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
C08701
CR4562
2024-11-12
Recovery
149
587
5.5
1.9
2,976,217,730
Comm:18.3;Energy:24.5;Materials:29.0;Industrials:10.4;Healthcare:17.8
US:56.8;EU:14.6;APAC:12.8;EMEA:8.8;LATAM:6.9
BB:15.9;CCC:12.2;BBB:22.2;A:14.7;AAA:14.9;B:20.0
2.59
57.4
94
276
15.4
2
20
55
30
true
true
true
false
1.86
-0.3
0.15
null
Hedge
CDX_HY: +111bps notional
-50
-21
DealerB
Electronic
1
95
308
-327
Sector>limit
Reduce
Sector concentration above limit
174
Rotate into defensive sectors
C08702
CR5041
2025-04-12
Tightening
154
502
4.5
1
1,534,494,260
Materials:25.5;Utilities:12.5;RealEstate:10.9;Healthcare:9.3;Industrials:13.1;Tech:28.7
US:72.4;EU:12.1;APAC:6.2;EMEA:7.9;LATAM:1.4
A:16.1;AAA:14.6;BBB:22.0;BB:9.4;AA:7.9;B:30.1
1.94
62
121
346
5.4
2
35
55
25
false
true
true
false
2.03
-0.05
-0
Industrials:EW;RealEstate:EW
Hedge
CDX_HY: +132bps notional
-31
-18
ECN2
RFQ
3
93
30
0
HYCap>limit
Hedge
High-yield share above policy cap
122
Reviewed by risk; hedges staggered
C08703
CR6600
2025-07-26
Calm
91
407
3.6
2.9
1,675,651,720
Comm:10.4;RealEstate:33.1;Consumer:11.1;Financials:28.4;Tech:16.9
US:63.4;EU:13.7;APAC:10.2;EMEA:6.7;LATAM:5.9
A:38.0;BB:7.6;BBB:25.8;B:5.6;AAA:23.0
2.53
64.4
107
399
7.1
2
35
55
30
false
true
false
false
1.92
0.63
0.6
Materials:EW;Industrials:EW
Hedge
CDX_HY: +128bps notional
-52
-9
DealerB
Electronic
4
97
122
34
VAR>budget
Reduce
Portfolio VAR above budget
168
Rotate into defensive sectors
C08704
CR3608
2024-12-01
Calm
67
398
4.4
2
1,848,797,363
Financials:29.1;Utilities:34.3;Consumer:10.7;Comm:25.9
US:61.8;EU:10.6;APAC:15.3;EMEA:11.7;LATAM:0.6
AAA:16.6;BBB:22.7;BB:12.6;A:25.9;AA:22.2
6.49
28
249
481
13.6
4
30
55
20
true
true
false
true
1.18
0.92
0.52
RealEstate:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
3
DealerA
RFQ
0
93
87
74
VAR>budget
Hedge
Portfolio VAR above budget
109
Rotate into defensive sectors
C08705
CR3679
2025-11-24
Calm
112
327
3.6
1.6
2,068,344,637
Materials:26.6;Energy:12.5;Healthcare:16.4;RealEstate:17.0;Tech:16.6;Consumer:10.9
US:66.4;EU:7.7;APAC:13.6;EMEA:11.0;LATAM:1.3
AA:9.1;CCC:19.0;AAA:17.8;B:17.8;BB:36.3
3.43
51.3
81
125
16.7
3
35
55
20
false
true
true
false
-0.1
-0.06
-0.08
null
Rotate
From Energy -1.0% to Utilities +1.0%
-48
-14
DealerB
All2All
5
93
48
-437
Sector>limit
Rotate
Sector concentration above limit
217
Tighten HY exposure bands
C08706
CR7411
2025-03-02
Stress
168
644
5.7
-0.5
1,170,017,658
Tech:41.6;Energy:19.8;Utilities:13.8;Financials:24.7
US:65.7;EU:10.9;APAC:11.6;EMEA:7.3;LATAM:4.4
AA:12.5;BBB:17.5;BB:13.6;AAA:41.2;A:15.2
6.28
63.8
331
570
15.8
3.5
20
35
35
true
true
false
true
0.15
0.39
-0.07
Comm:EW;Utilities:EW;Industrials:EW
Hedge
Treasury_Futures: +67bps notional
-15
21
DealerA
All2All
4
94
317
-260
Region>limit
Rotate
Regional concentration above limit
115
Tighten HY exposure bands
C08707
CR9125
2025-03-22
Stress
204
755
8.3
-1.2
1,255,490,373
Tech:13.9;Utilities:22.5;Materials:16.0;Financials:25.4;RealEstate:22.3
US:67.0;EU:13.1;APAC:12.5;EMEA:6.0;LATAM:1.3
B:27.9;CCC:17.2;AAA:32.3;AA:22.6
6.34
52.7
252
413
11.2
2.5
30
55
20
false
true
true
true
1.16
0.08
0.45
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
3
ECN2
RFQ
11
92
98
-254
Region>limit
Reduce
Regional concentration above limit
231
Rotate into defensive sectors
C08708
CR3830
2025-03-03
Recovery
159
461
5.8
-0
743,251,692
Comm:24.2;Utilities:10.5;RealEstate:21.0;Tech:44.3
US:66.5;EU:9.3;APAC:12.4;EMEA:8.3;LATAM:3.5
AA:17.0;B:22.2;BB:13.7;CCC:5.5;A:16.3;AAA:25.2
6.55
61.3
258
424
5.7
4
25
55
20
true
true
true
true
1.1
0.03
-0.15
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
-23
DealerB
RFQ
6
86
-31
116
HYCap>limit
Rotate
High-yield share above policy cap
177
Tighten HY exposure bands
C08709
CR5689
2024-11-03
Calm
68
386
4.4
2.9
258,168,403
Energy:16.2;Financials:19.6;Comm:9.4;Tech:21.2;Utilities:21.9;Materials:11.7
US:63.8;EU:18.8;APAC:10.7;EMEA:4.5;LATAM:2.1
AAA:12.1;AA:16.6;CCC:13.7;B:34.7;A:23.1
7
52.5
223
520
16.7
3
25
35
25
false
true
true
true
-0.21
1.74
0.37
Tech:EW;Healthcare:EW
Hedge
CDX_HY: +198bps notional
-37
-18
ECN2
All2All
6
97
-96
7
VAR>budget
Hedge
Portfolio VAR above budget
144
Reviewed by risk; hedges staggered
C08710
CR0249
2025-04-05
Recovery
140
549
5.8
0.6
2,021,874,205
Comm:19.3;Energy:14.7;Healthcare:13.1;Tech:19.6;RealEstate:15.7;Financials:17.6
US:63.2;EU:11.3;APAC:12.1;EMEA:7.5;LATAM:5.9
BBB:14.7;A:18.1;AA:19.2;BB:32.4;AAA:15.7
1.85
56.7
92
438
16.5
2.5
30
45
30
false
true
true
false
0.95
1.49
0.24
Healthcare:EW;Consumer:EW
Hedge
iTraxx_MAIN: +131bps notional
14
22
DealerC
RFQ
9
92
-89
95
HYCap>limit
Hedge
High-yield share above policy cap
208
Tighten HY exposure bands
C08711
CR9930
2024-05-08
Calm
118
328
3.9
2.5
527,786,567
Tech:11.8;Consumer:16.2;Utilities:16.4;Comm:19.6;Financials:15.6;Energy:20.3
US:59.0;EU:12.9;APAC:10.8;EMEA:8.8;LATAM:8.5
A:44.9;CCC:10.6;BB:17.9;BBB:26.6
7.4
62.8
114
301
4.6
2.5
25
45
25
false
true
true
false
0.28
0.62
0.49
Tech:EW
Hedge
iTraxx_MAIN: +167bps notional
-49
15
ECN2
DealerAxed
7
99
-13
-251
Sector>limit
Rotate
Sector concentration above limit
131
Rotate into defensive sectors
C08712
CR3107
2024-01-31
Recovery
118
577
5.6
-0.4
120,233,419
Comm:10.8;Healthcare:9.0;Energy:26.9;Materials:19.9;Tech:6.2;Industrials:27.3
US:71.0;EU:7.0;APAC:7.4;EMEA:8.4;LATAM:6.2
CCC:4.9;BBB:16.8;B:8.3;A:39.5;BB:9.5;AAA:21.0
4.23
36.7
200
512
15.5
2.5
25
45
35
true
true
false
false
1.71
-0.05
-0.22
null
Rotate
From Energy -1.0% to Utilities +1.0%
13
-12
DealerA
RFQ
8
88
298
-98
HYCap>limit
Hedge
High-yield share above policy cap
130
Reviewed by risk; hedges staggered
C08713
CR2265
2024-05-19
Stress
178
793
7.2
-1.7
1,781,929,397
