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
C08001
CR9853
2025-02-07
Tightening
123
447
3.8
0.7
1,596,497,664
Consumer:21.8;Financials:14.8;Energy:25.4;Industrials:17.5;Utilities:9.1;Healthcare:11.5
US:62.4;EU:17.2;APAC:12.8;EMEA:6.0;LATAM:1.6
A:18.2;AA:6.4;AAA:23.5;CCC:33.3;BB:10.2;B:8.4
4.58
27
143
417
4.8
3.5
20
45
30
true
true
true
false
1.67
1.06
0.34
Industrials:EW
Hedge
CDX_IG: +191bps notional
11
38
DealerA
All2All
5
87
143
59
HYCap>limit
Rotate
High-yield share above policy cap
106
Defer adds pending macro print
C08002
CR9486
2024-03-03
Stress
240
739
6.5
-1.7
459,889,931
Utilities:35.4;Comm:36.0;Healthcare:28.6
US:57.8;EU:20.2;APAC:13.6;EMEA:5.8;LATAM:2.7
B:13.0;BBB:31.2;A:24.1;AAA:31.8
0.56
46.7
278
322
13.6
2
25
35
20
true
true
false
true
1.4
1.38
0.01
Healthcare:EW
Hedge
CDX_IG: +161bps notional
-22
-20
DealerC
RFQ
7
87
279
-266
Sector>limit
Rotate
Sector concentration above limit
178
Tighten HY exposure bands
C08003
CR7045
2025-12-23
Stress
211
771
7.8
-1.6
1,287,159,625
Energy:16.5;Healthcare:23.2;Utilities:32.5;Financials:19.4;Materials:8.4
US:52.4;EU:15.5;APAC:15.0;EMEA:9.5;LATAM:7.6
BBB:10.8;AA:26.8;B:16.2;AAA:23.3;BB:6.7;A:16.2
2.69
60.5
335
612
8.6
2
30
55
25
true
false
false
true
0.63
0.54
-0.02
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
32
DealerC
Electronic
9
94
171
141
Region>limit
Rotate
Regional concentration above limit
193
Reviewed by risk; hedges staggered
C08004
CR0296
2025-01-02
Recovery
114
453
5.7
0.3
1,794,895,181
RealEstate:30.0;Financials:40.2;Energy:15.7;Comm:14.1
US:69.2;EU:13.0;APAC:6.8;EMEA:5.0;LATAM:6.0
BB:12.4;AA:30.0;BBB:26.8;B:6.7;AAA:9.0;CCC:15.0
7.09
63.8
203
305
12.7
2.5
30
45
35
true
true
false
true
1.71
1.07
-0.01
null
Hedge
SingleName_CDS: +57bps notional
-9
37
ECN1
RFQ
8
96
263
-412
HYCap>limit
Rotate
High-yield share above policy cap
254
Tighten HY exposure bands
C08005
CR8325
2025-09-14
Calm
77
306
3.3
2.5
2,135,722,360
Industrials:14.8;RealEstate:29.6;Tech:34.3;Utilities:21.3
US:57.9;EU:18.9;APAC:12.3;EMEA:7.5;LATAM:3.4
CCC:7.0;BB:4.0;B:10.9;BBB:17.6;AA:33.7;AAA:26.8
3.44
61.9
230
265
4.8
4
35
55
25
false
true
false
true
2.13
0.24
-0.4
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
40
ECN1
Electronic
2
86
96
-170
Sector>limit
PauseAdds
Sector concentration above limit
186
Tighten HY exposure bands
C08006
CR1999
2025-09-30
Tightening
100
504
3.9
1.4
1,070,073,549
Tech:17.7;Financials:26.7;Materials:8.1;Consumer:12.6;Utilities:34.9
US:71.6;EU:8.3;APAC:10.0;EMEA:5.0;LATAM:5.0
CCC:15.2;AAA:20.2;B:10.1;AA:18.1;A:19.8;BBB:16.5
1.98
40.9
170
217
16.8
4
20
35
20
true
true
true
false
1.11
0.6
-0.06
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
28
DealerB
DealerAxed
9
93
48
-170
HYCap>limit
Hedge
High-yield share above policy cap
221
Rotate into defensive sectors
C08007
CR9638
2024-04-04
Stress
161
649
5.7
0.7
2,744,654,749
Comm:35.5;Healthcare:39.0;Financials:25.6
US:66.0;EU:16.3;APAC:7.8;EMEA:8.3;LATAM:1.6
BB:12.4;CCC:13.9;BBB:50.3;A:23.5
4.66
32.4
215
464
14.3
4
35
35
20
true
true
true
true
0.01
0.93
0.47
Materials:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
13
3
ECN1
All2All
12
86
-141
29
VAR>budget
Hedge
Portfolio VAR above budget
140
Tighten HY exposure bands
C08008
CR2162
2025-04-06
Recovery
171
596
6.5
1
1,992,899,117
Utilities:34.7;Materials:8.9;Financials:33.2;Healthcare:13.7;Tech:9.5
US:71.5;EU:8.2;APAC:13.0;EMEA:4.8;LATAM:2.4
BB:15.3;CCC:15.8;AA:23.1;A:30.7;AAA:15.2
0.53
63.1
171
410
15
3
25
45
20
true
true
true
false
2.45
0.64
-0.13
Energy:EW
Hedge
CDX_HY: +125bps notional
-25
15
ECN2
All2All
7
97
76
-146
VAR>budget
Reduce
Portfolio VAR above budget
230
Rotate into defensive sectors
C08009
CR4416
2024-12-13
Recovery
153
501
5.7
1.1
2,846,956,050
Industrials:20.4;RealEstate:18.9;Energy:22.3;Utilities:38.4
US:63.2;EU:16.5;APAC:10.2;EMEA:6.7;LATAM:3.4
BBB:23.1;CCC:5.0;AA:15.5;BB:10.1;A:27.8;AAA:18.5
0.67
55.1
262
182
15.3
3
35
45
25
true
true
false
true
1.77
1.52
0.27
Energy:EW
Hedge
Options_Payer: +57bps notional
-40
7
DealerB
All2All
10
88
209
-337
HYCap>limit
Hedge
High-yield share above policy cap
120
Tighten HY exposure bands
C08010
CR2678
2025-05-27
Tightening
152
432
5.1
1.4
1,522,678,612
RealEstate:11.7;Healthcare:14.3;Industrials:13.2;Energy:25.7;Tech:28.0;Financials:7.2
US:61.5;EU:16.2;APAC:5.8;EMEA:11.6;LATAM:4.9
B:5.1;AAA:40.2;BB:12.8;AA:41.9
1.36
53.8
138
271
10.6
2.5
25
35
35
true
true
false
false
1.11
0.94
0.17
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
10
ECN2
All2All
8
99
271
-28
HYCap>limit
Reduce
High-yield share above policy cap
122
Tighten HY exposure bands
C08011
CR8999
2024-02-29
Calm
114
345
3.9
2.7
637,700,935
Financials:8.4;Healthcare:34.1;Tech:8.5;Industrials:12.2;Comm:13.0;Consumer:23.7
US:64.3;EU:10.2;APAC:15.0;EMEA:5.1;LATAM:5.3
BBB:15.2;AA:29.1;B:7.9;A:34.2;AAA:13.5
5.86
50.1
103
190
4.9
4
25
45
25
true
true
false
false
1.5
0.13
0.54
Materials:EW
Hedge
CDX_IG: +172bps notional
3
38
DealerC
Electronic
1
96
360
-100
HYCap>limit
Rotate
High-yield share above policy cap
146
Escalate watchlist names
C08012
CR1509
2024-02-07
Stress
206
790
5.9
-0.7
2,974,606,279
RealEstate:22.3;Energy:14.4;Financials:9.3;Industrials:9.1;Materials:21.1;Consumer:23.9
US:71.1;EU:5.9;APAC:8.0;EMEA:9.4;LATAM:5.6
AAA:14.7;B:16.9;AA:17.9;CCC:22.0;A:28.6
7.1
57.7
313
528
20.6
3
20
55
20
true
true
true
true
1.45
0.76
0.11
null
Hedge
CDX_HY: +60bps notional
-20
41
DealerA
All2All
7
92
218
-345
HYCap>limit
Rotate
High-yield share above policy cap
139
Defer adds pending macro print
C08013
CR7076
2025-12-07
Recovery
139
558
6.3
0.4
186,964,836
Utilities:26.6;RealEstate:26.3;Energy:29.7;Financials:17.3
US:72.7;EU:9.1;APAC:6.1;EMEA:10.4;LATAM:1.7
