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
C08901
CR6689
2025-03-16
Recovery
105
529
4.7
1.6
2,375,506,494
RealEstate:23.6;Utilities:45.5;Materials:30.9
US:66.5;EU:15.8;APAC:10.0;EMEA:6.8;LATAM:0.9
AA:19.8;A:24.5;BBB:11.2;AAA:8.3;BB:25.1;CCC:11.1
2.43
28.3
170
238
13.8
4
20
35
20
true
true
true
false
-0.25
0.55
-0.04
Tech:EW
Hedge
CDX_HY: +85bps notional
-29
-6
DealerB
Electronic
2
92
408
-232
Sector>limit
Hedge
Sector concentration above limit
150
Reviewed by risk; hedges staggered
C08902
CR8385
2024-06-12
Recovery
162
512
4.9
1.2
674,608,767
Materials:15.1;Healthcare:19.6;Industrials:23.7;Utilities:15.4;Comm:26.2
US:57.4;EU:17.5;APAC:12.6;EMEA:6.4;LATAM:6.2
B:25.1;AAA:15.7;CCC:24.7;A:20.3;BB:14.2
7.21
64.9
110
124
2.6
4
25
45
20
true
true
true
false
1.35
0.06
-0.38
null
Hedge
CDX_HY: +149bps notional
-2
26
ECN2
All2All
4
87
324
-247
Sector>limit
Hedge
Sector concentration above limit
237
Tighten HY exposure bands
C08903
CR7852
2024-12-10
Tightening
113
357
4.1
0.7
1,903,106,882
Healthcare:19.4;Energy:22.1;RealEstate:16.2;Materials:15.5;Tech:26.9
US:58.6;EU:19.8;APAC:14.8;EMEA:5.4;LATAM:1.3
BB:27.0;AA:17.3;AAA:13.2;CCC:17.0;BBB:8.3;B:17.3
5.18
59.3
111
505
8.5
4
35
55
25
false
true
true
false
1.51
0.12
-0.37
null
Hedge
Options_Payer: +178bps notional
13
0
DealerB
DealerAxed
3
99
2
-230
HYCap>limit
Reduce
High-yield share above policy cap
103
Escalate watchlist names
C08904
CR5702
2025-11-08
Calm
101
344
4
2.8
2,767,259,334
Tech:34.3;Consumer:35.3;Energy:30.3
US:66.0;EU:15.2;APAC:7.0;EMEA:4.9;LATAM:6.9
AAA:16.9;BB:12.9;A:33.0;CCC:12.2;BBB:25.1
5.58
48.4
167
197
8.7
4
35
35
30
true
true
false
false
0.9
-0.01
0.54
Healthcare:EW;Energy:EW
Hedge
CDX_HY: +117bps notional
-53
4
DealerB
RFQ
0
91
141
-186
VAR>budget
Hedge
Portfolio VAR above budget
199
Escalate watchlist names
C08905
CR9219
2025-02-16
Calm
91
414
3.3
1.7
744,333,352
Materials:20.7;Industrials:55.5;Consumer:23.8
US:58.7;EU:19.0;APAC:11.7;EMEA:4.2;LATAM:6.4
BBB:40.5;B:6.1;CCC:16.6;AAA:20.3;BB:16.5
1.19
41.5
184
339
14.9
2
20
35
30
true
true
true
false
0.95
-0.19
0.15
null
Hedge
Options_Payer: +83bps notional
-50
17
ECN1
Electronic
4
86
-152
-45
Sector>limit
Reduce
Sector concentration above limit
144
Escalate watchlist names
C08906
CR5613
2025-08-23
Calm
83
349
3.4
2.7
2,002,960,422
RealEstate:7.5;Utilities:25.4;Materials:24.7;Energy:11.4;Financials:23.8;Industrials:7.3
US:60.1;EU:18.2;APAC:9.1;EMEA:8.4;LATAM:4.2
BB:26.1;AAA:11.1;AA:17.2;B:32.5;BBB:13.1
0.63
25.6
109
231
9.6
2.5
30
55
25
false
true
true
false
0.08
0
-0.28
Energy:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-13
17
ECN2
DealerAxed
11
88
-68
-308
Sector>limit
Hedge
Sector concentration above limit
122
Defer adds pending macro print
C08907
CR3590
2024-01-23