Energy:16.4;Financials:19.0;Consumer:6.6;Industrials:20.0;Utilities:17.9;Tech:20.1
US:66.8;EU:13.6;APAC:11.8;EMEA:3.2;LATAM:4.7
CCC:24.5;A:18.4;AAA:17.9;BB:17.7;B:21.6
3.31
61.1
280
292
21.7
4
20
55
35
true
true
true
true
1.75
0.47
0.11
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
1
DealerC
Electronic
6
90
52
163
HYCap>limit
Hedge
High-yield share above policy cap
108
Escalate watchlist names
C08714
CR5535
2024-08-22
Calm
103
373
3.2
2.2
321,408,413
Energy:17.8;Tech:24.4;Industrials:21.4;Consumer:36.4
US:62.1;EU:14.8;APAC:12.7;EMEA:4.6;LATAM:5.8
B:7.0;BBB:16.5;AAA:13.9;BB:12.8;AA:19.2;CCC:30.6
7.37
50.4
181
519
14.7
2
30
35
20
true
true
true
false
-0.35
1.64
-0.39
null
Rotate
From Energy -1.0% to Utilities +1.0%
-59
-5
ECN1
Electronic
12
98
210
-25
Region>limit
Reduce
Regional concentration above limit
102
Reviewed by risk; hedges staggered
C08715
CR4661
2025-08-13
Recovery
100
609
5.2
0.2
2,581,534,681
Utilities:21.9;Comm:27.4;Consumer:24.9;Energy:25.8
US:68.2;EU:14.0;APAC:8.4;EMEA:6.7;LATAM:2.8
BBB:8.8;AA:23.4;A:33.4;AAA:34.4
2.84
42
142
136
15.5
3
35
35
20
false
true
false
false
1.5
1.18
0.59
Materials:EW;RealEstate:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-38
32
ECN2
All2All
9
94
193
-88
Region>limit
Hedge
Regional concentration above limit
254
Rotate into defensive sectors
C08716
CR2548
2025-10-24
Recovery
174
627
5.6
0.2
783,506,262
Industrials:23.4;Comm:22.8;Tech:13.3;Healthcare:19.0;Financials:21.6
US:64.4;EU:8.1;APAC:10.1;EMEA:8.3;LATAM:9.1
AA:29.7;BB:5.7;CCC:20.6;B:17.0;AAA:27.1
0.69
40.4
216
252
4.4
3
30
45
20
false
true
true
true
0.46
0.8
0.42
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
-5
ECN1
All2All
9
92
171
-107
Region>limit
Hedge
Regional concentration above limit
123
Defer adds pending macro print
C08717
CR6042
2025-06-20
Stress
141
579
7.8
-0
2,191,177,679
RealEstate:15.5;Consumer:29.3;Healthcare:25.4;Comm:29.8
US:71.1;EU:7.8;APAC:9.3;EMEA:9.5;LATAM:2.3
AA:17.2;BBB:14.1;A:33.3;BB:19.2;CCC:16.2
2.27
41.3
185
603
20.1
4
25
55
25
true
true
true
false
1.61
1.56
-0.06
null
Hedge
Options_Payer: +142bps notional
-27
2
DealerA
All2All
2
99
315
-263
Sector>limit
Rotate
Sector concentration above limit
133
Rotate into defensive sectors
C08718
CR5916
2024-06-22
Calm
71
356
4.4
2.3
1,630,644,476
RealEstate:25.9;Consumer:12.3;Healthcare:26.6;Energy:24.2;Utilities:11.1
US:63.7;EU:5.7;APAC:13.0;EMEA:9.8;LATAM:7.8
BBB:28.7;A:20.0;AA:41.6;BB:9.7
5.36
49.6
100
132
11.6
2
25
45
25
true
true
false
false
0.71
1.64
0.27
Tech:EW
Hedge
CDX_IG: +86bps notional
-11
26
DealerA
All2All
3
94
299
147
Sector>limit
Hedge
Sector concentration above limit
162
Defer adds pending macro print
C08719
CR6317
2024-05-20
Recovery
138
631
5.2
0.5
2,525,050,642
Financials:10.9;Tech:25.3;Utilities:38.5;Healthcare:25.3
US:63.1;EU:7.6;APAC:13.3;EMEA:8.2;LATAM:7.8
BBB:34.9;AAA:19.7;B:8.5;BB:17.5;A:19.3
4.74
64.8
183
419
15.1
3
25
35
35
true
true
false
false
1.49
0.67
0.54
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
30
ECN1
RFQ
7
99
327
17
Region>limit
Reduce
Regional concentration above limit
174
Defer adds pending macro print
C08720
CR7570
2025-08-20
Calm
85
282
4.3
1.7
1,215,219,863
Tech:53.2;Healthcare:23.8;RealEstate:23.0
US:61.5;EU:14.4;APAC:10.4;EMEA:6.4;LATAM:7.2
B:17.6;BB:19.0;AAA:31.3;A:17.5;BBB:14.6
0.76
58.5
222
398
4.9
4
35
45
35
true
true
true
true
0.47
1.71
-0.23
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-6
16
ECN1
RFQ
7
98
239
-338
HYCap>limit
Reduce
High-yield share above policy cap
142
Rotate into defensive sectors
C08721
CR9585
2024-03-19
Recovery
142
521
4.8
0.2
1,037,724,095
Energy:9.7;Financials:18.9;Healthcare:20.1;Utilities:17.4;Comm:10.5;Consumer:23.3
US:71.8;EU:11.3;APAC:8.9;EMEA:5.6;LATAM:2.4
AA:14.4;BB:26.8;AAA:30.8;B:11.2;BBB:16.8
0.42
33.8
177
439
2.5
4
25
35
25
false
true
true
false
1.5
0.28
0.58
null
Hedge
CDX_IG: +67bps notional
6
15
DealerC
DealerAxed
8
98
-128
-112
VAR>budget
Hedge
Portfolio VAR above budget
136
Tighten HY exposure bands
C08722
CR2705
2024-02-04
Calm
114
332
3.9
2.2
197,874,351
Healthcare:59.0;Utilities:16.5;Tech:24.4
US:69.6;EU:14.9;APAC:9.3;EMEA:3.3;LATAM:2.7
BB:7.4;AAA:18.5;AA:25.2;CCC:25.2;A:23.7
4
55.8
191
415
5.5
3
35
45
25
true
true
true
false
1.11
0.07
-0.04
null
Hedge
iTraxx_MAIN: +124bps notional
-15
-5
DealerB
DealerAxed
12
97
313
51
Region>limit
Reduce
Regional concentration above limit
170
Tighten HY exposure bands
C08723
CR1289
2025-11-10
Recovery
154
494
6
1
1,768,424,480
Healthcare:7.6;Tech:18.9;Industrials:10.3;Comm:26.0;Materials:13.8;Utilities:23.4
US:60.0;EU:9.1;APAC:9.4;EMEA:12.1;LATAM:9.5
AA:13.4;CCC:7.6;BBB:23.4;AAA:28.6;B:7.7;A:19.2
1.91
59.3
272
377
7.6
2
35
45
25
false
true
false
true
0.46
-0.09
0.18
Materials:EW
Hedge
iTraxx_MAIN: +56bps notional
-47
13
ECN2
DealerAxed
0
96
232
-435
HYCap>limit
Reduce
High-yield share above policy cap
146
Escalate watchlist names
C08724
CR6389
2024-05-29
Calm
78
362
4
1.8
453,086,063
RealEstate:13.4;Consumer:13.1;Industrials:20.8;Healthcare:15.8;Energy:16.4;Comm:20.6
US:63.4;EU:12.0;APAC:8.6;EMEA:11.1;LATAM:4.9
AA:19.4;B:9.8;BBB:23.6;CCC:21.0;AAA:26.1
2.99
23.2
96
407
2.2
2.5
20
45
25
true
true
true
false
-0.02
0.89
0.51
Consumer:EW
Hedge
SingleName_CDS: +136bps notional
-45
12
ECN1
DealerAxed
7
87
-19
-417
HYCap>limit
Hedge
High-yield share above policy cap
116
Rotate into defensive sectors
C08725
CR8521
2024-04-01
Stress
150
627
7.7
0.3
307,891,831
Tech:22.6;RealEstate:49.9;Materials:27.5
US:58.2;EU:15.2;APAC:12.8;EMEA:7.5;LATAM:6.3
AAA:25.6;BB:10.5;A:25.0;BBB:21.9;AA:16.9
0.44
63.6
276
385
18.5
3
35
35
30
true
true
false
true
0.57
1.04
-0.26
Tech:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-17
-17
