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
C08301
CR2416
2025-07-25
Tightening
155
393
4.4
0.9
440,024,615
Comm:16.0;Financials:17.7;Industrials:19.6;Healthcare:11.6;Materials:13.6;Utilities:21.5
US:66.5;EU:5.7;APAC:13.9;EMEA:8.9;LATAM:5.0
BBB:36.5;B:10.7;CCC:20.6;AAA:32.2
5.76
42.1
239
388
16.9
3
35
55
25
false
true
true
true
0.45
0.48
0.59
Financials:EW;Energy:EW
Hedge
iTraxx_MAIN: +117bps notional
-13
27
ECN2
All2All
3
87
-95
-43
Region>limit
Reduce
Regional concentration above limit
126
Rotate into defensive sectors
C08302
CR9934
2024-08-25
Stress
207
723
6.4
0.3
1,047,615,706
Comm:23.5;Utilities:20.8;Tech:14.6;Materials:11.8;Energy:29.4
US:55.1;EU:17.6;APAC:11.9;EMEA:8.7;LATAM:6.7
AA:19.7;AAA:27.3;A:28.8;BBB:20.6;BB:3.7
3.26
51.6
331
346
19.1
3.5
30
35
30
false
true
false
true
1.01
0.28
-0.12
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-36
-6
DealerC
Electronic
6
99
253
32
VAR>budget
Hedge
Portfolio VAR above budget
104
Tighten HY exposure bands
C08303
CR5527
2024-05-14
Calm
94
361
3.8
2.8
525,623,525
Energy:26.6;Utilities:24.9;Consumer:27.9;RealEstate:20.7
US:71.0;EU:11.2;APAC:6.5;EMEA:11.1;LATAM:0.3
BB:16.4;BBB:18.3;AAA:26.1;CCC:39.1
2.66
57.2
196
437
9.5
2.5
35
55
20
false
true
true
false
1.51
0.06
0.34
Tech:EW;Healthcare:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
6
DealerB
RFQ
9
90
-11
-291
Sector>limit
Reduce
Sector concentration above limit
223
Rotate into defensive sectors
C08304
CR4975
2025-08-26
Recovery
111
565
5.2
1
1,138,904,084
Energy:52.3;RealEstate:16.9;Materials:30.7
US:64.4;EU:6.9;APAC:6.4;EMEA:14.2;LATAM:8.2
AAA:23.4;AA:20.9;A:34.2;CCC:21.5
6.93
23.9
245
266
8
4
25
55
20
true
true
true
true
-0.44
1.14
0.5
Healthcare:EW
Hedge
iTraxx_XOVER: +60bps notional
8
-9
DealerC
DealerAxed
5
98
153
158
HYCap>limit
Rotate
High-yield share above policy cap
143
Rotate into defensive sectors
C08305
CR1352
2025-04-02
Recovery
157
529
4.5
0.5
505,142,042
Tech:35.6;Comm:19.3;Energy:15.1;Financials:29.9
US:61.3;EU:16.4;APAC:8.5;EMEA:11.4;LATAM:2.4
B:10.0;CCC:10.4;AAA:29.1;A:20.4;BBB:18.5;BB:11.6
0.62
20.9
212
130
13.7
2.5
20
35
35
true
true
false
true
1.75
1.65
-0.34
Healthcare:EW
Hedge
CDX_IG: +188bps notional
-1
40
DealerC
All2All
0
96
141
-113
Sector>limit
Reduce
Sector concentration above limit
97
Rotate into defensive sectors
C08306
CR8305
2024-03-14
Calm
74
396
3.3
2.6
2,176,053,146
Tech:36.5;Consumer:34.4;Healthcare:29.1
US:61.2;EU:9.8;APAC:12.3;EMEA:13.6;LATAM:3.0
A:23.6;BBB:25.2;AA:9.8;B:14.3;AAA:16.6;CCC:10.5
1.76
43.3
160
483
14.2
2
25
35
30
true
true
false
false
-0.18
1.79
0.22
null
Hedge
iTraxx_MAIN: +94bps notional
-18
-10
DealerC
Electronic
8
93
243
24
HYCap>limit
Hedge
High-yield share above policy cap
171
Defer adds pending macro print
C08307
CR4568
2024-07-25
Calm
78
369
4.4
2.6
1,212,984,071
RealEstate:22.9;Materials:19.8;Comm:17.6;Healthcare:5.2;Consumer:21.1;Utilities:13.4
US:66.1;EU:20.3;APAC:6.5;EMEA:3.8;LATAM:3.3
CCC:16.7;A:24.3;AA:16.9;AAA:28.1;BBB:14.0
3.14
64.3
205
248
2.2
2.5
20
35
30
true
true
false
true
-0.19
0.65
-0.27
Healthcare:EW
Hedge
Options_Payer: +99bps notional
3
40
DealerA
All2All
4
96
219
-126
HYCap>limit
Hedge
High-yield share above policy cap
245
Tighten HY exposure bands
C08308
CR2583
2025-07-14
Stress
171
596
7
-0.7
1,169,208,008
Industrials:28.5;Energy:51.5;Utilities:20.0
US:64.6;EU:14.1;APAC:9.5;EMEA:7.6;LATAM:4.2
A:26.2;BBB:35.1;AA:19.2;B:7.5;BB:12.0
4.48
22.3
266
376
6.9
2.5
25
45
20
true
true
false
true
1.8
-0.09
-0.01
RealEstate:EW
Hedge
iTraxx_XOVER: +174bps notional
-32
14
ECN2
DealerAxed
11
87
374
-223
Region>limit
Rotate
Regional concentration above limit
90
Defer adds pending macro print
C08309
CR7984
2024-11-02
Recovery
104
507
5.6
2
2,339,768,101
Tech:18.6;Financials:27.4;Energy:17.6;Consumer:18.4;RealEstate:18.0
US:71.9;EU:11.2;APAC:8.5;EMEA:8.3;LATAM:0.1
BBB:16.4;AAA:17.1;AA:11.7;B:12.7;CCC:42.1
2.29
36.7
227
356
4.6
4
20
35
30
true
true
true
true
1.01
-0.01
0.12
Healthcare:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-44
-6
DealerB
All2All
7
91
63
33
HYCap>limit
Hedge
High-yield share above policy cap
91
Escalate watchlist names
C08310
CR0470
2025-02-19
Tightening
91
492
4.8
1.8
2,753,898,184
Tech:20.9;Industrials:40.8;Healthcare:38.3
US:76.0;EU:6.8;APAC:11.7;EMEA:3.7;LATAM:1.8
CCC:19.9;A:48.1;BB:14.4;B:17.6
1.27
30.2
149
495
7.3
2
35
55
35
true
true
true
false
-0.1
0.17
0.54
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
17
-11
DealerA
DealerAxed
12
94
-146
-95
HYCap>limit
Rotate
High-yield share above policy cap
247
Tighten HY exposure bands
C08311
CR5536
2024-02-13
Stress
205
655
5.4
-0.9
1,314,653,247
Utilities:21.5;Energy:59.8;Tech:18.8
US:62.2;EU:13.6;APAC:12.4;EMEA:6.7;LATAM:5.0
B:13.8;AA:39.3;BB:3.2;AAA:43.6
6.2
42
325
528
20
2.5
35
45
25
true
true
false
true
-0.43
1.69
-0.08
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
-9
DealerC
All2All
8
88
-127
-120
Sector>limit
Reduce
Sector concentration above limit
232
Rotate into defensive sectors
C08312
CR0466
2024-02-10
Tightening
96
495
4.9
1.9
398,043,355
RealEstate:12.1;Industrials:7.0;Comm:18.6;Utilities:28.1;Energy:25.0;Materials:9.3
US:66.5;EU:7.4;APAC:11.8;EMEA:7.9;LATAM:6.5
B:9.7;AA:26.5;BB:11.6;CCC:6.7;AAA:45.5
1.07
49.2
155
498
9.1
2.5
30
45
20
false
true
true
false
-0.24
-0.11
0.22
Financials:EW
Hedge
SingleName_CDS: +136bps notional
-35
37
DealerB
RFQ
7
95
-177
-18
Sector>limit
Reduce
Sector concentration above limit
174
Reviewed by risk; hedges staggered
C08313
CR3290
2024-03-19
Recovery
142
478
6.5
0.3
1,273,895,810
Industrials:8.9;Financials:10.2;Consumer:36.2;Tech:20.6;Healthcare:7.8;Materials:16.2
US:60.9;EU:16.2;APAC:8.1;EMEA:9.7;LATAM:5.1
BBB:18.4;A:25.4;B:5.1;AA:37.9;BB:13.3