Stress
217
592
5.3
-0.1
2,499,518,908
Industrials:20.9;Materials:9.9;Utilities:34.9;Comm:34.3
US:65.4;EU:10.8;APAC:12.6;EMEA:5.5;LATAM:5.7
BB:19.0;BBB:15.9;B:39.2;A:25.9
1.27
49
207
344
16.7
3.5
25
55
35
true
true
true
true
1.8
-0.22
0.44
Materials:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-46
45
DealerA
DealerAxed
5
99
-45
-395
Region>limit
Rotate
Regional concentration above limit
242
Reviewed by risk; hedges staggered
C08908
CR5164
2024-02-08
Stress
195
574
5.9
0.7
521,299,186
Financials:26.4;Materials:16.7;Comm:24.3;Energy:10.8;RealEstate:14.2;Consumer:7.6
US:62.1;EU:14.4;APAC:11.2;EMEA:6.4;LATAM:6.0
A:39.6;AA:19.8;BBB:17.0;B:23.7
6.87
63.1
289
421
15.9
4
20
45
35
true
true
false
true
0.26
0.07
-0.34
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
0
19
ECN1
DealerAxed
10
98
47
-219
Sector>limit
Hedge
Sector concentration above limit
174
Defer adds pending macro print
C08909
CR4231
2025-01-15
Calm
69
287
4
1.8
556,021,915
Tech:21.1;Industrials:16.5;Comm:21.3;RealEstate:18.1;Utilities:23.0
US:54.8;EU:16.8;APAC:12.6;EMEA:11.1;LATAM:4.6
AAA:18.9;CCC:18.5;BBB:12.0;B:20.2;A:19.2;BB:11.3
3.93
42.6
220
157
6.2
3
25
45
30
false
true
true
true
2.16
0.39
-0.15
Utilities:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-11
DealerC
RFQ
7
89
236
155
Sector>limit
Hedge
Sector concentration above limit
152
Defer adds pending macro print
C08910
CR5048
2024-12-27
Calm
65
362
4.1
2.9
1,521,100,486
Utilities:26.7;Energy:33.9;Financials:9.4;Tech:30.0
US:70.4;EU:15.6;APAC:5.4;EMEA:5.8;LATAM:2.9
A:8.7;CCC:11.9;AA:26.7;BBB:27.9;B:17.4;BB:7.5
1.78
59.9
162
291
10.9
4
35
45
35
false
true
true
false
0.2
0.26
0.08
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
44
ECN2
Electronic
7
92
-92
-391
VAR>budget
Hedge
Portfolio VAR above budget
201
Defer adds pending macro print
C08911
CR2904
2025-05-25
Stress
244
723
7.1
0.2
597,610,420
Materials:9.3;Energy:31.2;Industrials:32.0;Healthcare:27.5
US:57.2;EU:14.6;APAC:14.1;EMEA:5.8;LATAM:8.3
A:12.8;AAA:21.6;AA:33.5;BBB:26.3;B:5.8
0.46
36.2
289
531
17.2
4
30
55
35
true
true
false
true
0.07
1.39
0.28
Industrials:EW
Hedge
SingleName_CDS: +129bps notional
-19
41
ECN1
RFQ
8
92
38
-103
Sector>limit
Reduce
Sector concentration above limit
217
Tighten HY exposure bands
C08912
CR3572
2024-11-09
Calm
110
280
4.2
2.5
84,428,773
Tech:20.1;Industrials:18.0;Financials:20.2;Utilities:22.0;Materials:19.7
US:64.9;EU:18.1;APAC:6.8;EMEA:7.0;LATAM:3.1
AAA:12.9;BBB:9.8;CCC:16.3;BB:23.9;B:25.2;A:11.9
3.23
28
271
198
16.3
4
30
35
30
false
true
true
true
2.36
-0.14
0.11
Comm:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-20
-7
DealerA
Electronic
8
85
-94
65
Region>limit
Reduce
Regional concentration above limit
200
Rotate into defensive sectors
C08913
CR9137
2025-09-17
Stress