DealerA
DealerAxed
1
92
168
-148
Sector>limit
Reduce
Sector concentration above limit
240
Rotate into defensive sectors
C08726
CR9799
2025-09-21
Calm
78
292
3.8
2.4
2,171,237,309
Healthcare:11.5;Consumer:17.0;Tech:13.8;RealEstate:25.0;Financials:20.4;Industrials:12.4
US:69.5;EU:7.6;APAC:7.8;EMEA:10.0;LATAM:5.1
BBB:36.8;A:19.7;CCC:31.8;AA:11.7
2.64
51.7
183
273
13.4
3
25
45
20
false
true
true
false
0.64
1.57
0.3
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-46
-20
DealerC
Electronic
5
85
-163
-90
Region>limit
Rotate
Regional concentration above limit
156
Rotate into defensive sectors
C08727
CR7586
2024-11-25
Tightening
130
426
5
1.8
821,874,308
Utilities:53.7;Consumer:14.8;Industrials:31.5
US:63.1;EU:14.3;APAC:11.4;EMEA:7.1;LATAM:4.1
B:15.8;AAA:39.3;BB:15.3;AA:29.6
2.41
59.4
244
420
5.5
3
20
35
20
true
true
true
true
1.7
1.35
0.16
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
45
ECN1
DealerAxed
12
85
141
-253
HYCap>limit
Hedge
High-yield share above policy cap
179
Tighten HY exposure bands
C08728
CR3859
2025-10-24
Recovery
156
474
6.1
1.2
94,588,753
Energy:44.0;Financials:11.0;Utilities:45.0
US:65.3;EU:16.6;APAC:11.8;EMEA:4.2;LATAM:2.2
AAA:25.2;CCC:10.7;BB:9.7;B:9.7;BBB:44.8
7.49
41.8
109
385
8.2
2.5
20
35
25
true
true
true
false
0.53
0.12
0.54
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
-13
DealerA
RFQ
7
89
-170
-334
HYCap>limit
Hedge
High-yield share above policy cap
146
Defer adds pending macro print
C08729
CR9933
2024-05-05
Calm
94
289
4.4
2.7
489,302,087
Comm:11.3;Financials:13.0;Materials:16.2;Industrials:20.8;Energy:20.5;Healthcare:18.1
US:71.8;EU:7.6;APAC:7.7;EMEA:7.8;LATAM:5.1
AAA:30.4;BB:8.0;CCC:11.5;BBB:28.4;A:21.6
6.55
25.7
88
304
11.1
2
25
45
25
false
true
false
false
1.28
-0.29
0.04
Comm:EW
Hedge
iTraxx_XOVER: +164bps notional
19
18
DealerA
RFQ
11
94
-105
17
Region>limit
Reduce
Regional concentration above limit
220
Tighten HY exposure bands
C08730
CR5324
2024-11-02
Tightening
127
361
4.4
1.1
2,806,440,403
Energy:22.7;Utilities:24.4;Financials:17.7;Comm:8.2;Healthcare:8.0;Tech:18.9
US:67.3;EU:6.6;APAC:9.9;EMEA:10.4;LATAM:5.8
A:12.9;AA:13.6;B:23.1;CCC:25.0;BB:7.8;BBB:17.5
6.07
62.3
93
321
3.6
3.5
30
35
35
false
true
true
false
0.18
0.67
0.01
RealEstate:EW
Hedge
Treasury_Futures: +78bps notional
-23
-15
DealerC
RFQ
4
92
279
-35
HYCap>limit
Reduce
High-yield share above policy cap
145
Rotate into defensive sectors
C08731
CR2579
2025-04-05
Tightening
112
408
3.9
1.7
1,981,314,079
Materials:14.4;RealEstate:13.3;Comm:13.0;Energy:24.8;Industrials:11.5;Healthcare:23.1
US:61.1;EU:16.4;APAC:13.3;EMEA:8.6;LATAM:0.5
BBB:13.2;BB:18.8;A:18.7;AA:14.1;CCC:21.6;AAA:13.6
2.71
33.6
185
173
2.8
2
25
55
35
false
true
true
false
2.15
0.85
-0.31
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
13
6
ECN1
All2All
4
94
157
106
VAR>budget
Reduce
Portfolio VAR above budget
97
Tighten HY exposure bands
C08732
CR4009
2024-11-14
Calm
87
309
4
2.7
2,266,872,027
Healthcare:18.6;Industrials:21.5;Energy:16.3;RealEstate:26.0;Utilities:17.6
US:73.0;EU:9.1;APAC:6.5;EMEA:8.3;LATAM:3.1
A:19.1;AA:25.6;BB:3.8;AAA:26.3;BBB:21.9;CCC:3.4
6.77
49.6
204
335
7.7
3
30
55
20
false
true
false
true
1.89
-0.05
-0.2
Financials:EW
Hedge
CDX_IG: +141bps notional
11
10
DealerC
DealerAxed
6
85
-118
-224
HYCap>limit
Hedge
High-yield share above policy cap
128
Reviewed by risk; hedges staggered
C08733
CR5446
2025-06-25
Tightening
136
466
5.2
1.8
761,939,560
Comm:11.3;Tech:9.7;Industrials:27.5;Healthcare:17.3;RealEstate:34.2
US:64.7;EU:14.4;APAC:11.3;EMEA:5.7;LATAM:3.9
AA:20.4;BB:8.4;CCC:17.0;BBB:20.6;B:18.4;A:15.2
4.44
33
155
239
15.3
2
25
45
25
true
true
true
false
1.18
1.12
0.57
null
Hedge
CDX_HY: +187bps notional
-57
-5
ECN1
Electronic
4
98
151
-54
Sector>limit
Rotate
Sector concentration above limit
173
Reviewed by risk; hedges staggered
C08734
CR9363
2025-01-09
Tightening
157
354
5
1.3
2,543,492,188
Healthcare:38.5;Materials:38.6;RealEstate:14.3;Financials:8.6
US:69.5;EU:9.1;APAC:9.7;EMEA:6.3;LATAM:5.4
AA:41.9;AAA:21.5;A:23.4;B:13.3
5.04
56.7
219
153
3.2
2
30
35
30
true
true
false
true
-0.25
1.54
-0.13
Tech:EW
Hedge
Treasury_Futures: +102bps notional
-12
-14
ECN1
Electronic
5
96
88
-17
Region>limit
Reduce
Regional concentration above limit
111
Rotate into defensive sectors
C08735
CR4476
2025-11-26
Tightening
109
478
4.7
1.8
1,301,407,190
RealEstate:27.1;Comm:31.9;Industrials:41.0
US:66.9;EU:13.1;APAC:11.7;EMEA:5.4;LATAM:2.9
BB:14.0;BBB:32.6;B:26.7;AAA:12.3;A:9.2;CCC:5.1
6.63
58.3
102
508
15.5
2
25
45
30
true
true
true
false
2.02
-0.18
0.04
Materials:EW
Hedge
SingleName_CDS: +180bps notional
8
-13
DealerA
RFQ
6
91
-144
-195
VAR>budget
Rotate
Portfolio VAR above budget
214
Escalate watchlist names
C08736
CR2513
2025-12-21
Tightening
144
469
4.3
1.5
812,494,947
Utilities:28.3;Healthcare:16.9;Comm:54.8
US:68.2;EU:13.3;APAC:7.0;EMEA:8.6;LATAM:2.8
CCC:13.4;BBB:31.7;BB:9.6;A:12.4;AA:26.9;B:6.1
4.03
42.1
103
286
12.4
2.5
25
45
35
true
true
false
false
0.16
0.74
-0.17
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
14
ECN2
DealerAxed
8
93
38
-192
Sector>limit
Reduce
Sector concentration above limit
112
Tighten HY exposure bands
C08737
CR9308
2024-01-06
Calm
82
325
3.3
1.9
1,800,233,795
Financials:56.9;Utilities:15.3;Industrials:27.8
US:61.5;EU:11.3;APAC:10.4;EMEA:9.6;LATAM:7.2
CCC:7.8;BB:9.4;AA:20.2;AAA:33.1;A:11.7;BBB:17.8
5.75
51.8
157
518
15.4
2
35
35
30
true
true
false
false
2.09
1.07
0.07
Energy:EW
Hedge
iTraxx_XOVER: +177bps notional
-33
-5
ECN1
All2All
9
99
226
-249
HYCap>limit
Hedge
High-yield share above policy cap
253
Tighten HY exposure bands
C08738
CR0970
2024-04-06
Tightening
148
487
4
1.5
1,483,569,992
Tech:12.0;Comm:20.6;Consumer:18.9;Utilities:31.0;Financials:17.5