AAA:23.7;B:6.9;CCC:12.3;BB:33.3;A:23.8
2.8
21.7
244
338
17.3
3.5
25
55
30
true
true
true
true
-0.36
1.03
0.53
Tech:EW;Energy:EW
Hedge
Options_Payer: +149bps notional
0
16
DealerB
All2All
6
99
70
90
HYCap>limit
Reduce
High-yield share above policy cap
110
Reviewed by risk; hedges staggered
C08014
CR8182
2025-04-02
Stress
232
823
6.7
-1.3
376,852,510
Comm:34.0;Industrials:43.8;Energy:22.1
US:64.3;EU:13.3;APAC:12.7;EMEA:6.1;LATAM:3.6
A:19.3;AAA:19.3;CCC:14.4;BB:20.4;B:26.6
6.44
28.9
228
581
9.1
3.5
35
45
35
true
true
true
true
-0.12
0.21
0.19
Consumer:EW;Industrials:EW
Hedge
CDX_IG: +59bps notional
4
34
DealerC
Electronic
10
86
1
-30
HYCap>limit
Hedge
High-yield share above policy cap
179
Escalate watchlist names
C08015
CR1927
2025-01-29
Stress
247
697
6
-1.9
1,524,462,052
Energy:38.0;Tech:36.8;RealEstate:25.2
US:72.5;EU:8.4;APAC:4.7;EMEA:8.3;LATAM:6.1
BB:9.4;CCC:6.3;AAA:17.3;A:33.5;BBB:33.6
5.59
59.7
189
633
7.6
3
25
35
30
true
true
false
false
1.6
1.06
0.34
Utilities:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
27
DealerB
DealerAxed
10
96
-150
113
VAR>budget
Hedge
Portfolio VAR above budget
198
Tighten HY exposure bands
C08016
CR4451
2025-09-03
Recovery
111
572
4.7
-0.1
2,217,200,126
Comm:21.1;Financials:22.5;Industrials:56.4
US:73.8;EU:11.7;APAC:6.6;EMEA:4.8;LATAM:3.2
BBB:26.3;AAA:28.9;BB:19.7;AA:15.9;B:9.3
6.11
50.1
239
447
3.4
3.5
20
45
20
true
true
true
true
1.99
0.87
0.42
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
15
DealerC
All2All
4
94
174
-332
Sector>limit
Hedge
Sector concentration above limit
143
Reviewed by risk; hedges staggered
C08017
CR9032
2024-07-22
Tightening
108
422
4.2
1
1,426,432,796
Energy:33.7;Utilities:43.8;Tech:22.5
US:59.0;EU:18.5;APAC:5.9;EMEA:8.8;LATAM:7.8
BBB:25.4;AAA:12.4;B:7.8;AA:24.1;CCC:11.1;BB:19.2
5.76
52.3
223
148
3.6
3
35
55
30
true
true
true
true
2.46
0.87
0.34
Tech:EW
Hedge
iTraxx_MAIN: +163bps notional
8
26
DealerA
DealerAxed
0
100
169
-323
HYCap>limit
Rotate
High-yield share above policy cap
198
Reviewed by risk; hedges staggered
C08018
CR2323
2024-07-12
Stress
237
743
7.1
0.5
2,249,360,760
Consumer:32.0;Comm:37.1;Healthcare:30.9
US:69.6;EU:8.1;APAC:9.3;EMEA:6.4;LATAM:6.5
AAA:33.6;BB:16.1;AA:11.0;CCC:11.8;BBB:27.4
5
29
273
494
13.8
3
25
45
25
true
true
true
true
1.86
1.18
-0.18
null
Hedge
Options_Payer: +136bps notional
20
29
ECN1
Electronic
8
95
166
-206
Region>limit
Reduce
Regional concentration above limit
205
Escalate watchlist names
C08019
CR8529
2025-04-16
Stress
229
559
5.2
0.1
1,450,576,488
Tech:22.7;Healthcare:31.9;Utilities:18.7;Materials:26.7
US:68.5;EU:8.6;APAC:10.1;EMEA:11.4;LATAM:1.4
AA:27.5;BBB:35.3;CCC:5.4;B:17.7;BB:14.1
1.92
31.3
219
515
17.3
2.5
35
35
25
false
true
true
true
0.3
1.32
0.48
Financials:EW;Utilities:EW
Hedge
SingleName_CDS: +170bps notional
-5
-5
DealerB
All2All
3
100
43
-225
Sector>limit
Reduce
Sector concentration above limit
198
Escalate watchlist names
C08020
CR2173
2025-04-22
Tightening
137
398
4.7
1.4
1,648,382,237
Materials:26.0;RealEstate:31.5;Comm:21.3;Utilities:21.2
US:75.2;EU:7.3;APAC:9.9;EMEA:5.2;LATAM:2.4
B:15.8;A:39.1;BB:8.9;AAA:36.2
4.5
33.8
161
121
16.9
4
20
35
30
true
true
false
false
-0.43
0.03
-0.39
Financials:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
0
ECN1
DealerAxed
7
99
-160
-83
HYCap>limit
Rotate
High-yield share above policy cap
98
Escalate watchlist names
C08021
CR5805
2025-04-26
Recovery
135
468
4.8
0.4
1,219,774,642
Energy:46.4;RealEstate:27.6;Materials:26.1
US:65.4;EU:11.1;APAC:8.8;EMEA:11.2;LATAM:3.5
BB:7.8;B:8.1;BBB:36.2;CCC:5.8;A:18.4;AAA:23.7
0.91
21.1
96
447
13.7
4
35
55
30
true
true
false
false
0.76
0.31
-0.09
null
Hedge
iTraxx_MAIN: +134bps notional
-30
19
DealerA
All2All
1
98
331
-1
Region>limit
Hedge
Regional concentration above limit
188
Rotate into defensive sectors
C08022
CR3603
2025-02-04
Calm
86
412
4
2.6
2,612,662,378
Healthcare:10.4;RealEstate:47.8;Comm:27.0;Tech:14.8
US:68.3;EU:8.9;APAC:11.0;EMEA:10.2;LATAM:1.5
AA:11.1;CCC:19.0;AAA:17.0;BBB:15.3;B:28.7;BB:8.9
2.08
46.7
166
256
4.2
3.5
20
45
35
true
true
true
false
0.22
1.28
-0.03
null
Hedge
iTraxx_MAIN: +185bps notional
-37
9
ECN2
DealerAxed
6
94
97
-194
Sector>limit
Hedge
Sector concentration above limit
169
Rotate into defensive sectors
C08023
CR9373
2024-04-24
Tightening
154
484
5.1
0.9
1,137,770,571
Comm:21.4;Consumer:11.8;Energy:20.5;Utilities:23.2;Tech:23.1
US:63.1;EU:9.9;APAC:11.4;EMEA:8.8;LATAM:6.8
AAA:29.7;BBB:30.2;BB:22.5;A:17.6
1.73
64
265
371
16.6
2.5
25
45
25
false
true
false
true
2.42
0.17
-0.35
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
-7
DealerC
RFQ
4
98
364
-197
Region>limit
Reduce
Regional concentration above limit
167
Reviewed by risk; hedges staggered
C08024
CR9130
2024-12-04
Tightening
105
398
3.8
0.5
275,124,842
Comm:47.0;Industrials:42.0;Materials:11.0
US:70.8;EU:7.7;APAC:8.2;EMEA:9.4;LATAM:4.0
AAA:30.0;BBB:9.2;AA:17.3;CCC:23.4;A:20.1
6.41
50.1
154
423
2
2
35
55
25
true
true
false
false
1.38
0.66
0.25
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-48
-10
DealerA
DealerAxed
9
96
-204
-281
HYCap>limit
Hedge
High-yield share above policy cap
211
Defer adds pending macro print
C08025
CR2007
2024-06-17
Tightening
144
420
4.9
1.9
1,541,090,137
Consumer:24.7;Utilities:21.2;Tech:6.1;RealEstate:26.0;Comm:22.0
US:57.2;EU:16.1;APAC:13.0;EMEA:8.9;LATAM:4.9
B:5.6;AAA:30.1;BB:17.7;CCC:16.1;A:30.5
6.16
48.9
168
434
5.2
2.5
35
45
35
false
true
true
false
1.96
0.34
0.59
Consumer:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-58
-6
DealerC
Electronic
0
90
13
-278
VAR>budget
Reduce
Portfolio VAR above budget
119
Escalate watchlist names
C08026
CR1021
2024-03-04
Calm
83
396
3.6
2.5
1,133,683,053
Tech:44.0;RealEstate:45.0;Materials:11.0
