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
C08101
CR0650
2024-03-06
Recovery
173
443
5.9
1
1,088,412,048
Energy:36.3;RealEstate:16.6;Comm:15.7;Financials:23.0;Materials:8.4
US:65.3;EU:15.6;APAC:10.5;EMEA:5.1;LATAM:3.4
BBB:24.3;A:37.8;CCC:7.4;BB:12.3;B:18.3
5.15
35.8
222
336
5.1
2
25
35
30
true
true
true
true
0.29
1.2
-0.33
Materials:EW
Hedge
Options_Payer: +77bps notional
6
21
DealerA
DealerAxed
6
96
-194
87
Sector>limit
Reduce
Sector concentration above limit
173
Rotate into defensive sectors
C08102
CR2416
2025-02-20
Calm
80
348
4.5
2.9
2,285,426,287
Energy:19.4;RealEstate:13.6;Utilities:9.9;Tech:21.9;Healthcare:18.8;Comm:16.5
US:71.8;EU:12.8;APAC:6.1;EMEA:6.9;LATAM:2.4
BB:9.1;AA:23.8;CCC:18.9;BBB:36.7;B:11.5
7.32
55.4
249
203
5.4
3
30
55
35
false
true
true
true
1.77
1.19
0.08
Financials:EW
Hedge
SingleName_CDS: +78bps notional
-24
-22
DealerB
All2All
2
87
252
-221
Sector>limit
Hedge
Sector concentration above limit
188
Defer adds pending macro print
C08103
CR1447
2024-02-11
Calm
90
379
3.4
2.9
523,927,305
RealEstate:16.4;Healthcare:12.7;Materials:36.2;Financials:17.0;Energy:17.6
US:64.4;EU:17.1;APAC:5.9;EMEA:8.8;LATAM:3.8
B:22.1;A:24.6;AAA:22.1;BBB:31.1
4.39
42.8
136
461
7.5
3.5
20
55
35
true
true
false
false
1.61
-0.25
0.29
null
Hedge
Options_Payer: +150bps notional
-22
43
DealerC
DealerAxed
3
86
-112
-35
Sector>limit
Hedge
Sector concentration above limit
241
Rotate into defensive sectors
C08104
CR8620
2024-08-11
Calm
74
336
3.3
2.9
2,960,221,306
Financials:32.9;Materials:49.4;Healthcare:17.7
US:60.0;EU:16.8;APAC:7.5;EMEA:10.1;LATAM:5.6
AAA:22.0;A:18.6;BB:24.3;CCC:10.0;B:11.4;BBB:13.7
4.11
58.2
113
214
13.4
4
25
45
25
true
true
true
false
0.4
0.95
0.25
Consumer:EW
Hedge
iTraxx_MAIN: +117bps notional
-13
-7
DealerC
DealerAxed
9
92
352
-391
Sector>limit
Rotate
Sector concentration above limit
104
Reviewed by risk; hedges staggered
C08105
CR6944
2025-06-25
Calm
116
302
3.7
1.7
491,503,089
RealEstate:34.9;Energy:23.5;Tech:41.6
US:70.2;EU:11.7;APAC:4.4;EMEA:10.5;LATAM:3.2
B:22.0;BB:22.9;AA:34.0;CCC:21.1
2.87
64.2
188
188
2.9
2.5
20
35
25
true
true
true
false
-0.44
1.45
0.27
Materials:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
1
DealerB
RFQ
10
94
-103
-18
VAR>budget
Reduce
Portfolio VAR above budget
130
Rotate into defensive sectors
C08106
CR8323
2024-11-30
Recovery
131
623
4.8
1.8
2,938,648,393
Comm:27.2;Consumer:26.7;Industrials:35.0;Materials:11.0
US:65.3;EU:15.1;APAC:11.7;EMEA:6.3;LATAM:1.5
A:27.3;CCC:9.3;BBB:35.4;B:8.1;BB:5.8;AAA:14.0
2.45
45.9
263
180
17.9
4
20
45
35
true
true
false
true
1.38
1.77
-0.36
Materials:EW
Hedge
CDX_IG: +195bps notional
-26
4
DealerC
Electronic
12
92
294
-172
Region>limit
Reduce
Regional concentration above limit
132
Tighten HY exposure bands
C08107
CR0775
2024-05-04
Calm
106
365
3.8
2.9
1,566,295,517
Industrials:17.0;Utilities:21.5;Tech:16.0;Comm:30.5;Consumer:15.1
US:62.8;EU:21.5;APAC:8.4;EMEA:3.5;LATAM:3.8
BB:13.9;CCC:21.4;AAA:30.2;A:34.5
0.56
42.5
199
299
6.9
4
25
55
35
true
true
true
false
-0.02
0.43
-0.26
Utilities:EW
Hedge
Treasury_Futures: +175bps notional
-8
-9
DealerC
RFQ
10
94
117
-86
VAR>budget
Reduce
Portfolio VAR above budget
146
Defer adds pending macro print
C08108
CR4268
2025-11-03
Stress
220
802
8.4
0.5
1,141,853,254
Energy:27.0;RealEstate:14.5;Utilities:58.5
US:67.2;EU:10.5;APAC:8.9;EMEA:6.1;LATAM:7.3
B:12.9;AA:33.5;BBB:11.9;A:25.7;CCC:16.0
3.73
27.8
219
416
8.4
2.5
25
35
25
true
true
true
true
0.97
1.28
-0.16
null
Hedge
CDX_IG: +200bps notional
-26
19
DealerC
All2All
5
95
-36
-273
Region>limit
Hedge
Regional concentration above limit
111
Escalate watchlist names
C08109
CR7041
2025-10-11
Calm
93
399
3.4
2
2,718,380,622
RealEstate:15.5;Materials:18.7;Energy:27.0;Tech:10.1;Industrials:9.2;Utilities:19.5
US:71.5;EU:8.3;APAC:13.1;EMEA:5.7;LATAM:1.5
BB:6.7;B:18.7;AA:24.0;BBB:50.6
1.42
41.3
101
399
7.6
2.5
25
35
20
true
true
true
false
1.16
0.91
-0.32
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
-24
DealerC
RFQ
5
89
189
-296
HYCap>limit
Hedge
High-yield share above policy cap
129
Rotate into defensive sectors
C08110
CR0522
2025-03-05
Recovery
148
434
4.6
1.9
366,254,716
Materials:35.0;Utilities:29.4;Comm:35.6
US:65.2;EU:19.6;APAC:5.1;EMEA:7.7;LATAM:2.5
CCC:17.4;A:24.9;BBB:17.7;BB:13.0;AA:27.0
0.74
57.2
211
160
2.2
2
25
45
20
true
true
true
true
1.7
0.42
-0.36
Energy:EW;Comm:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-17
44
DealerB
Electronic
10
87
-155
-205
HYCap>limit
Hedge
High-yield share above policy cap
168
Escalate watchlist names
C08111
CR5370
2024-12-16
Stress
246
605
7.9
-1.7
2,030,026,836
Energy:10.3;Tech:36.7;Materials:17.1;Consumer:35.8
US:62.7;EU:17.3;APAC:7.4;EMEA:7.3;LATAM:5.3
BB:20.4;BBB:16.4;B:18.4;A:12.5;AA:25.9;CCC:6.4
0.42
42.5
266
396
15.7
2.5
20
35
25
true
true
true
true
2.28
0.26
0.17
Industrials:EW
Hedge
iTraxx_XOVER: +67bps notional
-13
-2
DealerB
Electronic
11
96
62
25
HYCap>limit
Hedge
High-yield share above policy cap
208
Defer adds pending macro print
C08112
CR9688
2024-12-08
Calm
79
318
3.2
2.2
1,314,527,857
Energy:16.1;Consumer:20.6;Comm:10.5;Utilities:20.8;Tech:21.0;Materials:11.0
US:74.7;EU:6.4;APAC:10.8;EMEA:5.1;LATAM:3.0
CCC:22.5;BBB:40.1;B:11.3;BB:26.1
4.68
27.4
153
187
15.4
3
35
35
25
false
true
true
false
0.17
0.14
0
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
6
ECN2
DealerAxed
2
100
144
-307
Region>limit
Hedge
Regional concentration above limit
192
Tighten HY exposure bands
C08113
CR0442
2024-03-20
Stress
233
650
5.8
-1.4
1,916,145,655
Financials:30.0;Comm:29.0;Industrials:22.1;Healthcare:18.9
US:61.7;EU:17.6;APAC:8.4;EMEA:5.0;LATAM:7.3
A:14.1;BB:12.6;BBB:15.8;AAA:51.6;CCC:6.0
5.12