1.56
32.5
266
451
9
3
25
35
20
true
true
false
true
1.23
0.97
-0.37
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
25
DealerB
DealerAxed
12
91
89
28
Sector>limit
Hedge
Sector concentration above limit
164
Defer adds pending macro print
C08314
CR5184
2025-08-29
Tightening
93
353
5
0.6
2,704,852,207
Materials:10.0;Comm:30.7;Healthcare:25.9;Industrials:33.3
US:62.6;EU:16.8;APAC:10.2;EMEA:9.2;LATAM:1.2
CCC:7.0;AAA:15.7;AA:32.6;A:21.1;BBB:16.8;B:6.9
4.83
31.6
215
410
7
3
30
45
35
true
true
false
true
0.72
0.69
0.16
Financials:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-50
-15
DealerA
DealerAxed
4
97
358
-81
HYCap>limit
Rotate
High-yield share above policy cap
139
Rotate into defensive sectors
C08315
CR4116
2025-04-02
Tightening
152
484
5
1.6
2,891,153,921
Healthcare:15.0;Industrials:25.6;Tech:13.8;Financials:26.0;Energy:19.7
US:73.2;EU:11.8;APAC:8.2;EMEA:4.4;LATAM:2.4
AAA:13.0;BBB:27.8;CCC:11.2;AA:16.1;A:32.0
3.91
49.9
110
204
2.1
3
35
35
35
false
true
false
false
0.42
0.05
0.02
null
Hedge
SingleName_CDS: +147bps notional
2
8
ECN1
RFQ
5
85
208
-79
HYCap>limit
Reduce
High-yield share above policy cap
245
Reviewed by risk; hedges staggered
C08316
CR0297
2024-03-24
Calm
99
310
4.4
1.9
2,058,305,195
Comm:18.2;Consumer:28.7;Financials:15.5;Healthcare:37.6
US:62.9;EU:11.4;APAC:8.4;EMEA:10.8;LATAM:6.5
B:15.2;AA:22.4;BBB:12.4;AAA:22.2;CCC:13.2;A:14.6
1.05
43.5
143
183
17.7
2
30
45
20
true
true
true
false
2.38
0.83
-0.21
Materials:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-1
17
DealerC
DealerAxed
0
98
232
-309
Region>limit
Hedge
Regional concentration above limit
255
Escalate watchlist names
C08317
CR8381
2024-06-21
Calm
113
351
3.6
2.8
1,223,853,126
Comm:22.9;Financials:20.8;Materials:23.2;RealEstate:12.4;Utilities:20.8
US:62.0;EU:15.2;APAC:8.6;EMEA:9.2;LATAM:5.0
BBB:19.0;AA:13.4;B:13.4;BB:20.1;CCC:34.1
1.83
50
121
247
4.6
2
20
45
25
true
true
true
false
2.4
1.28
-0.36
null
Rotate
From Energy -1.0% to Utilities +1.0%
-48
-2
ECN2
All2All
6
93
129
-56
HYCap>limit
Reduce
High-yield share above policy cap
148
Reviewed by risk; hedges staggered
C08318
CR1520
2025-10-07
Calm
115
295
3.5
2.9
2,933,856,400
Consumer:35.4;Healthcare:39.6;Materials:25.1
US:68.4;EU:17.4;APAC:8.5;EMEA:4.0;LATAM:1.7
B:24.2;CCC:21.0;BBB:10.8;BB:20.2;AA:13.4;A:10.4
3.12
61.7
246
423
11.7
3
25
55
20
true
true
true
true
-0.12
-0.15
0.12
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
-19
ECN1
All2All
10
94
228
-398
HYCap>limit
Reduce
High-yield share above policy cap
131
Tighten HY exposure bands
C08319
CR2755
2025-08-08
Calm
99
402
3.7
2.6
1,646,099,442
RealEstate:26.9;Industrials:9.0;Utilities:20.8;Healthcare:9.3;Energy:11.5;Materials:22.5
US:70.1;EU:6.9;APAC:6.6;EMEA:10.5;LATAM:5.8
B:20.7;BB:17.3;A:23.0;BBB:38.9
4.85
61.7
129
258
17
4
20
55
30
true
true
true
false
0.22
1.31
-0.25
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
12
DealerA
DealerAxed
7
91
275
64
Region>limit
Hedge
Regional concentration above limit
182
Tighten HY exposure bands
C08320
CR1338
2024-06-15
Calm
84
293
4.2
1.9
1,945,519,325
Comm:13.6;Healthcare:21.8;Consumer:17.6;Materials:21.1;Utilities:17.7;Industrials:8.2
US:64.4;EU:11.6;APAC:7.8;EMEA:8.4;LATAM:7.7
AA:22.9;A:12.2;BBB:7.6;CCC:33.2;AAA:14.9;B:9.2
5.46
40.8
82
200
18
3
30
35
30
false
true
true
false
0.74
1.01
-0.3
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-17
25
ECN2
Electronic
9
86
198
-299
HYCap>limit
Rotate
High-yield share above policy cap
184
Reviewed by risk; hedges staggered
C08321
CR4360
2025-08-22
Stress
188
713
5.4
-1.5
202,441,161
Consumer:15.8;Energy:27.0;Healthcare:8.5;Comm:22.6;RealEstate:14.7;Tech:11.5
US:65.9;EU:13.9;APAC:11.9;EMEA:5.9;LATAM:2.4
B:10.8;A:29.6;CCC:15.1;AA:44.5
3.9
22.3
317
279
11.6
3.5
25
35
30
true
true
false
true
0.52
0.07
0.41
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
-4
DealerB
RFQ
12
99
410
-99
VAR>budget
Hedge
Portfolio VAR above budget
217
Rotate into defensive sectors
C08322
CR6414
2025-05-18
Calm
69
385
4.4
2.3
1,290,880,147
Comm:30.1;Energy:27.5;Materials:16.4;RealEstate:26.0
US:64.1;EU:12.1;APAC:15.6;EMEA:4.9;LATAM:3.3
AA:41.0;AAA:22.0;CCC:25.2;B:11.8
0.75
50.1
186
383
2.2
3
20
45
25
true
true
true
false
1.78
0.1
0.02
null
Rotate
From Energy -1.0% to Utilities +1.0%
-31
-20
DealerB
All2All
3
93
291
-136
Region>limit
Reduce
Regional concentration above limit
101
Defer adds pending macro print
C08323
CR8523
2025-04-02
Stress
242
657
5.3
-1.1
464,391,702
Energy:41.2;Industrials:26.4;Utilities:32.4
US:57.0;EU:16.4;APAC:13.1;EMEA:8.6;LATAM:4.9
BB:25.4;AAA:23.6;CCC:14.2;AA:13.2;B:23.6
7.13
57.5
307
409
18
4
25
35
25
true
true
true
true
-0.3
-0.02
0.59
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-23
9
ECN1
RFQ
9
99
201
-400
HYCap>limit
Hedge
High-yield share above policy cap
226
Escalate watchlist names
C08324
CR4450
2025-03-19
Tightening
149
437
4.2
0.9
1,386,014,730
Materials:11.9;Energy:12.2;Financials:20.2;Industrials:17.6;Consumer:16.3;Utilities:21.8
US:64.1;EU:18.0;APAC:6.3;EMEA:11.5;LATAM:0.1
B:19.3;AAA:23.9;BBB:11.4;CCC:35.5;A:10.0
3.42
51.8
137
290
9.5
3.5
25
55
20
false
true
true
false
1.41
0.62
0.37
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-2
-5
ECN2
Electronic
5
92
117
157
Sector>limit
Hedge
Sector concentration above limit
242
Reviewed by risk; hedges staggered
C08325
CR0405
2025-11-06
Recovery
166
591
5.5
0.1
464,006,086
Comm:21.1;Healthcare:15.7;Tech:8.6;Industrials:22.0;Financials:23.0;Utilities:9.6
US:69.0;EU:5.3;APAC:11.1;EMEA:8.8;LATAM:5.8
AAA:20.2;A:24.5;B:10.1;AA:15.4;CCC:29.8
0.84
40.8
113
393
15.4
4
25
35
35
false
true
true
false
0.21
-0.17
0.18
null
Hedge
CDX_HY: +179bps notional
-32
9
ECN1
DealerAxed
