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
C08501
CR7860
2024-07-20
Calm
100
364
4
2.8
1,055,276,931
RealEstate:30.1;Industrials:13.9;Financials:23.1;Comm:33.0
US:59.1;EU:10.9;APAC:13.4;EMEA:10.9;LATAM:5.7
CCC:15.0;AAA:9.4;BBB:28.8;A:22.6;AA:12.6;BB:11.6
2.47
46.9
141
158
11.5
2
20
45
35
true
true
false
false
0.07
1.51
-0.21
null
Hedge
Treasury_Futures: +166bps notional
-19
2
DealerA
DealerAxed
0
86
-79
-97
Region>limit
Rotate
Regional concentration above limit
202
Escalate watchlist names
C08502
CR5899
2024-03-04
Stress
194
706
6.6
-0.4
2,129,326,857
Tech:20.5;Utilities:16.4;RealEstate:17.7;Consumer:23.7;Energy:14.8;Industrials:7.0
US:68.9;EU:17.2;APAC:7.3;EMEA:4.1;LATAM:2.4
CCC:16.5;B:10.4;A:38.1;AA:35.0
6.94
28.8
301
638
22.1
4
25
55
25
false
true
true
true
0.38
0.65
0.08
Utilities:EW;Industrials:EW;Tech:EW
Hedge
SingleName_CDS: +91bps notional
5
19
ECN2
Electronic
5
89
-180
-259
Sector>limit
Rotate
Sector concentration above limit
260
Tighten HY exposure bands
C08503
CR6750
2024-09-27
Tightening
95
483
4.1
1.6
344,278,717
Comm:7.9;Industrials:27.2;Healthcare:19.3;RealEstate:28.3;Energy:17.3
US:63.5;EU:13.1;APAC:9.6;EMEA:7.6;LATAM:6.2
B:7.1;CCC:20.9;AA:12.3;A:14.1;BBB:24.4;BB:21.2
4.62
22.7
139
435
10.8
3
35
35
20
false
true
true
false
0.09
1.56
-0.35
RealEstate:EW;Tech:EW
Hedge
Options_Payer: +59bps notional
-5
42
DealerC
Electronic
11
100
-133
32
VAR>budget
Rotate
Portfolio VAR above budget
193
Reviewed by risk; hedges staggered
C08504
CR3156
2024-03-11
Calm
91
415
4.5
2.6
2,140,823,711
Utilities:10.2;Industrials:10.8;Tech:31.6;Consumer:10.1;Financials:28.9;Materials:8.5
US:66.6;EU:17.1;APAC:6.7;EMEA:4.0;LATAM:5.7
BB:11.2;CCC:6.3;B:4.1;A:44.8;AA:18.4;AAA:15.2
3.94
52.3
229
308
14
4
20
45
25
true
true
false
true
0.82
1.7
0.53
Industrials:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
-21
DealerB
DealerAxed
4
98
220
-112
HYCap>limit
Reduce
High-yield share above policy cap
141
Tighten HY exposure bands
C08505
CR3763
2024-11-30
Calm
100
313
3.4
2
2,437,514,003
Financials:12.2;Materials:28.8;Utilities:31.5;Consumer:27.5
US:67.7;EU:8.9;APAC:8.9;EMEA:8.1;LATAM:6.3
B:16.3;A:30.1;AAA:17.7;BBB:23.2;AA:12.8
1.31
58.2
229
484
6.3
3
25
35
20
true
true
false
true
1.73
1.63
-0.14
Comm:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
21
DealerA
DealerAxed
10
95
423
-440
Sector>limit
Reduce
Sector concentration above limit
249
Tighten HY exposure bands
C08506
CR2998
2025-01-19
Calm
120
336
3.4
2.1
1,235,239,574
Comm:6.6;Utilities:17.4;RealEstate:14.3;Industrials:25.7;Energy:14.3;Healthcare:21.7
US:67.4;EU:10.8;APAC:7.3;EMEA:10.8;LATAM:3.7
AA:23.4;CCC:32.0;B:22.3;BBB:22.3
5.25
20.6
168
239
8.7
2
30
35
35
false
true
true
false
0.38
1.17
-0.11
RealEstate:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
-3
ECN1
DealerAxed
0
93
172
135
VAR>budget
Rotate
Portfolio VAR above budget
177
Tighten HY exposure bands
C08507
CR5511
2024-06-30
Stress
203
631
6.7
-1.5
1,101,469,480
Industrials:21.5;Materials:41.2;Tech:19.7;Financials:17.6
US:64.5;EU:11.0;APAC:14.8;EMEA:7.5;LATAM:2.3
AA:18.5;AAA:27.3;BBB:24.3;CCC:12.2;BB:11.0;B:6.8
5.85
54.2
325
378
7.5
3
30
45
25
true
true
true
true
-0.28
1.23
0.34
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
15
ECN1
RFQ
6
93
-31
-295
HYCap>limit
Hedge
High-yield share above policy cap
257
Escalate watchlist names
C08508
CR1333
2024-01-25
Tightening
90
441
4.8
0.7
2,676,140,611
Utilities:13.9;Consumer:15.0;Industrials:11.2;Tech:19.1;RealEstate:20.6;Comm:20.2
US:62.6;EU:11.4;APAC:13.1;EMEA:7.1;LATAM:5.8
A:12.0;AA:8.6;B:17.1;BB:29.2;BBB:11.4;CCC:21.7
4.63
61.7
117
203
17.3
2.5
35
55
35
false
true
true
false
0.59
0.85
0.07
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
36
ECN2
Electronic
1
94
-158
-32
Sector>limit
PauseAdds
Sector concentration above limit
92
Defer adds pending macro print
C08509
CR9549
2025-07-29
Recovery
105
491
6.5
0.2
1,821,240,623
Financials:18.3;Utilities:16.1;Healthcare:19.3;Comm:22.1;Materials:6.0;RealEstate:18.2
US:72.6;EU:4.8;APAC:12.8;EMEA:3.8;LATAM:5.9
B:18.5;BBB:19.2;AAA:16.1;A:19.7;CCC:16.1;BB:10.5
5.74
29.1
231
234
15.6
2
35
35
35
false
true
true
true
0.11
0.73
0.21
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-28
-1
DealerA
Electronic
8
96
260
95
HYCap>limit
Reduce
High-yield share above policy cap
160
Reviewed by risk; hedges staggered
C08510
CR1003
2024-11-10
Tightening
93
432
4.1
1.6
2,465,378,189
Energy:21.8;Utilities:38.7;Comm:13.3;Materials:26.2
US:69.0;EU:13.3;APAC:12.2;EMEA:4.4;LATAM:1.1
B:16.5;A:33.5;BBB:30.7;BB:19.3
1.74
26
217
355
11.7
2.5
25
45
20
true
true
true
true
2.41
0.35
0.42
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
2
ECN1
Electronic
6
90
217
58
HYCap>limit
Rotate
High-yield share above policy cap
184
Tighten HY exposure bands
C08511
CR0701
2025-07-25
Tightening
117
412
5
0.9
2,022,795,451
Comm:28.2;Healthcare:16.3;RealEstate:9.7;Industrials:11.5;Consumer:27.0;Financials:7.4
US:64.7;EU:15.5;APAC:5.3;EMEA:10.1;LATAM:4.4
BB:8.8;AAA:14.4;CCC:38.1;B:22.2;A:16.5
7.14
49.2
88
304
5.8
4
20
35
20
true
true
true
false
0.23
0.97
-0.36
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-36
-22
DealerA
RFQ
2
100
88
-291
Region>limit
Reduce
Regional concentration above limit
106
Defer adds pending macro print
C08512
CR1652
2024-08-13
Calm
84
380
4.4
2.3
2,313,973,644
Comm:12.6;Tech:23.4;Healthcare:35.6;Energy:28.3
US:68.9;EU:12.9;APAC:8.0;EMEA:7.0;LATAM:3.2
B:29.7;BBB:22.1;AA:15.4;BB:17.7;A:15.1
5.68
21.8
84
203
10.9
3
35
45
20
true
true
true
false
2.44
1.41
-0.13
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-17
-15
DealerC
DealerAxed
2
96
216
-323
HYCap>limit
Hedge
High-yield share above policy cap
224
Defer adds pending macro print
C08513
CR5954
2025-03-22
Recovery
175
589