47.4
176
504
12.9
2.5
25
55
25
true
true
false
false
1.59
0.39
-0.26
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
42
ECN1
RFQ
9
86
60
88
HYCap>limit
Reduce
High-yield share above policy cap
236
Defer adds pending macro print
C08114
CR9743
2025-10-25
Recovery
144
561
6.3
-0.3
569,834,249
Financials:55.3;Comm:25.8;Materials:18.9
US:60.7;EU:15.4;APAC:13.1;EMEA:5.4;LATAM:5.4
BB:5.9;AAA:26.7;CCC:13.3;BBB:24.0;AA:30.1
1.78
50.3
193
147
8.8
2.5
25
35
25
true
true
false
false
0.06
0.23
-0.07
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
-25
DealerA
RFQ
6
94
343
-411
Sector>limit
PauseAdds
Sector concentration above limit
185
Defer adds pending macro print
C08115
CR6108
2025-10-12
Stress
154
598
6
0.2
2,908,396,082
Industrials:45.6;Materials:24.2;RealEstate:30.3
US:62.1;EU:6.6;APAC:12.1;EMEA:11.0;LATAM:8.1
BBB:27.9;AAA:30.4;BB:17.3;A:11.3;CCC:13.1
6.46
50.4
264
520
12.3
3.5
35
55
30
true
true
true
true
2.27
0.13
-0.31
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-59
32
ECN2
RFQ
6
85
117
-317
Sector>limit
Rotate
Sector concentration above limit
233
Rotate into defensive sectors
C08116
CR8933
2024-01-12
Tightening
150
462
4.9
0.7
670,761,933
Consumer:21.6;Financials:23.6;Materials:54.8
US:64.9;EU:15.0;APAC:11.8;EMEA:6.5;LATAM:1.8
AAA:18.2;CCC:10.9;A:35.7;B:20.3;BB:14.9
4.42
47.2
138
477
15.7
2
30
55
20
true
true
true
false
0.99
0.91
0.06
Healthcare:EW
Hedge
Options_Payer: +188bps notional
-23
31
DealerA
All2All
11
86
-84
56
HYCap>limit
PauseAdds
High-yield share above policy cap
199
Tighten HY exposure bands
C08117
CR5098
2024-04-21
Recovery
169
602
6
1
410,925,798
Tech:17.9;Industrials:19.2;Materials:15.9;Healthcare:12.0;Energy:20.4;Financials:14.6
US:69.7;EU:17.6;APAC:6.4;EMEA:4.1;LATAM:2.3
BBB:29.7;A:30.6;AAA:11.4;BB:14.6;CCC:10.2;B:3.5
7.44
47.2
252
448
2.7
4
35
55
25
false
true
true
true
1.54
0.81
0.32
Industrials:EW;Consumer:EW
Hedge
Options_Payer: +140bps notional
-15
43
DealerA
RFQ
12
95
334
119
Sector>limit
Reduce
Sector concentration above limit
143
Reviewed by risk; hedges staggered
C08118
CR9157
2024-07-12
Recovery
109
567
5.5
1.5
1,754,596,866
Industrials:20.0;RealEstate:9.4;Healthcare:24.5;Tech:22.9;Utilities:23.3
US:65.4;EU:12.8;APAC:12.0;EMEA:9.3;LATAM:0.4
AAA:32.2;B:6.6;CCC:18.9;BB:10.7;AA:31.5
6.98
30.4
206
169
5.3
2.5
35
45
35
false
true
true
true
1.3
1.55
-0.14
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
18
ECN1
Electronic
12
88
424
-362
Sector>limit
Reduce
Sector concentration above limit
104
Tighten HY exposure bands
C08119
CR8442
2025-07-06
Tightening
97
437
5.2
1.2
2,427,004,630
Utilities:28.2;Comm:19.5;Tech:29.8;Healthcare:22.5
US:61.6;EU:15.9;APAC:9.2;EMEA:9.6;LATAM:3.7
A:31.1;AA:25.2;BB:6.9;AAA:22.2;BBB:14.6
3.13
31.9
124
174
8
3.5
30
35
35
false
true
false
false
0.12
1.63
0.4
Financials:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
19
37
ECN2
All2All
3
96
-102
-163
VAR>budget
Hedge
Portfolio VAR above budget
153
Rotate into defensive sectors
C08120
CR6219
2024-03-27
Recovery
165
425
6
1.7
2,851,442,828
Tech:10.8;Comm:37.7;Industrials:13.6;Energy:25.4;Consumer:12.5
US:65.4;EU:17.5;APAC:11.3;EMEA:3.2;LATAM:2.5
BB:10.6;B:6.6;AA:31.5;BBB:26.7;AAA:24.6
6.31
21.4
193
344
11.2
2.5
30
45
30
true
true
false
false
2.21
0.37
-0.15
Industrials:EW
Hedge
CDX_IG: +146bps notional
-29
12
ECN2
DealerAxed
1
91
-120
-418
VAR>budget
Reduce
Portfolio VAR above budget
250
Reviewed by risk; hedges staggered
C08121
CR3801
2024-01-26
Tightening
106
496
5.1
0.8
2,737,267,275
Consumer:25.4;Tech:32.5;Energy:31.9;Healthcare:10.2
US:65.4;EU:14.0;APAC:11.5;EMEA:9.0;LATAM:0.1
BB:8.4;AAA:26.7;CCC:5.8;AA:29.5;A:29.6
7.11
27.5
262
179
9.2
3
20
45
20
true
true
false
true
1.95
1.5
0.13
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
23
ECN1
All2All
10
89
356
-328
Sector>limit
Reduce
Sector concentration above limit
208
Escalate watchlist names
C08122
CR1954
2025-04-19
Stress
187
595
5.1
0.6
2,742,057,410
Materials:11.4;Healthcare:17.8;Energy:26.5;Industrials:6.1;Consumer:20.1;Tech:18.1
US:63.3;EU:15.5;APAC:14.5;EMEA:4.3;LATAM:2.4
B:11.9;AA:16.7;A:20.3;CCC:24.0;BBB:27.0
2.87
24.3
323
531
10.9
3
35
55
20
false
true
true
true
0.48
1.11
-0.08
null
Rotate
From Energy -1.0% to Utilities +1.0%
-3
15
DealerA
Electronic
9
86
326
-166
Sector>limit
Hedge
Sector concentration above limit
101
Escalate watchlist names
C08123
CR0245
2025-10-03
Tightening
149
383
4.4
1.9
467,216,029
Comm:15.6;Consumer:12.5;Tech:17.7;Industrials:35.6;RealEstate:18.6
US:63.9;EU:8.8;APAC:12.8;EMEA:6.7;LATAM:7.9
BBB:29.1;AA:26.5;AAA:25.7;A:18.7
6.94
35.4
139
247
5.5
3.5
30
35
25
true
true
false
false
1
0.83
0.25
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
-25
DealerC
DealerAxed
7
90
101
-359
Sector>limit
Rotate
Sector concentration above limit
112
Rotate into defensive sectors
C08124
CR2967
2024-02-05
Calm
117
336
4.5
2.1
1,162,322,978
Materials:34.6;Tech:15.2;Healthcare:50.2
US:68.1;EU:8.4;APAC:13.3;EMEA:8.2;LATAM:2.0
BBB:38.9;BB:16.4;AAA:15.4;A:29.4
1.22
53.5
272
473
14.2
2.5
30
55
25
true
true
false
true
0.63
0.78
0.46
null
Hedge
Treasury_Futures: +168bps notional
-54
-6
ECN1
DealerAxed
4
85
-102
-399
HYCap>limit
Reduce
High-yield share above policy cap
202
Rotate into defensive sectors
C08125
CR2767
2024-04-08
Recovery
108
572
5.8
0.7
2,615,833,194
Financials:13.1;Materials:29.2;Comm:28.9;Industrials:28.8
US:72.5;EU:12.8;APAC:5.9;EMEA:8.2;LATAM:0.6
CCC:25.3;BBB:17.0;BB:21.8;AAA:35.9
2.73
41.9
139
200
14
3
20
35
20
true
true
true
false
-0.49
0.61
0.48
null
Rotate
From Energy -1.0% to Utilities +1.0%
4
-22
DealerA
DealerAxed
0
99
98
66
Region>limit
Rotate
Regional concentration above limit
171
Escalate watchlist names