3
91
-69
-405
HYCap>limit
Reduce
High-yield share above policy cap
203
Escalate watchlist names
C08326
CR8249
2025-11-30
Calm
116
320
3.7
2
2,235,898,618
RealEstate:62.4;Materials:19.9;Comm:17.7
US:69.0;EU:11.4;APAC:9.5;EMEA:6.6;LATAM:3.5
AA:48.5;A:16.3;CCC:19.0;AAA:16.2
0.57
30.6
85
222
9.6
2
30
45
20
true
true
false
false
-0.31
0.9
0.48
Materials:EW
Hedge
SingleName_CDS: +101bps notional
4
-17
DealerC
All2All
7
100
66
-113
Sector>limit
Reduce
Sector concentration above limit
126
Reviewed by risk; hedges staggered
C08327
CR4976
2024-12-13
Tightening
141
406
4.5
1.8
1,872,067,863
Tech:16.8;Energy:23.6;Industrials:17.0;Consumer:14.2;Utilities:8.1;RealEstate:20.3
US:62.9;EU:16.0;APAC:6.1;EMEA:9.2;LATAM:5.9
B:27.6;CCC:25.2;BB:25.5;A:21.7
5.68
26.7
100
275
10.6
3
35
35
25
false
true
true
false
1.01
0.38
0.14
Healthcare:EW
Hedge
SingleName_CDS: +200bps notional
-27
10
DealerA
RFQ
10
85
-53
-266
HYCap>limit
PauseAdds
High-yield share above policy cap
210
Rotate into defensive sectors
C08328
CR9240
2024-01-24
Calm
86
384
3.8
2.7
2,307,545,863
Financials:26.2;Comm:24.6;Materials:49.1
US:70.7;EU:5.0;APAC:11.0;EMEA:10.2;LATAM:3.1
CCC:15.0;A:21.6;AA:19.2;BB:9.1;B:13.2;AAA:21.9
6.92
31.1
81
445
16
2.5
20
55
30
true
true
true
false
2.37
-0.15
-0.14
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
27
ECN1
RFQ
8
96
-39
-293
Sector>limit
Reduce
Sector concentration above limit
184
Defer adds pending macro print
C08329
CR6452
2025-12-13
Tightening
135
373
4.5
0.6
414,170,927
Industrials:7.3;Energy:12.9;Tech:22.7;Healthcare:20.7;Financials:19.7;Utilities:16.7
US:71.3;EU:8.2;APAC:10.2;EMEA:9.1;LATAM:1.1
AAA:33.8;BBB:12.9;A:15.5;B:8.9;CCC:13.1;AA:15.9
1
41.8
119
164
16.3
4
25
45
20
false
true
true
false
0.26
1.53
0.31
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
4
DealerC
RFQ
3
97
-115
-406
Sector>limit
Reduce
Sector concentration above limit
245
Rotate into defensive sectors
C08330
CR7656
2025-01-17
Calm
118
291
3.9
2.5
1,477,884,806
Materials:26.3;Healthcare:7.5;Tech:17.9;Comm:27.4;Energy:20.9
US:60.8;EU:8.9;APAC:15.8;EMEA:10.5;LATAM:4.0
B:11.0;AAA:7.2;BBB:18.2;AA:21.5;CCC:26.3;BB:15.8
6.77
62.7
152
275
17.4
3.5
25
55
25
true
true
true
false
1.2
0.17
-0.13
Energy:EW
Hedge
iTraxx_MAIN: +133bps notional
14
21
DealerA
Electronic
6
88
7
-456
VAR>budget
Reduce
Portfolio VAR above budget
165
Rotate into defensive sectors
C08331
CR7184
2024-12-25
Calm
114
326
4.2
2.3
456,649,307
Financials:26.5;Comm:18.5;RealEstate:12.5;Consumer:42.5
US:73.9;EU:6.0;APAC:7.8;EMEA:5.9;LATAM:6.3
BB:18.8;AA:17.9;CCC:14.5;AAA:12.3;BBB:18.8;A:17.7
1.13
46.8
251
519
7.6
2
30
35
30
true
true
true
true
0.46
0.84
-0.29
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
3
-20
DealerA
DealerAxed
1
95
437
-346
HYCap>limit
Reduce
High-yield share above policy cap
206
Defer adds pending macro print
C08332
CR8198
2025-08-07
Recovery
145
500
5.5
1.1
1,740,563,057
RealEstate:30.3;Consumer:19.4;Industrials:27.7;Financials:22.7
US:57.7;EU:15.1;APAC:16.9;EMEA:6.8;LATAM:3.6
AAA:11.6;CCC:13.9;BB:14.7;BBB:33.1;B:10.9;A:15.7
5.11
22.7
250
453
7.6
2
30
45
20
true
true
true
true
2.11
1.06
0.06
null
Rotate
From Energy -1.0% to Utilities +1.0%
-17
-8
DealerB
RFQ
12
90
-61
168
HYCap>limit
Reduce
High-yield share above policy cap
166
Rotate into defensive sectors
C08333
CR8863
2025-11-08
Calm
110
297
3.6
2.2
2,645,651,202
Industrials:13.0;Consumer:13.9;Financials:14.5;Healthcare:30.1;Utilities:28.4
US:70.4;EU:10.2;APAC:8.5;EMEA:7.3;LATAM:3.7
A:33.1;AA:13.1;B:33.7;CCC:20.1
5.22
25.3
92
121
13.7
2.5
35
35
20
false
true
true
false
2.09
0.5
0.44
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
44
DealerA
Electronic
8
96
-6
6
Sector>limit
Reduce
Sector concentration above limit
158
Tighten HY exposure bands
C08334
CR6138
2024-09-04
Stress
227
717
7.1
-0.4
672,831,029
Utilities:15.1;RealEstate:29.6;Energy:8.7;Tech:12.8;Materials:33.8
US:69.1;EU:8.8;APAC:8.2;EMEA:13.6;LATAM:0.3
AA:38.8;BB:16.2;BBB:21.6;AAA:23.4
3.98
37.6
361
335
13.3
3.5
25
55
30
true
true
false
true
-0.49
0.77
-0.37
Utilities:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
35
ECN1
Electronic
10
86
359
-69
HYCap>limit
Hedge
High-yield share above policy cap
174
Defer adds pending macro print
C08335
CR9229
2025-04-23
Tightening
115
480
4.4
1.3
1,764,515,144
Healthcare:9.0;Utilities:19.6;Energy:15.5;RealEstate:19.4;Consumer:18.0;Comm:18.4
US:57.8;EU:20.2;APAC:7.6;EMEA:13.4;LATAM:1.0
B:10.5;AAA:32.0;BBB:38.8;BB:18.6
6.47
47.1
218
501
7.2
3.5
20
35
20
false
true
true
true
1.5
0.48
-0.19
null
Hedge
iTraxx_MAIN: +189bps notional
-57
-11
ECN2
DealerAxed
2
96
3
10
HYCap>limit
Hedge
High-yield share above policy cap
201
Defer adds pending macro print
C08336
CR1350
2025-02-01
Tightening
120
402
4.3
1.5
1,097,030,885
RealEstate:23.5;Healthcare:23.4;Financials:27.0;Comm:11.7;Utilities:14.4
US:60.5;EU:16.1;APAC:7.1;EMEA:8.9;LATAM:7.4
AAA:45.0;B:7.2;A:24.8;CCC:23.1
1
20.9
125
486
15.8
2
20
45
20
true
true
true
false
-0.3
0.86
0.05
Healthcare:EW
Hedge
CDX_IG: +76bps notional
-40
-21
ECN1
Electronic
6
85
52
103
VAR>budget
Reduce
Portfolio VAR above budget
181
Tighten HY exposure bands
C08337
CR4293
2025-05-08
Stress
233
624
5.3
-0.1
2,183,573,851
Energy:18.5;Healthcare:15.4;Tech:21.6;Comm:16.7;Financials:19.8;Industrials:8.0
US:67.1;EU:15.3;APAC:6.5;EMEA:6.1;LATAM:5.0
AA:27.4;BB:13.0;AAA:46.6;CCC:13.0
4.64
26.6
179
467
20.6
4
20
45
35
true
true
false
false
1.65
1.37
0.36
RealEstate:EW;Healthcare:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-45
28
DealerC
Electronic
6
100
70
-384
Region>limit
Reduce
Regional concentration above limit
121
Rotate into defensive sectors
C08338
CR5523
2024-10-23
Tightening
158
474
4
1.4
224,482,040