5.9
1.2
2,138,579,182
Comm:17.6;Financials:17.6;Healthcare:12.4;Utilities:18.2;Consumer:13.9;Tech:20.3
US:64.2;EU:12.6;APAC:10.9;EMEA:6.1;LATAM:6.2
AAA:52.1;CCC:8.9;AA:25.3;BB:13.8
6.05
29.1
153
446
16.9
2.5
25
55
35
false
true
false
false
1.02
-0.07
0.46
Industrials:EW
Hedge
SingleName_CDS: +114bps notional
16
30
DealerC
DealerAxed
2
89
199
-241
HYCap>limit
Hedge
High-yield share above policy cap
102
Tighten HY exposure bands
C08514
CR2609
2025-11-28
Calm
93
344
4.1
2.7
778,022,813
Energy:20.5;Utilities:18.8;Materials:17.7;Financials:17.4;Tech:6.0;Consumer:19.7
US:60.2;EU:14.2;APAC:12.5;EMEA:9.3;LATAM:3.8
BBB:30.1;A:33.3;B:13.3;AAA:23.2
2.28
62.3
278
492
9.4
3
30
45
35
false
true
false
true
1.62
-0.26
-0.36
Utilities:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-35
27
DealerC
DealerAxed
7
88
111
-289
Sector>limit
Hedge
Sector concentration above limit
219
Reviewed by risk; hedges staggered
C08515
CR2643
2025-07-28
Calm
118
339
3.2
2.9
2,592,017,775
Healthcare:21.0;Financials:37.6;Utilities:12.7;Tech:28.6
US:75.3;EU:5.9;APAC:6.6;EMEA:9.7;LATAM:2.6
A:47.2;BB:16.9;AAA:26.5;B:9.4
4.52
31.6
102
332
4.5
2
30
55
30
true
true
false
false
1.17
1.18
0.08
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-54
-8
ECN1
DealerAxed
0
90
-83
-89
VAR>budget
Hedge
Portfolio VAR above budget
216
Escalate watchlist names
C08516
CR3624
2025-06-13
Calm
112
419
4.3
2.3
941,356,407
Industrials:12.0;Utilities:26.8;Energy:23.1;Comm:8.9;RealEstate:29.3
US:64.8;EU:13.4;APAC:9.6;EMEA:7.6;LATAM:4.6
B:18.8;A:26.0;CCC:20.3;BBB:20.6;BB:4.6;AAA:9.7
5.47
25.1
268
312
6.4
3.5
20
55
20
true
true
true
true
1.92
0.06
-0.14
Materials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-48
0
ECN2
Electronic
3
95
175
-239
VAR>budget
Hedge
Portfolio VAR above budget
178
Rotate into defensive sectors
C08517
CR7928
2024-09-17
Calm
84
328
3.6
2.7
170,293,076
Industrials:9.8;Utilities:26.3;Comm:18.5;RealEstate:19.6;Energy:25.8
US:70.8;EU:7.3;APAC:6.8;EMEA:8.7;LATAM:6.4
BBB:29.8;CCC:14.3;AA:33.2;B:3.5;BB:6.0;AAA:13.1
3.76
50.1
171
150
4.3
4
25
35
35
true
true
false
false
2.02
0.23
-0.33
null
Rotate
From Energy -1.0% to Utilities +1.0%
-17
-18
DealerB
DealerAxed
7
90
-136
1
HYCap>limit
Rotate
High-yield share above policy cap
113
Tighten HY exposure bands
C08518
CR1291
2025-10-05
Recovery
135
472
5.1
-0.2
1,340,867,580
RealEstate:17.6;Materials:15.4;Tech:15.3;Comm:15.9;Industrials:20.5;Utilities:15.3
US:65.3;EU:18.0;APAC:8.2;EMEA:8.3;LATAM:0.2
AA:17.7;CCC:12.7;BB:9.9;A:23.5;AAA:26.4;BBB:9.8
7.48
32.1
157
394
17.9
2
20
55
25
true
true
false
false
1.65
1.64
-0.06
null
Hedge
Options_Payer: +91bps notional
19
4
ECN1
All2All
7
88
-118
-337
Sector>limit
Rotate
Sector concentration above limit
128
Tighten HY exposure bands
C08519
CR0961
2024-05-18
Recovery
168
509
6.4
0.3
1,107,116,185
Comm:23.1;Financials:7.1;Materials:10.5;RealEstate:21.7;Industrials:10.1;Energy:27.5
US:64.0;EU:10.5;APAC:10.8;EMEA:7.3;LATAM:7.4
BB:24.1;AA:16.5;AAA:13.7;CCC:21.8;A:8.9;BBB:15.1
1.89
29
102
189
10.8
3
25
35
30
true
true
true
false
-0.38
1.35
0.59
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-27
37
ECN1
Electronic
6
88
-127
-195
HYCap>limit
Reduce
High-yield share above policy cap
259
Escalate watchlist names
C08520
CR5203
2025-06-22
Recovery
122
490
6.2
0.2
2,211,989,430
Financials:22.7;Comm:11.8;Consumer:8.3;Industrials:26.4;RealEstate:30.8
US:60.9;EU:12.4;APAC:14.4;EMEA:8.3;LATAM:3.9
B:10.6;BBB:17.3;CCC:37.0;AAA:13.3;A:9.3;AA:12.5
6.7
20.2
143
129
11.1
4
35
45
35
false
true
true
false
0.85
1.59
-0.07
null
Hedge
iTraxx_XOVER: +189bps notional
9
31
ECN2
DealerAxed
10
97
-61
-402
VAR>budget
PauseAdds
Portfolio VAR above budget
129
Escalate watchlist names
C08521
CR5947
2025-02-21
Stress
180
759
5.5
-1.7
1,284,537,985
Comm:10.1;Utilities:25.3;Financials:16.3;Consumer:7.2;Healthcare:23.6;Energy:17.6
US:67.6;EU:15.1;APAC:8.7;EMEA:5.8;LATAM:2.8
BBB:28.5;A:20.0;AAA:11.6;B:14.9;AA:24.9
2.03
23.9
315
505
18.9
3
35
45
30
false
true
false
true
-0.43
1.36
0.37
Utilities:EW
Hedge
iTraxx_XOVER: +83bps notional
-32
-3
ECN2
All2All
0
86
-26
-421
Region>limit
Reduce
Regional concentration above limit
119
Escalate watchlist names
C08522
CR3938
2024-09-17
Stress
149
837
7.7
-1.2
1,981,529,434
Utilities:29.5;RealEstate:15.2;Healthcare:19.9;Industrials:35.4
US:67.6;EU:16.4;APAC:5.2;EMEA:4.3;LATAM:6.4
A:30.5;BB:10.8;BBB:27.7;B:13.6;AA:17.5
2.77
41.5
296
596
8.6
4
30
35
20
true
true
true
true
2.17
0.27
-0.15
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
9
ECN2
All2All
11
92
194
-150
VAR>budget
Reduce
Portfolio VAR above budget
198
Rotate into defensive sectors
C08523
CR2880
2024-06-22
Tightening
155
388
4.1
1.2
1,048,732,072
Industrials:27.3;Healthcare:26.8;Comm:45.8
US:68.4;EU:10.9;APAC:12.1;EMEA:6.9;LATAM:1.7
BBB:28.1;CCC:10.8;AAA:30.4;A:15.7;AA:15.0
4.71
23.6
222
317
12.5
4
35
55
20
true
true
false
true
1.24
1.7
0.5
Materials:EW;Industrials:EW
Hedge
iTraxx_XOVER: +115bps notional
8
1
DealerA
RFQ
9
92
286
118
VAR>budget
Hedge
Portfolio VAR above budget
106
Reviewed by risk; hedges staggered
C08524
CR6119
2024-05-20
Calm
107
325
4.1
1.7
2,313,298,079
Energy:41.1;Financials:42.4;Utilities:16.5
US:55.9;EU:19.4;APAC:12.3;EMEA:9.6;LATAM:2.7
BBB:8.3;BB:19.0;B:39.3;A:13.7;CCC:19.8
0.83
56.5
268
312
8.9
4
30
55
25
true
true
true
true
1.64
1.47
0.37
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
11
ECN1
All2All
3
97
143
-91
HYCap>limit
Hedge
High-yield share above policy cap
257
Escalate watchlist names
C08525
CR0895
2024-02-02
Calm
79
293
4
1.9
1,657,278,477
Tech:24.1;Materials:20.8;Energy:28.4;Comm:26.8
US:64.8;EU:10.1;APAC:10.6;EMEA:8.2;LATAM:6.2
AAA:42.0;BBB:14.7;CCC:17.4;A:25.9
6.38
27.1
169
444
10.7
4
25
55
35
true
true
false
false
0.5
1.15
0.35