C08126
CR5364
2024-06-05
Calm
112
325
3.5
1.6
2,276,300,451
Utilities:27.1;Industrials:11.6;Tech:10.0;Materials:19.5;RealEstate:17.9;Consumer:14.0
US:63.3;EU:14.4;APAC:11.4;EMEA:7.5;LATAM:3.4
BB:10.3;AA:21.1;CCC:31.7;AAA:19.6;A:17.3
2.47
57.8
171
411
10.4
3
30
35
20
false
true
true
false
0.68
0.86
0.22
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
23
DealerA
DealerAxed
6
99
-183
-228
VAR>budget
Reduce
Portfolio VAR above budget
129
Rotate into defensive sectors
C08127
CR0446
2025-09-27
Calm
81
367
3.8
2
1,948,236,192
Financials:14.1;Materials:26.6;Tech:21.9;Comm:9.8;RealEstate:10.2;Utilities:17.4
US:66.7;EU:11.9;APAC:10.0;EMEA:9.0;LATAM:2.4
BB:23.7;B:25.2;BBB:27.6;A:23.6
3.35
52.4
142
131
5.2
3
25
35
30
true
true
true
false
0.7
0.22
0.09
RealEstate:EW;Materials:EW
Hedge
CDX_HY: +59bps notional
-21
-12
DealerA
DealerAxed
12
100
26
-73
VAR>budget
Hedge
Portfolio VAR above budget
193
Rotate into defensive sectors
C08128
CR2474
2024-01-21
Tightening
113
423
4.3
0.5
1,565,766,544
Industrials:35.0;Comm:12.1;RealEstate:27.0;Energy:25.9
US:59.5;EU:14.0;APAC:10.6;EMEA:9.4;LATAM:6.6
CCC:25.2;BB:27.8;A:10.1;AAA:16.2;BBB:13.2;AA:7.4
6.72
22.5
235
429
16.3
2
20
45
20
true
true
true
true
2.38
1.46
0.34
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
1
ECN1
DealerAxed
9
96
60
-478
VAR>budget
Reduce
Portfolio VAR above budget
118
Tighten HY exposure bands
C08129
CR0968
2025-02-28
Stress
158
796
7
-1
416,559,024
Energy:33.1;Tech:28.6;Healthcare:38.3
US:53.3;EU:15.3;APAC:13.1;EMEA:10.9;LATAM:7.4
BB:19.1;A:26.5;AAA:14.9;CCC:7.4;AA:32.0
3.52
60.5
314
459
11
3.5
30
35
30
true
true
false
true
1.3
0.51
0.12
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
17
-22
DealerB
RFQ
2
87
-101
5
VAR>budget
Hedge
Portfolio VAR above budget
144
Escalate watchlist names
C08130
CR1299
2024-05-04
Calm
77
416
3.7
2.3
1,075,872,326
Healthcare:14.9;Financials:25.8;Materials:37.9;Industrials:21.4
US:65.3;EU:6.7;APAC:12.4;EMEA:7.3;LATAM:8.3
A:25.0;CCC:20.2;AA:27.8;BBB:26.9
2.89
27.7
186
206
9.5
3.5
35
35
35
true
true
false
false
2.06
1.74
-0.3
Healthcare:EW;Consumer:EW;Tech:EW
Hedge
Options_Payer: +173bps notional
-37
-9
DealerC
DealerAxed
10
90
-103
-217
Sector>limit
Hedge
Sector concentration above limit
179
Reviewed by risk; hedges staggered
C08131
CR6293
2024-01-09
Calm
94
364
3.3
2.9
743,664,343
Energy:14.1;Consumer:23.7;Tech:30.2;Industrials:6.6;Materials:25.4
US:62.6;EU:8.1;APAC:14.9;EMEA:13.6;LATAM:0.8
B:15.0;AA:18.0;BBB:17.9;BB:19.1;A:16.7;AAA:13.2
4.01
39.2
184
130
11.7
2
25
35
25
true
true
true
false
1.48
-0.11
-0.21
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-43
10
DealerB
All2All
0
88
276
-239
Sector>limit
Reduce
Sector concentration above limit
229
Escalate watchlist names
C08132
CR0728
2024-05-23
Calm
77
419
4.1
2.2
2,546,699,470
Comm:25.9;Utilities:35.3;Consumer:38.8
US:70.2;EU:12.2;APAC:8.2;EMEA:5.1;LATAM:4.2
BB:35.4;A:18.8;CCC:23.5;B:22.4
6.68
41
255
501
15.4
2.5
25
35
25
true
true
true
true
0.62
-0.1
0.05
Energy:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
17
ECN1
All2All
3
93
188
-400
Sector>limit
Hedge
Sector concentration above limit
227
Defer adds pending macro print
C08133
CR7248
2025-01-03
Stress
143
628
5.6
-0.9
1,987,644,700
RealEstate:51.6;Financials:31.6;Materials:16.9
US:63.3;EU:16.4;APAC:11.9;EMEA:7.4;LATAM:0.9
B:24.5;BBB:36.9;A:12.8;AAA:25.8
3.79
25.4
262
452
7.3
3.5
35
55
35
true
true
false
true
1.19
0.43
-0.19
Industrials:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
17
DealerA
RFQ
9
86
-64
89
VAR>budget
Reduce
Portfolio VAR above budget
148
Escalate watchlist names
C08134
CR2883
2025-05-24
Stress
163
709
8.2
-1.4
2,264,798,315
Utilities:28.0;Tech:21.2;RealEstate:8.9;Consumer:17.0;Financials:24.9
US:65.1;EU:17.3;APAC:10.9;EMEA:3.5;LATAM:3.1
AA:53.5;B:11.0;BBB:23.0;BB:12.5
0.45
23.7
323
662
11.7
2.5
25
35
20
true
true
true
true
-0.27
0.18
0.02
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
-2
DealerA
DealerAxed
4
98
12
-394
Sector>limit
Hedge
Sector concentration above limit
217
Rotate into defensive sectors
C08135
CR6547
2025-11-07
Tightening
103
411
4.4
1.9
2,983,975,210
RealEstate:16.3;Utilities:24.6;Tech:59.1
US:75.2;EU:6.6;APAC:13.0;EMEA:4.4;LATAM:0.8
AAA:7.5;AA:20.7;BBB:21.7;CCC:24.5;BB:25.5
2
60.3
101
305
15.2
2
35
55
35
true
true
true
false
0.76
-0.25
-0.29
null
Hedge
SingleName_CDS: +187bps notional
-29
30
DealerA
All2All
11
92
135
125
HYCap>limit
Hedge
High-yield share above policy cap
109
Rotate into defensive sectors
C08136
CR0072
2024-05-13
Tightening
160
519
4.1
0.7
1,079,569,434
Consumer:17.4;Industrials:19.8;Energy:8.7;Tech:14.9;Materials:17.6;RealEstate:21.6
US:58.7;EU:15.6;APAC:9.5;EMEA:8.9;LATAM:7.4
AA:23.2;AAA:10.4;BB:13.3;CCC:5.4;A:24.9;BBB:22.9
7.27
42.8
139
398
15.3
3
20
55
30
true
true
false
false
0.88
-0.15
0.38
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
18
43
DealerB
DealerAxed
9
95
85
-161
Region>limit
Hedge
Regional concentration above limit
224
Rotate into defensive sectors
C08137
CR6531
2025-05-23
Recovery
100
540
4.7
0
2,732,105,631
Industrials:10.5;Healthcare:36.4;RealEstate:24.8;Financials:28.2
US:69.0;EU:11.1;APAC:12.7;EMEA:6.7;LATAM:0.5
AAA:11.0;A:22.9;B:52.9;BB:13.2
0.98
37.1
231
200
9
2.5
20
35
25
true
true
true
true
2.45
1.52
0.42
RealEstate:EW
Hedge
CDX_HY: +157bps notional
14
-22
DealerB
Electronic
4
96
-34
-22
Sector>limit
Reduce
Sector concentration above limit
161
Escalate watchlist names
C08138
CR6438
2025-06-07
Stress
240
613
7.9
-2
443,237,157
Consumer:49.1;Utilities:22.9;Healthcare:28.1
US:63.9;EU:8.8;APAC:9.9;EMEA:10.2;LATAM:7.2
AA:26.2;B:5.7;CCC:7.6;BBB:27.9;AAA:32.6
4.93
48.5
284
364
10.1
2
25
55
25
true
