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
C08601
CR9199
2025-06-22
Calm
65
397
3.9
2.3
1,555,542,600
Healthcare:30.1;Energy:25.7;Comm:44.2
US:71.0;EU:16.8;APAC:6.9;EMEA:3.4;LATAM:1.9
B:16.2;AA:16.4;AAA:30.9;BBB:36.4
2.38
40.9
176
421
10.5
2
30
45
25
true
true
false
false
1.16
1.36
0.45
Materials:EW
Hedge
Treasury_Futures: +128bps notional
18
40
DealerA
Electronic
8
89
-143
-350
Sector>limit
Reduce
Sector concentration above limit
124
Reviewed by risk; hedges staggered
C08602
CR3679
2024-12-09
Calm
72
361
3.4
1.8
1,321,508,078
Healthcare:20.9;Consumer:12.1;Energy:24.3;Tech:22.5;Materials:20.2
US:68.1;EU:21.5;APAC:6.4;EMEA:4.0;LATAM:0.0
CCC:17.4;AAA:18.4;AA:16.0;A:14.5;BBB:33.7
1.25
39.7
204
326
7.6
3
30
45
35
false
true
false
true
1.99
0.95
-0.13
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
-3
DealerC
All2All
7
86
180
-194
Region>limit
Reduce
Regional concentration above limit
134
Tighten HY exposure bands
C08603
CR2848
2025-02-16
Calm
95
403
4.4
2.1
1,502,058,053
Materials:27.2;Comm:31.1;RealEstate:12.6;Utilities:29.1
US:71.3;EU:7.5;APAC:14.6;EMEA:4.7;LATAM:1.9
BBB:12.5;A:43.5;BB:12.7;AAA:13.7;B:9.1;CCC:8.5
6
31
280
202
13.9
2.5
25
45
30
true
true
true
true
0.46
0.35
-0.16
null
Hedge
iTraxx_XOVER: +146bps notional
-33
19
ECN2
RFQ
4
94
119
-198
Region>limit
Rotate
Regional concentration above limit
151
Tighten HY exposure bands
C08604
CR2116
2025-04-21
Recovery
180
475
5.4
1.1
1,400,542,991
Consumer:18.8;Utilities:21.9;Financials:23.1;RealEstate:36.3
US:62.6;EU:9.4;APAC:9.0;EMEA:13.4;LATAM:5.6
BB:21.0;AAA:12.2;BBB:25.6;A:22.0;AA:19.2
3.2
35.8
243
183
7.1
3.5
30
55
30
true
true
false
true
2.3
1.39
0.01
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
-10
DealerC
DealerAxed
10
100
-161
-317
HYCap>limit
Reduce
High-yield share above policy cap
203
Reviewed by risk; hedges staggered
C08605
CR8640
2025-05-28
Calm
73
344
4.1
2
418,583,107
Energy:17.6;RealEstate:28.9;Utilities:18.8;Financials:15.0;Tech:19.7
US:62.2;EU:12.4;APAC:10.3;EMEA:9.4;LATAM:5.6
A:19.7;CCC:10.1;BBB:25.2;AAA:22.9;AA:22.0
3.52
57.4
231
256
9.6
4
25
45
35
true
true
false
true
-0.15
-0.17
-0.13
Comm:EW;Utilities:EW
Hedge
Options_Payer: +100bps notional
-51
39
DealerB
DealerAxed
6
86
37
-156
VAR>budget
Hedge
Portfolio VAR above budget
184
Reviewed by risk; hedges staggered
C08606
CR0192
2024-04-04
Tightening
150
426
4
1.5
169,148,468
Energy:13.8;Utilities:17.4;Comm:9.0;Industrials:27.4;Materials:11.5;Consumer:20.9
US:58.4;EU:15.9;APAC:13.4;EMEA:3.9;LATAM:8.4
CCC:26.8;AAA:32.2;BB:20.1;A:20.9
7.41
50.3
124
387
8.4
2.5
30
45
30
false
true
true
false
1.19
0.89
-0.33
null
Hedge
SingleName_CDS: +118bps notional
20
45
DealerA
All2All
1
93
109
-180
VAR>budget
Reduce
Portfolio VAR above budget
110
Tighten HY exposure bands
C08607
CR3555
2024-04-23
Calm
96
308
3.8
2.3
171,813,212
Energy:11.4;Industrials:14.7;RealEstate:15.0;Utilities:36.7;Financials:22.2
US:63.8;EU:16.1;APAC:6.9;EMEA:7.5;LATAM:5.8
CCC:10.8;BBB:26.5;AA:16.7;BB:11.5;A:27.8;B:6.7
0.66
34.4
80
301
7
3.5
20
45
25
true
true
true
false
-0.42
0.88
-0.14
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-54
40
ECN1
All2All
10
95
33
131
HYCap>limit
Hedge
High-yield share above policy cap
127
Escalate watchlist names
C08608
CR0223
2025-02-07
Tightening
141
515
4.4
0.6
2,815,410,158
Healthcare:49.3;Utilities:22.3;Consumer:28.4
US:70.1;EU:13.9;APAC:6.0;EMEA:5.4;LATAM:4.6
AA:27.0;BBB:27.4;A:19.4;BB:7.8;AAA:18.4
5.72
46.9
86
308
8.2
2
25
45
25
true
true
false
false
1.63
-0.09
0.22
null
Rotate
From Energy -1.0% to Utilities +1.0%
-22
28
ECN2
All2All
12
97
-31
41
HYCap>limit
Reduce
High-yield share above policy cap
96
Reviewed by risk; hedges staggered
C08609
CR0753
2025-10-06
Tightening
149
495
5
1.7
278,140,262
Consumer:12.7;Financials:25.7;RealEstate:33.5;Tech:28.0
US:74.2;EU:8.4;APAC:11.6;EMEA:4.1;LATAM:1.7
BBB:7.0;AA:21.7;AAA:24.1;BB:17.4;CCC:6.9;A:23.0
4.36
60.2
126
519
5.6
4
30
35
25
true
true
false
false
0.92
1.05
-0.21
Tech:EW
Hedge
Treasury_Futures: +94bps notional
-32
28
DealerA
RFQ
9
100
251
79
Region>limit
Hedge
Regional concentration above limit
132
Rotate into defensive sectors
C08610
CR6629
2024-06-27
Calm
99
410
4
2.8
351,120,080
Financials:27.0;Healthcare:37.2;RealEstate:35.8
US:58.5;EU:16.5;APAC:8.6;EMEA:12.0;LATAM:4.4
A:34.1;B:12.0;AA:15.0;AAA:38.9
1.97
32.4
216
201
4
3
35
35
35
true
true
false
true
1.08
1.02
-0.17
null
Rotate
From Energy -1.0% to Utilities +1.0%
-25
-18
ECN1
Electronic
8
97
-10
-418
Sector>limit
Reduce
Sector concentration above limit
177
Escalate watchlist names
C08611
CR3172
2024-07-10
Tightening
150
387
4.6
1.4
2,103,425,514
Materials:21.2;Tech:17.4;Financials:18.8;Healthcare:5.4;Industrials:18.5;Energy:18.7
US:65.8;EU:15.9;APAC:6.6;EMEA:7.8;LATAM:3.9
A:13.3;B:19.7;BBB:24.1;BB:7.0;AA:36.0
5.63
41.4
266
482
6.7
3
35
45
25
false
true
true
true
0.32
0.69
-0
Energy:EW
Hedge
iTraxx_MAIN: +197bps notional
-2
-12
ECN1
DealerAxed
5
98
302
198
HYCap>limit
Hedge
High-yield share above policy cap
110
Tighten HY exposure bands
C08612
CR2375
2024-08-31
Stress
202
716
6.6
-1.8
2,300,831,658
Utilities:17.0;Financials:23.3;Comm:19.4;Materials:16.7;Consumer:23.5
US:67.4;EU:13.0;APAC:8.4;EMEA:5.3;LATAM:5.9
BB:15.9;AA:15.9;A:27.4;AAA:14.4;B:26.4
1.69
45.1
182
637
6.8
3
20
45
30
true
true
true
false
0.36
0.63
0.3
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-4
DealerA
All2All
4
89
28
-8
HYCap>limit
Rotate
High-yield share above policy cap
211
Defer adds pending macro print
C08613
CR8088
2025-05-30
Calm
67
410
3.4
2.4
103,902,612
Energy:27.5;Utilities:25.5;Industrials:29.2;Financials:17.8
US:56.2;EU:19.0;APAC:11.3;EMEA:9.2;LATAM:4.3
BB:16.8;CCC:18.0;AAA:17.0;BBB:16.8;A:18.9;AA:12.5
5.93
50.3
273
379