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-54
34
DealerA
Electronic
1
86
109
-46
Sector>limit
Reduce
Sector concentration above limit
159
Escalate watchlist names
C08526
CR0356
2025-12-23
Tightening
153
397
3.9
1.9
1,976,717,997
Financials:51.4;RealEstate:32.2;Consumer:16.3
US:61.0;EU:14.3;APAC:8.9;EMEA:11.5;LATAM:4.1
A:39.8;AA:26.1;B:7.3;BBB:12.3;BB:14.4
2.63
57.5
128
351
10.8
2.5
35
55
35
true
true
false
false
0.11
-0
-0.2
null
Hedge
Options_Payer: +74bps notional
-56
-24
ECN1
All2All
5
91
-180
59
Sector>limit
Hedge
Sector concentration above limit
241
Defer adds pending macro print
C08527
CR7300
2025-10-20
Calm
103
396
3.8
2.9
2,073,785,410
Tech:17.6;Financials:34.8;RealEstate:19.3;Consumer:14.1;Comm:14.3
US:64.1;EU:18.3;APAC:9.2;EMEA:3.4;LATAM:5.1
CCC:33.5;BB:9.9;AAA:25.8;AA:30.8
1.57
54.6
163
149
2.1
3.5
25
35
25
true
true
true
false
2.23
-0.05
0.43
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-56
20
DealerC
DealerAxed
7
95
298
54
Region>limit
Hedge
Regional concentration above limit
102
Reviewed by risk; hedges staggered
C08528
CR0060
2025-11-30
Stress
227
806
7.7
0.5
663,779,550
Tech:23.7;Industrials:25.1;Materials:26.8;Financials:8.4;Energy:16.0
US:66.2;EU:9.1;APAC:9.4;EMEA:9.1;LATAM:6.2
AA:22.6;AAA:12.9;BBB:35.0;CCC:18.0;BB:11.6
4.23
51.2
239
638
15.2
3
20
55
35
true
true
false
true
2.12
-0.02
0.37
Comm:EW
Hedge
SingleName_CDS: +50bps notional
-46
-16
ECN2
All2All
11
99
317
-117
Region>limit
Hedge
Regional concentration above limit
247
Rotate into defensive sectors
C08529
CR0882
2025-10-16
Recovery
136
529
6.2
0.8
260,675,512
Energy:12.6;Consumer:12.7;Materials:23.2;Industrials:17.3;Healthcare:34.2
US:65.7;EU:15.8;APAC:7.5;EMEA:4.8;LATAM:6.2
BBB:22.2;CCC:15.7;AAA:18.5;BB:16.6;AA:18.3;A:8.6
4.62
63.6
91
134
9.1
3
20
55
35
true
true
false
false
-0.41
0.52
0.38
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
22
DealerA
Electronic
0
85
-51
104
Sector>limit
Rotate
Sector concentration above limit
116
Defer adds pending macro print
C08530
CR7283
2025-11-23
Calm
69
345
3.4
2.7
823,708,577
Energy:8.9;Consumer:25.5;Comm:25.5;Utilities:9.0;Financials:31.0
US:60.7;EU:19.3;APAC:13.1;EMEA:5.8;LATAM:1.1
A:16.3;BBB:13.3;AAA:14.9;B:16.1;BB:39.4
3.5
26.9
130
216
12.5
2.5
30
45
35
true
true
true
false
1.34
1.61
-0.01
Healthcare:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
41
ECN2
All2All
6
90
240
-417
Sector>limit
Reduce
Sector concentration above limit
97
Escalate watchlist names
C08531
CR8170
2024-09-10
Stress
256
834
7.8
-1.2
2,540,699,258
Comm:24.9;RealEstate:12.3;Utilities:9.6;Tech:13.5;Industrials:39.7
US:64.4;EU:11.8;APAC:6.3;EMEA:11.8;LATAM:5.7
BBB:15.3;AA:15.6;CCC:24.4;BB:25.1;A:5.3;AAA:14.4
2.6
51.5
176
664
6.8
3
30
35
20
true
true
true
false
2.37
1.54
-0.02
Materials:EW
Hedge
CDX_IG: +197bps notional
-39
25
DealerA
RFQ
0
88
11
-275
Region>limit
Rotate
Regional concentration above limit
142
Rotate into defensive sectors
C08532
CR2193
2024-11-27
Tightening
154
424
4.8
0.7
1,122,993,737
Industrials:8.8;Energy:19.0;Healthcare:7.3;Utilities:14.7;Tech:28.3;RealEstate:21.8
US:68.4;EU:13.5;APAC:5.7;EMEA:12.0;LATAM:0.4
CCC:11.3;BBB:19.3;BB:20.8;AAA:48.5
3.33
63.8
173
319
7.3
4
25
45
20
true
true
true
false
-0.33
0.2
-0.18
Comm:EW;Financials:EW
Hedge
CDX_IG: +97bps notional
-43
15
ECN2
RFQ
12
86
-75
42
VAR>budget
Hedge
Portfolio VAR above budget
113
Rotate into defensive sectors
C08533
CR1363
2025-09-16
Recovery
153
646
4.7
1.3
167,785,140
Tech:13.2;Utilities:39.5;Financials:20.3;Consumer:14.3;Materials:12.7
US:74.6;EU:6.0;APAC:10.5;EMEA:8.0;LATAM:1.0
A:16.9;BB:10.0;AA:37.6;BBB:35.5
2.04
28.4
129
147
16.9
2.5
25
35
30
true
true
false
false
2.13
1.79
-0.1
null
Hedge
CDX_HY: +133bps notional
-32
-4
DealerB
RFQ
5
99
-1
-180
VAR>budget
Hedge
Portfolio VAR above budget
117
Reviewed by risk; hedges staggered
C08534
CR5694
2024-08-27
Stress
151
822
8.4
0.4
1,530,548,127
Materials:24.5;Financials:13.6;Comm:17.5;Healthcare:21.7;RealEstate:12.2;Consumer:10.5
US:59.5;EU:18.0;APAC:12.2;EMEA:3.8;LATAM:6.5
BB:42.0;CCC:28.7;AAA:12.7;BBB:16.6
1.93
28.6
276
283
11.3
3.5
20
35
30
true
true
true
true
0.16
1.34
-0.21
Utilities:EW
Hedge
iTraxx_MAIN: +104bps notional
-53
-23
DealerA
All2All
4
87
290
113
Sector>limit
Hedge
Sector concentration above limit
250
Tighten HY exposure bands
C08535
CR6018
2025-12-16
Recovery
146
553
6.3
1.6
2,308,821,239
Energy:28.8;Industrials:38.0;Healthcare:33.2
US:61.4;EU:14.2;APAC:11.9;EMEA:7.7;LATAM:4.9
AAA:30.4;BB:13.7;BBB:17.5;AA:19.7;A:18.7
4.81
23.4
111
447
16.2
2
30
45
35
true
true
false
false
1.29
0.1
0.23
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
42
ECN2
RFQ
6
94
369
-270
VAR>budget
PauseAdds
Portfolio VAR above budget
216
Reviewed by risk; hedges staggered
C08536
CR7566
2024-02-23
Calm
98
417
4.1
1.8
833,603,277
Consumer:15.0;RealEstate:24.8;Energy:12.3;Comm:11.0;Financials:11.4;Tech:25.4
US:57.7;EU:17.3;APAC:10.4;EMEA:7.7;LATAM:6.9
CCC:15.3;A:25.1;BBB:19.3;AA:14.4;B:18.2;AAA:7.7
0.99
61.8
158
445
5.1
3
20
45
20
true
true
true
false
0.27
0.8
0.13
null
Hedge
iTraxx_XOVER: +91bps notional
-23
-23
DealerA
Electronic
0
99
-142
147
Sector>limit
Hedge
Sector concentration above limit
141
Tighten HY exposure bands
C08537
CR0211
2025-02-09
Calm
114
409
3.8
2.3
1,987,056,231
Financials:23.2;Materials:21.2;Healthcare:29.8;Tech:25.8
US:60.9;EU:16.9;APAC:10.5;EMEA:8.8;LATAM:2.9
BBB:28.9;AA:27.7;BB:7.0;A:20.2;AAA:16.2
6.79
39.1
137
469
2.3
2.5
25
55
20
true
true
false
false
0.66
0.28
0.2
Financials:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
-23
DealerC
Electronic
2
95
141
-285
HYCap>limit
Hedge
High-yield share above policy cap
194
Escalate watchlist names
C08538
CR1878
2024-03-29
Recovery
112
587
5.3
0.3
2,270,120,775