true
false
true
1.4
1.26
-0.09
Comm:EW
Hedge
CDX_HY: +182bps notional
-30
19
DealerC
DealerAxed
6
90
373
-303
Region>limit
Rotate
Regional concentration above limit
208
Escalate watchlist names
C08139
CR4850
2024-02-01
Stress
179
607
8.2
-0.7
1,844,543,404
Utilities:22.5;Energy:50.1;Consumer:27.4
US:65.8;EU:8.2;APAC:10.5;EMEA:8.4;LATAM:7.1
BBB:26.6;AA:20.6;B:12.6;BB:6.6;AAA:9.3;CCC:24.3
1.39
24.3
182
618
10.4
4
30
35
35
true
true
true
false
1.62
0.74
0.12
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-40
5
ECN2
Electronic
1
85
-60
-414
HYCap>limit
Hedge
High-yield share above policy cap
129
Escalate watchlist names
C08140
CR9075
2025-12-15
Recovery
121
572
6
1.5
1,290,939,707
Tech:25.6;Industrials:16.6;RealEstate:27.6;Materials:30.2
US:70.4;EU:11.2;APAC:5.6;EMEA:7.0;LATAM:5.7
B:13.6;AA:12.9;CCC:11.9;A:11.0;BB:36.7;AAA:13.8
5.28
58.7
247
331
10.1
2.5
35
55
20
false
true
true
true
0.35
0.6
0.42
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-56
31
DealerC
All2All
9
99
365
-9
HYCap>limit
Hedge
High-yield share above policy cap
246
Reviewed by risk; hedges staggered
C08141
CR9648
2024-06-25
Recovery
176
587
6.1
1.1
983,746,950
Financials:17.3;Utilities:56.6;Industrials:26.0
US:68.9;EU:6.1;APAC:11.2;EMEA:11.6;LATAM:2.3
BB:19.0;A:20.8;CCC:16.4;AA:43.8
7.19
50.3
148
200
5
3.5
30
55
30
true
true
true
false
1.71
-0.24
-0.24
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
24
DealerB
RFQ
7
87
-219
-304
HYCap>limit
Reduce
High-yield share above policy cap
260
Tighten HY exposure bands
C08142
CR5339
2025-07-23
Tightening
96
490
5
1.2
1,366,807,799
Materials:28.2;Healthcare:44.0;Tech:27.9
US:65.1;EU:14.1;APAC:11.9;EMEA:5.7;LATAM:3.1
BB:11.6;BBB:19.6;AAA:39.7;B:7.7;CCC:6.3;AA:15.1
5.5
47.5
137
316
10.2
4
20
45
35
true
true
false
false
1.35
1.07
-0.21
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
-18
DealerB
RFQ
12
88
331
-24
HYCap>limit
Hedge
High-yield share above policy cap
155
Defer adds pending macro print
C08143
CR3106
2025-08-17
Recovery
146
436
5.6
0.7
2,729,243,330
RealEstate:25.8;Consumer:9.0;Healthcare:12.5;Materials:23.5;Financials:19.7;Comm:9.5
US:61.5;EU:10.9;APAC:14.3;EMEA:6.8;LATAM:6.5
B:28.6;AAA:27.3;BB:22.5;AA:21.6
4.57
27.1
253
233
5
3.5
25
55
30
true
true
true
true
0.77
0.6
0.02
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-2
32
ECN1
Electronic
9
97
167
-42
Region>limit
Rotate
Regional concentration above limit
234
Reviewed by risk; hedges staggered
C08144
CR4817
2025-02-18
Calm
107
375
3.2
2.7
1,603,636,254
Materials:26.6;Financials:24.3;Industrials:6.1;Healthcare:9.0;Consumer:19.9;Utilities:14.2
US:54.5;EU:20.5;APAC:14.8;EMEA:5.0;LATAM:5.2
CCC:17.2;A:17.1;BB:8.6;BBB:42.2;AA:14.9
5.39
32.8
153
480
6.5
2
30
55
20
false
false
true
false
1.38
0.14
-0.21
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
17
DealerC
All2All
3
92
360
-158
Region>limit
Reduce
Regional concentration above limit
229
Tighten HY exposure bands
C08145
CR7447
2024-08-19
Recovery
124
426
6.4
1.4
283,436,831
Energy:18.2;Materials:33.7;Utilities:48.1
US:62.6;EU:5.7;APAC:13.4;EMEA:13.0;LATAM:5.3
AAA:14.0;A:27.9;BBB:17.1;CCC:8.8;AA:24.2;B:8.1
0.7
56.3
126
272
4.5
3
30
35
30
true
true
false
false
2.02
0.1
0.31
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
7
DealerB
RFQ
8
89
-73
-45
Region>limit
Rotate
Regional concentration above limit
156
Tighten HY exposure bands
C08146
CR4579
2025-04-16
Recovery
158
585
5.9
1.8
1,196,952,191
Utilities:17.1;Materials:9.0;Financials:33.3;Industrials:14.9;Comm:25.7
US:61.0;EU:19.9;APAC:7.5;EMEA:10.8;LATAM:0.8
BB:28.9;B:15.7;BBB:34.4;AA:21.0
1.19
51.4
272
345
5.4
2.5
25
35
35
true
true
true
true
1.42
0.54
0.05
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
4
32
ECN2
All2All
5
91
-155
64
Sector>limit
Rotate
Sector concentration above limit
162
Defer adds pending macro print
C08147
CR1069
2024-09-18
Stress
195
629
6.7
-1.3
559,628,331
Materials:36.1;Utilities:32.7;Comm:9.1;Energy:14.1;RealEstate:8.1
US:68.6;EU:10.9;APAC:8.7;EMEA:5.7;LATAM:6.1
B:20.6;A:26.4;AAA:13.3;BB:39.8
4.96
48.4
282
329
13.9
3.5
35
55
30
true
true
true
true
-0.12
0.66
-0.35
Healthcare:EW
Hedge
Treasury_Futures: +96bps notional
-57
4
DealerB
RFQ
1
100
304
-148
Sector>limit
Reduce
Sector concentration above limit
125
Defer adds pending macro print
C08148
CR3169
2025-11-10
Tightening
142
432
4.7
1
2,165,393,774
Financials:11.6;Energy:19.0;Healthcare:16.3;Materials:7.8;Tech:29.6;Consumer:15.7
US:70.8;EU:6.9;APAC:11.1;EMEA:7.6;LATAM:3.6
BB:17.5;AA:30.0;BBB:18.7;CCC:16.7;B:17.1
6.1
32.5
229
505
6.5
3
30
45
20
false
true
true
true
1.4
1.69
-0.14
Comm:EW
Hedge
Treasury_Futures: +64bps notional
-57
29
DealerB
All2All
9
85
397
-170
HYCap>limit
Reduce
High-yield share above policy cap
222
Escalate watchlist names
C08149
CR2433
2024-08-31
Tightening
117
423
3.9
1.6
2,032,153,838
RealEstate:13.8;Utilities:8.0;Financials:20.9;Tech:21.6;Healthcare:15.0;Comm:20.5
US:75.9;EU:6.0;APAC:9.6;EMEA:7.3;LATAM:1.2
CCC:20.8;BBB:17.1;B:19.1;AAA:14.4;BB:22.0;A:6.5
7.31
50.7
147
134
6.7
4
20
55
30
true
true
true
false
0.63
1.77
0.21
null
Rotate
From Energy -1.0% to Utilities +1.0%
-46
5
DealerB
Electronic
0
100
36
-30
Sector>limit
Reduce
Sector concentration above limit
248
Escalate watchlist names
C08150
CR0940
2025-09-09
Calm
87
283
3.4
2.6
612,119,340
Tech:22.6;Industrials:19.8;Utilities:30.9;Comm:7.6;RealEstate:19.1
US:72.6;EU:6.8;APAC:7.5;EMEA:9.2;LATAM:3.9
CCC:10.2;BBB:44.5;AAA:20.7;A:24.6
2.56
21.2
157
460
12
4
30
55
35
true
true
false
false
1.1
-0.26
0.51
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
-18
DealerA
DealerAxed
3
96
325
-144
Sector>limit
Hedge
Sector concentration above limit
202
Escalate watchlist names