4.3
2
35
35
25
false
true
true
true
2.44
1.19
0.44
null
Hedge
iTraxx_MAIN: +58bps notional
-52
29
DealerB
RFQ
3
89
88
-74
Sector>limit
Rotate
Sector concentration above limit
164
Escalate watchlist names
C08614
CR1006
2025-02-22
Recovery
132
576
4.8
0.1
698,722,029
Tech:26.9;Materials:15.1;Comm:16.5;Healthcare:19.6;Utilities:21.9
US:74.0;EU:9.0;APAC:9.1;EMEA:4.9;LATAM:3.0
B:31.1;AAA:10.3;BB:32.5;AA:26.1
7.06
65
188
483
2.2
2.5
35
35
35
false
true
true
false
1.67
0.02
-0.35
Healthcare:EW
Hedge
CDX_HY: +183bps notional
-53
-6
ECN2
RFQ
1
94
363
-66
VAR>budget
PauseAdds
Portfolio VAR above budget
247
Reviewed by risk; hedges staggered
C08615
CR7202
2024-10-07
Stress
256
700
5.6
0.1
2,917,175,896
Utilities:33.8;Financials:21.7;Materials:10.9;Healthcare:19.0;RealEstate:14.6
US:67.5;EU:11.1;APAC:6.2;EMEA:9.4;LATAM:5.6
B:9.8;AA:50.1;A:24.4;AAA:15.7
5.44
38.8
148
356
11.5
3.5
35
35
30
false
true
false
false
0.66
0.42
0.48
Energy:EW;Materials:EW;RealEstate:EW
Hedge
CDX_IG: +130bps notional
5
0
ECN2
Electronic
4
91
26
63
VAR>budget
Rotate
Portfolio VAR above budget
137
Reviewed by risk; hedges staggered
C08616
CR2771
2025-06-01
Tightening
107
487
5.1
1.1
1,888,527,550
RealEstate:12.1;Tech:13.5;Utilities:17.4;Industrials:18.4;Financials:16.4;Consumer:22.2
US:72.0;EU:14.1;APAC:6.1;EMEA:4.8;LATAM:3.0
BB:12.4;AAA:16.5;AA:16.9;B:28.6;BBB:17.4;CCC:8.2
1.95
60.8
218
430
3.7
2
30
55
35
false
true
true
true
1.81
1.73
0.21
Consumer:EW
Hedge
iTraxx_MAIN: +67bps notional
-60
-21
DealerA
DealerAxed
8
95
-220
-84
HYCap>limit
Reduce
High-yield share above policy cap
162
Rotate into defensive sectors
C08617
CR8885
2024-10-25
Stress
216
643
5.9
-0.1
1,554,674,394
Consumer:13.4;Comm:24.0;Materials:14.6;Healthcare:17.4;Utilities:30.6
US:72.8;EU:10.8;APAC:5.1;EMEA:6.2;LATAM:5.1
BBB:34.8;B:14.6;AAA:41.6;CCC:9.0
6.1
21.8
278
397
14.3
4
35
35
30
false
true
false
true
0.93
0.03
0.08
Materials:EW
Hedge
Options_Payer: +74bps notional
10
-8
ECN2
DealerAxed
12
92
355
-460
Sector>limit
Hedge
Sector concentration above limit
216
Defer adds pending macro print
C08618
CR9920
2025-02-03
Stress
247
663
7.5
-0.1
686,943,663
Tech:21.8;Materials:20.3;Consumer:29.6;Energy:28.3
US:57.8;EU:19.8;APAC:5.5;EMEA:10.4;LATAM:6.5
CCC:4.8;A:21.6;B:11.9;AA:35.0;AAA:26.7
1.77
46.8
235
586
8.7
3
30
55
30
false
true
false
true
2
1.3
0.05
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
23
ECN2
All2All
12
93
-22
-170
Sector>limit
Hedge
Sector concentration above limit
177
Tighten HY exposure bands
C08619
CR2522
2024-03-13
Recovery
158
441
4.8
1.4
583,614,544
Energy:17.6;Utilities:22.0;Comm:23.3;Materials:9.2;Consumer:20.2;Industrials:7.8
US:62.6;EU:18.7;APAC:12.5;EMEA:4.1;LATAM:2.2
AAA:17.1;B:4.4;CCC:15.8;A:30.3;BBB:32.3
5.76
53
180
241
16.2
2.5
30
35
20
false
true
true
false
-0.46
1.7
-0.37
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-11
3
DealerC
Electronic
9
91
406
159
Sector>limit
Rotate
Sector concentration above limit
150
Defer adds pending macro print
C08620
CR8025
2025-03-23
Recovery
156
445
6.4
-0
1,994,742,374
Financials:20.5;Materials:26.4;RealEstate:8.8;Industrials:12.1;Utilities:20.6;Tech:11.6
US:71.9;EU:15.6;APAC:8.2;EMEA:4.1;LATAM:0.2
B:29.3;BBB:14.6;AA:15.7;CCC:18.7;BB:6.1;AAA:15.6
4.05
48.9
195
350
12.1
4
20
55
25
true
true
true
false
0.18
1.67
0.55
Financials:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-9
-15
DealerC
RFQ
4
93
340
-113
HYCap>limit
Reduce
High-yield share above policy cap
247
Reviewed by risk; hedges staggered
C08621
CR6132
2025-03-17
Calm
91
381
4.2
2.3
2,690,333,185
Comm:34.1;Utilities:9.8;Energy:22.1;Materials:23.8;Financials:10.2
US:70.2;EU:4.9;APAC:13.7;EMEA:4.6;LATAM:6.6
BBB:37.3;B:24.1;BB:15.2;AAA:23.3
6.07
47.6
191
173
10.5
3
25
35
35
true
true
true
false
0.02
1.16
0.35
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-17
-12
DealerA
RFQ
4
87
-25
-24
HYCap>limit
Reduce
High-yield share above policy cap
187
Rotate into defensive sectors
C08622
CR9853
2025-10-21
Recovery
164
559
5.4
0.1
612,549,161
Healthcare:11.5;Comm:20.1;Utilities:20.2;Consumer:20.1;Materials:28.1
US:64.3;EU:12.5;APAC:11.5;EMEA:9.4;LATAM:2.3
AA:24.5;CCC:17.9;A:25.7;BBB:21.7;BB:10.3
4.88
31.6
257
430
5.8
2.5
20
45
35
true
true
false
true
2.35
0.08
-0.19
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
19
DealerC
All2All
7
100
279
-133
HYCap>limit
Hedge
High-yield share above policy cap
237
Defer adds pending macro print
C08623
CR9730
2025-06-01
Stress
186
645
6.1
0.3
726,321,779
Consumer:15.9;Materials:28.8;Healthcare:10.0;Tech:14.8;Industrials:30.4
US:57.2;EU:13.5;APAC:9.3;EMEA:12.6;LATAM:7.5
A:29.1;BBB:25.1;BB:9.4;AA:20.2;B:6.5;CCC:9.6
7.5
26.4
274
680
17.5
3.5
25
55
35
true
true
false
true
1.07
1.22
-0.36
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
42
DealerA
All2All
7
99
176
-40
Region>limit
Reduce
Regional concentration above limit
153
Reviewed by risk; hedges staggered
C08624
CR4966
2025-01-17
Recovery
144
552
5.9
0.3
574,744,155
Consumer:24.2;Utilities:12.1;Healthcare:14.0;RealEstate:26.1;Tech:23.6
US:63.4;EU:12.3;APAC:11.7;EMEA:7.1;LATAM:5.6
B:12.2;BB:10.3;AA:38.7;AAA:23.0;CCC:15.8
5.62
25.4
242
412
15.5
2.5
30
55
35
false
true
true
true
0.05
1.37
-0.01
Healthcare:EW
Hedge
SingleName_CDS: +63bps notional
-30
-10
DealerC
All2All
0
93
402
-85
HYCap>limit
Reduce
High-yield share above policy cap
161
Rotate into defensive sectors
C08625
CR7521
2025-08-26
Stress
224
803
5.6
-0.2
2,679,924,234
Materials:14.7;Consumer:39.3;Comm:27.2;RealEstate:18.8
US:66.8;EU:8.8;APAC:8.8;EMEA:11.6;LATAM:4.1
A:13.2;AAA:41.0;AA:21.7;B:24.1
3.39
28.4
267
352
19.5
2
20
55
30
true
true
false
true
2.42
1.66
-0.23
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
2
ECN2
RFQ
3
98
4
46
HYCap>limit