US:59.3;EU:17.7;APAC:6.5;EMEA:9.4;LATAM:7.1
AAA:35.4;B:21.2;AA:19.4;A:24.0
3.13
25.8
202
194
8.1
2
20
35
25
true
true
false
true
0.21
0.28
0.25
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
30
DealerB
Electronic
8
93
278
-272
HYCap>limit
Hedge
High-yield share above policy cap
184
Tighten HY exposure bands
C08027
CR8630
2025-06-06
Tightening
105
376
4.5
1
1,615,387,760
Utilities:16.4;Tech:38.3;Materials:45.3
US:62.3;EU:18.4;APAC:6.8;EMEA:6.9;LATAM:5.5
AA:18.2;A:24.9;AAA:27.8;B:7.7;BB:15.2;CCC:6.1
1.8
55.3
118
170
6
4
20
55
25
true
true
true
false
2.37
-0.03
-0.22
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
-21
ECN2
RFQ
4
89
313
49
Region>limit
Reduce
Regional concentration above limit
101
Tighten HY exposure bands
C08028
CR9721
2024-03-27
Calm
116
333
4.3
3
603,969,212
Utilities:23.5;Industrials:54.8;Financials:21.7
US:67.2;EU:5.5;APAC:12.4;EMEA:8.1;LATAM:6.8
BBB:24.9;CCC:23.6;A:22.8;AAA:28.7
5.09
57.2
104
151
13.8
2
25
45
35
true
true
false
false
1.99
1.6
0.3
null
Hedge
CDX_IG: +174bps notional
-59
41
ECN2
DealerAxed
4
93
347
83
HYCap>limit
Hedge
High-yield share above policy cap
121
Tighten HY exposure bands
C08029
CR7130
2024-09-25
Stress
156
809
6.8
-1.1
433,250,508
Comm:26.9;Industrials:15.7;Utilities:19.6;Healthcare:14.1;Materials:23.7
US:66.3;EU:10.7;APAC:15.4;EMEA:6.1;LATAM:1.6
AA:32.3;AAA:14.2;A:24.1;CCC:29.4
7.37
40.2
311
530
9.7
3.5
20
45
25
true
true
true
true
0.09
1.63
0.56
null
Hedge
Options_Payer: +159bps notional
-27
-24
DealerA
DealerAxed
5
93
26
-366
HYCap>limit
Hedge
High-yield share above policy cap
234
Rotate into defensive sectors
C08030
CR5002
2024-09-17
Tightening
90
514
4.1
1.7
1,136,487,078
RealEstate:7.5;Industrials:21.3;Tech:9.0;Materials:28.3;Healthcare:24.6;Comm:9.3
US:69.0;EU:13.1;APAC:8.8;EMEA:3.1;LATAM:5.9
AAA:24.5;CCC:29.0;A:19.3;BB:15.6;B:11.5
6.72
38.3
240
138
3.5
4
20
45
30
true
true
true
true
0.73
-0.2
0.51
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-48
39
DealerC
RFQ
4
100
166
-326
VAR>budget
Reduce
Portfolio VAR above budget
136
Rotate into defensive sectors
C08031
CR8739
2024-07-15
Tightening
151
504
4.8
1.3
1,598,190,444
Tech:12.0;Consumer:10.1;Comm:13.2;Materials:29.5;Financials:35.2
US:51.4;EU:16.6;APAC:14.7;EMEA:10.8;LATAM:6.5
CCC:45.0;AA:22.4;AAA:8.5;BBB:12.6;A:11.5
6.68
54.8
163
169
7.3
2.5
35
35
20
true
true
true
false
-0
-0.07
0.42
null
Hedge
SingleName_CDS: +127bps notional
16
22
DealerA
All2All
3
100
105
77
VAR>budget
Hedge
Portfolio VAR above budget
247
Defer adds pending macro print
C08032
CR0378
2024-03-26
Tightening
116
459
4
1.4
295,265,022
Utilities:21.5;Consumer:33.2;RealEstate:19.4;Tech:7.5;Financials:18.5
US:64.9;EU:13.8;APAC:12.1;EMEA:6.0;LATAM:3.2
BB:31.8;AAA:15.0;AA:30.4;CCC:22.8
1.87
30.4
103
477
17.6
3
30
55
25
true
true
true
false
0.36
0.35
0.32
Comm:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
1
DealerC
Electronic
3
94
266
35
Region>limit
Hedge
Regional concentration above limit
202
Defer adds pending macro print
C08033
CR5284
2024-01-08
Stress
210
826
6.9
-1.5
831,823,070
RealEstate:9.6;Comm:19.3;Consumer:19.3;Industrials:21.6;Energy:6.3;Materials:23.8
US:67.0;EU:8.1;APAC:6.3;EMEA:11.8;LATAM:6.8
B:10.9;AA:30.5;A:35.6;CCC:7.8;BB:15.2
2.72
45.4
249
271
21.5
4
30
45
20
false
true
true
true
0.65
0.9
0.19
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-24
-8
ECN2
Electronic
9
94
288
-395
Region>limit
PauseAdds
Regional concentration above limit
260
Defer adds pending macro print
C08034
CR6523
2025-07-25
Calm
95
282
4.3
2.7
1,358,287,297
Comm:42.1;Healthcare:26.8;Energy:31.1
US:68.4;EU:16.6;APAC:6.2;EMEA:6.2;LATAM:2.5
AAA:15.5;BB:14.1;A:23.4;CCC:12.4;BBB:26.5;B:8.2
3.86
34.8
280
405
8.7
4
35
55
35
true
true
false
true
0.54
1.21
0.38
RealEstate:EW
Hedge
SingleName_CDS: +191bps notional
-48
20
ECN1
All2All
11
95
20
60
HYCap>limit
PauseAdds
High-yield share above policy cap
154
Defer adds pending macro print
C08035
CR1095
2025-06-15
Tightening
124
497
5.1
2
2,604,072,571
RealEstate:9.8;Utilities:15.0;Financials:29.0;Energy:19.8;Consumer:20.1;Comm:6.3
US:63.3;EU:9.7;APAC:11.9;EMEA:8.5;LATAM:6.7
CCC:20.0;A:27.8;BBB:31.0;B:21.2
0.66
25
155
484
9.1
2.5
35
55
30
false
true
true
false
2.42
0.08
-0.25
null
Hedge
Treasury_Futures: +136bps notional
4
43
DealerB
RFQ
7
97
-139
-215
Region>limit
Rotate
Regional concentration above limit
126
Defer adds pending macro print
C08036
CR5229
2025-02-18
Recovery
151
436
6
-0.2
2,848,998,323
Comm:33.7;Financials:12.5;Tech:19.8;Consumer:34.0
US:66.5;EU:6.0;APAC:10.4;EMEA:10.2;LATAM:6.9
CCC:19.4;BB:27.7;AA:17.9;AAA:17.3;A:17.7
1.66
44.8
161
174
17
3
20
45
25
true
true
true
false
0.65
1.17
-0.28
Materials:EW;Financials:EW;Tech:EW
Hedge
SingleName_CDS: +156bps notional
17
-13
DealerA
DealerAxed
1
90
286
131
VAR>budget
Rotate
Portfolio VAR above budget
241
Rotate into defensive sectors
C08037
CR8470
2025-12-06
Stress
221
675
7.9
0.3
1,852,325,861
Industrials:30.6;Comm:20.7;Materials:48.7
US:67.3;EU:10.4;APAC:10.7;EMEA:8.4;LATAM:3.2
A:17.9;BB:8.6;AA:22.1;B:18.5;CCC:13.7;BBB:19.2
6.15
35
324
604
22.1
2.5
35
45
30
true
true
true
true
0.62
0.31
-0.3
Comm:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-4
-23
DealerC
All2All
2
91
122
-52
HYCap>limit
Hedge
High-yield share above policy cap
241
Rotate into defensive sectors
C08038
CR2300
2025-12-01
Calm
71
399
4.1
2.3
2,753,804,354
Materials:19.9;Consumer:33.4;Healthcare:27.4;Comm:19.3
US:65.3;EU:16.9;APAC:9.0;EMEA:4.6;LATAM:4.2
BBB:40.3;B:15.1;AAA:13.6;A:31.0
5.54
35.7
160
268
6
3
25
45
30
true
true
false
false
0.16
1.03
0.42
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
-18
DealerA
All2All
4
96
-151
-135
VAR>budget
Hedge
Portfolio VAR above budget