Comm:24.4;Tech:11.0;Energy:28.7;Materials:13.4;Consumer:12.2;Healthcare:10.3
US:64.6;EU:9.2;APAC:11.0;EMEA:9.1;LATAM:6.1
CCC:23.6;AAA:16.1;BB:21.5;AA:19.9;A:12.9;BBB:5.9
7.06
54.6
143
370
11.5
3.5
35
35
35
false
true
true
false
1.33
1.5
-0.09
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-25
-21
DealerC
DealerAxed
8
92
410
77
HYCap>limit
Rotate
High-yield share above policy cap
205
Reviewed by risk; hedges staggered
C08339
CR3933
2024-04-11
Calm
68
335
3.4
2.3
2,160,951,691
Energy:20.5;RealEstate:10.6;Financials:27.7;Tech:22.2;Utilities:19.0
US:57.0;EU:12.6;APAC:12.6;EMEA:11.3;LATAM:6.6
AA:25.3;A:28.6;CCC:23.1;BBB:23.1
5.04
57.2
224
289
3.5
2
35
35
35
false
true
false
true
0.5
0.62
-0.06
Materials:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-43
-6
DealerC
RFQ
10
90
388
-90
HYCap>limit
Reduce
High-yield share above policy cap
184
Reviewed by risk; hedges staggered
C08340
CR5214
2024-09-11
Recovery
161
628
6.2
1.2
2,963,822,069
Financials:15.0;RealEstate:18.0;Energy:6.2;Tech:18.7;Industrials:20.5;Comm:21.6
US:74.9;EU:6.2;APAC:11.8;EMEA:7.0;LATAM:0.1
BBB:11.9;AAA:10.3;BB:24.9;AA:17.1;B:35.9
7.24
60.5
234
411
7.6
2.5
35
45
35
false
true
true
true
2.04
-0.29
0.23
Comm:EW;Healthcare:EW
Hedge
iTraxx_XOVER: +130bps notional
-53
40
ECN2
Electronic
4
85
238
-162
Sector>limit
Rotate
Sector concentration above limit
194
Escalate watchlist names
C08341
CR0033
2025-08-03
Tightening
137
517
4.4
1.1
1,964,642,558
Comm:25.6;RealEstate:28.0;Healthcare:38.0;Materials:8.4
US:62.0;EU:17.4;APAC:12.0;EMEA:6.6;LATAM:2.0
CCC:15.3;BBB:15.8;A:19.6;AAA:15.2;B:18.2;AA:15.8
6.88
48.7
102
519
10.5
3.5
25
55
20
true
true
true
false
-0.21
1.37
-0.35
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-2
-1
ECN2
DealerAxed
5
88
311
-43
HYCap>limit
Rotate
High-yield share above policy cap
110
Rotate into defensive sectors
C08342
CR9819
2024-11-17
Stress
172
750
7.4
-1
343,346,180
Healthcare:33.3;Comm:50.1;Financials:16.6
US:73.5;EU:6.8;APAC:10.3;EMEA:8.1;LATAM:1.3
AAA:22.4;B:11.4;A:26.0;CCC:21.6;AA:12.2;BB:6.3
6.76
51.5
325
378
16.5
4
35
55
35
true
true
true
true
-0
1.04
0.23
null
Hedge
CDX_HY: +181bps notional
-50
43
DealerC
Electronic
3
98
366
168
VAR>budget
Reduce
Portfolio VAR above budget
160
Defer adds pending macro print
C08343
CR8928
2025-11-03
Recovery
155
528
4.7
0.2
2,960,259,928
Tech:37.8;Industrials:14.4;RealEstate:19.0;Healthcare:28.9
US:65.7;EU:8.1;APAC:10.3;EMEA:6.3;LATAM:9.5
CCC:26.1;BB:19.8;A:24.4;BBB:10.0;AAA:11.8;AA:7.8
2.76
45.3
206
325
15.1
3.5
35
55
20
true
true
true
true
-0.03
0.95
-0.16
Healthcare:EW;Industrials:EW
Hedge
iTraxx_XOVER: +184bps notional
-8
-20
ECN2
All2All
11
99
322
-47
Sector>limit
Rotate
Sector concentration above limit
90
Escalate watchlist names
C08344
CR6907
2024-08-26
Tightening
96
425
4
1.9
1,234,506,909
Financials:46.9;Consumer:23.2;Tech:29.9
US:67.8;EU:11.7;APAC:8.5;EMEA:10.4;LATAM:1.7
BB:23.1;CCC:16.2;B:6.3;BBB:13.8;A:30.8;AA:9.8
3.76
29.4
235
266
3
3
30
35
20
true
true
true
true
0.1
0.58
0.41
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
18
DealerB
DealerAxed
6
98
181
-59
Sector>limit
Reduce
Sector concentration above limit
212
Escalate watchlist names
C08345
CR5753
2025-02-03
Stress
248
674
8
-1.4
759,170,032
RealEstate:12.1;Healthcare:46.1;Industrials:29.1;Comm:12.7
US:72.4;EU:10.8;APAC:9.0;EMEA:7.7;LATAM:0.2
AA:21.3;B:25.7;CCC:15.9;A:37.2
3.8
41.7
257
238
17.3
4
30
35
30
true
true
true
true
2.08
1.77
0.59
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-2
-9
DealerA
All2All
7
89
306
-37
VAR>budget
Hedge
Portfolio VAR above budget
256
Defer adds pending macro print
C08346
CR0816
2025-02-09
Recovery
125
431
4.6
-0
1,031,524,469
Industrials:7.8;Financials:11.1;Utilities:11.5;RealEstate:23.6;Materials:21.0;Healthcare:25.1
US:59.7;EU:18.7;APAC:8.0;EMEA:9.1;LATAM:4.6
BBB:31.5;AA:20.1;A:17.9;B:30.5
5.75
20.6
85
132
12.8
4
25
55
35
true
true
false
false
2.35
0.38
-0.34
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
-4
DealerB
DealerAxed
2
89
-28
-353
Sector>limit
Reduce
Sector concentration above limit
165
Tighten HY exposure bands
C08347
CR8856
2024-10-24
Stress
146
756
5.6
0
2,039,496,154
Comm:64.2;Healthcare:20.7;Energy:15.1
US:59.7;EU:21.2;APAC:5.9;EMEA:9.5;LATAM:3.6
BB:9.2;A:29.1;B:7.4;CCC:2.5;AAA:12.2;AA:39.6
1.29
40.8
338
296
15.2
2.5
25
45
35
true
true
false
true
0.83
1.62
0.6
Industrials:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
33
ECN1
RFQ
8
98
116
-66
VAR>budget
Rotate
Portfolio VAR above budget
107
Defer adds pending macro print
C08348
CR2007
2025-07-24
Calm
75
390
4
1.6
523,929,102
RealEstate:51.1;Financials:31.0;Comm:17.9
US:76.7;EU:6.6;APAC:6.1;EMEA:10.0;LATAM:0.6
B:8.2;AAA:28.5;BBB:29.0;BB:12.0;A:22.3
5.63
29.5
115
122
14.9
2.5
20
55
20
true
true
true
false
0.2
0.55
0.11
Healthcare:EW
Hedge
SingleName_CDS: +167bps notional
-44
-10
DealerB
All2All
0
88
244
-244
Region>limit
Hedge
Regional concentration above limit
228
Tighten HY exposure bands
C08349
CR8283
2025-04-30
Recovery
120
478
5.9
2
2,573,889,007
Tech:12.7;RealEstate:17.7;Comm:24.4;Utilities:33.0;Industrials:12.2
US:74.2;EU:8.5;APAC:10.7;EMEA:6.0;LATAM:0.6
BB:28.4;AAA:40.7;BBB:20.9;B:10.0
4.63
20.3
182
319
13.2
4
25
45
30
true
true
true
false
2.37
0.85
0.1
Healthcare:EW;Industrials:EW
Hedge
Treasury_Futures: +61bps notional
-7
-18
DealerB
All2All
10
89
201
127
VAR>budget
Hedge
Portfolio VAR above budget
216
Tighten HY exposure bands
C08350
CR7314
2025-11-28
Stress
198
747
6.7
-1
835,695,368
Healthcare:17.0;Materials:15.8;Tech:14.5;Financials:10.3;Energy:22.7;Consumer:19.8
US:72.1;EU:5.0;APAC:12.9;EMEA:8.3;LATAM:1.7
BB:10.6;AAA:13.1;BBB:38.3;A:38.0
1.43
44.2
297
597
14.5
2.5
20
45
20
true
true
false
true
1.8
1.3
0.53