Hedge
High-yield share above policy cap
240
Reviewed by risk; hedges staggered
C08626
CR4321
2024-11-23
Stress
197
593
7.8
0.3
1,252,185,702
Financials:42.6;Healthcare:13.2;Consumer:11.3;Tech:32.8
US:53.8;EU:18.1;APAC:12.6;EMEA:8.7;LATAM:6.8
A:19.4;BB:5.4;CCC:10.2;AA:51.9;B:13.2
2.62
23.7
388
347
6.4
2.5
30
45
25
true
true
true
true
0.09
0.56
0.31
null
Hedge
SingleName_CDS: +109bps notional
19
41
DealerC
Electronic
11
99
138
-223
HYCap>limit
Rotate
High-yield share above policy cap
167
Defer adds pending macro print
C08627
CR9363
2024-05-03
Tightening
135
491
5.1
0.7
1,207,974,849
Materials:38.6;Tech:40.6;Consumer:20.8
US:67.4;EU:11.1;APAC:12.6;EMEA:7.3;LATAM:1.5
BB:12.1;CCC:26.9;AA:29.6;BBB:31.4
2.57
59.1
241
222
5.3
4
25
35
35
true
true
true
true
2.39
1.21
-0.31
Industrials:EW
Hedge
Treasury_Futures: +151bps notional
-45
-5
ECN2
RFQ
10
89
203
-412
Sector>limit
Hedge
Sector concentration above limit
228
Escalate watchlist names
C08628
CR9978
2025-02-19
Recovery
161
549
5.8
1
421,652,156
RealEstate:35.3;Energy:10.2;Healthcare:22.2;Utilities:32.3
US:67.1;EU:11.6;APAC:6.9;EMEA:5.3;LATAM:9.0
AAA:12.4;BBB:15.7;CCC:40.5;BB:31.4
3.73
36.7
157
156
14
3.5
30
45
30
true
true
true
false
2.32
0.3
0.42
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
1
DealerC
RFQ
4
96
266
-311
HYCap>limit
Hedge
High-yield share above policy cap
221
Rotate into defensive sectors
C08629
CR3403
2024-12-28
Recovery
163
549
4.6
-0.3
1,349,696,472
RealEstate:11.3;Materials:31.3;Industrials:29.2;Tech:28.2
US:65.9;EU:16.2;APAC:9.9;EMEA:7.4;LATAM:0.5
B:17.7;BBB:35.8;BB:16.0;AAA:30.4
0.79
21.2
199
143
10
2.5
25
35
30
true
true
true
false
1.43
0.26
-0.01
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
34
ECN2
All2All
10
92
21
-45
HYCap>limit
Hedge
High-yield share above policy cap
117
Defer adds pending macro print
C08630
CR7144
2024-03-17
Calm
105
414
4.4
2.1
1,878,711,070
Materials:21.3;Energy:20.1;Utilities:9.3;Comm:31.2;Industrials:18.1
US:62.7;EU:18.1;APAC:12.6;EMEA:3.2;LATAM:3.5
CCC:18.2;BBB:19.3;AA:9.3;A:5.9;BB:20.9;B:26.4
4.12
61.7
222
361
3.8
2
30
55
25
true
true
true
true
1.83
0.02
-0.09
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
40
ECN2
RFQ
3
91
-195
98
HYCap>limit
Hedge
High-yield share above policy cap
242
Escalate watchlist names
C08631
CR3582
2024-06-17
Tightening
147
391
4.9
1.6
144,493,797
Consumer:13.9;Industrials:43.2;Energy:12.8;Materials:30.1
US:72.8;EU:7.2;APAC:7.1;EMEA:7.9;LATAM:5.0
CCC:13.9;BB:11.5;BBB:28.2;A:46.4
5.55
23
216
449
10.3
4
35
55
30
true
true
false
true
1.85
1.74
0.23
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
-14
DealerC
RFQ
7
94
368
-172
HYCap>limit
Reduce
High-yield share above policy cap
253
Rotate into defensive sectors
C08632
CR2149
2024-09-27
Calm
78
293
4.2
2.3
538,841,386
Utilities:11.2;Industrials:14.3;Healthcare:13.4;Comm:22.6;Financials:38.5
US:58.6;EU:8.7;APAC:12.5;EMEA:12.6;LATAM:7.6
BBB:45.2;AAA:21.7;CCC:15.6;AA:17.6
6.44
26.5
135
325
14.4
2.5
30
55
35
true
true
false
false
-0.47
-0.18
-0.08
null
Rotate
From Energy -1.0% to Utilities +1.0%
12
42
DealerC
RFQ
9
86
-116
-198
Region>limit
Reduce
Regional concentration above limit
244
Escalate watchlist names
C08633
CR3690
2025-11-21
Tightening
109
474
4.3
1.6
452,264,050
Materials:25.6;Industrials:24.2;Energy:15.6;RealEstate:5.4;Financials:13.7;Tech:15.5
US:64.8;EU:19.2;APAC:9.3;EMEA:4.5;LATAM:2.2
CCC:7.0;BB:7.8;AAA:36.0;B:3.3;BBB:33.4;AA:12.5
6.83
61.7
232
281
3.9
2.5
35
45
30
false
true
false
true
1.95
0.52
-0.27
Consumer:EW;RealEstate:EW
Hedge
CDX_IG: +107bps notional
10
40
DealerA
RFQ
9
85
-168
-33
Sector>limit
Rotate
Sector concentration above limit
203
Rotate into defensive sectors
C08634
CR3235
2025-01-11
Tightening
145
424
4
0.5
575,242,701
Industrials:26.2;Comm:25.9;Energy:47.9
US:65.9;EU:11.6;APAC:8.5;EMEA:8.2;LATAM:5.8
BB:23.5;BBB:10.8;A:15.0;B:15.0;AA:19.7;CCC:16.0
1.99
51.4
110
500
17.8
2
25
35
30
true
true
true
false
2.14
1.47
0.51
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
-7
ECN1
All2All
1
87
367
-312
Sector>limit
Rotate
Sector concentration above limit
106
Reviewed by risk; hedges staggered
C08635
CR5022
2024-02-14
Tightening
148
394
4.4
1.3
2,106,232,371
Energy:54.4;Financials:17.3;Materials:28.3
US:60.7;EU:22.6;APAC:6.2;EMEA:5.0;LATAM:5.4
A:23.1;AAA:19.5;BB:14.1;AA:6.1;BBB:7.7;CCC:29.6
2.72
28.2
179
200
7
2.5
25
55
25
true
true
true
false
0.37
1.52
0.13
Consumer:EW;Utilities:EW;Comm:EW
Hedge
Treasury_Futures: +69bps notional
-51
29
DealerB
RFQ
2
93
-148
-175
Sector>limit
Rotate
Sector concentration above limit
140
Defer adds pending macro print
C08636
CR7891
2025-10-15
Tightening
95
368
4
1
1,674,342,303
Utilities:11.3;Materials:13.3;Industrials:18.3;Consumer:41.4;Energy:15.7
US:60.8;EU:18.5;APAC:9.5;EMEA:5.4;LATAM:5.8
B:25.6;AAA:9.5;AA:23.7;A:17.2;CCC:24.0
2.13
33.1
142
275
11.4
2.5
30
35
35
true
true
true
false
1.56
0.44
0.38
Energy:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
-19
ECN2
DealerAxed
6
99
402
-153
Region>limit
Reduce
Regional concentration above limit
91
Rotate into defensive sectors
C08637
CR5680
2024-09-15
Calm
79
295
4.3
2.1
2,185,486,159
Industrials:22.7;Energy:13.5;Tech:26.7;RealEstate:12.5;Healthcare:8.7;Financials:15.8
US:70.9;EU:11.5;APAC:10.2;EMEA:5.5;LATAM:2.0
BBB:19.7;AA:15.9;CCC:21.4;B:9.7;A:33.2
3.48
28.3
162
406
4.3
2.5
35
35
30
false
true
true
false
0.73
1.08
-0.16
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
3
ECN2
DealerAxed
6
90
269
-271
HYCap>limit
Hedge
High-yield share above policy cap
187
Reviewed by risk; hedges staggered
C08638
CR7675
2025-03-30
Stress
160
740
6.6
-0.9
2,792,558,153
Materials:49.8;Comm:24.3;RealEstate:25.9
US:57.9;EU:14.0;APAC:13.8;EMEA:11.5;LATAM:2.8