208
Escalate watchlist names
C08039
CR2355
2025-09-18
Tightening
145
487
4.4
0.7
2,340,792,514
Financials:39.8;Energy:14.3;Tech:45.9
US:58.0;EU:17.6;APAC:12.9;EMEA:5.8;LATAM:5.7
AAA:26.3;A:15.6;B:10.8;BB:7.2;BBB:25.3;CCC:14.8
0.97
60
121
249
13.4
2.5
25
55
30
true
true
true
false
-0.07
0.37
-0.25
Utilities:EW;Financials:EW
Hedge
SingleName_CDS: +132bps notional
-53
25
ECN2
Electronic
3
92
90
-157
VAR>budget
Rotate
Portfolio VAR above budget
221
Defer adds pending macro print
C08040
CR3176
2024-05-25
Calm
93
282
3.5
2
2,989,090,640
Industrials:36.5;Healthcare:17.4;Consumer:17.4;Tech:28.8
US:71.1;EU:14.2;APAC:8.3;EMEA:6.3;LATAM:0.1
A:15.6;CCC:28.1;AA:20.2;BBB:36.2
2.58
43.7
250
445
3.2
2.5
25
35
25
true
true
true
true
0.25
0.21
0.19
Materials:EW
Hedge
iTraxx_XOVER: +181bps notional
-56
27
ECN2
Electronic
6
96
77
-214
Sector>limit
Reduce
Sector concentration above limit
240
Reviewed by risk; hedges staggered
C08041
CR0012
2025-06-03
Tightening
112
488
5.1
0.9
361,133,764
Financials:20.2;RealEstate:10.0;Tech:24.1;Industrials:16.7;Healthcare:13.8;Comm:15.3
US:66.0;EU:16.3;APAC:11.3;EMEA:3.5;LATAM:2.9
AA:23.6;A:39.9;BB:9.7;B:5.6;AAA:21.1
4.59
64.3
105
466
4.2
3.5
25
55
30
false
true
false
false
-0.47
1.5
0.5
null
Rotate
From Energy -1.0% to Utilities +1.0%
-58
27
DealerA
Electronic
3
92
-120
-305
HYCap>limit
Hedge
High-yield share above policy cap
137
Reviewed by risk; hedges staggered
C08042
CR0973
2025-08-24
Tightening
149
359
4.4
1.9
698,233,780
Consumer:30.6;Energy:29.6;Utilities:39.8
US:67.2;EU:17.5;APAC:11.2;EMEA:3.9;LATAM:0.1
CCC:32.6;B:40.4;BB:14.5;AA:12.5
4.41
42.9
279
352
14.5
3.5
30
55
30
true
true
true
true
1.52
0.72
0.14
Tech:EW
Hedge
SingleName_CDS: +66bps notional
6
20
DealerC
DealerAxed
2
99
176
64
VAR>budget
Hedge
Portfolio VAR above budget
103
Tighten HY exposure bands
C08043
CR3077
2025-01-12
Calm
68
324
4.4
2.7
2,978,759,453
Energy:8.8;Comm:29.0;Financials:27.9;Utilities:13.0;Industrials:21.4
US:72.3;EU:10.3;APAC:8.2;EMEA:8.6;LATAM:0.7
B:15.8;A:30.9;AA:14.4;CCC:38.8
3.71
53.1
129
221
6.5
2
35
55
30
false
true
true
false
0.27
-0.23
-0.32
Healthcare:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
7
16
DealerB
All2All
11
99
139
-54
Region>limit
Rotate
Regional concentration above limit
170
Tighten HY exposure bands
C08044
CR3005
2024-10-06
Recovery
173
447
6.1
-0.1
380,957,331
Healthcare:17.7;Financials:17.4;Industrials:7.2;Materials:16.4;Energy:21.8;Utilities:19.4
US:67.8;EU:8.6;APAC:10.6;EMEA:11.2;LATAM:1.8
AA:20.4;AAA:33.3;CCC:10.6;BBB:13.3;B:22.4
4.28
62.2
123
315
7.9
4
25
35
25
false
true
true
false
-0.13
0.42
0.45
null
Rotate
From Energy -1.0% to Utilities +1.0%
-10
34
ECN1
Electronic
4
94
-124
-57
Region>limit
Hedge
Regional concentration above limit
102
Rotate into defensive sectors
C08045
CR0238
2024-02-05
Calm
106
280
3.5
1.8
836,776,245
Healthcare:21.0;RealEstate:33.2;Energy:23.5;Financials:11.9;Materials:10.4
US:56.9;EU:18.8;APAC:13.0;EMEA:5.8;LATAM:5.5
AAA:40.7;AA:16.6;A:26.3;B:16.4
7.45
27.6
104
258
13.2
2.5
25
35
35
true
true
false
false
-0.4
0.12
-0.24
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-43
19
DealerA
Electronic
10
91
-127
-36
VAR>budget
Hedge
Portfolio VAR above budget
125
Defer adds pending macro print
C08046
CR0673
2025-06-13
Calm
114
361
4
2.1
2,178,178,169
Tech:23.3;Energy:44.6;Utilities:20.9;RealEstate:11.3
US:60.2;EU:9.5;APAC:12.5;EMEA:11.9;LATAM:5.9
AAA:17.7;B:27.4;CCC:14.1;AA:14.1;BBB:18.6;BB:8.2
5.64
31.7
118
324
8.3
2
35
35
25
true
true
true
false
-0.27
-0.08
-0.18
Comm:EW;Healthcare:EW;Tech:EW
Hedge
Treasury_Futures: +103bps notional
-58
-5
DealerB
Electronic
1
96
166
-82
Sector>limit
Reduce
Sector concentration above limit
125
Tighten HY exposure bands
C08047
CR8714
2025-10-25
Recovery
133
531
5.9
-0.2
728,456,707
Healthcare:23.0;Industrials:6.8;Materials:21.7;Financials:27.5;Utilities:21.0
US:65.9;EU:6.5;APAC:15.1;EMEA:5.7;LATAM:6.7
BBB:32.4;AAA:32.2;A:14.8;CCC:20.6
6.72
34.1
81
426
17.3
2.5
30
45
30
false
true
false
false
-0.1
-0.09
0.51
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-17
-10
DealerA
DealerAxed
9
98
270
-105
Region>limit
Rotate
Regional concentration above limit
235
Defer adds pending macro print
C08048
CR1855
2024-04-02
Stress
255
809
6.7
-0.2
96,818,347
Utilities:13.9;Healthcare:21.0;Industrials:26.8;RealEstate:21.4;Materials:16.9
US:61.4;EU:15.4;APAC:12.5;EMEA:6.7;LATAM:4.1
BBB:31.5;BB:28.9;CCC:27.4;AAA:12.1
6.77
62
268
616
12.1
3.5
25
35
25
true
true
true
true
2.02
0.64
-0.09
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
8
DealerB
Electronic
4
96
-116
-271
HYCap>limit
Hedge
High-yield share above policy cap
135
Tighten HY exposure bands
C08049
CR8749
2024-07-25
Calm
94
344
4.1
1.7
249,989,886
Tech:40.0;Industrials:33.5;Healthcare:26.4
US:68.8;EU:6.0;APAC:13.3;EMEA:11.6;LATAM:0.2
CCC:8.5;B:14.1;BBB:40.0;BB:21.5;A:15.9
7.12
20.4
154
468
12.3
2
25
45
20
true
true
true
false
-0.35
0.17
0.18
null
Rotate
From Energy -1.0% to Utilities +1.0%
-26
-14
DealerB
Electronic
5
87
-42
-431
Region>limit
Hedge
Regional concentration above limit
114
Escalate watchlist names
C08050
CR2749
2024-09-15
Recovery
122
632
5.9
0.9
1,995,136,825
Energy:18.4;Financials:19.3;Consumer:18.9;Utilities:9.3;Materials:34.2
US:57.6;EU:18.2;APAC:13.1;EMEA:10.1;LATAM:1.0
AAA:21.7;AA:28.8;CCC:3.0;B:9.8;A:15.9;BBB:20.8
6.38
35
206
244
6.2
3.5
25
55
20
true
true
false
true
-0.16
0.28
0.2
null
Hedge
CDX_IG: +61bps notional
17
22
DealerB
All2All
11
96
-212
-155
Sector>limit
Rotate
Sector concentration above limit
214
Escalate watchlist names
C08051
CR1071
2024-04-29
Tightening
156
481
4.5
1.5
978,941,339
Materials:20.2;Financials:20.4;RealEstate:18.6;Utilities:27.3;Industrials:13.5