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
20
DealerA
Electronic
8
98
203
125
VAR>budget
Hedge
Portfolio VAR above budget
185
Rotate into defensive sectors
C08351
CR3338
2024-09-10
Recovery
163
523
6.1
0.9
89,965,436
Consumer:19.1;Energy:39.3;Healthcare:13.2;Utilities:28.4
US:67.1;EU:6.4;APAC:16.5;EMEA:6.0;LATAM:4.0
A:39.9;B:19.0;BBB:26.8;AAA:14.3
0.53
40.8
86
332
2.8
3.5
30
55
30
true
true
false
false
0.79
1.37
0.06
Consumer:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
32
ECN1
All2All
9
96
-101
-350
VAR>budget
Reduce
Portfolio VAR above budget
237
Defer adds pending macro print
C08352
CR3934
2025-12-20
Recovery
161
452
5.7
1.5
2,327,854,368
Consumer:9.4;Tech:35.1;Utilities:17.1;Comm:38.4
US:65.0;EU:15.7;APAC:6.5;EMEA:6.8;LATAM:6.0
BB:12.5;CCC:17.4;B:16.9;A:11.4;BBB:13.6;AA:28.2
1.24
20.5
159
397
12.5
4
20
55
25
true
true
true
false
1
0.77
-0.34
Utilities:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
17
DealerA
RFQ
8
98
334
-346
VAR>budget
Hedge
Portfolio VAR above budget
182
Tighten HY exposure bands
C08353
CR3667
2024-02-22
Calm
78
396
3.8
1.5
724,962,682
Tech:23.8;Materials:24.9;Energy:11.6;Industrials:22.6;Financials:17.1
US:72.6;EU:13.6;APAC:8.4;EMEA:2.9;LATAM:2.5
BBB:15.9;A:20.5;B:14.9;CCC:8.6;AA:23.6;AAA:16.4
0.82
26.9
102
158
2.6
3.5
20
35
35
true
true
false
false
1.79
-0.3
0.01
Consumer:EW
Hedge
Treasury_Futures: +94bps notional
14
-15
DealerC
Electronic
5
98
-68
-420
VAR>budget
Hedge
Portfolio VAR above budget
150
Tighten HY exposure bands
C08354
CR6953
2025-01-25
Recovery
110
640
6
1.2
918,207,120
Materials:29.0;RealEstate:32.2;Consumer:10.3;Healthcare:28.5
US:58.8;EU:18.1;APAC:5.5;EMEA:11.4;LATAM:6.2
B:7.9;AAA:40.3;A:23.5;CCC:9.8;BBB:18.5
1.36
25.7
168
381
3
2.5
20
35
35
true
true
false
false
1.58
0.82
-0.06
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
22
ECN1
DealerAxed
1
98
265
-174
VAR>budget
Rotate
Portfolio VAR above budget
107
Defer adds pending macro print
C08355
CR8216
2025-11-18
Recovery
147
549
5.8
0.7
632,338,901
Energy:19.1;RealEstate:17.8;Comm:13.9;Utilities:11.3;Healthcare:19.5;Materials:18.5
US:58.1;EU:14.7;APAC:13.8;EMEA:6.0;LATAM:7.4
AAA:21.3;B:37.9;A:13.2;AA:12.6;CCC:15.1
1.74
46.9
257
406
17.4
3.5
35
35
25
false
true
true
true
0.44
1.53
0.34
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
-3
ECN2
DealerAxed
9
91
286
-95
Region>limit
Rotate
Regional concentration above limit
237
Escalate watchlist names
C08356
CR4509
2025-08-06
Calm
95
406
4.4
1.8
221,341,902
Comm:51.6;Consumer:14.4;Utilities:34.0
US:63.3;EU:13.1;APAC:12.6;EMEA:9.9;LATAM:1.1
AAA:16.6;BB:27.5;BBB:5.8;AA:17.0;A:17.9;CCC:15.2
5.44
23.3
171
339
16.8
2
30
45
20
true
true
true
false
0.51
1.62
0.12
null
Hedge
SingleName_CDS: +60bps notional
-39
42
ECN1
RFQ
5
89
192
-229
Sector>limit
PauseAdds
Sector concentration above limit
192
Escalate watchlist names
C08357
CR9706
2024-10-01
Recovery
132
510
5.7
0.3
2,130,578,684
Consumer:23.4;RealEstate:38.7;Industrials:23.9;Comm:14.0
US:62.7;EU:13.5;APAC:10.5;EMEA:11.0;LATAM:2.3
AAA:14.0;AA:17.0;CCC:32.1;B:13.3;BBB:23.7
2.63
22
107
419
4.9
2
30
45
35
true
true
true
false
0.24
0.16
0.32
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
28
ECN1
Electronic
0
91
87
-136
VAR>budget
Reduce
Portfolio VAR above budget
237
Defer adds pending macro print
C08358
CR6166
2024-02-14
Stress
162
606
7.2
-0.7
2,497,235,270
Comm:49.6;Industrials:29.9;Consumer:20.6
US:67.8;EU:8.8;APAC:11.7;EMEA:6.8;LATAM:4.9
BBB:12.7;CCC:6.7;BB:16.0;AAA:9.8;AA:32.1;A:22.7
0.42
61.7
160
489
12.3
2.5
20
45
30
true
true
false
false
-0.49
1.43
-0.2
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-13
32
DealerA
All2All
10
99
210
92
Region>limit
Hedge
Regional concentration above limit
174
Escalate watchlist names
C08359
CR7526
2024-09-16
Recovery
164
485
5.1
1.3
705,931,758
Energy:25.8;Tech:19.6;RealEstate:31.6;Consumer:23.1
US:62.0;EU:15.4;APAC:6.6;EMEA:9.0;LATAM:7.0
BBB:20.1;B:24.7;BB:30.1;CCC:6.5;A:18.6
4.38
48.8
275
431
16.7
2
25
45
30
true
true
true
true
1.99
0.85
0.22
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
11
-24
ECN2
RFQ
6
89
-68
-254
Sector>limit
Hedge
Sector concentration above limit
141
Rotate into defensive sectors
C08360
CR8316
2025-06-29
Tightening
107
397
3.8
1.7
839,918,279
Utilities:40.9;Consumer:12.1;RealEstate:24.9;Energy:22.2
US:77.6;EU:5.6;APAC:12.6;EMEA:4.3;LATAM:0.0
CCC:10.4;AAA:29.0;BBB:28.1;BB:8.1;AA:24.4
1.32
52.9
134
481
9.2
2.5
20
45
25
true
true
false
false
0.43
1.15
-0.02
Tech:EW
Hedge
iTraxx_MAIN: +160bps notional
-51
-1
DealerC
All2All
1
96
201
98
Sector>limit
Hedge
Sector concentration above limit
95
Reviewed by risk; hedges staggered
C08361
CR5627
2024-10-22
Calm
113
364
4.2
2.8
286,591,523
RealEstate:25.8;Tech:30.9;Comm:21.8;Utilities:21.5
US:67.7;EU:9.9;APAC:11.3;EMEA:8.6;LATAM:2.5
A:16.2;B:24.0;AAA:30.5;CCC:9.0;AA:20.2
1.16
39.1
248
198
10.3
2.5
20
35
25
true
true
true
true
1.31
0.55
-0.15
Industrials:EW;Tech:EW
Hedge
iTraxx_MAIN: +121bps notional
-54
37
DealerB
All2All
4
98
-150
85
Region>limit
Hedge
Regional concentration above limit
198
Defer adds pending macro print
C08362
CR8528
2024-10-27
Calm
85
410
4.3
1.8
2,007,720,962
RealEstate:25.0;Industrials:20.1;Consumer:28.3;Energy:8.5;Utilities:18.2
US:59.3;EU:11.5;APAC:12.3;EMEA:9.4;LATAM:7.4
BBB:40.5;AAA:12.3;CCC:20.3;A:26.9
3.9
47.1
236
218
3.1
3.5
30
45
25
false
true
false
true
1.18
0.67
-0.38
Tech:EW
Hedge
SingleName_CDS: +129bps notional
-14
8
ECN1
Electronic
11
91
297
-389
Sector>limit
Reduce
Sector concentration above limit
242
Escalate watchlist names
C08363
CR1392
2025-07-20
Recovery
136
537
5.5
1.4
2,681,704,808
Energy:17.0;Tech:16.1;Industrials:37.9;Comm:29.0
US:75.8;EU:8.3;APAC:8.9;EMEA:5.8;LATAM:1.2