AA:6.2;CCC:25.9;B:7.9;BB:26.4;BBB:10.0;A:23.6
1.15
35
355
417
14.1
2.5
20
55
25
true
true
true
true
2.24
-0.28
0
null
Hedge
Options_Payer: +125bps notional
-55
6
DealerB
Electronic
6
96
-110
-95
Sector>limit
Hedge
Sector concentration above limit
201
Rotate into defensive sectors
C08639
CR4973
2025-08-29
Calm
118
413
3.3
2.3
846,311,499
Healthcare:19.1;Comm:43.4;Utilities:37.6
US:67.7;EU:16.8;APAC:5.7;EMEA:4.6;LATAM:5.2
CCC:34.4;BBB:21.7;AA:13.3;BB:30.6
2
35.7
103
215
11.9
3
25
45
25
true
true
true
false
2.39
1.32
0.32
null
Hedge
iTraxx_MAIN: +125bps notional
14
39
DealerA
DealerAxed
1
93
139
-103
Sector>limit
Rotate
Sector concentration above limit
160
Defer adds pending macro print
C08640
CR2990
2024-12-18
Tightening
114
492
4.4
1.8
487,940,907
Healthcare:35.5;Utilities:23.0;Energy:33.2;Industrials:8.3
US:73.0;EU:8.6;APAC:11.8;EMEA:6.0;LATAM:0.7
B:20.0;BBB:8.6;A:27.9;AAA:30.4;AA:13.1
6.31
41.4
82
334
12.9
4
35
45
20
true
true
false
false
1.98
0.56
-0.17
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-52
15
ECN1
DealerAxed
1
89
218
-235
HYCap>limit
Hedge
High-yield share above policy cap
222
Reviewed by risk; hedges staggered
C08641
CR0742
2024-04-17
Calm
73
296
3.7
2
2,115,954,436
Industrials:11.3;Utilities:8.4;Consumer:27.5;Materials:30.2;RealEstate:22.6
US:78.4;EU:5.5;APAC:10.0;EMEA:4.2;LATAM:1.8
B:16.5;AA:12.6;CCC:14.7;BB:8.4;BBB:16.0;A:31.9
0.49
30
160
377
12.9
3.5
20
35
35
true
true
true
false
1.26
0.68
0.05
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
40
DealerB
DealerAxed
6
100
-76
104
HYCap>limit
Reduce
High-yield share above policy cap
228
Reviewed by risk; hedges staggered
C08642
CR5955
2025-03-01
Stress
156
595
7
-1.8
2,482,735,350
Energy:36.0;Financials:30.0;RealEstate:34.0
US:69.0;EU:9.7;APAC:11.8;EMEA:3.6;LATAM:6.0
BBB:21.2;B:20.0;A:13.2;CCC:8.8;BB:11.5;AA:25.4
0.82
42.3
211
505
15.7
3.5
20
45
35
true
true
true
true
0.45
1.08
0.38
Financials:EW
Hedge
Options_Payer: +120bps notional
2
-24
DealerA
Electronic
3
88
-176
-269
Region>limit
Reduce
Regional concentration above limit
216
Reviewed by risk; hedges staggered
C08643
CR9874
2025-05-20
Calm
102
415
3.6
2.7
2,408,178,378
Financials:26.4;Materials:14.9;Energy:34.0;Comm:24.7
US:66.0;EU:7.9;APAC:8.8;EMEA:10.9;LATAM:6.4
AA:16.3;B:43.0;A:15.8;CCC:12.5;BBB:12.5
4.39
52.9
139
283
10.3
3
20
45
30
true
true
true
false
1.91
1.35
0.32
null
Hedge
SingleName_CDS: +81bps notional
-13
27
DealerC
DealerAxed
10
94
391
-116
HYCap>limit
Rotate
High-yield share above policy cap
104
Tighten HY exposure bands
C08644
CR4992
2025-09-21
Recovery
141
559
6.2
0.7
96,817,973
Healthcare:17.2;Tech:11.2;Energy:43.2;Materials:28.4
US:62.9;EU:12.2;APAC:13.6;EMEA:7.2;LATAM:4.1
AAA:20.6;BB:17.2;A:13.8;BBB:15.0;CCC:12.3;AA:21.0
5.54
26.1
277
227
15.8
4
20
55
25
true
true
true
true
1.82
0.02
0.17
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
-4
DealerA
DealerAxed
3
87
333
146
HYCap>limit
Hedge
High-yield share above policy cap
125
Defer adds pending macro print
C08645
CR1660
2024-09-28
Recovery
154
464
6.3
-0.3
311,933,827
Energy:10.4;Comm:21.1;Healthcare:20.7;Industrials:14.5;Utilities:8.4;RealEstate:25.0
US:56.2;EU:16.6;APAC:13.7;EMEA:8.2;LATAM:5.2
BBB:9.7;AAA:14.9;B:19.3;BB:32.2;AA:17.6;CCC:6.5
6.89
46.8
150
408
6.2
4
30
55
20
false
true
true
false
-0.33
0.53
0.13
null
Hedge
CDX_HY: +163bps notional
-23
11
DealerA
Electronic
4
94
37
-64
VAR>budget
Rotate
Portfolio VAR above budget
103
Rotate into defensive sectors
C08646
CR0999
2024-05-05
Recovery
155
547
6
0.5
1,544,516,523
Financials:16.5;Healthcare:27.9;RealEstate:38.8;Energy:16.7
US:71.4;EU:8.4;APAC:12.2;EMEA:7.2;LATAM:1.0
A:35.8;BBB:30.6;AAA:21.2;BB:12.4
3.7
23.4
136
473
7.1
2
35
55
20
true
true
false
false
0.89
0.21
-0.12
Consumer:EW
Hedge
Treasury_Futures: +57bps notional
12
-4
ECN1
RFQ
4
99
262
-71
HYCap>limit
Reduce
High-yield share above policy cap
111
Defer adds pending macro print
C08647
CR8280
2025-12-10
Tightening
126
365
4.2
0.5
582,817,142
Healthcare:24.3;Materials:36.4;Industrials:39.3
US:60.6;EU:7.0;APAC:13.9;EMEA:9.8;LATAM:8.7
BB:11.1;AAA:37.4;B:9.7;AA:30.7;CCC:11.1
2.56
41.9
261
418
5.8
4
30
55
30
true
true
true
true
2.35
0.88
0.39
Healthcare:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
-20
ECN2
RFQ
6
86
117
-23
Region>limit
Rotate
Regional concentration above limit
105
Escalate watchlist names
C08648
CR7347
2025-12-17
Calm
108
400
3.5
1.7
2,902,259,353
Industrials:15.5;Energy:11.3;Utilities:24.2;Comm:27.7;RealEstate:7.8;Tech:13.4
US:71.3;EU:6.2;APAC:11.5;EMEA:9.7;LATAM:1.2
AA:20.6;B:17.0;BBB:11.6;CCC:37.9;AAA:12.9
4.17
20.2
190
375
16.9
2.5
25
55
30
true
true
true
false
0.08
1.22
-0.22
Tech:EW;Healthcare:EW
Hedge
SingleName_CDS: +109bps notional
-12
5
DealerB
Electronic
12
94
59
82
Sector>limit
Rotate
Sector concentration above limit
249
Tighten HY exposure bands
C08649
CR0900
2025-09-15
Tightening
138
447
4
1.2
1,725,365,055
Healthcare:33.8;RealEstate:29.5;Tech:11.2;Financials:25.5
US:71.5;EU:5.0;APAC:12.7;EMEA:10.2;LATAM:0.6
BB:21.4;AA:15.9;A:10.8;AAA:12.6;CCC:19.9;BBB:19.4
0.83
53.7
108
160
7.9
4
35
55
25
false
true
true
false
1.91
-0.1
0.43
Utilities:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
30
DealerC
Electronic
10
86
343
139
HYCap>limit
Reduce
High-yield share above policy cap
118
Tighten HY exposure bands
C08650
CR4696
2025-03-29
Calm
106
308
3.2
2.8
1,907,904,675
Comm:39.9;Consumer:17.8;Tech:42.2
US:57.7;EU:18.8;APAC:11.4;EMEA:6.2;LATAM:5.9
AAA:24.4;B:17.6;BBB:23.2;AA:7.2;CCC:19.3;A:8.3
4.25
56.7
192
500
16.9
4
35
55
20
true
true
true
false
1.13
0.95
0.26
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
5
4
DealerA
Electronic
0
93
-156
-36
Region>limit
Rotate
Regional concentration above limit
246