US:62.3;EU:15.0;APAC:10.5;EMEA:8.0;LATAM:4.3
BBB:8.6;CCC:20.0;B:35.1;A:23.2;AA:13.0
3.07
45.7
81
286
4.1
2.5
25
35
20
true
true
true
false
0.61
0.99
0.43
Financials:EW
Hedge
CDX_HY: +153bps notional
-27
-13
ECN2
Electronic
3
87
314
-143
HYCap>limit
Reduce
High-yield share above policy cap
132
Escalate watchlist names
C08052
CR1290
2025-06-19
Recovery
115
591
5.6
1.5
50,942,172
Industrials:23.9;Consumer:35.8;Materials:23.7;Tech:16.6
US:64.9;EU:15.2;APAC:8.2;EMEA:9.8;LATAM:1.9
AA:19.8;BB:34.6;B:26.7;BBB:18.9
1.34
43.9
198
275
3
4
35
35
25
true
true
true
false
1.77
0.38
0.02
Utilities:EW;Industrials:EW
Hedge
CDX_HY: +129bps notional
-25
-13
ECN1
RFQ
4
88
264
-385
HYCap>limit
Reduce
High-yield share above policy cap
260
Reviewed by risk; hedges staggered
C08053
CR6405
2024-09-07
Tightening
154
367
4.6
2
524,360,575
Utilities:25.6;Comm:27.7;Energy:15.5;Consumer:12.3;RealEstate:18.9
US:69.2;EU:13.0;APAC:10.5;EMEA:3.4;LATAM:3.8
BBB:11.6;A:19.6;AAA:9.4;B:28.7;AA:30.6
5.31
60.8
235
350
2.2
4
30
45
35
false
true
false
true
1.69
1.34
0.06
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
31
ECN2
DealerAxed
10
91
365
-210
Sector>limit
Hedge
Sector concentration above limit
260
Escalate watchlist names
C08054
CR4931
2024-07-16
Tightening
97
430
4.4
1.9
2,032,261,652
Healthcare:20.3;RealEstate:17.5;Materials:11.7;Industrials:23.5;Tech:27.0
US:72.0;EU:6.4;APAC:7.8;EMEA:12.5;LATAM:1.3
B:39.7;BBB:17.0;AA:16.6;AAA:26.7
6.16
62.9
167
328
2.1
2
30
55
30
false
true
true
false
0.04
-0.24
0.55
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
-12
ECN1
All2All
5
96
33
-440
Sector>limit
Hedge
Sector concentration above limit
173
Rotate into defensive sectors
C08055
CR1188
2025-04-24
Tightening
92
401
5.1
1.5
132,132,168
Comm:15.5;Materials:16.1;Industrials:23.7;RealEstate:21.1;Healthcare:23.6
US:64.8;EU:13.9;APAC:11.4;EMEA:9.0;LATAM:0.8
BBB:29.1;BB:27.8;CCC:24.9;B:18.2
5.56
34.6
268
266
5.1
3
20
55
25
true
true
true
true
-0.08
1.6
-0.18
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
3
28
ECN2
Electronic
6
93
-95
110
HYCap>limit
Reduce
High-yield share above policy cap
175
Tighten HY exposure bands
C08056
CR6221
2025-04-05
Stress
197
749
7.7
-1.5
1,327,102,023
Healthcare:15.5;RealEstate:21.9;Financials:10.2;Materials:12.5;Consumer:18.6;Energy:21.2
US:66.8;EU:11.3;APAC:9.7;EMEA:5.1;LATAM:7.1
AA:9.9;CCC:31.7;B:23.6;AAA:6.7;BB:6.6;A:21.5
2.74
61.3
359
303
10.5
3
30
35
25
false
true
true
true
1.9
0.8
0.12
Healthcare:EW;Consumer:EW
Hedge
iTraxx_MAIN: +176bps notional
-41
20
DealerC
DealerAxed
4
97
64
-117
Sector>limit
Rotate
Sector concentration above limit
133
Rotate into defensive sectors
C08057
CR1283
2024-02-14
Recovery
154
511
5.2
0.2
1,147,219,769
Comm:14.9;Financials:22.9;Energy:17.5;Tech:26.9;RealEstate:17.7
US:59.3;EU:7.9;APAC:16.6;EMEA:10.3;LATAM:5.9
AAA:39.5;BB:19.2;B:17.7;BBB:23.6
6.95
51.6
88
173
7.8
3
20
35
35
true
true
true
false
-0.24
0.65
0.28
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
20
ECN2
All2All
7
100
267
-318
Region>limit
Hedge
Regional concentration above limit
191
Rotate into defensive sectors
C08058
CR4721
2024-10-14
Calm
110
297
4.5
1.6
1,124,638,535
Materials:58.9;Consumer:25.8;Healthcare:15.3
US:64.0;EU:12.5;APAC:10.0;EMEA:11.9;LATAM:1.7
AA:14.0;B:19.6;BBB:9.7;A:34.0;BB:22.7
2.84
21.2
234
278
4.3
2.5
25
45
35
true
true
true
true
-0.44
1.05
0.3
Consumer:EW
Hedge
Options_Payer: +114bps notional
8
-12
DealerC
DealerAxed
6
92
215
-419
HYCap>limit
PauseAdds
High-yield share above policy cap
102
Defer adds pending macro print
C08059
CR0694
2024-07-06
Stress
208
792
7
-2
2,456,211,489
Materials:35.8;Financials:27.6;RealEstate:15.4;Energy:21.2
US:63.8;EU:14.4;APAC:15.1;EMEA:4.2;LATAM:2.4
B:31.8;AA:24.6;BBB:19.9;AAA:10.2;BB:13.5
2.51
64.7
301
693
11.9
2
25
45
20
true
true
true
true
2.18
1.42
-0.05
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-10
8
DealerB
Electronic
4
92
350
31
HYCap>limit
Reduce
High-yield share above policy cap
258
Reviewed by risk; hedges staggered
C08060
CR3230
2024-04-10
Calm
93
419
3.7
2.6
2,598,342,102
Materials:33.3;Financials:27.5;Comm:19.9;RealEstate:19.3
US:61.9;EU:11.5;APAC:8.6;EMEA:10.1;LATAM:7.9
BBB:11.0;CCC:27.5;AA:12.4;B:20.1;AAA:13.0;BB:16.0
2.29
30.1
277
360
9.5
4
20
35
30
true
true
true
true
2.38
0.58
-0.06
Materials:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
10
DealerA
Electronic
1
89
-111
-287
Sector>limit
Reduce
Sector concentration above limit
217
Rotate into defensive sectors
C08061
CR9366
2025-06-02
Tightening
103
350
4.2
1.2
140,840,949
Healthcare:10.1;Financials:12.6;Utilities:36.6;Energy:40.7
US:64.5;EU:15.0;APAC:5.8;EMEA:9.0;LATAM:5.6
B:28.1;BB:31.0;BBB:16.2;AA:24.7
2.33
59.8
197
470
8.6
2
30
45
20
true
true
true
false
0.61
0.52
0.31
Industrials:EW
Hedge
Treasury_Futures: +71bps notional
-3
4
ECN2
Electronic
6
100
193
-283
HYCap>limit
PauseAdds
High-yield share above policy cap
129
Rotate into defensive sectors
C08062
CR0089
2025-11-27
Tightening
150
466
4
1.7
932,302,160
Consumer:26.6;Financials:14.4;Tech:33.6;Comm:25.4
US:64.8;EU:7.8;APAC:14.4;EMEA:5.7;LATAM:7.2
AAA:29.6;BB:18.4;B:27.4;AA:16.5;BBB:8.1
2.36
63.6
259
240
6.8
2
25
35
20
true
true
true
true
2.49
0.55
0.42
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
38
ECN2
RFQ
4
97
-124
-285
HYCap>limit
Reduce
High-yield share above policy cap
174
Tighten HY exposure bands
C08063
CR8516
2024-02-04
Calm
81
290
3.4
1.9
1,766,601,226
Healthcare:20.1;Utilities:25.3;Energy:12.9;Materials:24.7;Financials:17.0
US:75.5;EU:6.6;APAC:5.4;EMEA:11.0;LATAM:1.5
CCC:7.0;B:16.2;AA:18.1;AAA:19.8;BBB:22.4;A:16.6
7.26
46.5
242
424
10
2
35
45
25
false
true
false
true
0.42
-0.23
0.24
Materials:EW
Hedge
SingleName_CDS: +167bps notional