Consumer:14.2;Financials:23.8;Tech:24.8;Materials:21.1;Utilities:16.1
US:60.1;EU:18.0;APAC:14.0;EMEA:5.3;LATAM:2.6
B:25.4;BB:36.8;AA:13.2;AAA:24.6
6.57
36.4
274
315
6.6
3
20
35
25
true
true
true
true
0.14
0.78
0.12
Utilities:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-48
11
ECN2
Electronic
5
94
22
-166
Sector>limit
Reduce
Sector concentration above limit
220
Rotate into defensive sectors
C08539
CR8743
2024-08-02
Calm
75
374
3.5
2.6
2,472,123,533
Consumer:32.1;RealEstate:8.8;Comm:9.3;Industrials:20.2;Materials:29.6
US:69.3;EU:18.6;APAC:5.1;EMEA:6.1;LATAM:0.9
BB:16.2;CCC:8.2;A:32.3;AA:30.6;B:12.6
6.51
28.5
89
292
6.4
3
20
45
35
true
true
true
false
-0.21
0.86
0.36
Industrials:EW;Healthcare:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
43
DealerB
All2All
5
94
329
-340
Sector>limit
PauseAdds
Sector concentration above limit
225
Reviewed by risk; hedges staggered
C08540
CR0705
2024-07-15
Calm
98
343
3.4
2.5
2,930,455,555
Healthcare:14.2;Industrials:26.5;Financials:23.8;Tech:10.4;Comm:10.6;Utilities:14.5
US:69.8;EU:11.5;APAC:5.9;EMEA:10.1;LATAM:2.7
CCC:24.0;BB:46.4;A:8.6;B:13.4;AA:7.6
3.3
64.5
164
347
9.5
2
20
55
35
true
true
true
false
0.74
-0.25
-0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
-8
DealerB
RFQ
8
89
-109
133
Region>limit
Reduce
Regional concentration above limit
190
Escalate watchlist names
C08541
CR5278
2025-12-26
Calm
66
416
4.2
2.7
147,573,696
Healthcare:19.8;Financials:19.7;Tech:10.1;RealEstate:28.6;Consumer:7.5;Comm:14.1
US:67.5;EU:5.6;APAC:14.2;EMEA:9.4;LATAM:3.4
BBB:14.1;CCC:6.5;A:32.9;B:28.0;AAA:18.4
0.58
35.3
94
122
6.2
2
30
55
20
false
true
true
false
1.9
1.59
-0.12
Comm:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
4
ECN2
DealerAxed
10
96
348
148
Region>limit
Hedge
Regional concentration above limit
116
Escalate watchlist names
C08542
CR1802
2024-08-18
Tightening
146
478
4.7
0.7
1,388,443,296
Financials:38.1;Industrials:9.4;Materials:21.3;Utilities:31.1
US:65.9;EU:15.7;APAC:7.9;EMEA:4.4;LATAM:6.1
BBB:17.3;AA:35.6;CCC:25.0;B:22.1
4.53
31.9
127
198
13.7
4
35
35
30
true
true
true
false
1.4
-0.13
-0.17
null
Hedge
iTraxx_XOVER: +130bps notional
13
27
ECN1
All2All
11
97
328
-69
HYCap>limit
Hedge
High-yield share above policy cap
257
Tighten HY exposure bands
C08543
CR8446
2025-09-20
Calm
76
292
4.1
2
2,966,965,238
Materials:35.4;Healthcare:10.7;Industrials:23.6;Comm:30.4
US:73.4;EU:9.0;APAC:9.4;EMEA:7.8;LATAM:0.3
BB:16.6;CCC:46.4;AA:17.0;B:20.0
1.27
41.1
208
175
13
2.5
35
35
30
true
true
true
true
2.03
1.39
0.27
Energy:EW;Materials:EW
Hedge
CDX_HY: +165bps notional
3
-10
DealerB
DealerAxed
3
95
381
-382
Region>limit
Reduce
Regional concentration above limit
123
Reviewed by risk; hedges staggered
C08544
CR1182
2025-05-13
Calm
75
355
3.5
2.7
2,448,081,861
RealEstate:34.4;Comm:23.2;Tech:42.3
US:67.2;EU:10.4;APAC:13.2;EMEA:4.2;LATAM:5.0
BBB:23.0;A:25.6;AAA:18.6;CCC:19.4;AA:13.4
2.19
24.3
97
220
5
3.5
20
35
35
true
true
false
false
1.77
1.44
0.41
Utilities:EW;Healthcare:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
38
DealerB
Electronic
4
100
263
-356
Region>limit
Rotate
Regional concentration above limit
152
Reviewed by risk; hedges staggered
C08545
CR2730
2024-10-07
Calm
65
307
3.9
2.7
2,867,470,272
Utilities:13.6;Energy:29.1;Comm:17.7;Materials:13.3;Tech:9.4;Financials:16.9
US:71.8;EU:9.2;APAC:5.4;EMEA:7.7;LATAM:6.0
CCC:18.0;AA:20.5;B:31.2;AAA:30.2
3.94
20.2
150
423
17.4
4
30
45
35
false
true
true
false
0.38
0.62
0.27
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
-13
DealerC
Electronic
0
93
-26
62
HYCap>limit
Reduce
High-yield share above policy cap
94
Escalate watchlist names
C08546
CR6795
2024-12-31
Tightening
105
486
5.2
0.5
1,700,643,145
Comm:30.9;Energy:30.3;Financials:38.7
US:66.0;EU:14.6;APAC:11.7;EMEA:6.2;LATAM:1.5
B:10.1;BB:6.5;CCC:9.1;AAA:25.1;A:15.0;BBB:34.2
5.8
32.5
274
253
12.4
2.5
25
35
30
true
true
false
true
-0.07
-0.16
0.02
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
22
ECN2
All2All
5
88
254
5
HYCap>limit
Hedge
High-yield share above policy cap
141
Defer adds pending macro print
C08547
CR5184
2025-01-31
Stress
229
676
5.9
-0.6
1,514,777,272
Industrials:14.6;Utilities:23.6;Tech:20.7;Consumer:7.6;Healthcare:26.4;Financials:7.1
US:69.5;EU:9.0;APAC:5.4;EMEA:11.3;LATAM:4.8
CCC:20.6;AAA:10.1;BBB:11.9;A:29.9;BB:27.4
4.66
58.3
209
455
14.6
4
30
35
35
false
true
true
true
0.66
0.36
0.39
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-27
-7
DealerC
RFQ
12
86
-103
-82
HYCap>limit
Reduce
High-yield share above policy cap
234
Tighten HY exposure bands
C08548
CR7514
2024-12-04
Recovery
130
624
6.3
1.8
2,401,236,566
Energy:20.6;Financials:13.8;Materials:17.6;Consumer:16.3;Utilities:23.4;RealEstate:8.2
US:64.5;EU:11.4;APAC:12.6;EMEA:5.3;LATAM:6.1
A:19.9;AAA:31.9;BBB:24.2;CCC:23.9
6.16
40.2
157
426
17.9
2
25
35
35
false
true
false
false
1.59
0.76
-0.22
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
25
DealerC
DealerAxed
6
100
376
122
HYCap>limit
Reduce
High-yield share above policy cap
251
Escalate watchlist names
C08549
CR1235
2024-11-12
Calm
82
319
3.4
2.6
1,870,028,005
RealEstate:20.6;Tech:18.3;Materials:13.6;Industrials:20.6;Comm:10.3;Consumer:16.6
US:63.0;EU:15.5;APAC:12.4;EMEA:6.2;LATAM:2.8
AA:18.7;AAA:12.2;BBB:25.7;A:30.5;B:10.0;CCC:2.9
5.29
29.6
125
468
4.3
3.5
20
45
20
true
true
false
false
2.15
1.4
0.35
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
20
DealerA
RFQ
8
92
58
-130
HYCap>limit
Reduce
High-yield share above policy cap
181
Rotate into defensive sectors
C08550
CR4395
2025-02-03
Recovery
145
529
6.2
-0.4
517,666,541
Materials:12.5;Healthcare:49.6;Utilities:37.9
US:62.1;EU:12.0;APAC:10.9;EMEA:8.9;LATAM:6.2
BB:11.7;BBB:35.0;CCC:18.9;B:34.5
6.21
22.9
245
363
12.4
3.5
35
55
25
true
true
true
true
1.45
-0.13