US:59.4;EU:16.0;APAC:12.3;EMEA:10.7;LATAM:1.6
BBB:33.3;A:31.8;AA:22.8;BB:9.9;CCC:2.1
4.47
50.8
234
136
14.6
3
30
45
30
true
true
false
true
-0.1
1.42
-0.15
Utilities:EW
Hedge
Options_Payer: +164bps notional
-11
-18
DealerB
RFQ
1
100
162
-147
HYCap>limit
Hedge
High-yield share above policy cap
195
Defer adds pending macro print
C08739
CR3142
2024-12-02
Stress
158
762
6.2
-1
2,412,525,866
Healthcare:27.3;Materials:33.8;Utilities:38.9
US:64.1;EU:13.9;APAC:8.0;EMEA:8.7;LATAM:5.3
CCC:15.3;BB:13.6;B:31.1;A:17.6;BBB:15.5;AA:6.9
2.35
56.3
187
428
21.7
4
30
45
30
true
true
true
false
-0.33
0.26
-0.23
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
35
DealerB
DealerAxed
11
91
-76
-465
HYCap>limit
Hedge
High-yield share above policy cap
130
Defer adds pending macro print
C08740
CR7224
2025-07-01
Stress
243
707
5.3
0.6
1,478,973,916
Healthcare:18.9;Utilities:31.3;Energy:23.2;Comm:26.5
US:67.6;EU:6.2;APAC:6.2;EMEA:13.6;LATAM:6.4
CCC:15.7;AAA:26.2;A:21.9;BBB:36.2
1.96
25.1
288
517
6.9
4
35
55
35
false
true
false
true
1.12
-0.15
-0.26
Consumer:EW;Energy:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
11
DealerC
RFQ
12
90
-137
83
Sector>limit
Rotate
Sector concentration above limit
142
Rotate into defensive sectors
C08741
CR7140
2024-09-08
Recovery
128
519
6
1.8
605,864,554
Materials:23.8;Consumer:21.9;Industrials:16.0;Tech:38.3
US:79.7;EU:6.5;APAC:5.6;EMEA:7.2;LATAM:1.1
BBB:18.7;A:17.3;AA:17.6;BB:13.3;B:33.2
6.21
55
275
213
4.3
4
35
45
20
true
true
true
true
0.06
1.4
0.35
null
Rotate
From Energy -1.0% to Utilities +1.0%
17
-21
ECN1
Electronic
4
98
287
-271
Region>limit
Reduce
Regional concentration above limit
194
Defer adds pending macro print
C08742
CR1194
2024-02-13
Tightening
132
507
4.1
1.2
1,028,769,050
Energy:11.0;Financials:18.3;Utilities:15.5;Materials:20.8;Industrials:13.6;Tech:20.9
US:59.5;EU:18.1;APAC:13.0;EMEA:6.6;LATAM:2.7
AA:16.6;A:6.6;BBB:10.5;AAA:12.1;B:33.1;CCC:21.1
0.48
21
185
157
13.9
2
35
55
20
false
true
true
false
0.54
1
0.08
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
5
DealerC
DealerAxed
8
89
367
-47
VAR>budget
Hedge
Portfolio VAR above budget
93
Tighten HY exposure bands
C08743
CR8601
2025-05-10
Tightening
95
386
4.3
1.7
134,755,500
Materials:25.6;Energy:22.9;Financials:11.9;Consumer:14.7;Tech:24.9
US:62.4;EU:8.1;APAC:11.1;EMEA:11.9;LATAM:6.5
BBB:21.7;CCC:20.8;BB:16.5;AAA:41.0
6.64
56.8
278
518
5.4
2
25
35
30
true
true
true
true
0.4
0.65
-0.04
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
20
ECN2
DealerAxed
6
86
168
-141
HYCap>limit
Hedge
High-yield share above policy cap
223
Escalate watchlist names
C08744
CR8804
2024-04-14
Calm
82
350
4.2
2.6
1,073,244,036
Energy:21.1;RealEstate:7.9;Utilities:32.3;Financials:30.3;Tech:8.4
US:66.0;EU:16.8;APAC:8.2;EMEA:7.6;LATAM:1.4
AAA:16.9;BB:23.5;BBB:30.6;CCC:14.4;B:14.5
4.37
54.5
162
244
4.5
2.5
35
45
35
false
true
true
false
1.36
0.09
-0.4
Financials:EW
Hedge
iTraxx_XOVER: +166bps notional
5
19
ECN1
RFQ
8
98
56
-118
Region>limit
Reduce
Regional concentration above limit
145
Reviewed by risk; hedges staggered
C08745
CR0877
2025-06-09
Calm
114
398
3.8
1.9
2,168,365,562
Comm:25.1;Materials:14.4;Utilities:17.3;Healthcare:25.4;Energy:17.9
US:61.0;EU:17.4;APAC:10.1;EMEA:7.2;LATAM:4.3
AAA:22.0;AA:27.0;A:39.1;BB:11.9
4.88
35
111
277
11.2
4
35
55
30
false
true
false
false
1.16
0.46
0.08
Healthcare:EW
Hedge
CDX_HY: +174bps notional
-47
-25
DealerB
DealerAxed
12
98
-195
73
HYCap>limit
Reduce
High-yield share above policy cap
205
Defer adds pending macro print
C08746
CR5272
2025-09-17
Calm
86
398
3.5
2.3
884,764,901
Consumer:16.5;Healthcare:15.3;Comm:8.1;Tech:24.9;Energy:13.0;Industrials:22.1
US:60.8;EU:10.5;APAC:12.4;EMEA:7.8;LATAM:8.5
CCC:4.1;AAA:15.1;BBB:17.5;BB:20.5;B:15.6;AA:27.3
7.21
39.5
164
218
11.5
2.5
30
55
30
false
true
true
false
-0.23
0.08
-0.08
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-3
-1
DealerB
DealerAxed
6
97
29
-374
Region>limit
Reduce
Regional concentration above limit
124
Tighten HY exposure bands
C08747
CR9827
2024-04-12
Stress
231
731
6.5
-1.1
2,455,595,360
Utilities:12.7;Tech:25.8;Healthcare:48.1;RealEstate:13.4
US:58.4;EU:18.1;APAC:9.8;EMEA:10.7;LATAM:3.1
AA:8.9;A:18.9;BBB:14.8;CCC:26.1;BB:20.6;B:10.7
0.51
43.1
298
607
8.8
2.5
25
45
35
true
true
true
true
1.04
1
0.03
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
37
ECN1
DealerAxed
3
94
-103
7
VAR>budget
Reduce
Portfolio VAR above budget
211
Rotate into defensive sectors
C08748
CR7404
2024-03-03
Calm
86
383
3.7
2.8
2,538,921,942
Industrials:38.7;Tech:35.8;Materials:25.5
US:63.1;EU:16.5;APAC:9.9;EMEA:5.8;LATAM:4.7
AA:24.4;A:24.7;BB:23.0;CCC:13.7;B:14.2
3.89
55.9
257
492
8.8
3.5
25
55
25
true
true
true
true
2.47
0.21
-0.26
RealEstate:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
29
ECN1
RFQ
2
87
-33
-408
HYCap>limit
Hedge
High-yield share above policy cap
190
Reviewed by risk; hedges staggered
C08749
CR1904
2025-02-09
Calm
73
354
4
2
2,303,470,141
RealEstate:27.2;Industrials:16.5;Materials:27.6;Comm:28.7
US:74.3;EU:6.9;APAC:10.0;EMEA:5.0;LATAM:3.8
B:11.6;BB:35.4;CCC:18.3;BBB:11.8;A:10.4;AA:12.6
2.9
43.6
84
424
13
3
30
35
35
false
true
true
false
1.52
1.45
-0.07
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
41
DealerA
All2All
8
99
-98
172
Region>limit
Hedge
Regional concentration above limit
192
Escalate watchlist names
C08750
CR1057
2025-06-19
Calm
104
323
4.3
2.3
956,952,036
Comm:25.7;Industrials:34.6;RealEstate:11.2;Consumer:28.6
US:70.2;EU:13.7;APAC:6.5;EMEA:5.3;LATAM:4.3
A:24.4;BBB:18.1;CCC:13.8;B:3.3;AA:28.4;AAA:11.9
7.28
29.1
240
283
4.1
3.5
20
45
30
true
true
false
true
1.27
0.73
0.34
Materials:EW
Hedge
CDX_IG: +128bps notional
19
-23
ECN2