173
745
5.8
-0.2
459,866,792
Tech:28.9;Consumer:19.6;Comm:25.0;Healthcare:26.5
US:64.5;EU:7.8;APAC:12.5;EMEA:9.1;LATAM:6.1
B:24.1;CCC:11.4;AA:26.1;BBB:38.4
2.81
25.4
269
517
14.5
3.5
30
35
30
false
true
true
true
2.42
1.76
0.56
Industrials:EW
Hedge
Treasury_Futures: +193bps notional
-5
-19
DealerA
Electronic
2
94
-84
-211
HYCap>limit
Reduce
High-yield share above policy cap
230
Defer adds pending macro print
C08914
CR5928
2024-07-10
Stress
180
668
7.7
-1.9
2,613,404,552
Consumer:28.3;Tech:9.4;Comm:15.4;Industrials:23.1;Materials:23.8
US:68.0;EU:13.2;APAC:12.2;EMEA:4.6;LATAM:2.0
B:19.6;CCC:16.8;AAA:29.0;AA:34.5
5
25.9
233
588
17.3
2.5
20
45
25
true
true
true
true
2.1
0.14
-0.37
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
23
DealerA
DealerAxed
9
96
-81
-169
HYCap>limit
Hedge
High-yield share above policy cap
210
Rotate into defensive sectors
C08915
CR9196
2025-07-05
Tightening
115
396
3.8
1.6
2,663,817,177
Healthcare:21.6;RealEstate:16.1;Tech:16.5;Utilities:12.9;Industrials:32.7
US:56.7;EU:16.4;APAC:13.1;EMEA:9.8;LATAM:3.9
A:10.9;BBB:23.3;B:9.9;AAA:12.1;CCC:18.5;AA:25.3
3.73
42.5
101
190
4.3
2
20
55
35
true
true
false
false
2.05
0.53
0.38
Comm:EW
Hedge
iTraxx_MAIN: +194bps notional
-59
43
ECN2
All2All
5
89
-211
-225
VAR>budget
Rotate
Portfolio VAR above budget
194
Escalate watchlist names
C08916
CR7044
2024-09-30
Tightening
109
408
4.3
0.5
1,522,262,839
Comm:39.3;RealEstate:8.6;Financials:17.7;Tech:16.6;Consumer:17.8
US:56.5;EU:17.9;APAC:12.6;EMEA:7.0;LATAM:6.0
B:25.6;BB:12.8;AAA:33.5;CCC:15.4;A:12.7
4.5
20.6
171
211
11.9
4
30
55
30
true
true
true
false
-0.44
0.93
-0.15
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-31
45
DealerC
RFQ
12
96
289
-271
HYCap>limit
Reduce
High-yield share above policy cap
209
Rotate into defensive sectors
C08917
CR2782
2024-05-15
Calm
109
396
3.9
2.6
737,876,162
Tech:28.1;RealEstate:19.8;Industrials:23.7;Consumer:14.7;Comm:13.8
US:59.4;EU:18.9;APAC:9.3;EMEA:8.7;LATAM:3.7
AA:12.2;AAA:34.9;CCC:16.1;BBB:22.7;A:14.1
2.71
28.5
80
206
3.3
3
30
45
35
false
true
false
false
2.02
1.1
0.34
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-38
-12
DealerB
All2All
0
96
302
-245
Sector>limit
Rotate
Sector concentration above limit
161
Rotate into defensive sectors
C08918
CR7290
2024-01-23
Calm
72
342
4.1
2.7
2,886,983,469
Comm:24.8;Tech:16.6;Consumer:26.4;Materials:32.2
US:61.1;EU:9.1;APAC:15.3;EMEA:10.5;LATAM:4.0
BBB:18.9;B:9.9;A:30.8;AAA:34.2;CCC:6.3
3.58
41.9
219
138
11.3
3.5
25
35
25
true
true
false
true
0.89
0.94
0.17
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
35
DealerB
All2All
6
95
254
-388
Sector>limit
PauseAdds
Sector concentration above limit
159
Reviewed by risk; hedges staggered
C08919
CR4684
2024-08-25
Calm
69
302
4.3
2.5
1,330,951,648