BBB:35.8;B:12.2;BB:2.6;AAA:11.5;AA:37.9
2.47
27.5
130
327
11.2
3
25
45
35
true
true
false
false
0.51
-0.17
0.28
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-17
0
ECN1
RFQ
2
90
275
-352
Sector>limit
Reduce
Sector concentration above limit
100
Escalate watchlist names
C08364
CR3518
2025-04-16
Recovery
146
564
6.4
1.4
1,998,697,457
Healthcare:21.9;Industrials:11.1;Comm:9.0;Energy:31.3;RealEstate:12.8;Tech:13.8
US:59.5;EU:16.9;APAC:7.9;EMEA:10.0;LATAM:5.7
AAA:16.9;B:16.6;A:22.8;BB:27.4;BBB:16.3
0.82
43.4
129
366
13.5
2.5
35
55
35
false
true
true
false
0.33
1.3
0.15
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
-24
ECN1
RFQ
10
91
-169
56
Sector>limit
Hedge
Sector concentration above limit
131
Tighten HY exposure bands
C08365
CR7223
2024-01-09
Calm
85
351
4.1
2.1
1,467,123,244
Energy:14.5;Materials:13.0;Healthcare:28.8;Comm:11.5;Utilities:23.4;Tech:8.8
US:64.6;EU:16.6;APAC:7.6;EMEA:7.4;LATAM:3.9
CCC:6.1;BBB:32.5;AA:16.9;AAA:32.7;BB:6.0;B:5.9
5.33
62.6
250
430
16.7
2.5
30
45
30
false
true
false
true
1.17
1.7
-0.18
Energy:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
41
DealerA
Electronic
4
93
314
-300
VAR>budget
Hedge
Portfolio VAR above budget
129
Tighten HY exposure bands
C08366
CR1798
2025-03-23
Recovery
118
650
4.6
1.1
2,912,823,525
Industrials:18.7;Financials:11.3;Utilities:8.9;Tech:21.7;Materials:18.4;Comm:20.9
US:58.8;EU:13.3;APAC:13.0;EMEA:11.4;LATAM:3.5
AA:14.2;BB:25.5;BBB:14.1;CCC:35.1;A:11.0
1.86
27.2
90
432
7.8
3
30
35
20
false
true
true
false
0.27
1.16
0.12
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
6
19
ECN1
All2All
10
89
-14
90
Region>limit
Rotate
Regional concentration above limit
157
Tighten HY exposure bands
C08367
CR3828
2025-07-23
Calm
67
326
4.4
3
76,487,056
Comm:17.2;Healthcare:24.4;RealEstate:7.7;Utilities:16.9;Tech:20.6;Energy:13.2
US:67.9;EU:6.7;APAC:8.3;EMEA:9.8;LATAM:7.2
AAA:18.4;BBB:16.6;BB:21.5;AA:11.3;A:19.6;B:12.7
6.38
52.6
226
389
11.5
3
20
35
30
true
true
true
true
2.3
0.71
0.15
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
31
ECN2
RFQ
2
86
419
-232
HYCap>limit
Reduce
High-yield share above policy cap
212
Tighten HY exposure bands
C08368
CR5197
2025-10-05
Stress
161
830
5.2
-0.2
1,212,710,702
Utilities:16.8;Comm:18.1;Industrials:23.7;Consumer:21.3;RealEstate:12.8;Tech:7.4
US:67.6;EU:11.7;APAC:6.5;EMEA:9.5;LATAM:4.7
AA:29.7;B:23.3;A:33.1;CCC:5.8;BB:8.1
3.17
35.4
318
533
17.6
2
25
35
20
false
true
true
true
2.48
0.87
0.26
Energy:EW;Materials:EW;Comm:EW
Hedge
Options_Payer: +168bps notional
13
-23
DealerC
Electronic
0
96
-17
-197
Region>limit
Hedge
Regional concentration above limit
186
Reviewed by risk; hedges staggered
C08369
CR4250
2024-11-11
Stress
199
731
8.2
0.7
2,059,102,380
RealEstate:24.9;Industrials:26.5;Utilities:20.1;Consumer:28.6
US:61.5;EU:14.6;APAC:9.7;EMEA:8.6;LATAM:5.6
A:18.0;AA:26.2;CCC:15.5;AAA:40.3
4.63
29.3
347
465
11.4
2.5
20
35
25
true
true
false
true
0.92
0.34
-0.13
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
41
DealerA
RFQ
6
98
140
-275
HYCap>limit
Hedge
High-yield share above policy cap
154
Tighten HY exposure bands
C08370
CR9441
2024-02-25
Recovery
112
421
5.3
0.5
2,266,222,552
RealEstate:16.3;Tech:21.5;Consumer:8.3;Industrials:26.7;Comm:27.2
US:67.1;EU:20.9;APAC:6.3;EMEA:3.7;LATAM:2.0
A:52.0;CCC:13.3;AA:18.3;B:16.4
6.96
47.5
135
368
5.2
2
20
35
35
true
true
false
false
0.14
1.16
0.32
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
39
DealerC
All2All
6
100
307
-263
HYCap>limit
Hedge
High-yield share above policy cap
124
Reviewed by risk; hedges staggered
C08371
CR5320
2024-10-28
Tightening
113
457
4.5
0.8
1,573,573,722
Comm:12.0;Tech:31.5;Financials:18.5;Materials:37.9
US:69.3;EU:12.6;APAC:5.0;EMEA:10.7;LATAM:2.4
CCC:22.6;BB:25.3;B:24.0;AAA:12.3;AA:15.8
5.89
21.4
192
278
2.9
3
25
45
25
true
true
true
false
2.34
0.37
-0.21
null
Rotate
From Energy -1.0% to Utilities +1.0%
3
-13
DealerB
Electronic
12
90
172
-335
HYCap>limit
Hedge
High-yield share above policy cap
136
Tighten HY exposure bands
C08372
CR3582
2025-08-24
Tightening
95
393
4.4
0.7
2,409,227,774
Tech:22.8;Industrials:43.8;Materials:22.4;Financials:11.0
US:66.6;EU:8.0;APAC:7.6;EMEA:10.8;LATAM:7.1
CCC:7.7;A:8.8;B:18.8;BB:33.1;AA:21.1;AAA:10.5
3.65
37.6
113
376
15.1
3
30
35
30
true
true
true
false
1.02
1.06
0.32
Utilities:EW
Hedge
Options_Payer: +132bps notional
-49
20
DealerA
RFQ
3
87
-71
49
HYCap>limit
Reduce
High-yield share above policy cap
174
Defer adds pending macro print
C08373
CR2345
2025-11-27
Calm
91
289
3.2
1.7
1,983,411,863
Financials:31.9;Utilities:27.8;Healthcare:40.2
US:73.5;EU:8.1;APAC:6.5;EMEA:8.2;LATAM:3.7
A:24.3;B:40.1;CCC:17.6;AAA:18.0
2.03
61.5
219
341
16.2
3
35
55
20
true
true
true
true
2
1.16
-0.15
Comm:EW;Tech:EW
Hedge
iTraxx_MAIN: +55bps notional
-20
38
DealerC
DealerAxed
9
90
88
-80
HYCap>limit
Rotate
High-yield share above policy cap
177
Reviewed by risk; hedges staggered
C08374
CR6884
2024-06-22
Stress
254
588
5.6
-1.9
681,645,592
Industrials:12.4;Consumer:21.9;Utilities:16.0;Energy:7.3;RealEstate:22.2;Tech:20.2
US:58.5;EU:16.6;APAC:12.5;EMEA:8.6;LATAM:3.7
BB:33.8;AAA:29.8;AA:17.6;CCC:18.8
2.57
60.3
166
349
14.2
2
35
35
35
false
true
true
false
0.34
0.97
0.23
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
-2
DealerC
DealerAxed
0
85
-47
-367
VAR>budget
Reduce
Portfolio VAR above budget
118
Tighten HY exposure bands
C08375
CR5817
2024-01-29
Stress
247
792
6.1
0.8
2,431,703,392
Materials:15.5;Comm:27.0;Healthcare:7.6;Industrials:30.4;Financials:19.6
US:70.6;EU:14.5;APAC:6.7;EMEA:6.8;LATAM:1.3
BBB:25.9;AA:19.7;BB:18.3;CCC:10.2;A:11.0;AAA:14.9
7.36
51.1
245
436
10
4
20
55
20
true
true
true
true
0.66
0.94
-0.19
Materials:EW
Hedge
Treasury_Futures: +158bps notional
