168bps notional
9
13
DealerA
DealerAxed
5
95
315
-358
Region>limit
Hedge
Regional concentration above limit
176
Escalate watchlist names
C07982
CR2371
2024-01-23
Tightening
105
433
5.1
1.3
1,985,621,640
Comm:16.6;Tech:20.8;Industrials:35.4;Energy:27.3
US:71.1;EU:17.9;APAC:4.9;EMEA:4.1;LATAM:2.0
BB:11.4;CCC:6.7;A:26.2;BBB:18.7;AAA:20.9;AA:16.1
6.2
52.6
90
197
17.4
2
20
35
35
true
true
false
false
0.23
1.45
0.13
Tech:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
-21
DealerB
Electronic
7
94
60
116
HYCap>limit
Hedge
High-yield share above policy cap
150
Reviewed by risk; hedges staggered
C07983
CR2938
2024-12-26
Recovery
166
467
6
1.2
2,743,060,852
Utilities:39.6;Materials:21.5;Energy:38.9
US:58.5;EU:18.2;APAC:14.2;EMEA:4.2;LATAM:4.9
BBB:17.5;B:20.6;AAA:15.8;AA:6.5;CCC:23.5;BB:15.9
4.82
32.1
262
215
15.6
2.5
25
45
35
true
true
true
true
-0.39
0.01
0.5
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
-9
ECN1
All2All
9
99
-92
-348
VAR>budget
Hedge
Portfolio VAR above budget
233
Escalate watchlist names
C07984
CR7419
2025-08-07
Stress
160
798
7.5
-1.3
373,343,283
Comm:13.5;Consumer:7.6;Materials:16.4;RealEstate:22.6;Financials:25.1;Tech:14.9
US:66.5;EU:12.7;APAC:12.4;EMEA:3.5;LATAM:5.0
CCC:13.8;BB:14.1;B:13.5;AA:28.6;A:30.1
5.95
62.3
213
227
9.4
2
35
45
35
false
true
true
true
0.76
1.24
0.02
Comm:EW
Hedge
CDX_HY: +125bps notional
-9
28
DealerB
RFQ
8
87
326
-224
Sector>limit
Hedge
Sector concentration above limit
110
Tighten HY exposure bands
C07985
CR7513
2025-05-15
Tightening
149
410
3.8
0.7
418,853,710
Utilities:13.7;Industrials:10.1;Comm:16.4;Financials:22.8;Consumer:15.5;RealEstate:21.5
US:63.1;EU:11.5;APAC:12.8;EMEA:5.3;LATAM:7.3
BBB:11.2;AA:31.4;AAA:16.0;CCC:13.7;A:27.6
1.14
61.9
118
284
16.8
3
20
55
35
true
true
false
false
0.24
1.34
0.43
RealEstate:EW
Hedge
iTraxx_XOVER: +77bps notional
-41
15
DealerB
All2All
12
97
231
-341
Sector>limit
PauseAdds
Sector concentration above limit
198
Tighten HY exposure bands
C07986
CR6144
2025-03-19
Calm
75
297
3.3
2.6
1,548,353,891
Materials:39.8;Healthcare:43.4;Financials:16.8
US:68.0;EU:7.0;APAC:10.1;EMEA:11.0;LATAM:3.9
AA:11.6;CCC:5.5;BB:21.9;B:23.1;AAA:37.8
2.41
33.4
230
477
17.3
3.5
20
45
30
true
true
true
true
2.39
1.44
-0.15
Consumer:EW
Hedge
CDX_IG: +142bps notional
16
-1
DealerB
DealerAxed
8
97
277
-190
HYCap>limit
Hedge
High-yield share above policy cap
113
Defer adds pending macro print
C07987
CR3920
2025-06-08
Tightening
130
361
4.5
1.4
2,594,417,296
Healthcare:16.9;Comm:34.4;Tech:22.9;Consumer:25.7
US:65.3;EU:13.6;APAC:10.0;EMEA:8.1;LATAM:3.0
AA:8.9;CCC:9.1;B:33.3;BBB:16.3;BB:16.5;AAA:15.8
7.16
27
264
157
11.1
3
20
55
25
true
true
true
true
1.75
-0.26
0.33
Healthcare:EW
Hedge
CDX_IG: +109bps notional
9
-5
DealerC
Electronic
10
94
260
-55
Region>limit
Hedge
Regional concentration above limit
159
Rotate into defensive sectors
C07988
CR7251
2025-02-18
Calm
101
306
3.3
1.8
57,666,919
Healthcare:9.4;Materials:38.8;Utilities:11.4;Tech:40.4