Escalate watchlist names
C08651
CR4394
2025-11-11
Calm
69
306
3.8
2.6
2,591,403,033
Energy:25.2;Materials:8.7;Financials:27.1;Healthcare:9.4;Industrials:29.6
US:58.9;EU:16.9;APAC:11.3;EMEA:12.9;LATAM:0.0
B:32.4;AA:27.2;BB:26.2;BBB:14.2
3.59
42.2
113
373
2.4
4
20
55
25
true
true
true
false
2.18
-0.23
0.41
RealEstate:EW
Hedge
CDX_HY: +96bps notional
-15
18
DealerC
DealerAxed
10
98
-157
-138
HYCap>limit
Reduce
High-yield share above policy cap
260
Tighten HY exposure bands
C08652
CR9795
2025-08-02
Recovery
101
581
4.9
0.8
421,491,593
Industrials:12.0;Materials:18.0;Consumer:10.1;Comm:26.2;Tech:18.8;Energy:14.9
US:57.7;EU:17.9;APAC:10.5;EMEA:8.0;LATAM:6.0
B:9.4;AA:26.2;CCC:7.7;BBB:25.6;AAA:31.1
1.95
58.5
105
482
8.2
4
35
45
25
false
true
false
false
1.38
1.8
-0.18
Energy:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
18
ECN2
All2All
12
93
-89
111
HYCap>limit
Reduce
High-yield share above policy cap
141
Defer adds pending macro print
C08653
CR1322
2025-10-08
Tightening
105
386
4.5
1.7
1,073,506,857
RealEstate:18.1;Materials:21.2;Industrials:35.7;Utilities:25.1
US:62.6;EU:14.5;APAC:17.1;EMEA:5.3;LATAM:0.5
BBB:16.3;B:17.6;AA:18.7;A:12.8;BB:14.2;CCC:20.4
5.16
25
100
312
14.8
3.5
25
35
25
true
true
true
false
0.66
0.92
-0.18
Energy:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
13
ECN2
All2All
12
100
134
-27
Sector>limit
Hedge
Sector concentration above limit
204
Escalate watchlist names
C08654
CR8053
2024-12-19
Calm
120
341
3.4
2.9
1,765,309,048
Financials:15.1;Materials:27.5;Consumer:33.1;Tech:24.4
US:62.6;EU:17.6;APAC:11.8;EMEA:4.5;LATAM:3.5
AAA:26.4;AA:14.8;B:5.9;A:41.6;BBB:11.4
4.18
59.6
263
369
14.9
3.5
35
35
35
false
true
false
true
1.2
1.65
0.07
Comm:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
-1
DealerC
Electronic
8
90
174
-95
HYCap>limit
Rotate
High-yield share above policy cap
122
Rotate into defensive sectors
C08655
CR7463
2024-04-25
Tightening
97
494
3.8
0.6
366,573,031
Comm:24.5;Utilities:26.5;Industrials:49.0
US:72.9;EU:7.5;APAC:10.9;EMEA:8.2;LATAM:0.4
B:10.7;CCC:12.0;BB:12.5;AAA:21.0;BBB:27.8;A:16.0
3.8
33.7
188
286
14.1
3
20
55
30
true
true
true
false
0.24
0.6
-0.24
Comm:EW;Energy:EW
Hedge
Treasury_Futures: +107bps notional
-28
1
DealerA
Electronic
8
89
152
-381
HYCap>limit
Hedge
High-yield share above policy cap
102
Defer adds pending macro print
C08656
CR7874
2025-09-21
Calm
99
303
4
2.6
1,095,043,411
RealEstate:21.2;Healthcare:33.5;Materials:26.4;Utilities:18.9
US:57.5;EU:17.7;APAC:12.3;EMEA:5.2;LATAM:7.4
AA:47.9;BBB:25.9;AAA:21.9;BB:4.2
5.48
51.9
198
355
2.1
3.5
35
45
30
false
true
false
false
1.34
0.44
-0.11
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
-9
DealerA
All2All
1
95
352
-5
Sector>limit
Reduce
Sector concentration above limit
144
Rotate into defensive sectors
C08657
CR6111
2025-07-01
Stress
172
787
7.3
0.1
537,436,092
Energy:20.7;Comm:13.9;Utilities:38.2;Industrials:13.9;Financials:13.3
US:59.9;EU:14.8;APAC:16.2;EMEA:5.3;LATAM:3.8
BB:13.1;BBB:23.5;AAA:24.5;AA:15.6;A:23.3
6.68
30.2
218
480
20
3.5
25
55
35
true
true
false
true
1.97
1.48
-0.09
Comm:EW
Hedge
iTraxx_XOVER: +67bps notional
-10
-23
DealerC
All2All
2
94
355
-232
VAR>budget
Hedge
Portfolio VAR above budget
115
Escalate watchlist names
C08658
CR7699
2024-09-04
Stress
252
600
7.1
-0.5
1,861,334,769
Energy:27.0;Industrials:23.6;RealEstate:5.7;Utilities:21.2;Financials:13.2;Materials:9.3
US:67.1;EU:4.9;APAC:14.5;EMEA:9.6;LATAM:3.9
BBB:21.7;CCC:17.8;AA:41.1;BB:19.3
6.91
57.6
279
577
16.2
4
25
55
35
true
true
true
true
0.59
0.76
0.58
Comm:EW
Hedge
iTraxx_MAIN: +175bps notional
-42
7
ECN1
DealerAxed
11
97
-43
-234
Region>limit
Hedge
Regional concentration above limit
169
Tighten HY exposure bands
C08659
CR0647
2024-01-24
Recovery
179
586
5.5
-0.2
2,477,810,357
Financials:17.1;Healthcare:25.7;Comm:23.0;Consumer:34.2
US:65.5;EU:14.6;APAC:10.8;EMEA:3.1;LATAM:6.1
AA:26.2;CCC:10.1;A:9.0;B:26.5;BB:7.7;AAA:20.6
6.02
34.7
189
260
17.9
2
20
55
20
true
true
true
false
0.33
0.82
0.02
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-23
4
DealerB
Electronic
11
89
318
-106
Sector>limit
Hedge
Sector concentration above limit
202
Reviewed by risk; hedges staggered
C08660
CR7175
2025-06-17
Recovery
106
568
5.7
0.7
1,439,354,543
Consumer:38.2;Comm:26.1;Healthcare:35.8
US:63.1;EU:9.2;APAC:13.5;EMEA:10.1;LATAM:4.0
B:8.0;A:8.3;BBB:17.4;AAA:18.5;CCC:27.4;AA:20.5
4.56
21.5
169
178
9.7
4
30
45
20
true
true
true
false
1.35
-0.05
-0.08
Financials:EW;Utilities:EW
Hedge
iTraxx_MAIN: +129bps notional
-53
34
DealerA
All2All
10
92
204
-303
Sector>limit
Reduce
Sector concentration above limit
119
Rotate into defensive sectors
C08661
CR4570
2025-11-17
Recovery
155
480
5.9
1.6
1,092,053,369
Financials:19.9;Materials:41.6;Tech:38.5
US:68.0;EU:10.7;APAC:6.1;EMEA:9.8;LATAM:5.4
AA:11.0;CCC:14.6;B:29.8;BBB:11.7;AAA:9.7;A:23.2
5.24
44.4
217
404
15.2
2.5
25
35
35
true
true
true
true
1.62
0.32
-0.39
Energy:EW;Financials:EW
Hedge
CDX_HY: +126bps notional
-21
9
DealerB
RFQ
5
87
270
-127
HYCap>limit
Rotate
High-yield share above policy cap
213
Rotate into defensive sectors
C08662
CR0327
2024-12-09
Tightening
110
370
3.9
1.5
2,006,915,167
Industrials:18.5;RealEstate:31.0;Tech:8.0;Utilities:30.3;Energy:12.3
US:60.8;EU:12.6;APAC:10.3;EMEA:9.7;LATAM:6.6
AAA:24.3;AA:23.4;BBB:17.7;A:26.8;CCC:7.8
3.35
60
160
148
14.3
4
20
55
25
true
true
false
false
1.39
0.74
0.53
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
23
ECN1
DealerAxed
2
90
-114
-324
Sector>limit
Rotate
Sector concentration above limit
210
Rotate into defensive sectors
C08663
CR8852
2025-06-16
Recovery
118
429
4.9
1
1,017,283,381
Energy:19.3;RealEstate:50.5;Healthcare:30.2
US:63.7;EU:7.9;APAC:16.7;EMEA:10.5;LATAM:1.2
A:9.9;CCC:30.2;BBB:32.8;AAA:27.1