Tech:31.1;Comm:9.4;Healthcare:18.8;Utilities:18.0;RealEstate:22.8
US:71.5;EU:13.2;APAC:10.4;EMEA:3.2;LATAM:1.6
AA:15.7;CCC:23.4;A:21.3;BB:39.5
3.43
32
174
120
9
3
30
45
20
true
true
true
false
1.16
0.91
-0.15
Tech:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
37
DealerC
DealerAxed
3
88
328
-184
HYCap>limit
Hedge
High-yield share above policy cap
128
Reviewed by risk; hedges staggered
C08920
CR6064
2025-03-07
Stress
255
677
5.4
-1.3
843,068,511
Materials:35.3;Consumer:41.6;Energy:23.1
US:70.4;EU:7.6;APAC:8.1;EMEA:4.6;LATAM:9.4
BBB:20.6;A:26.6;CCC:12.4;AA:22.1;BB:9.3;AAA:9.0
4.96
52.8
180
353
23
4
35
35
20
true
true
true
false
1.5
1.33
-0.15
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
18
-17
ECN1
All2All
0
90
224
-121
HYCap>limit
Reduce
High-yield share above policy cap
106
Reviewed by risk; hedges staggered
C08921
CR0704
2024-06-07
Stress
171
751
5.2
-1.9
517,996,444
Materials:20.8;Industrials:33.5;RealEstate:31.3;Tech:14.4
US:58.4;EU:16.9;APAC:14.3;EMEA:7.6;LATAM:2.8
BB:36.6;BBB:27.7;CCC:16.5;A:19.1
5.5
44.8
191
612
10.5
4
30
45
35
true
true
true
false
1.18
0.76
0.01
Comm:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-3
-16
DealerC
Electronic
0
93
77
-16
VAR>budget
Hedge
Portfolio VAR above budget
233
Rotate into defensive sectors
C08922
CR0660
2025-08-21
Recovery
129
623
5.4
-0.2
2,318,941,486
Tech:22.3;Industrials:5.7;Financials:22.1;Comm:11.3;Consumer:25.6;RealEstate:13.0
US:65.4;EU:9.8;APAC:12.5;EMEA:11.6;LATAM:0.7
BBB:16.3;CCC:17.2;BB:30.3;B:36.1
2.39
56.6
136
339
11.7
4
35
45
30
false
true
true
false
0.5
1.13
0.31
Healthcare:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
6
-24
DealerB
RFQ
12
90
358
-1
Region>limit
Reduce
Regional concentration above limit
126
Defer adds pending macro print
C08923
CR1400
2025-01-06
Stress
179
824
7.8
0.2
2,519,837,226
Healthcare:26.0;Tech:14.4;Energy:24.0;Consumer:14.7;Utilities:20.9
US:75.5;EU:12.1;APAC:5.8;EMEA:4.9;LATAM:1.7
BB:40.6;CCC:17.0;AAA:17.4;BBB:25.0
2.08
62.4
280
420
19.5
4
20
45
30
true
true
true
true
1.37
0.28
0.17
Utilities:EW;Industrials:EW
Hedge
iTraxx_XOVER: +176bps notional
-24
11
ECN1
All2All
10
98
243
108
VAR>budget
Reduce
Portfolio VAR above budget
243
Escalate watchlist names
C08924
CR4520
2024-08-14
Stress
232
709
6.1
0.1
915,323,634
Financials:23.3;Energy:21.8;RealEstate:26.2;Materials:28.7
US:57.5;EU:14.4;APAC:12.6;EMEA:8.8;LATAM:6.7
AA:15.8;AAA:14.8;BBB:45.2;B:11.6;CCC:12.7
7.12
53.1
250
679
14.2
3
30
35
35
false
true
false
true
2.18
0.05
0.15
Utilities:EW
Hedge
iTraxx_XOVER: +59bps notional
-31
-9
ECN1
All2All
8
88
230
-356
HYCap>limit
Rotate
High-yield share above policy cap
163
Defer adds pending macro print
C08925
CR3908
2025-01-12
Tightening
105
411
5.2
0.5
2,452,507,652
Consumer:17.0;Industrials:27.6;Energy:31.2;Tech:24.2