-0.07
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
0
DealerC
Electronic
3
94
-195
113
Region>limit
Reduce
Regional concentration above limit
93
Reviewed by risk; hedges staggered
C08551
CR2081
2024-03-25
Tightening
159
462
4.8
0.9
2,710,424,451
Tech:10.2;Healthcare:46.5;Energy:43.3
US:61.6;EU:12.9;APAC:11.3;EMEA:7.7;LATAM:6.4
AAA:28.9;A:17.4;CCC:13.6;AA:19.4;BBB:11.5;B:9.1
4.38
63.9
268
498
12.9
4
35
55
20
true
true
true
true
-0.25
1.58
-0.1
Healthcare:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-46
10
DealerB
DealerAxed
1
94
227
-207
HYCap>limit
Rotate
High-yield share above policy cap
133
Tighten HY exposure bands
C08552
CR6260
2024-06-17
Calm
107
401
4.4
2.6
1,517,586,121
Comm:27.2;Consumer:23.5;Industrials:16.4;Healthcare:13.4;Tech:11.9;Financials:7.6
US:65.2;EU:9.1;APAC:10.4;EMEA:9.1;LATAM:6.3
BB:5.2;BBB:22.1;A:20.9;B:16.1;AA:21.3;CCC:14.3
6.46
53.1
115
246
10.6
4
35
55
20
false
true
true
false
0.56
1.28
-0.27
null
Rotate
From Energy -1.0% to Utilities +1.0%
2
34
ECN1
All2All
12
88
301
-264
HYCap>limit
Hedge
High-yield share above policy cap
250
Rotate into defensive sectors
C08553
CR0828
2024-04-02
Calm
105
377
4
2.5
2,873,935,584
Comm:36.7;Energy:36.4;Healthcare:27.0
US:60.4;EU:12.6;APAC:14.9;EMEA:6.7;LATAM:5.4
B:6.5;A:38.6;AA:19.7;BBB:35.3
6.64
53.2
141
191
3
2.5
25
55
25
true
true
false
false
0.3
0.87
0.3
Materials:EW
Hedge
Options_Payer: +133bps notional
13
43
DealerC
Electronic
5
94
250
-87
Region>limit
Hedge
Regional concentration above limit
176
Rotate into defensive sectors
C08554
CR6107
2025-03-18
Stress
234
695
7.2
0.5
1,653,365,359
Materials:30.8;Energy:24.0;RealEstate:45.2
US:73.8;EU:6.1;APAC:12.3;EMEA:4.2;LATAM:3.7
B:23.0;CCC:9.9;BB:18.8;AAA:48.3
2.04
44.2
201
419
6.7
4
35
35
20
true
true
true
true
1.12
-0.11
0.5
Consumer:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
-21
DealerB
All2All
4
93
-28
12
Region>limit
Reduce
Regional concentration above limit
206
Reviewed by risk; hedges staggered
C08555
CR8647
2025-08-22
Recovery
141
429
4.9
1.4
1,371,986,048
Industrials:22.5;Tech:39.6;Materials:20.3;Energy:17.6
US:74.1;EU:5.7;APAC:11.9;EMEA:8.2;LATAM:0.1
AAA:36.2;BBB:27.4;A:12.1;CCC:24.4
1.49
50
271
178
9.2
2.5
30
35
30
true
true
false
true
-0.5
1.71
0.38
Materials:EW;Energy:EW
Hedge
Options_Payer: +179bps notional
-53
34
DealerC
Electronic
6
88
33
-157
Region>limit
Hedge
Regional concentration above limit
191
Rotate into defensive sectors
C08556
CR0699
2025-02-18
Calm
79
325
3.9
2.1
2,839,853,127
Comm:18.9;Utilities:11.1;Industrials:6.0;RealEstate:20.3;Energy:25.6;Financials:18.1
US:71.8;EU:8.5;APAC:8.7;EMEA:8.2;LATAM:2.8
CCC:25.0;A:23.9;AA:26.8;BB:24.3
6.41
23.2
150
144
14.1
3
30
35
25
false
true
true
false
0.84
1.66
0.4
Utilities:EW
Hedge
iTraxx_MAIN: +58bps notional
-46
-2
DealerA
RFQ
9
89
48
-412
Sector>limit
Hedge
Sector concentration above limit
162
Escalate watchlist names
C08557
CR2606
2025-03-15
Stress
220
578
5.2
-0.9
2,287,941,086
Industrials:11.7;Financials:8.0;Tech:20.3;Utilities:9.0;Healthcare:19.5;Consumer:31.5
US:63.9;EU:16.6;APAC:5.8;EMEA:9.7;LATAM:3.9
BB:22.3;B:15.3;AAA:13.5;CCC:26.3;BBB:22.5
2.14
46.7
235
426
9.2
3
20
45
35
true
true
true
true
1.55
0.26
0.41
null
Rotate
From Energy -1.0% to Utilities +1.0%
13
-10
DealerA
DealerAxed
4
100
37
-2
Region>limit
Hedge
Regional concentration above limit
156
Rotate into defensive sectors
C08558
CR6852
2025-06-03
Recovery
175
489
4.5
1
452,747,446
Industrials:26.5;RealEstate:26.4;Financials:27.4;Healthcare:19.6
US:56.5;EU:17.9;APAC:16.1;EMEA:9.4;LATAM:0.1
A:16.8;AAA:16.0;BB:15.3;CCC:38.7;AA:13.2
2.37
52.6
226
341
16.4
4
20
55
20
true
true
true
true
0.46
0.18
0.26
Tech:EW;Utilities:EW;Healthcare:EW
Hedge
Treasury_Futures: +127bps notional
10
-24
ECN2
RFQ
1
95
386
-182
VAR>budget
Reduce
Portfolio VAR above budget
149
Escalate watchlist names
C08559
CR2408
2025-08-26
Stress
240
828
5.6
-0.5
717,595,344
Consumer:19.6;Materials:22.9;Financials:26.4;Healthcare:31.2
US:53.0;EU:20.6;APAC:13.7;EMEA:7.1;LATAM:5.6
BB:23.4;A:23.8;AA:23.3;B:29.5
0.69
23.3
147
594
10
3.5
35
35
30
false
true
true
false
2.33
1.29
0.25
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
28
DealerC
DealerAxed
9
90
-28
-385
HYCap>limit
Reduce
High-yield share above policy cap
253
Escalate watchlist names
C08560
CR3445
2024-03-24
Recovery
163
434
4.7
0.4
481,942,462
Materials:17.4;Industrials:23.8;Financials:36.8;Healthcare:22.1
US:76.3;EU:7.2;APAC:5.6;EMEA:7.3;LATAM:3.6
B:10.4;CCC:7.7;A:8.6;AA:33.8;AAA:14.0;BBB:25.5
4.28
52.6
245
387
7
4
20
35
20
true
true
false
true
1.05
0.34
0.41
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
45
DealerC
DealerAxed
0
91
-106
-322
HYCap>limit
Reduce
High-yield share above policy cap
230
Rotate into defensive sectors
C08561
CR1718
2024-03-05
Recovery
118
593
6
1.1
351,336,781
Industrials:37.5;Consumer:38.6;Utilities:24.0
US:64.7;EU:16.5;APAC:5.5;EMEA:10.0;LATAM:3.3
AA:20.8;AAA:23.7;B:7.3;BBB:40.6;BB:7.6
1.2
38.3
86
451
17.6
4
35
55
25
true
true
false
false
1.31
-0.17
-0.32
Industrials:EW
Hedge
SingleName_CDS: +183bps notional
-28
7
DealerB
All2All
8
97
-33
62
HYCap>limit
Rotate
High-yield share above policy cap
107
Reviewed by risk; hedges staggered
C08562
CR6428
2024-03-07
Calm
67
352
3.4
2.7
1,261,340,470
RealEstate:8.1;Tech:32.0;Materials:28.9;Financials:8.6;Utilities:22.3
US:69.7;EU:8.8;APAC:9.7;EMEA:5.7;LATAM:6.1
AA:23.8;A:9.2;B:9.1;BB:35.4;AAA:22.6
2.97
21.2
154
413
13.3
2.5
20
55
35
true
true
true
false
2.29
1.25
0
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
-23
DealerB
RFQ
2
98
-153
-62
VAR>budget
Reduce
Portfolio VAR above budget
118
Escalate watchlist names
C08563
CR2883
2024-10-12
Calm
78
300
4.4
1.5
911,832,751
Materials:16.5;Consumer:42.1;Comm:41.4