All2All
8
96
-160
-442
HYCap>limit
PauseAdds
High-yield share above policy cap
214
Rotate into defensive sectors
C08751
CR8514
2024-08-06
Stress
180
696
6.4
-1.3
2,618,719,541
RealEstate:32.5;Consumer:23.4;Financials:44.1
US:65.0;EU:14.2;APAC:11.6;EMEA:7.5;LATAM:1.7
BB:6.9;B:8.2;AAA:24.1;A:27.8;CCC:8.0;AA:25.0
6.23
42.3
348
415
10.8
4
35
35
30
true
true
false
true
0.21
0.25
0.51
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
11
ECN1
Electronic
6
95
264
20
HYCap>limit
Hedge
High-yield share above policy cap
163
Tighten HY exposure bands
C08752
CR4311
2024-07-09
Recovery
155
602
4.6
0.6
2,316,799,792
Comm:36.5;Industrials:23.6;Tech:14.1;Healthcare:25.8
US:64.2;EU:18.0;APAC:7.1;EMEA:7.1;LATAM:3.7
CCC:14.7;A:10.5;BB:41.1;AA:13.3;AAA:11.1;B:9.3
4.12
62.8
126
227
4
2
35
55
25
true
true
true
false
0.8
1.8
-0.21
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
33
DealerC
RFQ
6
87
-135
3
VAR>budget
Hedge
Portfolio VAR above budget
136
Defer adds pending macro print
C08753
CR5317
2025-03-25
Calm
83
404
4.3
2.9
86,042,910
Materials:19.1;Energy:39.6;Comm:41.3
US:66.2;EU:16.6;APAC:4.9;EMEA:7.9;LATAM:4.5
A:15.8;B:18.1;BBB:37.5;AA:28.6
1.5
24.2
89
122
5.4
2
30
55
35
true
true
false
false
2.39
0.67
0.2
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
36
DealerB
All2All
8
85
326
-48
Region>limit
Reduce
Regional concentration above limit
149
Escalate watchlist names
C08754
CR3846
2025-03-09
Calm
90
381
3.4
1.8
2,575,925,731
Tech:29.9;Financials:21.5;Energy:23.9;Healthcare:17.0;Industrials:7.7
US:59.1;EU:16.9;APAC:9.2;EMEA:9.3;LATAM:5.5
B:13.0;BBB:13.6;BB:24.8;AAA:6.4;AA:18.8;CCC:23.4
1.96
23.8
93
297
4.4
3
25
35
20
true
true
true
false
1.27
1.6
0.38
null
Hedge
CDX_IG: +76bps notional
-54
-10
DealerB
DealerAxed
9
100
397
-377
VAR>budget
Reduce
Portfolio VAR above budget
170
Defer adds pending macro print
C08755
CR0470
2024-09-19
Tightening
140
361
4.7
1.1
1,107,583,043
Comm:20.2;Tech:14.0;Consumer:20.4;Industrials:19.5;Financials:17.9;Energy:7.9
US:60.8;EU:14.8;APAC:12.5;EMEA:7.7;LATAM:4.2
CCC:20.5;AAA:19.1;AA:11.9;B:48.5
5.65
35.8
243
444
16.4
3.5
20
55
20
true
true
true
true
1.18
-0.09
0.55
null
Hedge
CDX_HY: +118bps notional
-44
-4
DealerC
RFQ
3
94
225
107
Sector>limit
Rotate
Sector concentration above limit
142
Defer adds pending macro print
C08756
CR9946
2024-12-08
Recovery
137
522
4.8
0.7
2,649,629,500
Utilities:29.6;Industrials:32.0;Consumer:38.4
US:58.4;EU:12.8;APAC:11.1;EMEA:11.4;LATAM:6.3
A:23.4;B:13.1;AA:18.1;AAA:10.8;BBB:24.8;CCC:9.9
2.44
33.1
144
433
14.7
3.5
25
55
35
true
true
false
false
0.57
1.21
0.19
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
-2
DealerC
All2All
10
87
159
-155
VAR>budget
Hedge
Portfolio VAR above budget
99
Reviewed by risk; hedges staggered
C08757
CR7522
2025-07-15
Recovery
118
455
5.1
-0.3
2,923,282,362
Healthcare:16.0;Energy:20.7;Financials:22.3;Comm:9.6;Tech:20.7;Materials:10.6
US:68.8;EU:11.1;APAC:10.1;EMEA:10.0;LATAM:0.1
A:34.0;BB:12.0;B:20.6;BBB:33.4
3.61
53.8
174
202
16.8
3.5
20
45
25
true
true
true
false
0.05
0.85
-0.18
Healthcare:EW;Comm:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
17
38
DealerA
DealerAxed
12
97
-42
46
VAR>budget
Hedge
Portfolio VAR above budget
173
Defer adds pending macro print
C08758
CR1778
2024-04-04
Stress
186
835
5.2
-0.3
1,501,963,945
RealEstate:24.1;Healthcare:27.3;Materials:48.6
US:70.4;EU:9.6;APAC:12.5;EMEA:5.3;LATAM:2.3
BB:9.9;AAA:37.4;CCC:28.2;AA:24.6
3.2
27.9
374
479
21.1
3
25
45
20
true
true
true
true
0.06
0.21
0.43
Consumer:EW;Comm:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
17
DealerA
Electronic
1
99
444
-330
VAR>budget
Rotate
Portfolio VAR above budget
132
Tighten HY exposure bands
C08759
CR2109
2025-03-04
Tightening
91
489
5.1
0.9
1,318,380,508
Consumer:21.6;Industrials:8.7;Comm:17.6;Healthcare:9.2;Energy:24.4;Materials:18.4
US:72.0;EU:6.4;APAC:7.7;EMEA:10.8;LATAM:3.2
BB:17.3;CCC:30.3;A:33.8;AA:18.6
4.63
41.1
269
495
16.3
4
25
55
20
false
true
true
true
-0.1
0.92
0.43
Tech:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
1
-19
DealerA
Electronic
9
91
105
36
Sector>limit
Reduce
Sector concentration above limit
158
Rotate into defensive sectors
C08760
CR9954
2025-09-08
Tightening
133
427
5
1.9
1,636,913,889
Materials:21.6;Healthcare:27.4;Utilities:14.7;Energy:20.2;Industrials:16.1
US:61.3;EU:17.8;APAC:9.5;EMEA:4.0;LATAM:7.4
BB:23.9;A:17.8;CCC:20.7;BBB:19.1;B:18.5
5.25
62.4
195
129
15.4
2
35
55
20
false
true
true
false
0.1
0.47
-0.17
Tech:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-7
8
DealerC
DealerAxed
10
87
331
-353
Region>limit
Rotate
Regional concentration above limit
134
Reviewed by risk; hedges staggered
C08761
CR4952
2024-05-25
Calm
71
402
3.5
2.2
855,432,436
RealEstate:24.3;Financials:22.7;Industrials:9.7;Consumer:43.3
US:72.9;EU:10.8;APAC:5.3;EMEA:4.4;LATAM:6.7
AAA:24.0;B:14.1;BB:47.1;A:14.8
2.61
33.4
193
150
13.8
4
30
45
30
true
true
true
false
-0.06
0.76
0.12
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-42
19
ECN1
Electronic
9
85
-72
-235
VAR>budget
Hedge
Portfolio VAR above budget
131
Defer adds pending macro print
C08762
CR3262
2025-06-20
Tightening
95
392
5
1
1,805,893,793
Energy:26.5;Consumer:34.4;Utilities:39.1
US:57.1;EU:18.5;APAC:12.9;EMEA:7.4;LATAM:4.0
BB:35.0;AA:14.6;AAA:14.2;CCC:22.2;A:13.9
2.32
43.6
269
482
5.2
4
25
45
35
true
true
true
true
0.42
0.48
-0.13
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-55
28
ECN2
All2All
12
100
5
-59
HYCap>limit
Reduce
High-yield share above policy cap
94
Defer adds pending macro print
C08763
CR4036
2025-06-11
Calm
74
302
3.9
2.1
1,494,917,265
Consumer:33.6;Utilities:16.9;Tech:33.6;Materials:16.0
US:65.2;EU:10.0;APAC:12.4;EMEA:10.1;LATAM:2.3