C08151
CR8827
2025-08-02
Tightening
107
389
5.1
1.4
2,795,296,662
Materials:11.3;Energy:15.7;RealEstate:23.6;Tech:14.6;Comm:16.2;Utilities:18.7
US:72.9;EU:12.6;APAC:7.7;EMEA:4.5;LATAM:2.3
B:23.1;BBB:18.7;A:38.4;AAA:19.9
2.47
21.5
143
325
17.5
4
20
35
25
true
true
false
false
1.77
-0.18
-0.37
null
Hedge
CDX_HY: +175bps notional
1
6
DealerC
Electronic
4
85
-118
-391
VAR>budget
Hedge
Portfolio VAR above budget
131
Rotate into defensive sectors
C08152
CR0173
2025-04-04
Calm
95
346
4
2
1,067,410,067
Energy:16.2;Materials:16.9;Utilities:23.3;Comm:17.9;Tech:15.8;Consumer:9.8
US:60.9;EU:18.9;APAC:9.6;EMEA:4.3;LATAM:6.3
AAA:19.2;CCC:21.4;AA:10.9;BB:13.6;B:34.9
1.07
59.6
194
169
7.9
2
30
35
20
false
true
true
false
1.75
1.64
0.21
Tech:EW;Healthcare:EW
Hedge
Treasury_Futures: +86bps notional
-19
0
DealerC
DealerAxed
2
92
-130
-217
HYCap>limit
Hedge
High-yield share above policy cap
168
Reviewed by risk; hedges staggered
C08153
CR0882
2024-01-28
Calm
96
369
4.3
2.8
2,390,841,737
Energy:45.8;Financials:14.2;RealEstate:40.0
US:69.0;EU:13.1;APAC:9.5;EMEA:4.8;LATAM:3.6
CCC:16.7;A:25.3;B:10.6;BBB:47.5
7.09
57.6
96
456
2.4
4
20
35
30
true
true
false
false
0.87
-0.05
-0.4
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
32
DealerB
DealerAxed
10
86
50
-148
VAR>budget
Rotate
Portfolio VAR above budget
226
Rotate into defensive sectors
C08154
CR3738
2024-02-03
Stress
189
723
7.4
-0.5
339,288,062
Healthcare:17.0;Materials:16.4;Industrials:26.3;Utilities:27.8;Financials:12.5
US:65.9;EU:10.8;APAC:8.8;EMEA:10.5;LATAM:4.1
A:16.0;CCC:25.1;B:27.3;AAA:21.5;BBB:10.1
7.33
47.7
192
606
11.5
4
20
35
35
true
true
true
false
2.19
0.23
0.31
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
30
DealerB
DealerAxed
5
93
-71
-406
HYCap>limit
Hedge
High-yield share above policy cap
184
Tighten HY exposure bands
C08155
CR4874
2024-07-27
Stress
175
620
8.2
-0.6
2,788,238,893
RealEstate:7.6;Consumer:20.9;Energy:23.3;Materials:23.3;Tech:24.9
US:62.0;EU:9.1;APAC:13.9;EMEA:10.6;LATAM:4.4
B:14.7;BB:7.2;AA:32.0;CCC:15.9;AAA:12.9;BBB:17.3
5.22
52
327
512
18
3
25
55
20
false
true
true
true
0.88
0.84
-0.05
Consumer:EW
Hedge
iTraxx_MAIN: +172bps notional
5
45
DealerC
DealerAxed
5
85
257
-61
HYCap>limit
Hedge
High-yield share above policy cap
200
Reviewed by risk; hedges staggered
C08156
CR0245
2025-02-18
Recovery
111
556
5.3
-0.1
2,923,783,032
Healthcare:38.0;Energy:35.0;Financials:27.0
US:59.8;EU:20.4;APAC:11.3;EMEA:8.0;LATAM:0.5
CCC:7.0;BBB:34.7;A:34.1;AA:13.4;BB:10.8
0.76
33.6
180
273
7.8
2
30
45
30
true
true
false
false
0.65
1.42
-0.04
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-54
28
ECN2
All2All
10
100
-207
-145
HYCap>limit
Hedge
High-yield share above policy cap
216
Tighten HY exposure bands
C08157
CR5686
2024-10-05
Tightening
115
485
3.8
1.2
1,487,771,887
Tech:24.6;Materials:16.6;Utilities:23.9;Financials:19.4;Healthcare:9.4;Industrials:6.0
US:68.0;EU:18.6;APAC:8.9;EMEA:2.9;LATAM:1.6
BB:28.9;CCC:9.4;A:19.6;B:42.1
3.02
62.7
234
375
14.7
2.5
20
35
35
true
true
true
true
0.74
0.07
0.24
Energy:EW
Hedge
SingleName_CDS: +56bps notional
-30
0
ECN2
RFQ
1
99
-184
-370
HYCap>limit
Rotate
High-yield share above policy cap
169
Rotate into defensive sectors
C08158
CR0598
2024-10-23
Tightening
106
405
4.8
1.9
1,594,076,796
Healthcare:18.0;Energy:23.2;Industrials:12.5;Tech:13.8;Consumer:22.3;Comm:10.2
US:65.1;EU:17.2;APAC:9.7;EMEA:5.8;LATAM:2.2
AA:14.1;CCC:11.9;BBB:21.9;BB:23.6;A:6.6;AAA:22.0
1.48
58.3
121
198
17.3
3
30
35
35
false
true
true
false
1.88
1.56
0.34
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
8
-12
DealerC
Electronic
11
100
-140
57
Sector>limit
Hedge
Sector concentration above limit
198
Reviewed by risk; hedges staggered
C08159
CR7993
2024-02-07
Calm
119
372
4.5
2.5
453,805,750
Energy:36.2;Materials:31.0;RealEstate:32.7
US:72.5;EU:5.9;APAC:6.3;EMEA:10.3;LATAM:5.0
CCC:12.4;AA:11.9;AAA:23.3;BBB:15.2;A:11.4;BB:25.8
6.37
43.8
148
493
12.9
2.5
25
35
20
true
true
true
false
2.05
1.79
-0.17
Energy:EW
Hedge
iTraxx_MAIN: +184bps notional
-23
42
ECN2
RFQ
6
98
8
49
Sector>limit
Reduce
Sector concentration above limit
96
Tighten HY exposure bands
C08160
CR3589
2024-03-03
Calm
83
362
4.1
2.6
1,468,315,494
Healthcare:23.2;RealEstate:19.5;Materials:57.3
US:57.8;EU:10.1;APAC:13.3;EMEA:11.0;LATAM:7.7
BBB:21.0;CCC:13.6;BB:39.9;B:25.6
7.11
42.8
151
327
16.8
2.5
20
35
25
true
true
true
false
1.04
0.46
0.16
Utilities:EW
Hedge
CDX_IG: +113bps notional
-38
24
DealerA
Electronic
3
87
398
-47
Sector>limit
Hedge
Sector concentration above limit
215
Escalate watchlist names
C08161
CR1064
2025-03-03
Recovery
167
511
4.7
0.5
2,511,141,208
Materials:20.9;Tech:11.4;RealEstate:22.3;Energy:16.2;Financials:15.0;Comm:14.3
US:65.8;EU:14.5;APAC:14.9;EMEA:4.6;LATAM:0.0
AAA:25.6;AA:15.4;BB:13.8;B:18.0;A:27.2
3.61
40
211
155
3.1
3
25
45
25
false
true
true
true
0.89
-0.23
0.02
Industrials:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
-18
DealerC
DealerAxed
6
93
187
-104
VAR>budget
Reduce
Portfolio VAR above budget
138
Escalate watchlist names
C08162
CR2953
2025-03-21
Calm
96
365
3.9
1.6
2,722,357,027
Financials:38.9;RealEstate:27.6;Healthcare:33.6
US:73.7;EU:6.3;APAC:7.7;EMEA:7.0;LATAM:5.4
A:6.8;CCC:17.4;BBB:20.2;AAA:22.7;BB:32.8
0.67
45.9
124
518
8.7
2.5
25
55
30
true
true
true
false
-0.37
1.24
-0.22
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
39
ECN2
All2All
12
97
188
-52
Sector>limit
Hedge
Sector concentration above limit
189
Reviewed by risk; hedges staggered
C08163
CR8620
2024-05-22
Stress
240
633
6.5
0.5
526,933,128
Energy:24.0;Comm:33.3;RealEstate:14.8;Industrials:13.9;Consumer:13.9
US:61.0;EU:16.2;APAC:12.3;EMEA:8.1;LATAM:2.4