US:61.3;EU:12.7;APAC:12.1;EMEA:9.1;LATAM:4.7
AA:24.3;AAA:54.1;BB:12.5;B:9.1
0.52
53
116
162
2.6
4
20
35
35
true
true
false
false
-0
1.38
0.51
null
Rotate
From Energy -1.0% to Utilities +1.0%
-39
-6
DealerB
RFQ
10
92
-153
139
HYCap>limit
Hedge
High-yield share above policy cap
239
Tighten HY exposure bands
C08926
CR8446
2025-06-07
Calm
117
361
3.3
1.9
1,030,623,784
Industrials:14.2;Energy:39.4;Tech:46.4
US:64.5;EU:11.2;APAC:11.1;EMEA:6.0;LATAM:7.3
BB:33.7;AA:14.6;BBB:13.7;A:11.1;AAA:15.6;B:11.2
1.19
36.3
192
413
7
4
25
35
25
true
true
true
false
0.12
0.69
-0.09
null
Hedge
Treasury_Futures: +54bps notional
6
-18
ECN1
RFQ
4
87
-120
152
HYCap>limit
Hedge
High-yield share above policy cap
150
Reviewed by risk; hedges staggered
C08927
CR2871
2025-01-24
Stress
227
777
7.4
-1.3
1,711,991,474
Industrials:17.9;Utilities:11.9;Financials:22.6;Comm:16.6;Healthcare:11.2;Materials:19.8
US:63.1;EU:9.0;APAC:8.8;EMEA:11.3;LATAM:7.8
BB:23.4;CCC:17.6;B:21.1;A:38.0
3.61
51.3
182
404
14
2.5
30
35
25
false
true
true
false
0.33
1.41
0.1
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
12
-19
ECN1
All2All
8
90
284
-347
Sector>limit
Hedge
Sector concentration above limit
174
Reviewed by risk; hedges staggered
C08928
CR2545
2025-07-07
Calm
82
329
3.9
2.9
1,581,415,399
RealEstate:18.7;Utilities:13.2;Industrials:24.2;Healthcare:9.4;Comm:34.5
US:73.8;EU:10.0;APAC:7.5;EMEA:4.8;LATAM:3.9
BB:12.0;CCC:17.6;A:37.0;AA:17.5;BBB:15.9
7.28
39
212
359
10.2
2
35
45
20
false
true
true
true
0.42
0.25
-0.15
Materials:EW
Hedge
iTraxx_MAIN: +66bps notional
-52
-23
DealerA
DealerAxed
4
98
375
-363
Sector>limit
Reduce
Sector concentration above limit
115
Defer adds pending macro print
C08929
CR2579
2024-11-17
Calm
71
364
4.2
2.6
1,806,096,474
Financials:16.0;Utilities:11.9;RealEstate:9.2;Industrials:26.1;Comm:16.3;Materials:20.4
US:68.6;EU:6.3;APAC:10.9;EMEA:13.1;LATAM:1.1
B:16.8;AA:39.4;BB:11.8;BBB:22.5;CCC:9.5
4.87
52.4
183
126
8.2
3
20
55
20
true
true
true
false
2.32
1
0.06
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
8
DealerB
Electronic
3
85
183
-24
Region>limit
Rotate
Regional concentration above limit
199
Escalate watchlist names
C08930
CR0748
2024-12-19
Tightening
148
399
4.3
2
1,074,375,078
Consumer:42.1;Energy:31.1;Industrials:26.7
US:69.5;EU:13.5;APAC:6.6;EMEA:9.3;LATAM:1.1
BBB:20.9;BB:3.2;A:25.4;CCC:9.6;AA:15.1;AAA:25.7
1.48
35.3
266
490
8.8
2
30
35
30
true
true
false
true
2.12
1
0.01
RealEstate:EW
Hedge
iTraxx_MAIN: +100bps notional
-25
13
ECN1
All2All
12
90
-172
-167
Sector>limit
Hedge
Sector concentration above limit
176
Rotate into defensive sectors
C08931
CR9110
2024-08-29
Tightening
119
491
5
1.5
2,916,554,990
Materials:17.2;Comm:23.5;Utilities:30.7;RealEstate:28.5
US:61.6;EU:16.4;APAC:5.9;EMEA:10.5;LATAM:5.6