-16
43
ECN1
RFQ
7
91
-40
120
HYCap>limit
Reduce
High-yield share above policy cap
158
Rotate into defensive sectors
C08064
CR3371
2024-01-21
Calm
111
348
3.4
2.1
2,084,993,581
Utilities:28.9;Comm:57.0;Financials:14.2
US:71.1;EU:6.8;APAC:9.4;EMEA:9.9;LATAM:2.8
B:14.3;AA:12.0;CCC:11.2;BB:22.3;BBB:18.7;AAA:21.5
4.88
28.4
161
125
2.9
2
30
45
20
true
true
true
false
-0.08
1.43
-0.29
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-28
32
DealerB
Electronic
7
93
238
-134
HYCap>limit
Hedge
High-yield share above policy cap
242
Rotate into defensive sectors
C08065
CR8118
2025-03-30
Stress
245
831
7.9
0.6
1,726,772,763
Financials:8.0;RealEstate:26.5;Utilities:27.6;Energy:28.1;Industrials:9.8
US:66.2;EU:15.6;APAC:4.4;EMEA:7.4;LATAM:6.5
BB:30.5;BBB:25.0;AAA:21.9;A:22.6
0.81
33.3
242
420
12.7
3.5
20
35
35
true
true
false
true
2.34
1.43
-0.06
Financials:EW
Hedge
CDX_HY: +58bps notional
-53
40
DealerA
All2All
5
88
181
-307
Region>limit
Reduce
Regional concentration above limit
228
Defer adds pending macro print
C08066
CR1009
2024-01-27
Calm
95
305
3.8
2.4
1,841,073,482
Industrials:24.9;Tech:35.0;Financials:9.6;Consumer:16.9;Healthcare:13.5
US:58.2;EU:14.3;APAC:13.1;EMEA:8.9;LATAM:5.4
BBB:30.8;CCC:17.7;AA:11.9;AAA:25.3;B:14.4
1.76
20.5
237
251
15.4
4
20
45
35
true
true
false
true
0.59
1.25
0.29
Tech:EW
Hedge
iTraxx_XOVER: +155bps notional
-55
-22
DealerB
DealerAxed
9
89
76
-284
Sector>limit
Hedge
Sector concentration above limit
141
Tighten HY exposure bands
C08067
CR6816
2025-08-13
Calm
77
348
4.2
2.1
2,143,017,109
Energy:18.2;Industrials:23.0;Materials:20.9;Comm:10.9;Consumer:10.6;Healthcare:16.5
US:59.9;EU:9.1;APAC:15.6;EMEA:13.2;LATAM:2.2
BBB:33.0;A:21.7;AAA:31.5;CCC:13.7
5.94
34.8
95
407
10.7
3.5
25
35
25
false
true
false
false
0.14
0.89
0.07
null
Hedge
Treasury_Futures: +173bps notional
-12
13
ECN2
Electronic
4
94
-165
-27
Sector>limit
Reduce
Sector concentration above limit
157
Escalate watchlist names
C08068
CR2168
2024-08-02
Calm
77
374
4.1
2.4
1,527,606,993
Utilities:25.8;Consumer:11.0;Materials:14.0;Comm:38.5;Tech:10.6
US:68.8;EU:10.3;APAC:10.8;EMEA:4.4;LATAM:5.8
CCC:12.6;B:16.1;AA:36.7;AAA:34.6
3.31
63.1
212
194
11.5
2.5
30
45
20
true
true
true
true
0.9
1.72
0.17
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
14
DealerC
DealerAxed
12
89
201
-284
HYCap>limit
Hedge
High-yield share above policy cap
114
Reviewed by risk; hedges staggered
C08069
CR5816
2024-07-18
Tightening
140
426
4
1.5
1,078,357,177
Industrials:15.8;Utilities:18.5;RealEstate:18.1;Healthcare:19.4;Consumer:12.2;Comm:16.0
US:75.0;EU:5.3;APAC:13.1;EMEA:5.3;LATAM:1.4
B:7.5;AAA:28.6;CCC:6.0;BBB:16.8;A:27.1;AA:14.0
4.54
54.3
262
492
17.6
4
35
45
20
false
true
false
true
1.03
0.94
0.1
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
-2
ECN1
Electronic
6
85
405
21
Region>limit
PauseAdds
Regional concentration above limit
218
Defer adds pending macro print
C08070
CR2234
2025-03-23
Calm
65
355
4.3
2.9
1,174,784,628
Comm:9.7;Financials:26.3;Utilities:19.0;Consumer:20.7;Healthcare:24.3
US:60.9;EU:15.2;APAC:13.0;EMEA:6.8;LATAM:4.1
BB:15.2;BBB:8.8;AAA:18.8;B:28.3;AA:11.1;A:17.7
4.06
45.8
132
168
14.4
2
30
55
35
false
true
true
false
0.77
1.23
-0.22
Comm:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
-1
ECN1
RFQ
10
96
-147
-295
HYCap>limit
Reduce
High-yield share above policy cap
129
Defer adds pending macro print
C08071
CR6266
2025-01-04
Stress
200
747
7.3
-1.7
2,121,275,313
Energy:39.8;RealEstate:18.2;Utilities:16.1;Materials:25.9
US:68.6;EU:10.0;APAC:9.8;EMEA:6.2;LATAM:5.3
A:35.2;BBB:22.0;B:3.3;BB:9.4;CCC:15.0;AA:15.1
5.79
25.8
192
284
15.7
2.5
25
55
30
true
true
false
false
0.41
1.35
0.43
Comm:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
29
DealerB
Electronic
9
86
87
-358
Region>limit
Hedge
Regional concentration above limit
226
Rotate into defensive sectors
C08072
CR2875
2025-06-09
Stress
217
667
5.4
-0.7
133,356,793
Comm:57.0;Energy:16.5;Industrials:26.5
US:55.2;EU:16.0;APAC:11.0;EMEA:11.0;LATAM:6.8
BB:7.5;CCC:10.6;A:19.9;AA:34.7;AAA:27.3
2.71
52.4
359
524
13
3.5
20
45
30
true
true
false
true
1.67
0.38
0.54
RealEstate:EW
Hedge
SingleName_CDS: +136bps notional
-8
37
DealerA
DealerAxed
2
91
147
-97
VAR>budget
Reduce
Portfolio VAR above budget
129
Escalate watchlist names
C08073
CR0126
2025-05-14
Tightening
144
350
4.3
1.6
1,879,825,399
Financials:30.1;Comm:16.9;Industrials:52.9
US:63.5;EU:17.4;APAC:9.3;EMEA:8.6;LATAM:1.1
B:30.4;BB:21.4;CCC:10.2;AAA:17.5;A:20.4
5.33
49.4
132
187
5.3
4
30
45
20
true
true
true
false
0.02
0.61
-0.27
Tech:EW;Materials:EW
Hedge
CDX_HY: +139bps notional
-44
35
ECN2
All2All
5
90
140
-289
Region>limit
Rotate
Regional concentration above limit
188
Reviewed by risk; hedges staggered
C08074
CR8374
2025-01-06
Calm
75
303
4.3
1.6
2,688,498,512
Consumer:11.6;Financials:22.0;Materials:12.0;Industrials:17.3;Energy:18.1;Comm:19.0
US:70.6;EU:10.2;APAC:13.1;EMEA:5.2;LATAM:0.9
AAA:21.1;BB:41.6;BBB:25.2;CCC:12.2
4.18
36.6
187
483
6
4
25
55
35
false
true
true
false
0.01
1.02
0.02
null
Hedge
iTraxx_XOVER: +182bps notional
-56
-13
DealerC
Electronic
3
100
189
-214
Sector>limit
Hedge
Sector concentration above limit
232
Defer adds pending macro print
C08075
CR8728
2025-12-12
Recovery
172
572
5.3
1.3
475,864,810
Industrials:19.9;Comm:14.9;Healthcare:24.7;Utilities:23.8;Consumer:10.1;Financials:6.6
US:64.2;EU:17.0;APAC:5.4;EMEA:8.9;LATAM:4.5
A:20.3;BB:15.2;AA:8.7;CCC:30.6;B:12.0;AAA:13.3
3.09
51.1
238
293
17.1
3
30
55
25
false
true
true
true
0.8
0.99
-0.12
Utilities:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
-15
ECN2
Electronic
7
94
-16
-15
Sector>limit
Rotate
Sector concentration above limit
189
Tighten HY exposure bands
C08076
CR0839
2025-01-24