5.74
49.7
167
380
15.8
4
25
55
25
true
true
true
false
2.37
0.93
0.48
RealEstate:EW
Hedge
Options_Payer: +200bps notional
-14
-23
DealerA
DealerAxed
5
86
-104
-230
Sector>limit
Reduce
Sector concentration above limit
140
Defer adds pending macro print
C08664
CR9759
2024-04-22
Calm
109
320
3.9
2.2
2,155,653,033
Financials:32.7;Comm:15.6;RealEstate:11.4;Energy:20.2;Healthcare:20.0
US:78.4;EU:6.2;APAC:6.3;EMEA:8.4;LATAM:0.7
BBB:12.2;B:15.7;AAA:8.4;AA:19.6;CCC:21.1;A:23.0
5.34
41.5
274
289
4.5
2
35
35
20
false
true
true
true
-0.29
1.36
0.08
RealEstate:EW
Hedge
iTraxx_MAIN: +162bps notional
6
11
DealerB
RFQ
7
93
243
47
Region>limit
PauseAdds
Regional concentration above limit
94
Defer adds pending macro print
C08665
CR1008
2024-04-11
Recovery
127
530
6.5
0.8
290,155,159
Utilities:35.2;Tech:30.6;Healthcare:34.2
US:60.8;EU:15.6;APAC:6.8;EMEA:10.0;LATAM:6.9
BB:25.4;BBB:18.5;B:25.6;CCC:16.0;AA:14.5
6.73
37.6
99
507
9.3
2.5
25
45
30
true
true
true
false
-0.27
1.33
0.48
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
37
DealerA
All2All
12
86
115
93
Region>limit
Reduce
Regional concentration above limit
229
Rotate into defensive sectors
C08666
CR5012
2025-02-20
Tightening
160
471
4
0.6
465,054,936
Industrials:38.5;Comm:25.6;Energy:36.0
US:61.1;EU:12.6;APAC:13.4;EMEA:7.6;LATAM:5.3
AAA:32.0;BBB:20.7;A:15.8;AA:31.5
3.27
46
268
450
10.6
4
20
35
30
true
true
false
true
-0.16
0.36
0.55
Financials:EW
Hedge
iTraxx_XOVER: +124bps notional
-24
33
ECN2
RFQ
2
97
233
-387
HYCap>limit
Hedge
High-yield share above policy cap
114
Rotate into defensive sectors
C08667
CR5315
2024-07-04
Tightening
115
469
4.8
1.5
1,183,514,639
Materials:38.9;Tech:23.0;Utilities:38.1
US:63.8;EU:14.0;APAC:10.2;EMEA:8.7;LATAM:3.3
B:10.1;AAA:49.0;CCC:11.3;BBB:29.6
4.7
37.4
208
454
3.6
2.5
20
35
30
true
true
false
true
1.19
0.94
-0.04
Industrials:EW
Hedge
Options_Payer: +120bps notional
-39
15
DealerA
DealerAxed
6
92
207
57
HYCap>limit
Reduce
High-yield share above policy cap
164
Reviewed by risk; hedges staggered
C08668
CR8955
2025-12-24
Stress
181
601
6.4
0.4
2,863,076,080
Healthcare:9.1;Materials:15.2;Energy:19.9;Tech:11.1;Industrials:13.7;Utilities:31.1
US:66.7;EU:12.2;APAC:10.3;EMEA:9.2;LATAM:1.6
A:37.8;AAA:13.5;BBB:33.6;CCC:15.0
2.38
30.5
214
569
20.6
2.5
25
35
25
true
true
false
true
-0.19
1.67
-0.19
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
-22
DealerB
DealerAxed
9
85
247
-399
HYCap>limit
Hedge
High-yield share above policy cap
104
Reviewed by risk; hedges staggered
C08669
CR9983
2025-03-16
Stress
146
787
5
0.3
201,528,655
Energy:14.6;Consumer:45.0;Industrials:40.4
US:57.8;EU:18.3;APAC:13.8;EMEA:6.3;LATAM:3.9
AA:36.5;BBB:15.7;A:33.0;B:8.9;CCC:5.9
5.28
64.8
250
648
15.3
4
35
55
25
true
true
false
true
1.48
0.37
0.22
null
Rotate
From Energy -1.0% to Utilities +1.0%
7
-15
DealerC
Electronic
2
91
259
-386
VAR>budget
Hedge
Portfolio VAR above budget
181
Rotate into defensive sectors
C08670
CR9773
2024-03-28
Calm
89
287
4.5
1.6
665,053,159
Materials:17.7;Tech:34.6;Financials:18.3;Consumer:8.7;Comm:20.7
US:65.4;EU:14.1;APAC:8.0;EMEA:7.1;LATAM:5.4
BBB:21.1;AAA:14.3;A:22.0;CCC:10.9;BB:31.7
4.18
29.8
117
457
10
4
30
35
25
true
true
true
false
0.93
1.62
-0.03
null
Hedge
CDX_IG: +69bps notional
-24
0
DealerC
All2All
7
100
391
-44
Sector>limit
Hedge
Sector concentration above limit
225
Tighten HY exposure bands
C08671
CR1577
2025-02-08
Calm
103
380
3.6
2.6
1,259,299,599
Materials:26.2;RealEstate:34.1;Financials:39.7
US:66.4;EU:16.1;APAC:8.6;EMEA:4.1;LATAM:4.8
B:11.1;BB:5.3;AA:14.2;CCC:3.3;AAA:28.4;A:37.6
1.49
49.3
196
289
6.1
2
20
45
25
true
true
false
false
2.45
0.87
0.36
Comm:EW
Hedge
CDX_HY: +82bps notional
8
0
DealerB
All2All
1
97
-140
-379
Sector>limit
Hedge
Sector concentration above limit
233
Escalate watchlist names
C08672
CR1374
2025-08-29
Tightening
101
383
4.8
0.6
1,688,342,430
Energy:8.8;Consumer:29.4;Financials:22.3;Industrials:9.2;Materials:30.4
US:61.0;EU:19.2;APAC:13.0;EMEA:5.2;LATAM:1.6
AA:14.6;B:12.4;AAA:18.2;CCC:17.5;A:25.5;BB:11.7
5.18
57.4
165
450
11.9
2
30
55
30
true
true
true
false
1.38
0.59
0.01
RealEstate:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
0
-1
DealerA
Electronic
1
89
320
-237
Region>limit
Reduce
Regional concentration above limit
215
Reviewed by risk; hedges staggered
C08673
CR4123
2024-09-20
Calm
68
365
4.2
2.5
504,373,052
Consumer:5.2;Tech:21.3;Healthcare:16.0;Utilities:22.6;Comm:10.1;Industrials:24.8
US:67.5;EU:8.8;APAC:14.6;EMEA:3.3;LATAM:5.8
BB:23.5;BBB:28.1;AA:17.6;CCC:30.8
3.74
46.8
219
155
10.3
2.5
35
35
20
false
true
true
true
1.14
1.77
-0.27
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
26
DealerA
DealerAxed
7
95
-35
-134
VAR>budget
Reduce
Portfolio VAR above budget
190
Reviewed by risk; hedges staggered
C08674
CR3401
2025-11-05
Recovery
126
483
5
0.5
2,996,044,839
Utilities:48.2;Healthcare:32.7;Consumer:19.1
US:67.3;EU:8.2;APAC:12.5;EMEA:7.8;LATAM:4.1
B:41.1;A:35.4;AA:13.2;BBB:10.3
5.62
38.9
153
261
16.9
3.5
20
45
25
true
true
true
false
1.93
1.65
-0.34
Energy:EW
Hedge
iTraxx_XOVER: +197bps notional
-21
-2
DealerC
Electronic
1
88
184
-332
Sector>limit
Reduce
Sector concentration above limit
253
Escalate watchlist names
C08675
CR8056
2024-04-14
Calm
78
376
3.8
2.6
2,746,555,208
Comm:19.3;Healthcare:25.1;Energy:22.3;Consumer:15.3;Tech:18.0
US:59.6;EU:13.5;APAC:11.8;EMEA:9.1;LATAM:6.0
CCC:15.8;AA:8.9;BBB:18.0;A:19.2;BB:16.5;AAA:21.5
5.64
45.9
82
201
13.5
3.5
25
45
20
true
true
true
false
2.19
-0.07
0.21
Tech:EW
Hedge
Treasury_Futures: +51bps notional
1
-17
ECN2
Electronic
7
93
-142
-390
HYCap>limit
Rotate
High-yield share above policy cap
114
Reviewed by risk; hedges staggered
C08676
CR8686
2024-11-26
Stress
230
793
7.2
-1.3