AA:17.7;BBB:39.3;AAA:34.4;B:8.6
7.35
27.3
118
340
16.6
3.5
25
55
30
true
true
false
false
1.91
0.13
0.32
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
16
28
ECN1
DealerAxed
12
86
-141
-385
Region>limit
Reduce
Regional concentration above limit
189
Defer adds pending macro print
C08764
CR1735
2024-06-04
Stress
204
609
5.7
-0.3
2,490,963,564
Comm:19.5;Financials:20.6;Tech:7.6;RealEstate:33.9;Utilities:18.4
US:66.2;EU:11.6;APAC:16.3;EMEA:4.1;LATAM:1.8
A:8.9;B:37.1;AAA:14.2;AA:16.6;BB:12.1;BBB:11.1
3.19
35.9
285
484
17.7
3
25
45
20
true
true
true
true
0.78
0.02
0.42
Energy:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
17
34
DealerA
RFQ
10
95
219
-378
VAR>budget
Rotate
Portfolio VAR above budget
157
Defer adds pending macro print
C08765
CR2294
2025-03-11
Stress
209
791
7.4
-0.3
629,095,858
Comm:24.9;Healthcare:25.4;RealEstate:10.1;Energy:7.8;Industrials:22.5;Financials:9.3
US:53.7;EU:18.6;APAC:10.9;EMEA:11.3;LATAM:5.6
BB:18.2;AAA:26.5;BBB:29.6;A:25.7
5.66
44.5
308
248
12.3
2.5
25
35
30
true
true
false
true
1.97
0.34
-0.15
Healthcare:EW;Materials:EW
Hedge
CDX_IG: +70bps notional
19
-18
DealerC
Electronic
11
94
-53
-177
VAR>budget
Hedge
Portfolio VAR above budget
220
Tighten HY exposure bands
C08766
CR2762
2024-09-21
Stress
209
668
7.1
-1.3
1,928,984,678
Healthcare:30.8;Tech:29.2;Utilities:31.9;Comm:8.1
US:64.9;EU:18.2;APAC:9.4;EMEA:7.2;LATAM:0.2
BBB:38.8;A:14.9;AAA:27.7;BB:18.6
3.04
24.4
303
315
14.1
3
20
45
30
true
true
false
true
-0.1
0.27
0.29
RealEstate:EW;Tech:EW
Hedge
SingleName_CDS: +178bps notional
-40
9
DealerC
RFQ
3
99
-73
105
Region>limit
Hedge
Regional concentration above limit
192
Rotate into defensive sectors
C08767
CR1025
2024-03-12
Calm
114
310
3.6
2.2
1,498,483,554
Healthcare:18.5;Energy:20.5;Comm:26.1;Industrials:14.0;Materials:20.9
US:67.6;EU:5.1;APAC:13.9;EMEA:8.8;LATAM:4.7
BB:15.5;BBB:35.2;CCC:35.7;AA:13.6
6.98
48
94
515
5.1
2.5
20
55
25
true
true
true
false
0.96
1.48
0.5
null
Hedge
Treasury_Futures: +187bps notional
15
-7
ECN1
DealerAxed
4
99
259
-123
Region>limit
Reduce
Regional concentration above limit
205
Reviewed by risk; hedges staggered
C08768
CR8785
2025-04-28
Stress
236
649
7.9
0.5
1,037,325,227
Consumer:20.0;Materials:26.9;Utilities:12.2;Tech:9.8;Financials:31.1
US:62.8;EU:16.0;APAC:12.9;EMEA:3.0;LATAM:5.3
A:29.9;B:42.1;BBB:13.7;AAA:14.3
4.86
40.2
300
273
18.2
3
20
35
30
true
true
true
true
0.34
0.15
0.33
null
Hedge
Options_Payer: +56bps notional
12
-17
DealerC
Electronic
8
94
109
76
HYCap>limit
Reduce
High-yield share above policy cap
212
Rotate into defensive sectors
C08769
CR9665
2025-03-30
Calm
113
402
4
1.5
2,206,053,875
Industrials:28.1;Healthcare:10.6;Energy:28.1;Tech:33.1
US:58.0;EU:13.1;APAC:15.2;EMEA:7.1;LATAM:6.5
B:18.0;A:27.5;CCC:26.8;AAA:27.6
6.98
49
252
145
15.2
2.5
35
45
35
false
true
true
true
2.3
1.65
-0.3
Consumer:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
30
ECN1
RFQ
6
88
54
-47
HYCap>limit
Reduce
High-yield share above policy cap
220
Reviewed by risk; hedges staggered
C08770
CR3456
2024-09-25
Stress
231
661
7.8
0.7
807,079,335
Industrials:30.0;Healthcare:25.8;Comm:44.2
US:63.6;EU:12.2;APAC:9.6;EMEA:12.6;LATAM:2.0
AAA:12.2;B:47.9;BB:18.9;AA:21.0
4.39
61.6
158
460
15.6
2.5
30
45
25
true
true
true
false
1.26
1.66
0.25
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
-19
ECN1
DealerAxed
11
94
242
26
VAR>budget
Reduce
Portfolio VAR above budget
230
Reviewed by risk; hedges staggered
C08771
CR7080
2025-02-28
Recovery
171
427
5.1
1.2
404,387,461
Financials:12.2;Comm:17.7;Industrials:46.6;RealEstate:23.5
US:60.0;EU:15.7;APAC:8.5;EMEA:9.9;LATAM:5.9
A:25.3;BBB:21.6;AA:30.0;BB:23.2
3.67
39.4
173
469
3.6
2
25
35
30
true
true
false
false
2.49
0.77
-0.32
null
Hedge
iTraxx_XOVER: +113bps notional
-19
-3
DealerB
All2All
1
95
18
-363
Sector>limit
Reduce
Sector concentration above limit
205
Rotate into defensive sectors
C08772
CR2996
2025-02-12
Recovery
117
591
4.5
1.5
911,051,048
Utilities:11.3;Financials:10.6;Industrials:26.1;Materials:32.6;RealEstate:19.5
US:71.2;EU:14.4;APAC:9.7;EMEA:3.7;LATAM:1.0
CCC:8.4;B:14.6;AA:17.1;BBB:17.6;BB:25.0;AAA:17.4
2.15
63.4
163
264
17
3.5
20
55
30
true
true
true
false
0.1
0.97
-0.4
Tech:EW
Hedge
iTraxx_MAIN: +113bps notional
1
-10
DealerA
Electronic
8
96
232
-375
HYCap>limit
Hedge
High-yield share above policy cap
145
Rotate into defensive sectors
C08773
CR2233
2024-11-24
Calm
68
323
3.4
2.7
2,640,721,649
Consumer:34.4;Energy:37.9;Materials:16.3;Comm:11.5
US:62.2;EU:13.8;APAC:12.9;EMEA:6.9;LATAM:4.2
AA:20.8;CCC:21.2;BBB:15.1;BB:17.5;AAA:12.9;A:12.4
0.95
29.7
278
132
16.5
4
20
45
20
true
true
true
true
0.34
0.13
-0.27
RealEstate:EW;Consumer:EW
Hedge
iTraxx_XOVER: +100bps notional
11
5
DealerC
RFQ
5
93
300
115
Sector>limit
Hedge
Sector concentration above limit
118
Tighten HY exposure bands
C08774
CR5722
2024-01-08
Calm
98
305
3.8
1.9
2,213,967,596
Materials:23.5;Utilities:23.6;Tech:12.8;Financials:16.7;RealEstate:15.7;Energy:7.8
US:54.4;EU:11.2;APAC:15.4;EMEA:10.5;LATAM:8.5
AAA:28.3;AA:39.1;A:24.3;B:8.4
5.39
25.4
241
177
14.9
2.5
25
45
20
false
true
false
true
1.67
-0.08
-0.23
Utilities:EW
Hedge
CDX_HY: +112bps notional
14
35
DealerB
DealerAxed
8
85
-9
-287
HYCap>limit
Hedge
High-yield share above policy cap
133
Rotate into defensive sectors
C08775
CR0763
2025-08-03
Recovery
167
505
4.5
0.6
526,203,626
RealEstate:41.2;Healthcare:47.1;Industrials:11.7
US:65.7;EU:16.1;APAC:10.4;EMEA:2.7;LATAM:5.2
BBB:16.7;AAA:16.3;A:20.8;B:36.4;BB:9.8
5.08
22.1
128
219
16.6
3.5
35
55
30
true
true
true
false
-0.02
0.55
0.59
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-44
-22
DealerC
All2All
2
97
-80
-352
HYCap>limit
Rotate
High-yield share above policy cap
232
Tighten HY exposure bands