US:76.4;EU:8.0;APAC:7.1;EMEA:4.1;LATAM:4.4
AA:23.4;CCC:19.7;AAA:32.1;B:24.9
6.56
42.5
267
515
16.3
3
35
55
25
true
true
true
true
0.94
1.36
0.16
Healthcare:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-8
19
DealerC
Electronic
9
85
124
1
HYCap>limit
Hedge
High-yield share above policy cap
161
Rotate into defensive sectors
C07989
CR0994
2025-07-24
Calm
107
347
4.1
2.7
2,749,463,327
Materials:29.6;Tech:32.7;Financials:37.7
US:56.3;EU:18.7;APAC:6.4;EMEA:10.2;LATAM:8.5
AAA:19.7;A:11.6;BB:10.9;AA:34.6;B:4.8;BBB:18.4
3.71
23.2
234
456
15.9
3
20
45
20
true
true
false
true
1.35
-0.18
-0.04
Financials:EW;Healthcare:EW
Hedge
Options_Payer: +191bps notional
1
10
DealerA
RFQ
7
100
31
89
Sector>limit
Reduce
Sector concentration above limit
177
Tighten HY exposure bands
C07990
CR1690
2025-03-29
Tightening
106
419
5
0.7
1,272,939,516
Financials:20.1;Utilities:16.9;Materials:15.7;RealEstate:14.8;Healthcare:12.3;Tech:20.1
US:70.5;EU:9.8;APAC:11.8;EMEA:6.7;LATAM:1.1
B:5.6;A:16.2;AAA:14.2;BBB:22.4;CCC:4.5;AA:37.1
3.88
20.6
234
276
6.6
3.5
20
35
35
true
true
false
true
-0.41
0.78
-0.14
null
Rotate
From Energy -1.0% to Utilities +1.0%
-55
12
DealerB
Electronic
2
94
32
-72
Region>limit
PauseAdds
Regional concentration above limit
182
Tighten HY exposure bands
C07991
CR1214
2024-07-14
Tightening
129
422
4.1
1.9
2,686,991,513
Industrials:16.5;Utilities:22.9;Consumer:20.0;Comm:16.7;Materials:13.6;Energy:10.2
US:58.9;EU:15.1;APAC:16.9;EMEA:8.3;LATAM:0.8
BBB:29.4;CCC:8.8;A:13.4;AAA:19.7;AA:28.7
5.57
44.5
209
269
10.7
4
30
45
35
false
true
false
true
2.32
1.19
0.47
RealEstate:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-27
-7
DealerA
Electronic
4
85
0
121
VAR>budget
Rotate
Portfolio VAR above budget
253
Tighten HY exposure bands
C07992
CR5634
2025-08-05
Tightening
127
433
3.9
1.2
821,634,659
Tech:30.1;Materials:23.1;Energy:11.3;Consumer:22.4;Financials:13.0
US:59.1;EU:16.8;APAC:7.5;EMEA:9.4;LATAM:7.1
AA:34.0;B:4.5;A:25.5;BB:5.0;BBB:14.8;CCC:16.1
4.56
35
156
323
2.8
3
30
55
25
true
true
true
false
0.7
0.29
-0.34
null
Hedge
CDX_HY: +157bps notional
-49
-24
DealerB
DealerAxed
11
98
288
-125
HYCap>limit
Reduce
High-yield share above policy cap
155
Rotate into defensive sectors
C07993
CR6121
2024-03-23
Recovery
156
438
5.7
1
1,444,886,978
Consumer:26.2;Comm:23.3;Materials:13.7;RealEstate:15.6;Utilities:21.1
US:70.9;EU:8.6;APAC:10.6;EMEA:7.8;LATAM:2.1
AAA:13.6;A:21.1;AA:24.9;BB:17.3;BBB:23.2
3.68
22.9
256
212
16
2
35
45
30
false
true
false
true
2.48
0.57
0.17
Comm:EW
Hedge
Treasury_Futures: +151bps notional
-12
-10
ECN2
Electronic
0
97
44
109
Sector>limit
Rotate
Sector concentration above limit
243
Rotate into defensive sectors
C07994
CR2760
2025-10-22
Tightening
142
355
4.4
1.1
1,059,011,329
Comm:43.5;Utilities:17.1;Financials:39.5
US:71.0;EU:17.6;APAC:5.6;EMEA:4.8;LATAM:0.9
BB:30.6;BBB:14.4;B:17.9;AA:37.1
4.85
32.2
235
143
14.2
2
25
55
25
true
true
true
true
1.25
1.64
0.59