BBB:33.6;AAA:30.3;AA:17.5;B:9.9;BB:8.6
6.01
65
116
423
12.7
4
25
55
25
true
true
false
false
2.45
1.14
0.44
null
Hedge
iTraxx_XOVER: +114bps notional
-19
6
DealerC
Electronic
0
97
404
129
Region>limit
Reduce
Regional concentration above limit
221
Defer adds pending macro print
C08932
CR1731
2024-03-23
Stress
233
625
8.3
-1.1
375,062,597
Consumer:11.4;Industrials:25.9;Utilities:22.5;Energy:19.7;Healthcare:20.4
US:54.8;EU:18.1;APAC:7.4;EMEA:11.8;LATAM:7.8
A:51.7;CCC:16.1;BB:9.8;BBB:22.3
2.65
34.9
278
533
14.8
2.5
35
55
25
false
false
true
true
1.16
0.38
0.59
Comm:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-17
11
DealerC
Electronic
11
91
380
-317
Region>limit
Hedge
Regional concentration above limit
174
Defer adds pending macro print
C08933
CR5956
2025-12-01
Calm
89
340
3.7
1.7
2,101,952,647
Industrials:9.5;Financials:20.1;Tech:26.3;Materials:22.1;Consumer:22.0
US:61.1;EU:21.1;APAC:7.6;EMEA:3.4;LATAM:6.8
B:13.8;BBB:8.9;A:15.9;CCC:9.8;BB:22.4;AA:29.2
5.69
48.1
139
207
7
3
35
35
30
false
true
true
false
-0.1
1.68
-0.28
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-29
12
ECN1
Electronic
8
100
181
165
Sector>limit
Reduce
Sector concentration above limit
221
Rotate into defensive sectors
C08934
CR4312
2025-10-12
Calm
85
330
3.5
1.6
772,161,662
Tech:10.5;Healthcare:29.2;Comm:25.8;Utilities:11.9;Materials:22.6
US:61.3;EU:13.8;APAC:11.7;EMEA:9.8;LATAM:3.5
B:12.4;BB:18.5;CCC:20.6;AA:21.7;A:26.8
3.04
35.3
258
319
16.2
2.5
20
35
25
true
true
true
true
-0.36
1.15
-0.04
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
43
DealerA
DealerAxed
7
96
258
103
HYCap>limit
Hedge
High-yield share above policy cap
171
Defer adds pending macro print
C08935
CR7646
2025-02-07
Calm
103
411
4.4
2.5
1,504,220,544
Tech:25.9;Industrials:24.0;Materials:23.2;Healthcare:27.0
US:70.6;EU:8.1;APAC:8.7;EMEA:5.3;LATAM:7.4
B:10.6;A:35.7;CCC:4.7;AAA:32.7;BB:6.8;AA:9.6
6.38
21.2
176
459
16.7
2
20
35
35
true
true
false
false
0.4
0.91
-0.37
Financials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
14
DealerC
Electronic
5
96
-210
-353
HYCap>limit
PauseAdds
High-yield share above policy cap
112
Reviewed by risk; hedges staggered
C08936
CR1904
2025-06-04
Calm
104
326
4.1
2.3
1,650,282,401
RealEstate:13.2;Tech:33.2;Consumer:22.0;Industrials:31.6
US:66.0;EU:6.5;APAC:12.3;EMEA:8.7;LATAM:6.4
CCC:21.7;A:34.7;AA:27.2;BB:16.4
3.51
46.5
121
335
8.7
3
35
35
30
false
true
true
false
1.15
1.76
-0.39
null
Rotate
From Energy -1.0% to Utilities +1.0%
-44
17
ECN1
RFQ
5
98
71
-133
Region>limit
Reduce
Regional concentration above limit
258
Tighten HY exposure bands
C08937
CR5286
2024-08-10
Stress
214
752
5.3
-1.7
1,102,691,223
Materials:34.3;Utilities:19.5;Energy:23.3;Consumer:22.8
US:59.4;EU:19.3;APAC:10.2;EMEA:9.2;LATAM:1.9