C08776
CR6221
2025-06-08
Recovery
105
551
4.8
1.1
2,768,329,015
Comm:15.0;Consumer:39.0;Industrials:16.8;Utilities:12.0;RealEstate:17.2
US:58.3;EU:17.6;APAC:9.8;EMEA:10.4;LATAM:4.0
B:9.1;AA:12.3;BB:13.9;AAA:13.4;BBB:27.1;A:24.3
0.66
64.5
127
403
13
2.5
20
35
30
true
true
false
false
0.82
1.41
-0.35
RealEstate:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-11
6
DealerA
DealerAxed
0
94
-14
-291
Region>limit
Rotate
Regional concentration above limit
149
Reviewed by risk; hedges staggered
C08777
CR9069
2025-04-12
Stress
215
662
5.2
0.6
1,196,333,084
RealEstate:40.6;Comm:46.6;Industrials:12.9
US:60.6;EU:20.0;APAC:12.0;EMEA:4.6;LATAM:2.8
AAA:22.9;BBB:28.2;B:17.5;A:23.4;CCC:8.0
3.76
33.5
213
425
16.4
3.5
30
55
30
true
true
false
true
2.22
0.98
0.5
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
43
DealerB
Electronic
12
100
-174
-81
VAR>budget
Reduce
Portfolio VAR above budget
168
Rotate into defensive sectors
C08778
CR0769
2024-01-22
Stress
231
566
8.1
-1.9
658,819,440
Financials:31.3;Comm:31.2;RealEstate:37.4
US:71.9;EU:9.5;APAC:5.9;EMEA:5.7;LATAM:6.9
AA:15.6;CCC:19.6;B:34.0;A:30.8
2.01
60.2
196
319
11.8
3.5
25
55
30
true
true
true
false
0.91
1.34
0.56
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-54
33
DealerA
DealerAxed
0
85
216
-272
Region>limit
Hedge
Regional concentration above limit
112
Tighten HY exposure bands
C08779
CR3243
2024-08-06
Stress
233
557
6.7
-1.2
245,338,400
Tech:23.8;Utilities:15.4;Energy:15.5;Materials:26.3;Comm:19.0
US:69.7;EU:13.1;APAC:9.5;EMEA:4.4;LATAM:3.3
BBB:11.1;CCC:28.6;AA:14.6;A:23.2;BB:9.3;AAA:13.3
0.65
45.2
290
396
19.2
4
35
35
35
false
true
true
true
0.26
0.99
-0.14
Consumer:EW;Materials:EW
Hedge
CDX_HY: +145bps notional
-35
44
ECN1
RFQ
2
93
-146
-446
HYCap>limit
Hedge
High-yield share above policy cap
181
Rotate into defensive sectors
C08780
CR4480
2025-12-06
Stress
171
659
6.3
-0.1
2,803,710,692
Industrials:15.9;Healthcare:26.1;Energy:14.2;Utilities:15.6;Comm:14.1;Financials:14.1
US:68.1;EU:12.5;APAC:10.8;EMEA:7.9;LATAM:0.7
A:14.0;BBB:30.6;CCC:15.1;AAA:40.2
6.56
50.3
300
267
11.7
3.5
25
45
20
true
true
false
true
2.26
1.08
-0.35
Tech:EW
Hedge
CDX_IG: +179bps notional
-59
5
DealerB
All2All
7
100
153
-319
Region>limit
Reduce
Regional concentration above limit
210
Escalate watchlist names
C08781
CR5856
2025-05-29
Calm
112
405
4
2.3
2,455,121,435
Financials:32.8;Utilities:23.8;Consumer:10.3;Materials:33.0
US:68.2;EU:11.3;APAC:12.6;EMEA:2.8;LATAM:5.0
AA:11.6;BB:34.6;B:11.7;BBB:13.0;A:29.2
0.46
59.6
143
211
15.6
4
30
45
20
true
true
true
false
-0.1
0.01
0.26
Energy:EW;Tech:EW
Hedge
Options_Payer: +142bps notional
-58
30
ECN2
DealerAxed
12
100
247
33
Sector>limit
Hedge
Sector concentration above limit
123
Tighten HY exposure bands
C08782
CR2821
2025-11-24
Calm
113
311
4.1
1.5
2,713,200,605
Financials:48.3;Utilities:35.0;Materials:16.7
US:69.0;EU:7.4;APAC:9.7;EMEA:8.2;LATAM:5.7
AAA:15.2;CCC:14.2;AA:29.6;BB:13.5;A:24.2;B:3.3
1.29
55.7
246
498
13.3
4
30
35
25
true
true
true
true
2.2
-0.27
0.26
Healthcare:EW
Hedge
SingleName_CDS: +173bps notional
-58
44
ECN1
All2All
7
98
-119
-184
Region>limit
Hedge
Regional concentration above limit
145
Tighten HY exposure bands
C08783
CR5435
2025-03-12
Stress
164
567
6.5
-0.5
2,508,582,666
Materials:11.0;Utilities:14.4;RealEstate:21.4;Consumer:10.8;Energy:25.4;Healthcare:17.0
US:64.4;EU:16.3;APAC:5.4;EMEA:7.6;LATAM:6.3
BBB:26.4;AA:22.6;CCC:18.3;B:32.7
6.13
21.5
237
522
13.8
3
35
35
20
false
true
true
true
0.33
0.01
0.26
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
-1
DealerA
DealerAxed
5
92
339
-252
Region>limit
Hedge
Regional concentration above limit
128
Escalate watchlist names
C08784
CR0658
2025-01-05
Stress
197
598
6.5
-1.2
1,991,946,081
Healthcare:6.2;Consumer:19.5;RealEstate:13.9;Materials:18.4;Utilities:22.8;Financials:19.2
US:64.7;EU:18.1;APAC:9.6;EMEA:4.1;LATAM:3.4
BB:13.3;A:34.9;B:18.8;AA:33.0
4.6
29.8
256
305
9
2.5
25
45
35
false
true
false
true
1.71
1.51
-0
Comm:EW
Hedge
Options_Payer: +88bps notional
-34
-10
DealerA
All2All
5
89
-68
13
HYCap>limit
Hedge
High-yield share above policy cap
200
Escalate watchlist names
C08785
CR2420
2024-08-28
Stress
205
667
5.4
-0.1
2,047,174,417
Materials:22.9;Energy:27.9;Financials:38.0;Tech:11.2
US:77.9;EU:6.2;APAC:6.3;EMEA:6.6;LATAM:2.9
B:12.7;AAA:49.9;BBB:21.8;CCC:15.6
0.94
50.4
300
539
13.6
2.5
20
35
20
true
true
true
true
1.41
0.65
0.47
RealEstate:EW
Hedge
iTraxx_MAIN: +108bps notional
-27
1
DealerA
DealerAxed
9
98
42
139
Sector>limit
Reduce
Sector concentration above limit
90
Defer adds pending macro print
C08786
CR6779
2025-01-23
Stress
193
791
5.1
-0.8
134,414,417
Utilities:35.0;Energy:18.2;Materials:46.8
US:77.0;EU:6.6;APAC:8.8;EMEA:4.9;LATAM:2.7
B:13.4;AA:12.0;BBB:38.6;CCC:5.6;A:30.4
1.96
44.8
319
300
17.4
4
30
35
20
true
true
false
true
0.72
1.13
-0.01
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
22
DealerB
RFQ
6
99
284
-286
HYCap>limit
Hedge
High-yield share above policy cap
228
Rotate into defensive sectors
C08787
CR0682
2024-06-16
Calm
81
403
4
2.8
1,950,105,916
Energy:25.8;Utilities:8.6;Healthcare:21.5;Consumer:29.0;Materials:15.0
US:70.5;EU:12.0;APAC:6.9;EMEA:3.9;LATAM:6.7
AA:17.6;CCC:16.6;BB:27.5;AAA:13.6;BBB:24.6
1.05
44.9
195
318
6.3
3
35
55
35
false
true
true
false
1.34
1.47
0.02
Healthcare:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-55
25
DealerC
All2All
0
85
393
-235
Region>limit
Hedge
Regional concentration above limit
255
Escalate watchlist names
C08788
CR4823
2025-12-09
Recovery
158
633
4.8
1.1
1,685,170,581
Industrials:23.3;Utilities:15.2;RealEstate:20.7;Comm:8.3;Consumer:21.9;Healthcare:10.6
US:71.5;EU:9.1;APAC:4.7;EMEA:8.7;LATAM:6.0