Calm
106
309
3.6
1.8
2,390,003,814
Comm:18.2;RealEstate:21.9;Utilities:22.1;Financials:18.5;Healthcare:19.3
US:61.2;EU:14.1;APAC:15.7;EMEA:5.1;LATAM:3.9
A:11.9;AAA:17.7;BB:10.9;B:18.5;BBB:27.9;AA:13.1
7.11
34
215
406
3.1
2.5
35
55
35
false
true
false
true
2.24
0.53
-0.02
Consumer:EW
Hedge
iTraxx_MAIN: +72bps notional
-58
2
ECN2
Electronic
0
92
-52
-126
HYCap>limit
Rotate
High-yield share above policy cap
247
Tighten HY exposure bands
C08077
CR1348
2024-03-03
Stress
158
620
6.8
-0.2
1,645,281,570
Industrials:14.4;Financials:20.8;Energy:21.6;Tech:13.7;Utilities:18.7;RealEstate:10.8
US:69.1;EU:5.9;APAC:10.1;EMEA:12.2;LATAM:2.8
AAA:41.0;AA:13.7;B:10.6;BB:5.2;BBB:20.2;CCC:9.3
0.74
55.6
189
381
22.4
4
35
55
30
false
true
false
false
1.8
0.68
0.09
null
Hedge
Treasury_Futures: +182bps notional
-42
36
ECN1
RFQ
9
87
-35
-261
VAR>budget
Hedge
Portfolio VAR above budget
237
Rotate into defensive sectors
C08078
CR4088
2024-06-21
Stress
216
602
7.6
0.1
854,920,323
Tech:10.5;Consumer:25.7;Utilities:8.2;Industrials:21.4;RealEstate:20.7;Healthcare:13.5
US:72.6;EU:9.0;APAC:5.4;EMEA:6.7;LATAM:6.3
AA:19.7;AAA:41.3;BBB:30.9;CCC:8.1
5.48
45.3
307
331
9.4
2
30
35
35
false
true
false
true
0.48
1.69
-0.19
Materials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
22
ECN2
RFQ
5
98
-79
-281
Sector>limit
Hedge
Sector concentration above limit
235
Rotate into defensive sectors
C08079
CR9350
2025-10-03
Recovery
176
455
6.3
1.3
1,861,341,290
Industrials:48.6;Financials:27.2;Utilities:24.2
US:60.2;EU:16.0;APAC:11.1;EMEA:9.3;LATAM:3.3
CCC:14.5;AAA:17.6;AA:23.9;BB:8.6;BBB:21.4;B:14.0
2.61
56.6
117
167
15.5
4
30
35
30
true
true
true
false
1.64
0.84
-0.38
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
6
ECN2
DealerAxed
5
94
354
-338
HYCap>limit
Reduce
High-yield share above policy cap
258
Reviewed by risk; hedges staggered
C08080
CR1022
2024-07-03
Recovery
115
585
4.9
-0.4
543,141,646
Materials:15.4;Healthcare:25.2;Financials:39.0;Industrials:20.4
US:69.6;EU:7.0;APAC:9.9;EMEA:8.4;LATAM:5.0
CCC:22.5;BBB:18.3;BB:21.9;B:37.3
2.24
58.1
148
203
12.5
2.5
35
45
25
true
true
true
false
0.2
1.41
-0
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
28
DealerB
Electronic
4
88
58
57
HYCap>limit
Hedge
High-yield share above policy cap
239
Reviewed by risk; hedges staggered
C08081
CR8300
2025-01-14
Tightening
137
480
4
1.1
787,781,185
Industrials:21.8;Materials:12.7;Financials:31.4;Comm:34.2
US:59.9;EU:15.0;APAC:11.4;EMEA:7.4;LATAM:6.2
AA:26.8;A:22.6;B:9.7;BB:6.8;CCC:21.5;AAA:12.6
1.5
56
173
404
15.2
3.5
35
45
20
false
true
true
false
2.17
0.02
-0.25
Utilities:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
-18
ECN2
Electronic
6
92
274
-434
HYCap>limit
Reduce
High-yield share above policy cap
187
Reviewed by risk; hedges staggered
C08082
CR9581
2024-04-27
Calm
91
393
3.3
2
1,124,556,314
Utilities:35.5;Consumer:24.8;Comm:39.8
US:62.7;EU:14.2;APAC:14.9;EMEA:4.7;LATAM:3.6
BB:20.7;BBB:19.7;AAA:20.4;CCC:18.2;A:21.0
2.36
34.8
181
323
6.6
3.5
35
35
30
true
true
true
false
-0.16
0.76
0.18
RealEstate:EW;Materials:EW
Hedge
Options_Payer: +94bps notional
5
-20
DealerC
RFQ
4
100
10
68
HYCap>limit
Reduce
High-yield share above policy cap
220
Tighten HY exposure bands
C08083
CR0852
2024-07-21
Calm
93
334
3.8
2.2
698,682,251
Consumer:34.3;RealEstate:28.3;Utilities:37.4
US:65.4;EU:11.0;APAC:7.3;EMEA:9.4;LATAM:7.0
BB:11.9;A:27.8;B:27.8;AAA:32.5
3.2
27.8
232
281
6.2
2.5
30
45
25
true
true
true
true
2.09
1.2
-0.34
Financials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
-13
ECN2
Electronic
12
92
189
-67
HYCap>limit
Hedge
High-yield share above policy cap
214
Defer adds pending macro print
C08084
CR4171
2025-08-03
Recovery
117
512
5.2
1.9
2,453,596,302
Industrials:25.9;Utilities:20.6;Financials:23.9;Comm:29.5
US:71.1;EU:9.8;APAC:14.1;EMEA:4.7;LATAM:0.3
AAA:31.9;BBB:28.4;BB:32.3;CCC:7.4
7.22
31.2
146
321
9.3
2.5
20
35
30
true
true
true
false
0.86
0.67
0.17
null
Hedge
iTraxx_MAIN: +65bps notional
-2
18
ECN2
RFQ
9
94
78
-36
Region>limit
Rotate
Regional concentration above limit
227
Rotate into defensive sectors
C08085
CR2577
2025-04-12
Recovery
157
489
6.1
1.6
758,566,289
RealEstate:8.2;Tech:7.6;Consumer:15.6;Financials:11.8;Materials:27.5;Comm:29.3
US:55.2;EU:14.2;APAC:15.2;EMEA:9.4;LATAM:6.0
CCC:14.0;AAA:31.1;A:15.3;B:10.8;BB:15.5;AA:13.3
3.73
34.8
135
345
5.4
2.5
25
45
30
true
true
true
false
0.06
-0.18
-0.29
Tech:EW;Industrials:EW
Hedge
CDX_IG: +95bps notional
-26
5
DealerB
All2All
12
100
60
-238
HYCap>limit
Hedge
High-yield share above policy cap
130
Defer adds pending macro print
C08086
CR9905
2024-03-11
Stress
208
806
6.2
-0.9
849,995,063
RealEstate:27.7;Energy:27.7;Comm:44.6
US:60.0;EU:9.4;APAC:14.4;EMEA:9.9;LATAM:6.2
CCC:10.7;BB:10.8;B:9.5;BBB:69.0
6.04
25.8
304
596
23
3.5
35
45
35
true
true
false
true
1.78
0.03
0.29
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
45
ECN2
All2All
4
87
195
106
Region>limit
Rotate
Regional concentration above limit
192
Reviewed by risk; hedges staggered
C08087
CR2930
2025-04-11
Calm
65
385
4
2.1
1,701,244,192
Utilities:14.9;Materials:15.4;Financials:38.9;Comm:30.7
US:67.0;EU:11.3;APAC:12.5;EMEA:8.1;LATAM:1.1
BB:14.0;BBB:20.6;AA:11.7;CCC:16.8;A:18.7;B:18.1
3.16
33.3
141
271
7.6
3
20
35
20
true
true
true
false
1.95
0.01
0.3
Materials:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
22
DealerB
DealerAxed
12
94
72
-165
Sector>limit
Rotate
Sector concentration above limit
179
Reviewed by risk; hedges staggered
C08088
CR1273
2025-07-30
Recovery
136
422
6
1.4
2,330,776,807
Energy:28.0;Industrials:26.1;Healthcare:14.6;RealEstate:14.7;Utilities:16.5
US:75.4;EU:10.0;APAC:6.0;EMEA:5.5;LATAM:3.2
B:12.0;AAA:24.5;CCC:20.8;BB:17.6;AA:25.1
2.29
62.8
86
327