2,425,182,131
Industrials:32.3;Healthcare:31.9;Utilities:15.2;RealEstate:20.6
US:64.6;EU:15.0;APAC:12.8;EMEA:3.5;LATAM:4.1
AAA:24.4;AA:14.1;CCC:7.4;BBB:36.4;BB:17.7
4.99
51.9
236
278
17.6
2.5
35
35
30
false
true
false
true
-0.08
-0.19
-0.26
Energy:EW
Hedge
Treasury_Futures: +138bps notional
-20
0
ECN2
Electronic
7
90
339
-217
Region>limit
Reduce
Regional concentration above limit
91
Reviewed by risk; hedges staggered
C08677
CR1342
2024-12-10
Stress
180
777
5
-0.1
591,073,377
RealEstate:38.8;Utilities:20.8;Tech:40.4
US:62.0;EU:10.7;APAC:14.0;EMEA:6.1;LATAM:7.2
A:29.2;CCC:26.5;B:28.4;AAA:15.9
3.2
56.3
337
371
8.5
2.5
25
55
20
true
true
true
true
0.14
1.21
-0.17
Industrials:EW;Energy:EW;Consumer:EW
Hedge
CDX_HY: +93bps notional
-30
21
DealerC
Electronic
1
87
286
164
VAR>budget
Reduce
Portfolio VAR above budget
250
Rotate into defensive sectors
C08678
CR7046
2025-04-01
Recovery
104
441
6.3
1.1
2,343,147,187
Materials:25.5;Comm:9.2;Energy:22.5;Financials:14.1;Utilities:15.5;Consumer:13.3
US:63.6;EU:16.7;APAC:8.4;EMEA:4.1;LATAM:7.2
B:27.0;AA:18.7;BBB:13.4;A:22.2;BB:18.7
6.79
25.1
215
272
3.6
3
20
45
25
true
true
true
true
0.85
1.02
0.54
Energy:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-52
-6
DealerC
DealerAxed
4
96
-67
23
VAR>budget
Reduce
Portfolio VAR above budget
175
Tighten HY exposure bands
C08679
CR5866
2025-04-23
Stress
236
571
8.4
-0.9
912,406,573
Comm:9.0;Energy:23.4;Financials:12.2;RealEstate:19.6;Healthcare:15.6;Tech:20.3
US:61.5;EU:6.3;APAC:15.3;EMEA:10.2;LATAM:6.8
AA:17.9;A:24.9;BBB:28.3;BB:11.5;B:11.6;CCC:5.8
6.4
49.6
249
575
10.9
3
35
35
20
false
true
true
true
2.02
0.59
0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
24
DealerC
RFQ
1
86
69
-309
HYCap>limit
Hedge
High-yield share above policy cap
260
Tighten HY exposure bands
C08680
CR6678
2024-11-15
Tightening
151
499
4.5
1.4
2,108,196,202
Industrials:14.5;Financials:5.0;Comm:19.0;Energy:20.0;Materials:19.1;RealEstate:22.4
US:64.4;EU:13.9;APAC:10.8;EMEA:4.8;LATAM:6.1
AAA:32.0;BB:24.8;CCC:28.5;B:14.7
5.97
56.1
147
204
10.4
2
30
35
35
false
true
true
false
0.77
1.27
0.03
Energy:EW;Materials:EW
Hedge
iTraxx_XOVER: +172bps notional
-35
-20
ECN2
Electronic
6
89
306
-1
HYCap>limit
Hedge
High-yield share above policy cap
138
Tighten HY exposure bands
C08681
CR4805
2025-05-30
Recovery
163
534
4.8
0.8
2,357,211,656
Energy:11.6;Industrials:29.1;Healthcare:8.3;Financials:11.2;Comm:26.8;Materials:12.9
US:64.3;EU:21.6;APAC:6.5;EMEA:5.8;LATAM:1.8
B:37.4;AA:7.6;BBB:15.1;CCC:17.8;AAA:22.1
5.44
20.2
167
265
14.6
4
20
45
30
true
true
true
false
0.68
0.76
0.17
Energy:EW
Hedge
SingleName_CDS: +149bps notional
-7
24
DealerA
RFQ
11
91
322
-141
Region>limit
Rotate
Regional concentration above limit
109
Rotate into defensive sectors
C08682
CR7705
2025-03-04
Recovery
141
496
5.7
-0.3
1,060,294,929
Comm:38.3;Consumer:38.5;Industrials:23.2
US:76.3;EU:6.9;APAC:7.4;EMEA:6.2;LATAM:3.1
A:29.4;AAA:26.9;BB:13.7;BBB:30.0
6.79
36.9
207
242
12.3
2
35
55
25
true
true
false
true
-0.36
1.18
-0.04
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
-12
DealerB
Electronic
1
94
100
189
Region>limit
Hedge
Regional concentration above limit
191
Reviewed by risk; hedges staggered
C08683
CR8556
2025-12-04
Calm
79
282
3.3
2
2,895,304,559
Financials:36.0;Healthcare:10.2;Tech:21.3;Energy:14.7;Consumer:17.7
US:68.2;EU:12.5;APAC:8.4;EMEA:8.2;LATAM:2.7
AA:21.4;BB:9.6;AAA:13.9;BBB:24.2;A:17.2;B:13.7
1.54
50.7
148
177
12.7
2
25
55
25
true
true
false
false
1.35
1.35
-0.05
null
Hedge
iTraxx_XOVER: +109bps notional
-20
-1
DealerA
All2All
7
87
246
-118
Region>limit
Hedge
Regional concentration above limit
230
Rotate into defensive sectors
C08684
CR0090
2025-03-13
Tightening
125
357
5
0.8
1,474,455,265
Materials:7.8;Utilities:14.9;Comm:21.0;Energy:21.8;Tech:18.4;Financials:16.2
US:67.9;EU:7.2;APAC:12.3;EMEA:10.7;LATAM:1.8
BBB:40.9;BB:11.4;CCC:12.1;B:8.2;AA:27.4
6
31.1
159
190
13.1
2.5
30
35
35
false
true
false
false
2.14
1.28
0.12
null
Hedge
Options_Payer: +97bps notional
19
32
DealerC
RFQ
10
98
215
88
Region>limit
Rotate
Regional concentration above limit
155
Defer adds pending macro print
C08685
CR2066
2025-09-04
Tightening
160
386
4.5
0.8
194,172,829
Consumer:32.5;Comm:20.7;Healthcare:10.8;Industrials:36.0
US:60.1;EU:19.8;APAC:6.4;EMEA:9.7;LATAM:4.0
BB:6.3;AAA:50.7;BBB:25.1;CCC:18.0
7.27
55.8
100
303
17.8
3.5
30
55
25
true
true
false
false
0.78
0.65
0.17
null
Hedge
Options_Payer: +61bps notional
19
3
DealerA
RFQ
4
91
-141
-143
Sector>limit
Hedge
Sector concentration above limit
157
Defer adds pending macro print
C08686
CR4791
2025-09-15
Tightening
160
497
4.3
1.5
202,115,019
Healthcare:17.6;Comm:23.7;RealEstate:20.7;Consumer:5.8;Industrials:9.5;Tech:22.7
US:65.9;EU:13.1;APAC:5.0;EMEA:9.8;LATAM:6.2
AA:23.7;AAA:23.1;B:9.4;BBB:20.5;A:23.2
6.98
47.5
193
174
9.4
2
35
55
20
false
true
false
false
0.31
-0.07
0.21
Healthcare:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-23
-25
DealerA
RFQ
1
97
-98
-88
VAR>budget
Reduce
Portfolio VAR above budget
181
Tighten HY exposure bands
C08687
CR8742
2025-09-05
Recovery
140
559
4.8
1.5
1,627,321,050
Industrials:11.4;Materials:13.9;Financials:16.9;Utilities:15.5;Tech:19.5;Energy:22.8
US:64.3;EU:13.1;APAC:9.6;EMEA:7.1;LATAM:6.0
B:5.1;BBB:23.1;A:26.2;CCC:12.4;AAA:21.5;BB:11.8
0.8
36.6
190
357
12
2
35
35
20
false
true
true
false
0.21
1.35
0.44
null
Rotate
From Energy -1.0% to Utilities +1.0%
-25
-1
ECN1
RFQ
4
88
349
-357
Region>limit
Reduce
Regional concentration above limit
203
Tighten HY exposure bands
C08688
CR7076
2025-08-16
Calm
117
326
3.6
1.7
2,612,731,233
Healthcare:7.7;Comm:25.1;Energy:26.6;Industrials:8.2;Financials:32.4
US:61.4;EU:19.7;APAC:9.7;EMEA:3.6;LATAM:5.6
B:40.6;BBB:26.1;A:8.9;AA:24.5