AAA:37.2;CCC:3.3;BBB:11.7;A:20.2;AA:21.8;B:5.7
0.51
48.7
278
463
4
2
20
45
20
true
true
false
true
1.43
1.2
0.09
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
7
34
DealerB
RFQ
12
98
-120
-59
Sector>limit
Reduce
Sector concentration above limit
196
Escalate watchlist names
C08789
CR5328
2024-04-27
Stress
192
793
5.4
0.1
1,005,826,283
Utilities:14.6;Industrials:25.4;Energy:22.8;Tech:37.2
US:66.0;EU:6.2;APAC:16.3;EMEA:9.8;LATAM:1.7
BBB:24.6;CCC:4.1;A:28.2;AAA:11.2;AA:25.9;BB:6.2
5.7
62.4
328
597
16.8
2.5
35
35
30
true
true
false
true
0.01
0.33
-0.27
Materials:EW;Tech:EW
Hedge
Treasury_Futures: +101bps notional
-40
2
ECN2
DealerAxed
10
99
380
-386
HYCap>limit
Hedge
High-yield share above policy cap
164
Defer adds pending macro print
C08790
CR6849
2025-07-19
Calm
69
291
4.1
2
2,650,353,171
Tech:7.4;Comm:29.9;Utilities:28.9;Consumer:14.9;Industrials:18.9
US:63.3;EU:9.8;APAC:15.1;EMEA:6.7;LATAM:5.1
AA:34.8;BBB:14.3;A:16.1;CCC:13.7;B:21.1
3.91
47
122
305
10.9
2.5
20
35
25
true
true
true
false
-0
0.5
0.55
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
44
DealerB
Electronic
6
95
-16
97
Region>limit
Rotate
Regional concentration above limit
209
Tighten HY exposure bands
C08791
CR1965
2025-12-15
Stress
166
719
7.2
0.2
1,112,830,378
Consumer:31.5;Energy:11.4;Financials:23.5;Tech:33.6
US:66.8;EU:13.2;APAC:11.8;EMEA:5.8;LATAM:2.4
AA:17.6;B:35.4;BB:28.5;BBB:18.5
4.87
59.9
278
289
12.9
3.5
35
55
30
false
true
true
true
1.54
0.29
-0.13
RealEstate:EW;Tech:EW
Hedge
iTraxx_MAIN: +125bps notional
15
44
DealerB
DealerAxed
11
88
357
-302
VAR>budget
Reduce
Portfolio VAR above budget
94
Rotate into defensive sectors
C08792
CR4141
2024-01-12
Calm
106
412
3.6
3
1,992,939,144
Healthcare:21.3;Utilities:20.7;Comm:10.8;RealEstate:16.2;Tech:19.9;Consumer:11.1
US:62.3;EU:13.2;APAC:10.3;EMEA:7.9;LATAM:6.3
CCC:14.8;AA:16.3;BBB:13.4;AAA:31.1;B:24.4
1.23
24.8
226
446
3.2
4
35
55
20
false
true
true
true
0.04
0.47
0.49
Tech:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
42
DealerC
All2All
11
98
58
-97
VAR>budget
Reduce
Portfolio VAR above budget
184
Tighten HY exposure bands
C08793
CR3718
2025-08-23
Tightening
114
355
3.9
1
395,135,038
Utilities:26.5;Financials:14.3;Industrials:9.3;Tech:8.2;Consumer:24.4;Comm:17.4
US:72.3;EU:10.4;APAC:7.8;EMEA:5.3;LATAM:4.3
AAA:14.7;BBB:10.2;AA:19.4;A:10.8;BB:26.9;B:18.0
0.77
41.5
210
249
10.9
3
35
35
30
false
true
true
true
0.31
0.7
0.08
Comm:EW
Hedge
Treasury_Futures: +58bps notional
-58
8
DealerA
RFQ
7
87
152
32
HYCap>limit
Reduce
High-yield share above policy cap
91
Defer adds pending macro print
C08794
CR6021
2025-12-12
Calm
66
288
4.1
2.8
137,081,330
Financials:25.0;Consumer:14.7;RealEstate:27.1;Tech:8.7;Healthcare:24.5
US:64.0;EU:10.6;APAC:17.6;EMEA:7.2;LATAM:0.5
BBB:12.7;BB:30.8;B:27.0;AAA:14.7;AA:14.7
6.06
51.4
164
384
17.1
3.5
20
45
35
true
true
true
false
-0.39
-0.27
0.56
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
3
ECN2
Electronic
7
85
301
-149
Sector>limit
Reduce
Sector concentration above limit
257
Reviewed by risk; hedges staggered
C08795
CR6277
2024-08-13
Tightening
144
426
4.8
1.5
2,687,196,224
Financials:31.2;Comm:50.8;Energy:18.0
US:66.6;EU:6.1;APAC:11.2;EMEA:12.4;LATAM:3.7
AA:22.2;A:33.9;B:15.4;BB:28.5
7.35
53.7
107
476
12.9
4
35
45
20
true
true
true
false
1.86
1.17
0.57
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-2
-17
DealerC
DealerAxed
3
90
270
-359
Sector>limit
Reduce
Sector concentration above limit
215
Reviewed by risk; hedges staggered
C08796
CR1109
2025-01-29
Tightening
137
440
4.9
1.6
2,969,080,579
Tech:25.8;Utilities:16.0;Energy:21.6;RealEstate:21.9;Industrials:14.7
US:67.9;EU:13.1;APAC:8.7;EMEA:10.1;LATAM:0.1
BB:20.9;AA:20.6;BBB:15.3;AAA:18.1;B:15.1;CCC:10.0
6.15
33.1
190
294
6.8
3.5
20
55
35
true
true
true
false
2.06
1.23
-0.33
null
Hedge
CDX_HY: +69bps notional
18
-2
ECN1
DealerAxed
8
88
368
75
Region>limit
Rotate
Regional concentration above limit
201
Escalate watchlist names
C08797
CR4734
2024-03-31
Stress
229
682
8.1
-2
147,677,247
Healthcare:23.6;Utilities:28.0;Tech:48.4
US:67.2;EU:21.7;APAC:6.0;EMEA:4.2;LATAM:0.9
BBB:37.4;AA:17.2;AAA:33.7;BB:11.7
2.54
22
278
627
19.3
4
25
55
30
true
true
false
true
1.99
1.05
-0.13
null
Hedge
SingleName_CDS: +91bps notional
-43
-10
DealerA
DealerAxed
6
93
132
90
HYCap>limit
Reduce
High-yield share above policy cap
200
Reviewed by risk; hedges staggered
C08798
CR6936
2025-05-25
Tightening
142
368
4.9
2
1,594,253,843
Comm:31.6;Tech:27.3;Energy:16.6;Healthcare:24.5
US:81.3;EU:5.7;APAC:6.5;EMEA:5.0;LATAM:1.5
BB:5.8;CCC:26.5;B:22.7;AA:22.4;A:22.5
3.18
58.8
223
333
8.2
2.5
35
55
35
false
true
true
true
0.51
0.82
-0.38
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
-21
ECN2
Electronic
5
98
386
52
HYCap>limit
Hedge
High-yield share above policy cap
247
Escalate watchlist names
C08799
CR6392
2025-04-19
Calm
97
407
3.2
2
1,602,319,506
Comm:29.5;RealEstate:31.4;Energy:11.5;Consumer:14.2;Healthcare:13.4
US:73.9;EU:8.9;APAC:9.7;EMEA:3.8;LATAM:3.6
B:12.3;BB:24.7;AAA:16.7;A:23.3;BBB:16.7;CCC:6.4
6.73
41.6
207
400
17.2
2
20
55
20
true
true
true
true
-0.33
0.83
0.4
Industrials:EW
Hedge
CDX_IG: +53bps notional
-55
2
ECN1
RFQ
11
88
212
-136
HYCap>limit
Hedge
High-yield share above policy cap
243
Tighten HY exposure bands
C08800
CR0918
2025-10-25
Recovery
114
529
5.1
2
451,052,317
Consumer:16.5;Materials:10.1;Tech:25.0;Healthcare:21.4;Energy:9.2;Comm:17.8
US:59.6;EU:15.8;APAC:15.9;EMEA:4.2;LATAM:4.5
BB:16.7;CCC:12.3;AA:39.8;A:31.1
3.95
44.9
124
157
11.8
4
20
35
30
true
true
false
false
2.25
-0.07
0.44
RealEstate:EW
Hedge
Options_Payer: +58bps notional
-24
45
DealerB
Electronic
1
98
207
-282
HYCap>limit
Reduce
High-yield share above policy cap
149
Tighten HY exposure bands