8
9
ECN2
All2All
7
86
347
-75
Region>limit
Rotate
Regional concentration above limit
134
Rotate into defensive sectors
C08376
CR8316
2025-10-28
Stress
251
802
7.1
-1.9
164,780,852
Industrials:9.9;Energy:19.8;Consumer:35.3;Materials:35.0
US:73.6;EU:7.5;APAC:8.7;EMEA:5.3;LATAM:5.0
AA:26.9;A:36.2;CCC:15.0;BBB:21.9
4.4
61.6
250
238
17.7
3.5
20
55
20
true
true
false
true
1.57
0.26
0.41
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
14
DealerA
DealerAxed
9
95
299
186
VAR>budget
Reduce
Portfolio VAR above budget
240
Reviewed by risk; hedges staggered
C08377
CR1043
2024-07-21
Calm
110
375
3.3
2.9
1,917,141,987
Tech:38.0;Industrials:40.9;Utilities:21.1
US:73.6;EU:8.0;APAC:5.0;EMEA:9.7;LATAM:3.6
CCC:6.6;A:14.2;AA:16.0;AAA:6.7;B:25.2;BB:31.3
2.45
22.9
264
124
10.2
3
35
35
30
true
true
true
true
1.1
-0.11
-0.1
Utilities:EW
Hedge
CDX_HY: +102bps notional
8
36
ECN2
DealerAxed
5
97
97
144
HYCap>limit
Reduce
High-yield share above policy cap
133
Defer adds pending macro print
C08378
CR2984
2025-05-03
Calm
94
403
3.4
2.9
1,727,798,503
Materials:36.0;RealEstate:36.5;Comm:27.5
US:62.8;EU:15.7;APAC:8.8;EMEA:8.2;LATAM:4.5
AAA:16.8;BB:27.3;CCC:27.5;B:17.4;AA:10.9
4.7
35.5
225
308
15.7
4
30
45
20
true
true
true
true
1.2
0.09
-0.36
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-60
-23
DealerA
Electronic
3
97
170
-101
Sector>limit
Reduce
Sector concentration above limit
258
Reviewed by risk; hedges staggered
C08379
CR1527
2024-11-01
Stress
241
716
7.7
-0.6
128,471,204
Comm:22.0;Consumer:13.0;Tech:19.0;RealEstate:7.4;Energy:22.0;Financials:16.5
US:70.9;EU:14.3;APAC:8.6;EMEA:4.7;LATAM:1.5
BBB:27.2;B:7.3;A:13.6;AAA:23.0;BB:2.4;AA:26.5
5.31
32.9
321
508
14.1
2.5
25
55
20
false
true
false
true
0.95
0.63
0.26
RealEstate:EW
Hedge
iTraxx_XOVER: +80bps notional
-51
-6
ECN1
Electronic
12
95
-21
98
VAR>budget
Reduce
Portfolio VAR above budget
110
Reviewed by risk; hedges staggered
C08380
CR8376
2025-02-04
Calm
109
361
3.5
1.8
98,209,193
Financials:11.9;Comm:21.2;Industrials:36.2;Utilities:30.8
US:72.7;EU:8.4;APAC:10.6;EMEA:4.7;LATAM:3.7
B:6.2;AA:30.4;CCC:7.6;AAA:12.9;A:43.0
5.36
27.5
99
186
5.2
4
25
45
25
true
true
false
false
0.49
0.83
0.56
Industrials:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
9
-7
ECN2
All2All
9
98
11
-295
VAR>budget
Hedge
Portfolio VAR above budget
202
Rotate into defensive sectors
C08381
CR2366
2024-05-15
Recovery
102
540
6.5
-0.1
57,175,741
Consumer:22.1;Energy:17.1;Tech:16.8;Healthcare:18.8;Materials:15.2;Utilities:10.0
US:70.9;EU:14.0;APAC:7.5;EMEA:5.6;LATAM:2.0
CCC:10.6;B:13.7;A:21.2;AAA:54.5
1.29
33.7
191
354
4.6
3
35
45
35
false
true
false
false
0.61
1.28
-0.26
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
-19
DealerC
Electronic
4
87
154
-213
Region>limit
Hedge
Regional concentration above limit
249
Rotate into defensive sectors
C08382
CR8914
2024-03-28
Tightening
129
500
3.9
1.4
2,721,454,142
Industrials:29.3;Comm:27.8;Healthcare:9.3;Financials:21.1;Materials:12.5
US:64.1;EU:18.5;APAC:12.4;EMEA:3.3;LATAM:1.7
AAA:48.5;BB:8.4;B:6.6;AA:36.5
3.98
23.2
115
367
16.1
3
35
55
30
false
true
false
false
0.69
1.61
-0.37
Industrials:EW
Hedge
Options_Payer: +152bps notional
-31
40
ECN2
RFQ
12
88
-4
-283
VAR>budget
Hedge
Portfolio VAR above budget
163
Escalate watchlist names
C08383
CR1004
2025-08-17
Recovery
166
509
4.8
1.8
1,106,837,562
Energy:17.9;Financials:24.8;Utilities:23.7;Healthcare:22.0;Materials:11.6
US:66.7;EU:10.4;APAC:11.2;EMEA:8.5;LATAM:3.2
BB:12.5;AA:21.7;CCC:33.4;A:32.4
1.95
54.1
122
274
7.4
3.5
35
55
30
false
true
true
false
1.9
1.07
-0.15
null
Rotate
From Energy -1.0% to Utilities +1.0%
5
37
DealerA
All2All
10
90
-98
-419
HYCap>limit
Hedge
High-yield share above policy cap
208
Reviewed by risk; hedges staggered
C08384
CR0449
2024-11-10
Recovery
148
435
4.7
0.4
1,879,282,162
Materials:8.6;RealEstate:25.6;Healthcare:9.2;Energy:31.1;Consumer:25.5
US:62.4;EU:13.2;APAC:12.5;EMEA:8.0;LATAM:3.9
AA:14.0;BBB:36.0;BB:25.7;B:14.3;CCC:9.9
6.35
30.3
264
189
7.8
2.5
20
45
30
true
true
true
true
1.69
-0.26
0.13
Comm:EW
Hedge
Options_Payer: +184bps notional
-22
0
DealerB
RFQ
9
93
106
-142
Region>limit
Hedge
Regional concentration above limit
234
Tighten HY exposure bands
C08385
CR6097
2024-09-17
Tightening
107
492
5
1.2
2,486,098,593
Financials:14.2;RealEstate:15.4;Tech:13.8;Industrials:13.7;Consumer:28.9;Healthcare:14.0
US:67.5;EU:8.1;APAC:10.5;EMEA:8.3;LATAM:5.6
BB:22.3;AA:25.2;BBB:18.9;B:8.5;A:25.0
3.53
39.6
94
265
16.1
2
25
35
25
true
true
true
false
0.52
0.01
-0.33
Energy:EW
Hedge
Treasury_Futures: +85bps notional
13
36
ECN1
DealerAxed
8
87
199
-331
Region>limit
Reduce
Regional concentration above limit
130
Reviewed by risk; hedges staggered
C08386
CR0237
2025-04-19
Recovery
130
623
5.3
1
2,674,496,315
Energy:24.4;Materials:28.4;RealEstate:11.7;Financials:9.6;Tech:25.8
US:60.8;EU:14.3;APAC:10.7;EMEA:7.9;LATAM:6.4
B:36.4;BB:24.5;BBB:16.4;A:10.2;AA:12.5
2.58
40.2
205
382
8.1
4
30
45
25
false
true
true
true
0.22
1.32
0.03
Industrials:EW;RealEstate:EW
Hedge
Treasury_Futures: +123bps notional
5
21
ECN1
Electronic
11
97
385
-313
Region>limit
Hedge
Regional concentration above limit
248
Defer adds pending macro print
C08387
CR7109
2025-03-03
Stress
194
774
7.5
-0.3
2,480,220,439
Healthcare:27.6;RealEstate:39.5;Comm:32.9
US:68.4;EU:5.0;APAC:12.2;EMEA:7.4;LATAM:7.0
B:18.2;A:22.4;AAA:18.2;BBB:41.1
1.39
57.7
227
314
13.6
4
35
55
35
true
true
false
true
1.5
1.07
0.47
null
Hedge
CDX_HY: +84bps notional
5
-20
ECN1
All2All
12
90
219
-238
Sector>limit
Reduce
Sector concentration above limit
135
Escalate watchlist names
C08388
CR3997
2024-02-11
Stress
209
729
8.1
-0.1
298,730,023
Financials:33.2;Comm:21.1;Consumer:11.5;Utilities:34.2