AA:22.5;BBB:11.8;B:13.0;A:17.2;BB:35.6
2.82
34.8
311
295
17.5
2
25
55
30
true
true
true
true
1.52
1.44
0.14
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
-15
ECN2
RFQ
4
87
290
-361
HYCap>limit
Hedge
High-yield share above policy cap
196
Rotate into defensive sectors
C08164
CR7827
2024-04-11
Stress
177
745
6.8
0.2
678,911,142
Healthcare:35.0;Materials:31.5;Financials:16.2;Consumer:17.3
US:60.7;EU:17.0;APAC:10.0;EMEA:10.9;LATAM:1.4
AA:33.9;A:38.1;BBB:14.5;CCC:13.5
5.19
21.6
366
602
12
2.5
20
45
25
true
true
false
true
-0.41
1.29
-0.13
null
Rotate
From Energy -1.0% to Utilities +1.0%
10
23
DealerB
All2All
11
92
272
-221
HYCap>limit
Reduce
High-yield share above policy cap
90
Reviewed by risk; hedges staggered
C08165
CR6548
2024-08-23
Stress
144
684
6.9
-0.8
327,995,957
Tech:23.7;Financials:37.8;Comm:22.8;Consumer:15.7
US:69.9;EU:11.1;APAC:10.3;EMEA:5.6;LATAM:3.1
AAA:9.5;CCC:13.6;B:31.8;AA:9.0;BBB:26.6;BB:9.5
6.45
53.3
359
367
22
2
30
55
20
true
true
true
true
2.24
1.77
0.4
Materials:EW
Hedge
SingleName_CDS: +116bps notional
-17
42
DealerC
Electronic
2
96
-131
-351
HYCap>limit
Reduce
High-yield share above policy cap
258
Tighten HY exposure bands
C08166
CR6125
2025-01-21
Stress
154
566
7.5
-0.5
1,414,939,663
Comm:28.8;Energy:12.6;Financials:11.9;RealEstate:21.5;Materials:25.2
US:68.3;EU:10.1;APAC:6.2;EMEA:7.8;LATAM:7.7
AAA:17.4;B:29.3;BB:40.8;A:12.5
1.5
63.5
266
626
15.8
4
30
45
20
false
true
true
true
2.3
1.02
0.35
null
Hedge
SingleName_CDS: +96bps notional
-4
40
DealerC
DealerAxed
2
95
-112
97
VAR>budget
Hedge
Portfolio VAR above budget
120
Tighten HY exposure bands
C08167
CR7774
2025-08-21
Recovery
126
625
5.3
1.9
1,987,361,857
Healthcare:27.9;Financials:49.5;Comm:22.7
US:58.5;EU:17.9;APAC:13.1;EMEA:4.1;LATAM:6.4
AAA:18.6;B:21.2;BB:20.1;CCC:21.0;A:19.2
1.2
24
152
470
2.6
4
30
35
35
true
true
true
false
1.41
0.35
-0.11
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
-3
DealerB
Electronic
11
92
300
-134
Sector>limit
Hedge
Sector concentration above limit
229
Escalate watchlist names
C08168
CR7947
2024-08-19
Calm
65
366
4.1
2.8
637,590,827
Financials:30.6;Tech:7.3;RealEstate:28.1;Healthcare:34.0
US:59.0;EU:12.0;APAC:10.9;EMEA:11.9;LATAM:6.2
BB:16.6;BBB:17.0;A:35.7;AA:18.1;B:12.7
5.01
60.4
258
480
9.7
4
30
55
20
true
true
true
true
2.22
1.6
0.22
Industrials:EW
Hedge
iTraxx_MAIN: +70bps notional
12
33
ECN1
RFQ
11
87
217
-213
HYCap>limit
Hedge
High-yield share above policy cap
154
Reviewed by risk; hedges staggered
C08169
CR2798
2024-09-19
Stress
212
677
5.6
0.1
367,564,729
Materials:47.6;Financials:41.4;Industrials:11.0
US:69.5;EU:10.3;APAC:13.5;EMEA:5.2;LATAM:1.5
AA:34.6;CCC:7.5;A:10.1;BB:21.6;BBB:13.3;AAA:12.9
4.76
60.8
264
530
13.3
4
25
35
25
true
true
true
true
2.37
-0.09
0.36
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
-12
ECN1
All2All
7
97
237
-227
VAR>budget
Hedge
Portfolio VAR above budget
195
Escalate watchlist names
C08170
CR8638
2024-12-24
Recovery
113
430
5.9
1.2
278,340,167
Healthcare:19.6;Tech:32.8;Consumer:18.0;Materials:19.5;Financials:10.1
US:70.2;EU:7.7;APAC:16.0;EMEA:5.8;LATAM:0.2
B:13.2;BBB:29.0;A:16.7;CCC:23.4;BB:17.7
1.36
58.8
215
500
16.5
3
35
45
25
false
true
true
true
1.65
1.32
-0.36
Materials:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
-21
DealerC
Electronic
0
96
-124
-81
HYCap>limit
Hedge
High-yield share above policy cap
129
Escalate watchlist names
C08171
CR8817
2024-07-12
Tightening
119
435
4
1.8
322,028,843
Materials:31.0;Consumer:17.6;Financials:51.4
US:69.2;EU:9.8;APAC:9.3;EMEA:5.1;LATAM:6.6
BBB:15.6;CCC:27.4;A:36.8;AAA:20.2
4.77
25.4
239
400
6.8
3
20
35
35
true
true
false
true
1.48
0.13
0.4
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
19
ECN2
RFQ
3
91
306
-104
HYCap>limit
Reduce
High-yield share above policy cap
150
Rotate into defensive sectors
C08172
CR7438
2025-05-17
Recovery
120
607
5.5
1.6
170,358,539
Comm:37.0;Consumer:11.4;RealEstate:24.4;Utilities:27.2
US:64.5;EU:11.9;APAC:8.7;EMEA:9.5;LATAM:5.4
BBB:13.8;A:29.5;AAA:36.7;AA:20.0
1.95
51.4
192
339
2.2
2
25
45
35
true
true
false
false
1.12
0.84
0.32
Materials:EW;Financials:EW
Hedge
Options_Payer: +144bps notional
-35
35
DealerC
DealerAxed
1
88
196
-50
VAR>budget
Rotate
Portfolio VAR above budget
133
Defer adds pending macro print
C08173
CR5374
2025-08-01
Calm
83
401
4.3
2
712,388,811
Energy:16.3;RealEstate:10.2;Comm:35.0;Utilities:24.4;Tech:14.1
US:60.9;EU:17.4;APAC:9.3;EMEA:5.4;LATAM:7.0
AAA:18.2;CCC:10.4;A:19.2;BB:11.6;BBB:32.1;B:8.5
6.34
53.7
119
277
4.8
4
25
55
25
true
true
true
false
1.56
-0.19
0.13
Utilities:EW;Comm:EW
Hedge
iTraxx_XOVER: +130bps notional
-50
32
DealerB
RFQ
9
94
-152
-106
HYCap>limit
PauseAdds
High-yield share above policy cap
229
Reviewed by risk; hedges staggered
C08174
CR5693
2024-02-20
Calm
79
314
3.4
1.7
818,440,024
RealEstate:35.4;Tech:10.1;Comm:24.1;Industrials:8.6;Materials:8.6;Healthcare:13.2
US:62.1;EU:14.2;APAC:10.1;EMEA:7.2;LATAM:6.4
AA:7.1;A:14.4;BBB:17.4;B:28.2;CCC:18.4;BB:14.5
3.25
28.2
186
249
7.5
3.5
25
45
25
true
true
true
false
-0.45
0.38
-0.3
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
-18
DealerA
Electronic
10
90
158
68
Sector>limit
Reduce
Sector concentration above limit
243
Reviewed by risk; hedges staggered
C08175
CR3189
2025-07-07
Recovery
114
615
5.9
0.2
992,080,729
Consumer:30.1;RealEstate:20.0;Energy:25.1;Financials:24.8
US:63.1;EU:9.8;APAC:9.1;EMEA:9.2;LATAM:8.8
AA:20.5;AAA:18.0;A:20.3;BBB:15.7;BB:12.5;CCC:13.1
2.02
28.6
92
284
7.7
2
30
45
30
true
true
false
false
0.28
0.55
0.04
null
Hedge
Treasury_Futures: +99bps notional
9
-5
DealerC
DealerAxed
8
96
-32
37
Region>limit
Hedge
Regional concentration above limit
176
Escalate watchlist names
C08176