US:64.5;EU:5.7;APAC:13.3;EMEA:10.9;LATAM:5.6
BBB:27.3;CCC:23.7;AA:17.1;AAA:23.3;BB:8.6
4.19
54.9
160
274
14.8
3.5
30
35
30
true
true
true
false
0.9
0.03
0.43
Financials:EW;Industrials:EW;RealEstate:EW
Hedge
iTraxx_XOVER: +80bps notional
-28
39
DealerB
All2All
5
88
94
-180
Region>limit
PauseAdds
Regional concentration above limit
164
Rotate into defensive sectors
C08564
CR1371
2024-12-06
Calm
86
298
3.9
1.8
1,760,280,060
Consumer:27.8;Comm:42.4;RealEstate:18.7;Financials:11.1
US:67.2;EU:5.6;APAC:11.9;EMEA:11.6;LATAM:3.8
BB:48.5;AAA:12.3;B:24.0;BBB:15.2
3.24
47.8
214
122
11.5
3.5
35
55
20
true
true
true
true
0.41
1.32
0.06
Energy:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
43
DealerB
DealerAxed
2
85
-120
-206
Sector>limit
Reduce
Sector concentration above limit
104
Tighten HY exposure bands
C08565
CR6392
2024-01-13
Calm
92
321
4.4
2.1
893,029,218
Comm:14.9;Utilities:25.0;Materials:12.4;Industrials:10.4;Energy:14.5;Tech:22.8
US:70.2;EU:6.9;APAC:8.9;EMEA:12.3;LATAM:1.8
B:26.7;BBB:24.9;AA:19.5;A:28.9
3.42
26.9
280
199
9.8
3.5
25
55
20
false
true
true
true
2.47
0.51
0.17
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
8
DealerB
DealerAxed
9
88
333
-278
VAR>budget
Hedge
Portfolio VAR above budget
214
Rotate into defensive sectors
C08566
CR6907
2024-04-26
Recovery
148
609
6.3
1.1
2,946,049,727
RealEstate:25.4;Consumer:22.2;Comm:21.7;Energy:6.3;Industrials:24.4
US:65.5;EU:8.4;APAC:8.3;EMEA:8.7;LATAM:9.1
BBB:33.5;AAA:27.0;AA:32.8;BB:6.8
4.27
29.4
194
354
2.1
2.5
35
55
35
false
true
false
false
0.14
1.61
-0.36
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-5
38
DealerC
DealerAxed
12
88
14
30
Sector>limit
Rotate
Sector concentration above limit
258
Reviewed by risk; hedges staggered
C08567
CR4756
2024-05-02
Calm
84
298
4.3
1.7
546,963,747
Tech:50.7;Comm:37.3;Healthcare:11.9
US:67.3;EU:9.8;APAC:10.5;EMEA:8.4;LATAM:4.0
A:23.5;CCC:31.2;BB:32.8;AAA:12.5
6.97
45.5
136
154
10.5
3
35
55
35
true
true
true
false
-0.44
1.35
0.38
null
Rotate
From Energy -1.0% to Utilities +1.0%
-40
-20
ECN2
DealerAxed
10
88
353
-111
VAR>budget
Reduce
Portfolio VAR above budget
240
Defer adds pending macro print
C08568
CR9487
2024-09-28
Tightening
146
351
4
1.8
2,893,921,263
RealEstate:18.2;Utilities:13.7;Consumer:22.0;Healthcare:12.4;Energy:10.2;Materials:23.4
US:64.8;EU:7.7;APAC:15.0;EMEA:10.8;LATAM:1.7
BBB:28.9;BB:13.0;AAA:33.4;CCC:6.2;AA:18.5
4.08
33.6
91
407
8.9
3
25
45
20
false
true
false
false
1.18
1.18
-0.28
Materials:EW
Hedge
Treasury_Futures: +120bps notional
-7
-9
ECN2
DealerAxed
10
98
294
-370
Sector>limit
Hedge
Sector concentration above limit
194
Defer adds pending macro print
C08569
CR1724
2025-11-02
Stress
178
617
7.9
-0.8
995,698,047
RealEstate:47.9;Energy:13.1;Tech:13.5;Comm:25.5
US:62.0;EU:11.5;APAC:6.7;EMEA:14.0;LATAM:5.8
AAA:22.8;A:34.8;B:10.2;BBB:19.6;AA:12.6
6.31
50.6
387
399
15.8
2
30
45
30
true
true
false
true
1.48
-0.06
0.32
null
Rotate
From Energy -1.0% to Utilities +1.0%
-54
-14
ECN1
Electronic
0
85
-119
-382
HYCap>limit
Reduce
High-yield share above policy cap
215
Defer adds pending macro print
C08570
CR2136
2025-06-01
Tightening
155
516
4.1
0.7
1,693,413,826
Comm:9.0;Industrials:12.6;Financials:36.3;Consumer:42.1
US:62.9;EU:10.8;APAC:10.5;EMEA:9.5;LATAM:6.4
A:24.2;AAA:7.2;AA:15.3;B:53.3
0.69
58.6
135
421
11.5
2
35
35
30
true
true
true
false
2.32
1.25
0.21
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
10
ECN2
DealerAxed
9
100
12
31
Sector>limit
Reduce
Sector concentration above limit
197
Rotate into defensive sectors
C08571
CR5283
2024-02-17
Tightening
154
434
4
0.8
2,211,094,174
RealEstate:17.3;Healthcare:26.0;Comm:16.7;Materials:15.4;Tech:24.7
US:82.4;EU:7.1;APAC:5.6;EMEA:4.0;LATAM:0.9
AAA:19.8;BBB:9.3;A:19.7;CCC:19.9;B:18.4;BB:12.9
1.14
46.1
153
381
15.8
3
25
35
25
true
true
true
false
2.29
-0.09
-0.07
Consumer:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
18
DealerB
RFQ
2
88
145
36
VAR>budget
Reduce
Portfolio VAR above budget
257
Reviewed by risk; hedges staggered
C08572
CR8123
2025-03-31
Stress
238
578
6.9
-1.5
1,395,514,097
Comm:12.5;Utilities:39.4;Consumer:31.6;Materials:16.5
US:74.3;EU:11.0;APAC:7.3;EMEA:6.7;LATAM:0.7
B:29.2;AAA:29.1;BB:12.8;BBB:28.9
4.3
60.7
340
275
8.3
4
35
35
30
true
true
true
true
0.62
0.02
-0.36
Energy:EW;Healthcare:EW
Hedge
CDX_IG: +164bps notional
1
2
DealerC
Electronic
0
96
-95
-54
Region>limit
Hedge
Regional concentration above limit
145
Reviewed by risk; hedges staggered
C08573
CR5465
2025-06-25
Calm
88
365
3.5
2.5
2,025,993,271
Financials:20.9;Energy:39.7;Consumer:39.4
US:70.5;EU:7.2;APAC:11.5;EMEA:5.0;LATAM:5.9
BBB:15.7;AAA:16.7;B:17.7;CCC:49.8
1.52
34.6
256
467
4
2.5
35
35
30
true
true
true
true
0.03
0.27
-0.38
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
29
DealerA
RFQ
4
99
426
-245
HYCap>limit
Reduce
High-yield share above policy cap
198
Rotate into defensive sectors
C08574
CR9133
2025-06-01
Recovery
108
513
4.5
2
2,841,267,863
RealEstate:15.7;Industrials:12.9;Comm:16.2;Materials:33.0;Financials:10.9;Consumer:11.4
US:59.5;EU:20.9;APAC:6.1;EMEA:11.9;LATAM:1.5
BB:8.3;AA:35.8;A:35.2;BBB:20.7
6.64
62
110
231
6.7
2.5
25
45
20
true
true
false
false
-0.15
0.89
0.54
Utilities:EW
Hedge
Options_Payer: +85bps notional
-9
8
DealerA
RFQ
12
93
-20
-323
HYCap>limit
Rotate
High-yield share above policy cap
222
Reviewed by risk; hedges staggered
C08575
CR3276
2025-11-09
Recovery
119
497
6.1
2
1,287,496,244
Tech:35.5;Utilities:28.1;Industrials:36.4
US:70.3;EU:7.1;APAC:11.2;EMEA:4.6;LATAM:6.8
BBB:28.4;BB:14.2;A:32.7;AA:12.6;B:12.2
2.12
37.6
180
187
14.9
4
35
45
35
true
true
false
false
0.04
1.4
0.54
null
Hedge
Options_Payer: +151bps notional
-28
15
ECN1
Electronic
11
86
311
-60
HYCap>limit
PauseAdds
High-yield share above policy cap
121
Tighten HY exposure bands