AA:14.5;B:30.2;AAA:16.5;BB:21.1;A:7.0;CCC:10.7
1.62
59.6
165
632
17.5
4
35
45
35
false
true
true
false
2.25
-0.03
0.6
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
-21
DealerC
All2All
7
98
111
-261
Region>limit
Hedge
Regional concentration above limit
167
Defer adds pending macro print
C08938
CR3571
2025-06-25
Tightening
134
416
4.3
1.9
2,553,736,923
Tech:32.7;Comm:43.1;Financials:24.2
US:74.8;EU:6.7;APAC:11.2;EMEA:5.7;LATAM:1.5
BB:27.1;BBB:29.4;A:17.9;AA:25.5
5.98
37.5
197
120
3.1
3
20
55
30
true
true
false
false
2.22
-0.29
0.43
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-19
-21
ECN1
All2All
8
99
-25
45
VAR>budget
Reduce
Portfolio VAR above budget
245
Tighten HY exposure bands
C08939
CR4754
2025-05-15
Recovery
135
478
6
0.6
1,640,491,616
Tech:22.6;Utilities:10.0;Materials:18.6;Industrials:16.7;Financials:32.1
US:64.3;EU:6.8;APAC:11.2;EMEA:11.6;LATAM:6.1
CCC:15.7;A:21.8;BB:16.6;AAA:19.8;AA:26.1
2.43
42.8
163
366
11.4
2
30
45
30
true
true
true
false
-0.14
0.84
0.18
Materials:EW;Healthcare:EW
Hedge
iTraxx_XOVER: +101bps notional
12
-8
DealerC
RFQ
5
100
254
153
VAR>budget
Reduce
Portfolio VAR above budget
144
Rotate into defensive sectors
C08940
CR2460
2024-11-07
Stress
222
697
5.6
-0.3
1,596,538,353
Industrials:21.4;Financials:30.1;Utilities:48.5
US:63.2;EU:11.2;APAC:11.1;EMEA:9.6;LATAM:4.9
AA:53.6;BB:15.3;A:22.5;B:8.6
6.01
34.3
238
373
13.5
3
25
35
30
true
true
false
true
-0.19
0.56
0.14
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
33
DealerC
RFQ
3
96
238
-31
HYCap>limit
Hedge
High-yield share above policy cap
147
Escalate watchlist names
C08941
CR0768
2025-07-21
Calm
89
395
3.3
2.4
2,785,129,676
Utilities:31.8;Industrials:22.5;Materials:20.0;Comm:9.9;Financials:15.9
US:66.1;EU:14.3;APAC:12.6;EMEA:2.9;LATAM:4.1
B:6.6;A:25.0;BBB:28.8;CCC:7.9;BB:9.0;AA:22.7
5.44
26.1
160
396
15.1
4
25
45
30
true
true
false
false
2.39
1.53
0.52
Financials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
-16
DealerB
DealerAxed
11
87
238
104
HYCap>limit
Reduce
High-yield share above policy cap
221
Defer adds pending macro print
C08942
CR3158
2025-05-01
Stress
184
704
8.5
0.8
805,750,043
Tech:19.5;Consumer:21.9;RealEstate:20.4;Financials:27.1;Materials:11.1
US:64.6;EU:13.6;APAC:10.3;EMEA:8.7;LATAM:2.9
AAA:12.6;BBB:24.9;BB:8.9;A:18.6;B:4.0;AA:31.0
2.78
33.8
179
617
17.1
2
25
55
35
true
true
false
false
1.15
1.08
-0.23
Comm:EW
Hedge
iTraxx_XOVER: +85bps notional
14
22
DealerB
DealerAxed
8
91
-64
71
Region>limit
Reduce
Regional concentration above limit
197
Defer adds pending macro print
C08943
CR3610
2025-04-03
Calm
96
375
3.4
3
231,540,402
Utilities:46.0;Consumer:20.0;Energy:34.0
US:68.4;EU:8.6;APAC:9.2;EMEA:11.2;LATAM:2.6
BBB:27.6;A:11.1;AA:24.1;BB:11.1;AAA:26.1
5.35
34.1
177
269
17.8
4