CR3759
2024-11-09
Stress
163
735
5.1
-1.2
1,989,293,159
Energy:30.6;Consumer:25.3;Financials:14.0;Industrials:11.6;Comm:18.4
US:53.6;EU:18.9;APAC:9.3;EMEA:12.4;LATAM:5.7
BB:15.1;CCC:23.3;BBB:23.0;B:21.0;A:17.5
2.51
28.6
361
432
19.3
2
30
35
20
true
true
true
true
0.47
0.42
-0.2
Healthcare:EW
Hedge
SingleName_CDS: +128bps notional
18
-4
DealerB
Electronic
7
98
257
-439
Region>limit
Reduce
Regional concentration above limit
218
Reviewed by risk; hedges staggered
C08177
CR3905
2024-05-27
Recovery
168
554
5.8
-0.2
596,350,515
RealEstate:23.9;Tech:24.7;Healthcare:19.4;Consumer:32.1
US:66.6;EU:11.7;APAC:7.5;EMEA:7.4;LATAM:6.7
BB:40.0;CCC:15.6;AAA:25.6;BBB:18.9
6.35
41.8
103
378
6.5
2.5
25
35
25
true
true
true
false
0.77
0.4
0.28
null
Hedge
SingleName_CDS: +149bps notional
8
22
DealerA
DealerAxed
0
97
-121
21
Sector>limit
Reduce
Sector concentration above limit
196
Reviewed by risk; hedges staggered
C08178
CR7516
2024-11-21
Stress
170
682
7.5
-1.2
2,489,302,311
Tech:17.5;Industrials:19.3;Healthcare:13.2;Consumer:17.6;Utilities:12.8;Energy:19.6
US:64.9;EU:6.7;APAC:9.0;EMEA:11.9;LATAM:7.6
AA:12.1;CCC:10.1;B:30.7;BB:17.8;A:16.9;BBB:12.5
3.62
26.6
296
541
15.6
2.5
20
45
20
false
true
true
true
1.12
1.62
0.16
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
1
ECN1
All2All
9
86
169
-252
HYCap>limit
Rotate
High-yield share above policy cap
111
Rotate into defensive sectors
C08179
CR0830
2024-11-21
Stress
225
780
7.2
0.1
2,888,683,700
Utilities:29.5;Tech:45.4;Healthcare:25.0
US:66.7;EU:16.0;APAC:8.8;EMEA:4.1;LATAM:4.3
A:22.7;B:15.3;AAA:32.1;AA:30.0
3.86
32.2
322
326
15
2
20
35
25
true
true
false
true
1.66
-0.14
0.39
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
30
ECN1
RFQ
8
85
322
161
Sector>limit
Hedge
Sector concentration above limit
95
Escalate watchlist names
C08180
CR9385
2024-11-22
Recovery
134
557
4.8
1.5
2,001,860,539
Consumer:32.4;Financials:17.9;Energy:24.4;Materials:6.8;Comm:18.5
US:76.5;EU:8.6;APAC:10.2;EMEA:3.7;LATAM:1.0
AA:21.7;BB:27.8;BBB:13.6;CCC:36.9
4.91
34.3
171
239
4.5
2.5
25
35
30
true
true
true
false
1.78
0.29
0.09
null
Hedge
iTraxx_MAIN: +195bps notional
-3
-18
ECN2
Electronic
5
88
-106
-215
Region>limit
Hedge
Regional concentration above limit
190
Tighten HY exposure bands
C08181
CR6617
2025-09-22
Recovery
168
533
6.5
-0.4
2,588,020,025
Financials:15.0;Materials:9.8;Healthcare:23.8;Comm:30.2;Utilities:21.1
US:70.4;EU:14.5;APAC:5.3;EMEA:6.9;LATAM:2.9
A:16.1;AA:10.2;CCC:43.7;AAA:7.0;BB:12.1;B:10.9
7
31.7
242
283
12.6
3.5
25
35
20
true
true
true
true
2.28
1.22
0.4
Comm:EW
Hedge
Treasury_Futures: +58bps notional
-31
-21
ECN1
DealerAxed
2
93
375
-412
Sector>limit
Hedge
Sector concentration above limit
222
Escalate watchlist names
C08182
CR0505
2024-08-30
Calm
67
286
3.9
1.7
100,715,973
Comm:20.5;Consumer:19.8;RealEstate:59.8
US:54.1;EU:19.5;APAC:15.2;EMEA:6.7;LATAM:4.6
BBB:33.9;AA:35.6;CCC:8.7;BB:7.2;AAA:14.7
5.02
29.3
265
284
17.3
3
25
35
30
true
true
false
true
1.88
0.88
0.59
null
Hedge
CDX_IG: +63bps notional
-23
14
ECN2
DealerAxed
11
98
20
-34
HYCap>limit
Hedge
High-yield share above policy cap
186
Defer adds pending macro print
C08183
CR6654
2025-04-26
Stress
196
587
6.7
0.7
2,906,243,894
Energy:15.1;RealEstate:6.7;Industrials:27.1;Consumer:10.5;Tech:16.9;Materials:23.7
US:67.5;EU:10.3;APAC:12.4;EMEA:7.0;LATAM:2.8
B:13.4;CCC:17.8;AA:16.8;AAA:22.3;BBB:29.7
5.31
64.1
154
525
20.7
2.5
30
45
20
false
true
true
false
0.64
-0.22
-0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
39
ECN2
Electronic
0
97
35
59
VAR>budget
Hedge
Portfolio VAR above budget
240
Rotate into defensive sectors
C08184
CR3992
2025-03-26
Recovery
172
457
6.1
2
1,149,555,703
Energy:14.5;Healthcare:24.2;Consumer:22.7;Financials:24.4;Utilities:14.3
US:62.8;EU:18.0;APAC:9.1;EMEA:6.8;LATAM:3.4
CCC:10.2;BB:18.2;AAA:17.8;A:31.6;B:22.1
5.13
37.3
201
520
15.7
2.5
35
55
35
false
true
true
true
0.31
0.14
-0.12
Tech:EW
Hedge
iTraxx_XOVER: +65bps notional
-33
36
ECN2
Electronic
0
92
-175
-83
HYCap>limit
Hedge
High-yield share above policy cap
107
Reviewed by risk; hedges staggered
C08185
CR4001
2024-03-03
Stress
221
692
8
-0.4
2,647,760,166
Utilities:8.5;Tech:22.9;Energy:17.7;RealEstate:21.4;Financials:11.0;Materials:18.6
US:75.1;EU:6.9;APAC:13.1;EMEA:3.1;LATAM:1.8
BBB:16.9;B:16.9;CCC:14.1;AAA:11.4;BB:26.2;AA:14.4
1.71
51.1
237
472
14.4
2.5
35
45
30
false
true
true
true
0.67
0.13
-0.26
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
-23
DealerB
RFQ
7
97
299
-288
Sector>limit
Hedge
Sector concentration above limit
179
Reviewed by risk; hedges staggered
C08186
CR4577
2024-06-04
Tightening
119
448
3.8
1.1
1,028,719,045
Comm:23.1;Materials:22.0;Energy:23.8;Industrials:31.1
US:61.1;EU:18.4;APAC:10.3;EMEA:4.1;LATAM:6.1
BB:12.9;AA:26.3;AAA:16.3;BBB:13.7;B:15.6;CCC:15.1
1.21
50.1
225
466
16.6
3
25
35
35
true
true
true
true
-0.39
0.34
0.12
Tech:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
-18
ECN1
Electronic
10
88
229
-97
HYCap>limit
Reduce
High-yield share above policy cap
187
Rotate into defensive sectors
C08187
CR9052
2025-11-23
Recovery
114
515
5.6
0.1
2,108,461,107
Healthcare:10.0;Consumer:12.9;Energy:21.3;Materials:19.5;Financials:36.3
US:68.0;EU:10.2;APAC:8.7;EMEA:10.5;LATAM:2.6
AAA:24.1;A:27.9;B:16.7;AA:17.0;BBB:14.3
5.51
29.8
103
178
8.7
3
35
45
30
true
true
false
false
0.57
1.56
0.22
Utilities:EW
Hedge
Options_Payer: +141bps notional
-2
-6
DealerB
Electronic
10
99
3
84
HYCap>limit
Reduce
High-yield share above policy cap
183
Defer adds pending macro print
C08188
CR4250
2024-07-08
Recovery
141
470
4.7
0
2,644,648,179
Financials:32.2;Comm:36.1;Materials:31.7
US:63.4;EU:15.0;APAC:12.2;EMEA:8.3;LATAM:1.2