Consumer:EW
Hedge
iTraxx_XOVER: +91bps notional
-56
11
DealerA
All2All
4
86
216
-309
Region>limit
Reduce
Regional concentration above limit
117
Reviewed by risk; hedges staggered
C07995
CR1083
2024-06-30
Tightening
101
396
4.9
0.6
1,342,411,535
Healthcare:15.4;Tech:27.4;Industrials:57.2
US:65.7;EU:13.8;APAC:7.3;EMEA:7.1;LATAM:6.2
BB:6.2;A:40.8;CCC:11.7;BBB:28.7;AAA:12.6
2.09
39.8
130
148
5.4
3
30
55
20
true
true
false
false
2.5
0.21
0.24
Materials:EW
Hedge
CDX_IG: +106bps notional
-16
14
DealerA
DealerAxed
3
98
67
-20
Sector>limit
Hedge
Sector concentration above limit
138
Escalate watchlist names
C07996
CR9726
2025-09-15
Tightening
94
488
4.3
0.8
1,303,678,574
Financials:18.3;RealEstate:24.6;Healthcare:31.0;Materials:13.2;Comm:12.9
US:65.7;EU:11.5;APAC:6.8;EMEA:9.4;LATAM:6.5
BB:8.7;AAA:15.6;BBB:10.3;AA:28.6;B:15.2;CCC:21.6
5.35
27.2
177
193
5.1
3.5
30
35
25
true
true
true
false
1.03
0.41
0.56
null
Hedge
Options_Payer: +116bps notional
12
40
DealerB
RFQ
1
90
150
-87
HYCap>limit
Hedge
High-yield share above policy cap
207
Defer adds pending macro print
C07997
CR8641
2024-03-31
Tightening
152
419
4
1
2,100,834,916
Energy:19.7;Utilities:25.1;Tech:17.8;Materials:24.6;Financials:6.8;Healthcare:6.1
US:66.1;EU:13.6;APAC:9.9;EMEA:7.7;LATAM:2.8
AA:13.1;BBB:18.9;AAA:16.7;A:12.1;B:22.1;BB:17.0
1.7
57.1
215
420
4.7
3
25
35
30
true
true
true
true
-0.41
1.36
-0.08
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
9
DealerB
All2All
3
88
293
-320
VAR>budget
Hedge
Portfolio VAR above budget
153
Rotate into defensive sectors
C07998
CR1620
2024-12-21
Calm
81
401
4.3
1.8
59,115,165
Financials:11.2;Materials:8.1;RealEstate:32.2;Energy:17.1;Utilities:23.8;Industrials:7.7
US:55.6;EU:19.8;APAC:5.9;EMEA:12.2;LATAM:6.5
BB:21.4;AAA:17.6;B:4.7;BBB:37.3;AA:19.0
1.57
54.3
156
251
5.6
2.5
35
45
30
false
true
false
false
1.39
0.37
0.56
Industrials:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-20
37
DealerA
RFQ
2
94
374
150
Sector>limit
Reduce
Sector concentration above limit
93
Reviewed by risk; hedges staggered
C07999
CR3809
2024-09-26
Recovery
108
576
5.5
0.9
665,065,518
Tech:32.5;Comm:20.1;Consumer:9.2;Materials:21.7;RealEstate:16.5
US:69.4;EU:11.2;APAC:8.7;EMEA:6.5;LATAM:4.2
AA:35.3;A:43.4;BB:12.9;CCC:8.4
4.11
34.4
242
445
10.2
2
35
55
30
false
true
false
true
1.43
1.62
-0.38
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
7
ECN1
DealerAxed
9
88
70
-194
HYCap>limit
Reduce
High-yield share above policy cap
184
Rotate into defensive sectors
C08000
CR1103
2025-06-22
Stress
219
694
7.1
-0.4
723,125,894
Industrials:22.9;Financials:8.8;RealEstate:19.9;Consumer:20.4;Utilities:28.0
US:65.4;EU:10.3;APAC:7.4;EMEA:10.5;LATAM:6.4
CCC:11.0;B:14.8;A:29.6;BBB:15.7;AA:28.9
7.43
32.6
324
524
6.8
3.5
25
55
35
true
true
false
true
1.57
0.41
0.05
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-57
45
DealerA
All2All
10
97
91
-201
Sector>limit
Reduce
Sector concentration above limit
94
Tighten HY exposure bands