US:65.3;EU:8.1;APAC:8.1;EMEA:12.7;LATAM:5.8
B:14.7;BB:26.3;AAA:41.3;A:17.7
5.84
60.2
225
226
11.3
4
30
35
35
true
true
true
true
0.62
0.95
0.52
Healthcare:EW
Hedge
Options_Payer: +173bps notional
-15
26
ECN2
DealerAxed
7
98
301
35
VAR>budget
Reduce
Portfolio VAR above budget
170
Escalate watchlist names
C08389
CR0032
2024-01-22
Tightening
146
362
4.2
1.6
539,587,855
Consumer:15.9;Industrials:31.5;Financials:35.2;Tech:17.4
US:69.9;EU:14.7;APAC:10.6;EMEA:3.4;LATAM:1.4
AA:22.8;BB:43.1;BBB:14.7;B:19.4
4.46
22.4
268
347
8.5
4
25
55
35
true
true
true
true
0.19
0.18
0.05
null
Rotate
From Energy -1.0% to Utilities +1.0%
12
34
DealerA
Electronic
4
95
221
146
VAR>budget
Reduce
Portfolio VAR above budget
192
Escalate watchlist names
C08390
CR8675
2024-08-21
Recovery
102
502
6.3
1.1
2,439,911,628
Consumer:36.2;Materials:31.7;Healthcare:32.1
US:71.3;EU:10.1;APAC:9.5;EMEA:6.9;LATAM:2.3
BBB:34.4;BB:13.4;A:14.7;B:10.1;AA:17.1;CCC:10.3
4.25
64.5
147
185
6.2
2.5
35
45
20
true
true
true
false
1.23
0.3
-0.19
Consumer:EW
Hedge
iTraxx_XOVER: +148bps notional
-20
27
DealerC
All2All
8
95
20
-151
Sector>limit
Hedge
Sector concentration above limit
143
Escalate watchlist names
C08391
CR7742
2025-10-01
Calm
88
292
3.8
2.9
1,168,032,553
Comm:27.7;Consumer:39.4;Industrials:32.9
US:62.8;EU:13.0;APAC:12.9;EMEA:7.0;LATAM:4.3
AA:19.0;CCC:23.6;B:6.0;BBB:9.2;BB:25.9;A:16.3
3.28
42
211
292
16.2
3
35
55
20
true
true
true
true
2.29
1.03
0.3
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
20
DealerA
DealerAxed
11
92
27
-89
VAR>budget
Reduce
Portfolio VAR above budget
213
Escalate watchlist names
C08392
CR3249
2024-02-26
Recovery
174
594
6
-0.4
1,087,753,301
RealEstate:21.2;Comm:7.7;Tech:18.1;Materials:17.4;Utilities:25.7;Healthcare:9.9
US:68.8;EU:11.3;APAC:10.2;EMEA:6.4;LATAM:3.3
BB:30.9;B:9.1;AAA:14.7;AA:21.2;BBB:24.2
5.69
34.3
247
157
14.7
4
30
55
20
false
true
true
true
2.26
0.47
-0.21
null
Hedge
iTraxx_XOVER: +105bps notional
5
-7
DealerC
RFQ
12
98
68
45
Sector>limit
Hedge
Sector concentration above limit
135
Defer adds pending macro print
C08393
CR5979
2024-04-26
Tightening
141
407
5
0.5
1,648,001,952
Energy:8.5;Comm:16.7;Healthcare:17.8;Tech:14.1;Materials:15.0;RealEstate:27.8
US:68.2;EU:18.3;APAC:8.4;EMEA:4.0;LATAM:1.1
AAA:16.3;B:34.9;AA:11.6;CCC:14.6;A:5.4;BBB:17.2
1.27
41.3
232
433
16.4
2.5
25
35
35
true
true
true
true
1.6
-0.19
0.37
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
15
DealerC
DealerAxed
1
91
234
-217
HYCap>limit
Reduce
High-yield share above policy cap
177
Escalate watchlist names
C08394
CR7725
2024-05-26
Tightening
99
469
4.9
0.6
1,589,178,346
Comm:10.9;Financials:20.7;Tech:13.1;Industrials:22.7;RealEstate:32.7
US:70.9;EU:11.8;APAC:9.7;EMEA:5.8;LATAM:1.7
B:15.5;BB:5.7;A:37.0;BBB:24.4;CCC:17.3
2.47
56.1
161
470
14.3
3.5
30
45
30
true
true
true
false
0.81
1.14
-0.24
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
2
ECN2
All2All
12
100
-50
-130
Sector>limit
Hedge
Sector concentration above limit
113
Escalate watchlist names
C08395
CR3165
2024-01-25
Tightening
121
388
5
1.6
1,022,655,729
RealEstate:42.1;Energy:32.8;Comm:25.2
US:57.3;EU:13.6;APAC:9.1;EMEA:12.2;LATAM:7.8
BBB:22.6;B:23.1;CCC:8.5;BB:14.0;A:16.0;AA:16.0
7.01
60.9
201
424
10
2
30
55
30
true
true
true
true
0.47
1.58
0.19
null
Hedge
iTraxx_XOVER: +68bps notional
-30
44
DealerB
RFQ
4
95
203
-310
Sector>limit
Reduce
Sector concentration above limit
206
Tighten HY exposure bands
C08396
CR7690
2024-05-07
Stress
199
768
8.4
-0.4
2,350,716,948
Energy:23.1;Utilities:17.8;Tech:25.2;Materials:33.8
US:69.1;EU:7.8;APAC:13.4;EMEA:9.2;LATAM:0.6
AAA:19.0;AA:25.5;CCC:7.4;A:48.1
3.32
37.2
207
563
19.8
2.5
25
55
25
true
true
false
true
1.93
0.78
-0.36
Financials:EW;Utilities:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
37
ECN2
Electronic
0
93
215
20
VAR>budget
Hedge
Portfolio VAR above budget
248
Defer adds pending macro print
C08397
CR3899
2024-11-20
Recovery
128
615
6.1
-0.4
2,760,636,211
Tech:21.6;Industrials:25.7;Comm:18.2;Energy:34.5
US:60.2;EU:16.9;APAC:12.2;EMEA:4.2;LATAM:6.4
B:27.0;CCC:17.2;A:16.2;AA:18.7;BBB:20.9
0.65
30.8
209
321
3.2
4
35
35
25
false
true
true
true
2.49
0.05
0.37
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-25
39
DealerC
RFQ
9
86
-119
-237
Sector>limit
Hedge
Sector concentration above limit
174
Escalate watchlist names
C08398
CR1337
2024-04-26
Stress
241
682
6.8
-0.9
1,524,172,045
Consumer:9.7;Comm:23.7;Materials:23.2;Tech:13.4;Industrials:16.8;Financials:13.2
US:67.0;EU:14.0;APAC:14.1;EMEA:4.2;LATAM:0.8
B:23.7;BB:28.0;BBB:35.2;AA:13.2
6.69
61.3
164
550
19
3.5
35
35
30
false
true
true
false
1.41
0.74
0.47
Utilities:EW
Hedge
Treasury_Futures: +196bps notional
16
-10
DealerB
All2All
5
93
376
-271
Sector>limit
Hedge
Sector concentration above limit
253
Defer adds pending macro print
C08399
CR2349
2025-03-18
Recovery
173
423
5.8
0.3
1,685,958,786
Materials:44.6;Healthcare:29.6;Energy:25.7
US:67.6;EU:18.2;APAC:5.0;EMEA:6.4;LATAM:2.8
B:8.0;AAA:34.5;CCC:8.1;BB:5.3;A:30.3;BBB:13.8
0.56
64.1
130
440
10.7
4
35
55
30
true
true
false
false
1.7
0.75
-0.33
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
-7
ECN1
RFQ
12
95
-121
-333
Sector>limit
Hedge
Sector concentration above limit
133
Tighten HY exposure bands
C08400
CR3904
2025-10-07
Calm
77
408
3.2
1.8
2,171,064,689
Materials:9.8;Tech:26.8;Healthcare:21.5;Utilities:24.2;Financials:17.7
US:70.9;EU:8.0;APAC:10.0;EMEA:7.8;LATAM:3.4
A:21.5;B:14.9;CCC:9.7;BB:27.9;AA:26.1
6.68
27.8
90
426
9.9
3
20
55
25
true
true
true
false
1.99
0.15
0.55
Comm:EW
Hedge
Options_Payer: +179bps notional
7
15
DealerC
DealerAxed
2
94
288
-175
Sector>limit
Hedge
Sector concentration above limit
225
Reviewed by risk; hedges staggered