6.9
3.5
35
35
20
false
true
true
false
1.35
0.53
0.04
Industrials:EW
Hedge
iTraxx_MAIN: +152bps notional
-46
-22
DealerC
All2All
12
96
22
-281
Sector>limit
Hedge
Sector concentration above limit
218
Rotate into defensive sectors
C08089
CR4229
2025-01-01
Recovery
118
506
5.4
2
2,870,159,571
Utilities:27.9;Materials:16.0;Comm:42.4;Financials:13.7
US:66.8;EU:15.3;APAC:5.4;EMEA:9.5;LATAM:3.0
BBB:14.1;A:24.1;B:29.8;AAA:10.3;CCC:21.7
5.4
56.6
98
169
7.5
3.5
30
35
25
true
true
true
false
0.65
-0.05
0.13
null
Hedge
CDX_HY: +127bps notional
6
42
ECN2
RFQ
4
92
168
62
Sector>limit
Hedge
Sector concentration above limit
154
Rotate into defensive sectors
C08090
CR2076
2025-12-16
Tightening
126
360
4.4
0.7
2,511,727,040
RealEstate:14.5;Industrials:18.9;Comm:40.8;Tech:25.7
US:70.6;EU:8.2;APAC:9.4;EMEA:4.3;LATAM:7.6
BBB:34.5;AA:33.5;B:7.7;A:19.9;CCC:4.5
4.93
41.5
106
420
17.3
2
35
35
25
true
true
false
false
1.63
-0.07
-0.31
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
16
DealerB
All2All
4
88
334
-396
Sector>limit
Hedge
Sector concentration above limit
172
Reviewed by risk; hedges staggered
C08091
CR3006
2024-08-31
Recovery
121
557
6.1
1.6
492,964,662
Industrials:22.1;Comm:13.6;RealEstate:16.6;Healthcare:18.9;Energy:13.7;Tech:15.2
US:61.9;EU:15.0;APAC:5.2;EMEA:11.0;LATAM:7.0
AA:10.7;AAA:9.0;A:23.1;BB:22.4;B:34.9
6.58
28.8
224
234
16.1
4
35
55
35
false
true
true
true
0.31
-0.08
0.56
Industrials:EW;RealEstate:EW
Hedge
iTraxx_MAIN: +80bps notional
14
23
ECN2
DealerAxed
3
88
150
39
Region>limit
Hedge
Regional concentration above limit
139
Defer adds pending macro print
C08092
CR6893
2024-11-23
Calm
74
311
3.6
1.9
1,520,544,262
Industrials:31.4;Tech:35.8;Comm:16.3;Financials:16.5
US:68.7;EU:11.3;APAC:8.7;EMEA:10.1;LATAM:1.2
A:13.0;AAA:17.2;BBB:17.1;CCC:9.9;B:28.6;AA:14.3
7.09
41
199
294
14.6
3
25
55
25
true
true
true
false
0.44
0.69
0.45
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
-19
DealerB
All2All
11
95
-106
-36
Sector>limit
Hedge
Sector concentration above limit
245
Defer adds pending macro print
C08093
CR3758
2025-12-22
Calm
87
315
3.9
2.7
435,046,292
Comm:30.0;RealEstate:38.8;Financials:31.2
US:68.7;EU:10.5;APAC:10.7;EMEA:5.7;LATAM:4.5
BBB:24.9;B:11.1;AAA:15.8;BB:6.6;AA:11.9;A:29.7
3.06
64.9
155
438
4.9
2.5
25
35
25
true
true
false
false
0.44
1.67
0.27
Materials:EW
Hedge
iTraxx_MAIN: +145bps notional
-42
-18
DealerA
Electronic
11
96
203
-50
VAR>budget
Reduce
Portfolio VAR above budget
113
Rotate into defensive sectors
C08094
CR1926
2025-02-22
Recovery
166
574
5.9
0.6
961,547,899
Tech:12.0;Energy:16.5;Consumer:20.2;Comm:22.0;Materials:8.1;Healthcare:21.1
US:65.3;EU:15.2;APAC:7.9;EMEA:4.9;LATAM:6.7
A:12.7;AA:19.6;B:20.3;BB:47.4
0.42
21.1
123
246
8.4
2.5
30
35
30
false
true
true
false
2.48
-0.13
-0.27
RealEstate:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
44
DealerA
RFQ
4
85
-159
-97
HYCap>limit
Hedge
High-yield share above policy cap
226
Rotate into defensive sectors
C08095
CR8407
2024-09-22
Calm
119
374
4.3
2.2
2,305,769,089
Healthcare:11.5;Tech:29.3;Industrials:22.2;Utilities:10.7;Comm:26.3
US:69.2;EU:9.4;APAC:11.2;EMEA:6.7;LATAM:3.5
BBB:11.8;AA:17.1;CCC:29.1;BB:10.2;B:31.7
3.49
29.1
158
463
3.9
2.5
20
45
20
true
true
true
false
1.26
1.15
0.03
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
32
DealerB
RFQ
11
89
-141
-371
HYCap>limit
Hedge
High-yield share above policy cap
121
Tighten HY exposure bands
C08096
CR9553
2025-03-30
Calm
115
329
3.4
2.4
1,799,106,535
Financials:12.5;Utilities:21.7;Healthcare:29.4;Comm:15.3;RealEstate:21.0
US:65.2;EU:8.1;APAC:10.7;EMEA:7.3;LATAM:8.7
BB:16.9;B:18.5;A:23.2;BBB:10.4;AA:31.0
1.78
47.9
88
194
4.5
2.5
25
45
25
true
true
true
false
0.07
0.16
0.22
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
-20
DealerB
Electronic
7
89
269
-389
Sector>limit
Hedge
Sector concentration above limit
160
Reviewed by risk; hedges staggered
C08097
CR0076
2024-11-24
Calm
118
382
4
1.9
2,293,062,404
Financials:17.1;Healthcare:49.6;Materials:33.3
US:68.0;EU:15.4;APAC:8.7;EMEA:3.9;LATAM:4.0
A:14.8;BBB:20.2;CCC:9.4;B:11.5;AA:13.6;AAA:30.5
2.59
62.5
259
320
10.8
3
25
35
20
true
true
true
true
-0.01
1.76
0.47
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
11
DealerC
RFQ
8
88
29
-324
HYCap>limit
Reduce
High-yield share above policy cap
96
Escalate watchlist names
C08098
CR3915
2024-10-09
Calm
71
338
4.4
2.3
513,763,652
Industrials:19.6;Materials:23.4;Healthcare:13.6;RealEstate:10.0;Utilities:8.2;Energy:25.2
US:59.5;EU:22.4;APAC:7.6;EMEA:4.1;LATAM:6.4
A:12.4;CCC:20.1;AAA:36.8;AA:10.3;B:20.4
3.15
37.9
157
443
17.3
2.5
20
45
25
true
true
true
false
0.13
0.15
-0.26
null
Hedge
CDX_HY: +101bps notional
20
33
DealerC
Electronic
8
93
-127
-331
HYCap>limit
Reduce
High-yield share above policy cap
232
Defer adds pending macro print
C08099
CR9162
2025-04-02
Calm
83
402
3.5
1.7
1,658,897,617
Industrials:10.6;Materials:17.8;Tech:38.7;Financials:22.5;Consumer:10.4
US:77.4;EU:10.4;APAC:5.1;EMEA:4.9;LATAM:2.2
AA:14.9;BB:6.6;BBB:35.7;AAA:42.8
2.22
47.3
125
468
14.7
2
30
45
25
true
true
false
false
1.79
0.83
0.32
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
12
ECN1
Electronic
12
91
169
-268
Sector>limit
Reduce
Sector concentration above limit
230
Escalate watchlist names
C08100
CR4587
2025-04-02
Tightening
119
520
4.3
1.2
2,786,933,129
Energy:17.0;Tech:12.2;Industrials:20.4;Consumer:27.6;Financials:11.1;Materials:11.7
US:59.7;EU:17.2;APAC:10.7;EMEA:11.7;LATAM:0.7
BBB:20.5;AA:27.4;A:33.2;BB:18.9
2.05
21.4
143
485
4.1
2.5
30
45
25
false
true
false
false
0.53
0.7
0.57
null
Rotate
From Energy -1.0% to Utilities +1.0%
-2
39
ECN2
RFQ
5
95
-49
109
VAR>budget
Hedge
Portfolio VAR above budget
150
Rotate into defensive sectors