C08576
CR4264
2024-06-18
Stress
147
683
7.2
-1.8
1,499,385,269
Tech:11.5;Utilities:32.2;Consumer:13.6;Energy:42.7
US:70.0;EU:6.2;APAC:15.3;EMEA:3.3;LATAM:5.2
BB:25.0;A:19.7;BBB:23.6;AA:9.0;CCC:22.7
3.4
45.7
262
535
17.1
3
20
35
20
true
true
true
true
1.36
1.6
-0.3
Materials:EW
Hedge
iTraxx_XOVER: +193bps notional
-57
-6
DealerC
DealerAxed
10
96
-178
-98
Sector>limit
Hedge
Sector concentration above limit
239
Defer adds pending macro print
C08577
CR4095
2024-07-12
Calm
115
368
4.1
2.2
1,743,762,094
Healthcare:22.4;Utilities:45.4;Tech:20.4;Industrials:11.8
US:61.0;EU:11.5;APAC:14.8;EMEA:7.5;LATAM:5.2
AAA:15.4;CCC:11.8;BBB:15.4;A:14.0;AA:11.2;BB:32.2
6.27
37.4
160
451
13.5
3
20
45
20
true
true
true
false
0.73
0.56
-0.18
Materials:EW
Hedge
iTraxx_XOVER: +132bps notional
-58
24
ECN2
Electronic
1
92
363
-281
Sector>limit
Hedge
Sector concentration above limit
150
Tighten HY exposure bands
C08578
CR5395
2025-07-05
Recovery
143
474
5
0.7
1,382,161,201
Financials:7.3;Materials:16.1;Comm:20.2;Energy:24.1;RealEstate:19.6;Healthcare:12.7
US:59.4;EU:9.8;APAC:13.3;EMEA:8.3;LATAM:9.2
CCC:23.2;A:24.0;BBB:38.6;B:14.2
4.21
50.3
115
281
16.4
3.5
20
35
35
true
true
true
false
0.59
0.06
-0.13
Materials:EW
Hedge
Options_Payer: +58bps notional
19
-25
ECN2
All2All
11
87
175
36
HYCap>limit
Hedge
High-yield share above policy cap
211
Tighten HY exposure bands
C08579
CR2879
2025-12-18
Stress
150
686
5.2
0.8
2,027,601,372
Industrials:17.8;Comm:18.3;Tech:19.9;Utilities:22.1;Healthcare:21.9
US:67.2;EU:16.2;APAC:7.4;EMEA:6.2;LATAM:2.9
B:14.8;A:34.8;AAA:35.7;AA:14.8
2.76
44.2
388
463
18
3.5
20
55
20
true
true
false
true
1.97
-0.14
0.48
Industrials:EW;RealEstate:EW
Hedge
iTraxx_MAIN: +163bps notional
-1
30
DealerA
Electronic
5
87
-158
-365
HYCap>limit
Reduce
High-yield share above policy cap
259
Tighten HY exposure bands
C08580
CR4676
2025-04-26
Calm
65
299
3.8
2.8
998,981,447
RealEstate:11.4;Industrials:26.4;Consumer:34.3;Healthcare:27.9
US:63.9;EU:14.7;APAC:13.3;EMEA:5.7;LATAM:2.4
CCC:8.8;BB:8.2;BBB:21.1;AAA:20.7;A:24.4;AA:16.8
2.33
24.4
213
167
15.1
4
25
35
25
true
true
false
true
0.74
0.7
-0.18
Industrials:EW
Hedge
Options_Payer: +95bps notional
-4
-20
DealerA
RFQ
12
92
361
-97
VAR>budget
Hedge
Portfolio VAR above budget
116
Escalate watchlist names
C08581
CR3014
2025-07-16
Tightening
155
361
4
1.7
2,098,600,339
Utilities:24.1;Tech:21.0;Industrials:22.1;Materials:32.8
US:58.6;EU:17.5;APAC:14.8;EMEA:7.7;LATAM:1.3
BBB:13.5;CCC:38.7;AAA:7.1;AA:12.3;A:18.5;BB:10.0
0.83
36.6
187
178
10.8
2
25
45
30
true
true
true
false
2.49
1.29
0.29
null
Rotate
From Energy -1.0% to Utilities +1.0%
-33
9
DealerB
All2All
4
85
-122
-307
HYCap>limit
Reduce
High-yield share above policy cap
98
Escalate watchlist names
C08582
CR3805
2024-11-06
Stress
192
726
6.4
-2
1,918,652,237
Consumer:10.6;Utilities:13.1;Comm:21.6;Industrials:18.9;Tech:21.6;Financials:14.1
US:60.9;EU:14.3;APAC:13.6;EMEA:4.4;LATAM:6.9
BBB:20.7;BB:10.8;B:3.4;A:27.7;AA:28.6;CCC:8.8
1.99
43
225
409
7.1
3.5
20
35
30
true
true
false
true
1.58
1.72
0.1
Healthcare:EW
Hedge
CDX_HY: +130bps notional
-38
42
DealerB
Electronic
1
97
442
10
Sector>limit
Rotate
Sector concentration above limit
104
Tighten HY exposure bands
C08583
CR5405
2025-07-11
Calm
75
322
4
2.9
1,108,126,897
Financials:14.8;RealEstate:12.9;Consumer:47.6;Materials:24.6
US:67.3;EU:13.0;APAC:5.4;EMEA:8.0;LATAM:6.3
AA:11.2;A:14.9;BBB:10.9;BB:19.5;AAA:37.1;CCC:6.5
6.6
63
213
160
14.3
3.5
20
45
35
true
true
false
true
2.01
-0.09
0.35
Energy:EW
Hedge
Options_Payer: +80bps notional
-33
-15
DealerC
DealerAxed
11
89
-132
-370
VAR>budget
Reduce
Portfolio VAR above budget
249
Rotate into defensive sectors
C08584
CR7926
2024-05-24
Stress
214
604
8.2
-0.7
1,914,029,723
Industrials:17.8;Energy:23.3;Comm:15.7;Materials:9.7;RealEstate:33.5
US:67.3;EU:8.6;APAC:15.3;EMEA:7.0;LATAM:1.8
AAA:18.3;A:8.7;BBB:28.1;BB:12.9;AA:10.8;B:21.1
5.64
53.3
188
356
13.8
2.5
20
55
25
true
true
true
false
1.31
1.18
0.14
null
Hedge
Options_Payer: +74bps notional
19
15
ECN2
DealerAxed
2
85
378
-265
HYCap>limit
Reduce
High-yield share above policy cap
215
Reviewed by risk; hedges staggered
C08585
CR3643
2024-06-08
Calm
105
324
3.7
1.9
1,887,268,292
Comm:31.7;Tech:23.8;Financials:16.0;Utilities:28.5
US:60.7;EU:15.1;APAC:9.8;EMEA:8.9;LATAM:5.5
BBB:20.2;AAA:13.6;CCC:6.6;AA:14.2;B:16.7;BB:28.7
3.26
37.5
259
167
17.9
3.5
35
35
35
false
true
true
true
-0.08
1.52
0.29
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
21
DealerC
DealerAxed
5
86
311
-407
Region>limit
Hedge
Regional concentration above limit
233
Rotate into defensive sectors
C08586
CR5604
2024-06-13
Calm
75
311
3.6
1.6
565,083,329
Utilities:29.4;Healthcare:27.2;Financials:29.4;RealEstate:14.1
US:58.7;EU:18.0;APAC:11.2;EMEA:10.6;LATAM:1.5
CCC:6.1;B:18.7;A:29.9;AA:37.2;BB:8.1
3.26
31.1
181
492
4
3
25
35
20
true
true
true
false
-0.45
1.13
0.54
Utilities:EW;Consumer:EW
Hedge
CDX_IG: +99bps notional
-23
35
ECN1
DealerAxed
9
89
185
-408
HYCap>limit
Reduce
High-yield share above policy cap
188
Rotate into defensive sectors
C08587
CR7969
2024-12-19
Recovery
167
466
6.1
0.7
2,515,264,365
Tech:10.0;Consumer:29.4;Industrials:31.0;Energy:29.7
US:61.6;EU:11.4;APAC:14.4;EMEA:10.1;LATAM:2.6
A:33.9;BB:16.5;AA:34.6;CCC:15.1
3.77
36.4
220
520
5
2
35
55
35
false
true
false
true
0.98
0.2
-0.27
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-24
-18
DealerC
DealerAxed
10
96
172
-223
Sector>limit
Hedge
Sector concentration above limit
227
Tighten HY exposure bands
C08588
CR4402
2024-12-28
Calm
105
304
3.9
2.4
280,641,497
Industrials:26.8;Financials:38.0;Energy:35.3
US:58.3;EU:14.5;APAC:11.8;EMEA:10.5;LATAM:4.9
AAA:26.5;AA:34.0;BBB:18.1;BB:11.2;CCC:10.3
4.95
61.4
95
393
7
4
20
45
30
true
true
false
false