3.95
53.4
214
498
13.8
3
35
45
20
false
true
true
true
0.7
1.38
0.42
Healthcare:EW
Hedge
Treasury_Futures: +113bps notional
-30
10
ECN1
Electronic
2
95
114
-278
HYCap>limit
Reduce
High-yield share above policy cap
126
Defer adds pending macro print
C08689
CR7822
2024-03-02
Stress
249
812
7.4
-1.7
1,000,004,078
Utilities:30.4;Energy:7.6;Consumer:20.1;Healthcare:28.0;Materials:13.9
US:69.4;EU:12.1;APAC:8.2;EMEA:6.9;LATAM:3.4
BB:19.4;CCC:18.7;A:28.7;AAA:8.1;BBB:25.1
2.81
52.8
208
649
17.6
4
30
45
25
true
true
true
true
0.66
1.32
-0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
6
ECN2
All2All
0
90
252
-250
HYCap>limit
Hedge
High-yield share above policy cap
253
Escalate watchlist names
C08690
CR8463
2024-07-07
Stress
249
832
8.2
-1.5
2,084,145,204
Comm:17.2;Industrials:11.1;RealEstate:32.8;Utilities:23.5;Healthcare:15.5
US:68.2;EU:15.1;APAC:4.9;EMEA:7.0;LATAM:4.8
B:16.1;CCC:29.8;BBB:19.3;A:18.5;AAA:16.4
4.92
48.8
181
326
20.8
3
20
35
25
true
true
true
false
1.98
1.2
0.54
Consumer:EW;Industrials:EW
Hedge
CDX_HY: +126bps notional
8
25
DealerB
Electronic
0
85
54
-328
Sector>limit
Hedge
Sector concentration above limit
98
Defer adds pending macro print
C08691
CR7158
2025-07-11
Recovery
137
431
5.3
0.4
904,154,759
Tech:49.0;Industrials:22.6;Utilities:28.4
US:70.8;EU:12.1;APAC:8.7;EMEA:7.6;LATAM:0.8
B:13.8;A:12.1;BB:14.4;AA:18.3;BBB:31.7;CCC:9.8
2.47
36.1
146
479
13.4
3
35
35
35
true
true
true
false
1.5
1.76
0.23
null
Hedge
CDX_HY: +133bps notional
-29
34
DealerA
All2All
7
92
393
-242
HYCap>limit
Reduce
High-yield share above policy cap
143
Defer adds pending macro print
C08692
CR0301
2024-02-02
Stress
212
600
5.1
-1.5
927,873,846
Utilities:35.1;Comm:25.4;Financials:39.5
US:62.2;EU:13.3;APAC:10.0;EMEA:9.9;LATAM:4.5
AA:8.9;B:38.9;BBB:16.2;CCC:12.5;A:23.6
0.98
23
225
429
6.3
2
35
45
20
true
true
true
true
0.74
0.23
-0.28
Consumer:EW;Utilities:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
43
DealerC
Electronic
6
98
443
-386
Sector>limit
Reduce
Sector concentration above limit
250
Defer adds pending macro print
C08693
CR2384
2025-03-10
Recovery
150
448
5.8
0.2
980,106,324
Financials:16.0;Tech:7.2;Industrials:12.3;Consumer:25.8;Utilities:13.5;Comm:25.2
US:63.2;EU:12.3;APAC:12.5;EMEA:5.1;LATAM:6.9
AA:12.2;BB:16.8;CCC:40.5;A:13.9;AAA:16.5
0.92
23.2
164
445
8.9
3
35
35
35
false
true
true
false
-0.48
0.01
0.2
Tech:EW;Healthcare:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-41
-18
ECN1
DealerAxed
0
96
236
125
HYCap>limit
Hedge
High-yield share above policy cap
100
Defer adds pending macro print
C08694
CR5425
2025-12-24
Calm
101
420
3.9
1.8
1,902,420,363
Tech:28.2;RealEstate:26.7;Energy:31.2;Materials:13.9
US:64.6;EU:12.0;APAC:11.0;EMEA:6.9;LATAM:5.4
A:12.6;CCC:31.6;B:7.0;BBB:15.7;BB:14.9;AAA:18.3
1.15
21
237
330
10.3
3
25
35
30
true
true
true
true
2.1
1.37
0.57
Consumer:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
-7
ECN2
All2All
3
86
353
-283
HYCap>limit
Reduce
High-yield share above policy cap
138
Rotate into defensive sectors
C08695
CR6657
2024-02-25
Stress
172
616
7.9
-1.3
284,734,375
RealEstate:19.1;Energy:15.9;Comm:22.8;Financials:13.6;Materials:28.7
US:66.3;EU:14.4;APAC:8.2;EMEA:6.3;LATAM:4.7
AA:14.6;BBB:38.1;CCC:15.5;AAA:31.8
4.18
46.6
269
605
18
4
30
45
20
false
true
false
true
-0.36
1.33
-0.01
null
Hedge
CDX_HY: +161bps notional
-34
18
DealerC
DealerAxed
5
94
271
131
HYCap>limit
Rotate
High-yield share above policy cap
198
Escalate watchlist names
C08696
CR2794
2024-08-24
Stress
179
747
5.6
-0.8
2,610,546,459
Tech:38.5;Utilities:37.4;Industrials:24.1
US:67.2;EU:6.1;APAC:10.1;EMEA:10.3;LATAM:6.3
B:7.2;AAA:20.3;CCC:10.2;AA:22.4;BBB:35.5;BB:4.4
4.64
42.2
192
625
16.8
3.5
35
55
30
true
true
false
false
-0.26
1.29
0.13
null
Hedge
iTraxx_XOVER: +63bps notional
-32
-7
DealerA
All2All
4
99
-113
-175
VAR>budget
Reduce
Portfolio VAR above budget
194
Rotate into defensive sectors
C08697
CR5932
2025-07-21
Tightening
130
465
4.4
1.3
2,587,869,160
Consumer:11.2;RealEstate:21.6;Tech:13.8;Utilities:21.4;Materials:25.7;Industrials:6.3
US:72.7;EU:7.4;APAC:10.3;EMEA:8.1;LATAM:1.6
AAA:26.9;CCC:30.4;BBB:21.7;B:21.1
7.08
51.6
218
449
14.1
3.5
20
55
35
true
true
true
true
1.83
0.41
0.36
Industrials:EW
Hedge
CDX_HY: +175bps notional
-49
-15
ECN2
All2All
8
86
9
-47
VAR>budget
Hedge
Portfolio VAR above budget
115
Tighten HY exposure bands
C08698
CR8231
2025-01-29
Stress
231
574
8.1
-0.3
2,307,800,740
Financials:21.2;Tech:18.9;Materials:27.9;Utilities:32.1
US:51.1;EU:14.7;APAC:14.3;EMEA:11.9;LATAM:8.0
CCC:25.8;BB:26.2;BBB:13.2;A:18.9;AA:15.9
3.41
30.1
163
440
10.1
2.5
20
45
25
true
true
true
false
0.53
0.68
0.28
Materials:EW
Hedge
Treasury_Futures: +187bps notional
-36
6
ECN2
RFQ
0
93
-147
-393
Sector>limit
Reduce
Sector concentration above limit
126
Escalate watchlist names
C08699
CR1649
2024-03-13
Recovery
155
446
4.8
2
1,347,739,450
Healthcare:14.9;Energy:23.2;Tech:14.9;Materials:22.2;RealEstate:9.7;Industrials:15.1
US:60.9;EU:19.9;APAC:7.7;EMEA:9.3;LATAM:2.2
CCC:12.9;B:18.5;AAA:20.0;A:26.4;AA:22.2
0.73
58.7
248
478
10.2
4
25
55
30
false
true
true
true
1.81
1.54
0.15
RealEstate:EW
Hedge
iTraxx_MAIN: +93bps notional
-45
-15
DealerB
Electronic
4
89
98
-38
VAR>budget
Hedge
Portfolio VAR above budget
199
Reviewed by risk; hedges staggered
C08700
CR1463
2025-07-21
Stress
163
641
7.2
-1.1
2,306,956,687
Consumer:22.2;Tech:22.1;Materials:13.2;Financials:29.0;Comm:13.5
US:69.4;EU:12.2;APAC:7.4;EMEA:5.7;LATAM:5.4
CCC:20.0;B:13.8;BB:18.8;AAA:24.8;AA:22.6
6
49.8
293
345
11.6
2
30
55
35
false
true
true
true
-0.48
0.85
0.17
null
Hedge
Treasury_Futures: +108bps notional
1
0
DealerB
RFQ
0
90
349
-273
VAR>budget
Reduce
Portfolio VAR above budget
176
Tighten HY exposure bands