A:28.7;BBB:14.9;AA:27.9;B:9.0;AAA:11.2;BB:8.3
5.05
60.7
143
193
13.3
2
35
55
35
true
true
false
false
0.12
1.44
-0.35
Materials:EW;Financials:EW
Hedge
CDX_IG: +104bps notional
-23
27
DealerC
Electronic
4
100
245
-121
HYCap>limit
Reduce
High-yield share above policy cap
255
Tighten HY exposure bands
C08189
CR1381
2024-03-10
Calm
85
313
3.9
2.1
123,252,840
Tech:18.5;Comm:9.4;RealEstate:23.6;Financials:15.7;Materials:10.5;Utilities:22.2
US:67.7;EU:4.7;APAC:11.5;EMEA:10.5;LATAM:5.6
B:24.0;BB:22.3;BBB:14.2;CCC:22.7;AAA:16.9
2.57
42.9
249
490
7.8
4
35
45
35
false
true
true
true
1.33
1.05
0.06
Comm:EW
Hedge
Options_Payer: +111bps notional
-60
-2
ECN1
DealerAxed
6
96
377
-441
Region>limit
Hedge
Regional concentration above limit
226
Tighten HY exposure bands
C08190
CR6627
2025-09-07
Calm
73
401
4
2.2
1,893,052,326
Comm:24.3;RealEstate:25.0;Tech:14.9;Industrials:17.8;Utilities:18.1
US:67.2;EU:12.4;APAC:8.6;EMEA:6.4;LATAM:5.5
AA:41.4;BBB:25.1;BB:15.0;B:18.4
7.41
31.7
271
401
10.9
3.5
20
45
30
true
true
true
true
1.59
0.43
-0.24
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
3
ECN1
DealerAxed
11
92
338
46
Sector>limit
Hedge
Sector concentration above limit
187
Escalate watchlist names
C08191
CR0907
2024-03-02
Recovery
103
487
5.5
0.5
777,808,145
Comm:13.0;Healthcare:20.2;Materials:31.9;Tech:34.8
US:56.1;EU:13.3;APAC:13.0;EMEA:11.0;LATAM:6.5
A:9.3;AA:20.9;AAA:22.6;B:47.3
0.81
36.6
183
275
12.1
4
35
35
30
false
true
true
false
0.23
1.47
-0.07
Utilities:EW
Hedge
Options_Payer: +180bps notional
20
-22
ECN1
RFQ
9
94
98
-384
HYCap>limit
Reduce
High-yield share above policy cap
102
Escalate watchlist names
C08192
CR8630
2024-02-19
Recovery
161
615
6.4
1.7
1,121,445,942
Utilities:23.1;RealEstate:5.7;Comm:24.0;Materials:27.4;Financials:10.1;Consumer:9.8
US:55.1;EU:18.3;APAC:12.9;EMEA:6.3;LATAM:7.4
AA:38.6;BB:8.5;A:28.0;AAA:25.0
1.27
36.8
196
411
16.7
3
35
35
35
false
true
false
false
1.25
1.25
0.15
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
-14
ECN2
RFQ
10
85
129
43
HYCap>limit
Hedge
High-yield share above policy cap
104
Reviewed by risk; hedges staggered
C08193
CR0855
2025-02-10
Calm
94
368
4.5
2
2,670,792,639
Consumer:47.7;Materials:26.9;Utilities:25.4
US:70.7;EU:8.3;APAC:6.6;EMEA:10.3;LATAM:4.1
AA:15.2;B:32.4;CCC:34.3;BB:18.1
1.8
62.5
147
262
9.2
3
30
45
30
true
true
true
false
1.93
1.45
-0.39
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
-12
DealerC
All2All
2
98
-203
22
HYCap>limit
Hedge
High-yield share above policy cap
145
Defer adds pending macro print
C08194
CR9572
2025-11-10
Recovery
113
626
5.1
1.2
2,528,432,588
Utilities:41.9;Comm:26.0;Tech:21.1;Financials:11.0
US:52.9;EU:18.0;APAC:11.1;EMEA:11.2;LATAM:6.7
A:17.4;BBB:14.9;AA:15.8;CCC:26.0;BB:8.0;B:17.9
3.73
61.4
196
353
9
4
20
35
20
true
true
true
false
0.8
0.41
-0.24
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-30
-18
DealerB
All2All
5
88
170
118
HYCap>limit
PauseAdds
High-yield share above policy cap
153
Rotate into defensive sectors
C08195
CR7402
2024-05-03
Recovery
130
529
5.8
0.4
2,142,190,602
Tech:12.7;Healthcare:24.3;Consumer:15.3;Comm:23.4;Industrials:24.2
US:70.6;EU:13.9;APAC:8.6;EMEA:4.8;LATAM:2.2
AA:32.9;CCC:12.7;BBB:13.5;A:40.9
2.59
20.8
153
413
17.2
4
35
55
20
false
true
false
false
1.51
1.26
-0.24
Materials:EW
Hedge
CDX_HY: +171bps notional
12
-17
DealerA
All2All
12
97
-33
-145
HYCap>limit
Reduce
High-yield share above policy cap
185
Defer adds pending macro print
C08196
CR2782
2025-08-05
Stress
152
569
7.5
-1.8
2,207,476,789
Energy:12.0;Healthcare:38.0;RealEstate:49.9
US:75.2;EU:8.0;APAC:8.9;EMEA:5.5;LATAM:2.5
AA:20.3;B:13.1;AAA:11.8;A:25.0;CCC:17.4;BBB:12.4
6.06
54.7
204
474
8.5
2
20
55
35
true
true
false
true
0.34
-0.23
0.44
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-20
27
DealerC
Electronic
5
88
368
145
Sector>limit
Hedge
Sector concentration above limit
147
Defer adds pending macro print
C08197
CR8702
2025-06-18
Calm
81
376
4.2
2.5
911,591,035
Utilities:19.4;Materials:10.6;Comm:13.0;Consumer:19.1;Industrials:18.2;Energy:19.6
US:69.9;EU:10.7;APAC:6.4;EMEA:6.1;LATAM:7.0
AAA:22.1;AA:31.0;BB:7.6;A:39.4
0.84
26.9
236
219
16.5
3.5
30
45
25
false
true
false
true
2.43
1.21
-0.17
Energy:EW
Hedge
iTraxx_MAIN: +74bps notional
-48
-6
DealerA
All2All
0
92
112
-390
Sector>limit
Rotate
Sector concentration above limit
219
Defer adds pending macro print
C08198
CR8741
2025-05-06
Calm
81
303
3.5
2.5
1,070,954,102
Energy:40.2;Comm:35.2;Industrials:12.6;RealEstate:12.0
US:62.4;EU:15.0;APAC:11.4;EMEA:6.3;LATAM:4.9
CCC:10.7;A:20.6;AAA:9.8;AA:27.7;B:20.2;BBB:11.0
4.76
60.2
82
443
14.5
3
35
35
30
true
true
true
false
0.3
1.26
0.48
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
-5
DealerB
All2All
3
92
-111
73
VAR>budget
Hedge
Portfolio VAR above budget
113
Tighten HY exposure bands
C08199
CR7758
2025-09-09
Recovery
179
642
5.7
0.4
2,075,861,281
Tech:24.9;Utilities:9.9;Consumer:17.1;Materials:26.3;Comm:10.1;RealEstate:11.7
US:69.9;EU:15.6;APAC:7.6;EMEA:4.8;LATAM:2.0
BB:27.3;AAA:14.7;BBB:27.1;CCC:30.9
4.5
36.3
125
252
8
3.5
25
45
20
true
true
true
false
1.57
1.52
0.27
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-33
21
ECN2
RFQ
10
95
-89
178
HYCap>limit
Hedge
High-yield share above policy cap
114
Defer adds pending macro print
C08200
CR1815
2025-10-08
Recovery
115
433
5
0.6
1,026,274,269
RealEstate:30.1;Industrials:37.0;Materials:32.9
US:66.8;EU:10.7;APAC:7.8;EMEA:8.8;LATAM:5.8
BB:19.7;BBB:30.2;B:23.5;A:26.7
4.08
56
145
267
6.2
4
30
45
20
true
true
true
false
0.61
0.19
-0.18
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
4
ECN2
All2All
10
93
267
-345
Sector>limit
Hedge
Sector concentration above limit
166
Tighten HY exposure bands