1.42
1.32
0.22
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
11
ECN2
DealerAxed
3
92
-52
-319
HYCap>limit
Reduce
High-yield share above policy cap
214
Tighten HY exposure bands
C08589
CR6160
2025-05-05
Recovery
138
462
5.4
1.6
1,606,139,333
Materials:14.2;Consumer:24.4;Tech:16.6;Utilities:21.1;Financials:16.5;Comm:7.2
US:72.3;EU:6.3;APAC:6.9;EMEA:9.0;LATAM:5.6
CCC:5.0;AAA:20.2;B:5.4;AA:20.6;A:33.5;BBB:15.3
5.64
37.3
163
312
2.9
2.5
35
35
35
false
true
false
false
2.06
0.75
0.29
Healthcare:EW;Financials:EW
Hedge
Treasury_Futures: +102bps notional
-42
29
ECN1
DealerAxed
10
93
-175
-81
HYCap>limit
Hedge
High-yield share above policy cap
246
Defer adds pending macro print
C08590
CR7597
2024-04-19
Calm
65
389
3.8
1.7
1,871,784,474
Consumer:17.0;Comm:7.4;Healthcare:19.8;Materials:17.9;Industrials:20.2;Financials:17.7
US:63.4;EU:15.5;APAC:8.0;EMEA:11.6;LATAM:1.5
B:25.6;BB:9.8;BBB:34.6;AAA:29.9
3.25
46.3
169
269
16.6
3.5
25
55
20
false
true
true
false
1.72
1.46
-0.06
Energy:EW
Hedge
iTraxx_XOVER: +167bps notional
-33
26
DealerB
DealerAxed
7
99
341
-349
HYCap>limit
Hedge
High-yield share above policy cap
176
Defer adds pending macro print
C08591
CR3026
2025-07-08
Tightening
131
389
4.4
0.6
1,996,900,526
Consumer:20.6;Comm:11.6;Industrials:27.0;Energy:22.7;Healthcare:18.1
US:67.5;EU:9.1;APAC:12.9;EMEA:9.1;LATAM:1.5
BB:4.4;A:18.7;BBB:14.9;AAA:29.2;AA:22.4;CCC:10.4
4.66
37.5
85
391
15.3
2.5
30
45
35
false
true
false
false
2.08
-0.02
0.55
Utilities:EW;Materials:EW;Industrials:EW
Hedge
Options_Payer: +196bps notional
13
18
ECN1
All2All
6
96
325
-253
VAR>budget
Hedge
Portfolio VAR above budget
126
Tighten HY exposure bands
C08592
CR0772
2024-05-14
Recovery
130
605
6.2
0.6
2,341,072,005
RealEstate:28.8;Industrials:16.4;Healthcare:27.1;Energy:16.3;Consumer:11.4
US:73.6;EU:11.6;APAC:9.3;EMEA:4.1;LATAM:1.4
B:7.7;A:36.4;BBB:31.5;AAA:24.4
3.28
47.7
209
493
17.4
3.5
25
35
25
true
true
false
true
-0.28
0.1
0.17
null
Rotate
From Energy -1.0% to Utilities +1.0%
-5
35
DealerC
Electronic
0
90
-72
128
Sector>limit
Hedge
Sector concentration above limit
149
Tighten HY exposure bands
C08593
CR6440
2024-07-26
Calm
90
399
3.3
1.8
1,822,670,810
Industrials:24.4;Comm:39.8;Energy:35.8
US:68.2;EU:9.3;APAC:12.9;EMEA:3.5;LATAM:6.2
AA:23.0;B:6.8;BB:5.8;AAA:15.0;A:30.1;BBB:19.4
2.09
60.7
246
338
10.2
2.5
20
55
35
true
true
false
true
1.64
1.5
-0.21
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
45
ECN2
Electronic
5
92
-46
-28
VAR>budget
Hedge
Portfolio VAR above budget
94
Escalate watchlist names
C08594
CR1830
2025-06-25
Recovery
114
632
5.7
0.1
803,107,161
Materials:37.2;Consumer:23.7;RealEstate:39.1
US:75.0;EU:6.0;APAC:11.1;EMEA:4.0;LATAM:3.9
B:7.3;BBB:39.4;A:25.0;CCC:6.0;AAA:22.3
5.19
32.5
126
520
9.5
4
35
35
25
true
true
false
false
-0.47
-0.21
0.37
null
Hedge
Options_Payer: +119bps notional
-42
9
DealerC
All2All
3
96
-193
-256
Sector>limit
Reduce
Sector concentration above limit
163
Reviewed by risk; hedges staggered
C08595
CR2389
2024-04-19
Recovery
120
566
6.1
-0.2
988,544,883
Industrials:21.6;Utilities:10.2;Tech:15.3;Materials:19.1;Energy:23.5;Comm:10.4
US:63.7;EU:13.6;APAC:12.9;EMEA:6.3;LATAM:3.5
A:23.0;CCC:21.7;BB:11.4;BBB:25.7;AAA:18.2
1.52
34.7
88
184
4.2
3.5
35
35
30
false
true
true
false
1.32
1.51
0.48
null
Hedge
iTraxx_MAIN: +188bps notional
1
-12
ECN1
All2All
11
96
243
-62
Region>limit
Hedge
Regional concentration above limit
231
Escalate watchlist names
C08596
CR3043
2024-08-08
Recovery
134
562
5
1.7
274,497,488
Utilities:8.0;Financials:27.4;Consumer:22.6;Industrials:29.4;Materials:12.7
US:70.1;EU:7.4;APAC:11.2;EMEA:9.1;LATAM:2.1
CCC:22.9;B:5.5;AA:19.7;BB:15.1;AAA:36.8
5.73
20.9
113
134
10.3
3
25
35
35
true
true
true
false
-0.05
-0.12
0.18
Consumer:EW
Hedge
SingleName_CDS: +130bps notional
6
43
DealerA
All2All
8
100
408
137
HYCap>limit
Hedge
High-yield share above policy cap
130
Reviewed by risk; hedges staggered
C08597
CR8787
2024-04-08
Calm
82
319
3.5
1.7
1,129,084,427
Energy:25.3;Industrials:25.0;Materials:23.3;Healthcare:26.4
US:55.9;EU:20.6;APAC:11.9;EMEA:10.9;LATAM:0.7
B:12.7;A:30.2;AA:23.1;CCC:9.7;BBB:24.3
1.46
60.2
247
127
5.2
2
30
55
35
false
true
false
true
0.04
0.26
-0.15
Energy:EW
Hedge
iTraxx_XOVER: +85bps notional
7
-11
ECN2
DealerAxed
4
95
-165
-392
Sector>limit
PauseAdds
Sector concentration above limit
98
Escalate watchlist names
C08598
CR3156
2025-01-18
Stress
171
781
5.6
-1.5
2,147,064,669
Energy:21.7;RealEstate:16.4;Consumer:35.2;Financials:16.6;Comm:10.2
US:62.0;EU:12.7;APAC:11.8;EMEA:7.3;LATAM:6.2
A:11.8;AAA:14.2;BB:19.8;CCC:19.9;AA:10.6;B:23.5
5.11
34.3
354
608
12.9
3.5
20
35
30
true
true
true
true
2.44
0.33
-0.08
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
-13
DealerC
All2All
12
94
-193
-230
Region>limit
Rotate
Regional concentration above limit
139
Rotate into defensive sectors
C08599
CR6030
2025-07-14
Calm
70
392
3.8
1.9
102,536,273
Financials:6.4;Industrials:19.1;Tech:19.0;RealEstate:27.1;Utilities:28.3
US:63.5;EU:12.4;APAC:6.0;EMEA:11.0;LATAM:7.1
A:21.2;CCC:16.7;BBB:21.5;AA:24.1;B:4.9;BB:11.5
4.42
28
166
197
7.8
4
30
45
20
false
true
true
false
1.15
-0.2
0.37
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
9
DealerA
RFQ
5
85
-39
-136
Region>limit
Hedge
Regional concentration above limit
161
Rotate into defensive sectors
C08600
CR2470
2024-11-16
Tightening
145
470
4.7
1.7
648,846,282
RealEstate:18.5;Consumer:32.2;Utilities:49.3
US:69.4;EU:14.4;APAC:10.6;EMEA:4.6;LATAM:1.0
BBB:39.6;AA:16.6;A:29.9;CCC:13.9
2.46
20.4
171
481
9.9
3.5
25
35
20
true
true
false
false
-0.5
0.96
0.39
Materials:EW;Comm:EW;Financials:EW
Hedge
CDX_IG: +149bps notional
13
15
DealerB
RFQ
12
91
326
-446
HYCap>limit
Hedge
High-yield share above policy cap
159
Rotate into defensive sectors