35
55
35
true
true
false
false
0.15
0.9
-0.19
null
Rotate
From Energy -1.0% to Utilities +1.0%
19
25
ECN1
All2All
3
99
293
27
VAR>budget
Rotate
Portfolio VAR above budget
140
Rotate into defensive sectors
C08944
CR1830
2025-03-22
Stress
162
567
7.5
0.6
2,264,368,395
Healthcare:35.3;Financials:8.9;Utilities:28.3;Materials:27.5
US:64.1;EU:18.3;APAC:9.1;EMEA:7.5;LATAM:1.0
CCC:15.2;BB:8.8;A:34.2;AAA:26.9;BBB:14.9
2.3
64.1
343
492
19.9
2
25
55
20
true
true
true
true
2.47
1.14
0.07
null
Hedge
iTraxx_XOVER: +84bps notional
-30
28
ECN1
DealerAxed
1
91
-173
-415
Sector>limit
Hedge
Sector concentration above limit
160
Reviewed by risk; hedges staggered
C08945
CR4763
2024-01-13
Calm
93
343
3.2
2.9
1,792,148,104
Industrials:12.0;RealEstate:35.1;Tech:15.7;Materials:20.3;Comm:17.0
US:61.5;EU:16.5;APAC:13.0;EMEA:6.5;LATAM:2.4
A:27.3;AA:21.2;BBB:12.8;CCC:11.4;AAA:27.4
1.33
30.3
273
482
16.5
2
35
45
20
true
true
false
true
0.8
1.16
0.49
Comm:EW;Materials:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
37
DealerA
DealerAxed
2
92
-84
2
Sector>limit
Hedge
Sector concentration above limit
248
Defer adds pending macro print
C08946
CR4086
2024-10-26
Calm
84
388
4.4
1.9
1,024,240,864
Healthcare:18.1;Materials:21.6;Financials:18.3;Comm:5.2;Utilities:23.6;RealEstate:13.2
US:66.2;EU:15.2;APAC:11.0;EMEA:5.9;LATAM:1.8
CCC:9.6;B:28.7;A:29.5;AA:15.0;BBB:17.3
1.7
25
122
249
9.2
3.5
30
35
20
false
true
true
false
2.15
-0.21
-0.33
Industrials:EW;Tech:EW;Energy:EW
Hedge
CDX_IG: +118bps notional
-23
-16
DealerC
All2All
7
90
-122
-248
Region>limit
Rotate
Regional concentration above limit
182
Defer adds pending macro print
C08947
CR0630
2025-09-10
Stress
176
794
7.8
0.1
891,922,540
Industrials:10.6;Consumer:17.9;RealEstate:19.3;Financials:28.9;Materials:23.2
US:55.7;EU:19.5;APAC:15.1;EMEA:9.7;LATAM:0.1
AA:14.4;BBB:10.0;AAA:19.9;B:25.0;A:19.1;BB:11.6
3.14
29.1
315
481
19
4
30
45
35
false
true
true
true
1.84
1.76
0.43
RealEstate:EW
Hedge
CDX_IG: +68bps notional
-54
-10
DealerA
DealerAxed
11
92
-33
82
HYCap>limit
Rotate
High-yield share above policy cap
149
Escalate watchlist names
C08948
CR0316
2024-01-29
Tightening
104
443
3.9
1
1,524,480,966
Tech:23.5;Comm:18.1;Financials:14.8;Materials:22.8;RealEstate:7.1;Utilities:13.7
US:58.0;EU:17.0;APAC:12.1;EMEA:6.4;LATAM:6.6
BB:7.0;AAA:32.5;A:30.9;BBB:29.6
4.33
53.5
155
348
10.3
4
25
35
35
false
true
false
false
2.21
0.03
-0.26
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
31
ECN2
Electronic
11
92
310
124
HYCap>limit
PauseAdds
High-yield share above policy cap
196
Defer adds pending macro print
C08949
CR8734
2025-08-30
Stress
216
815
6.4
-1.3
703,975,946
Energy:37.1;Tech:9.0;Consumer:24.0;Financials:29.9
US:62.5;EU:16.4;APAC:11.9;EMEA:2.9;LATAM:6.3
AA:14.8;AAA:17.0;BBB:17.7;CCC:13.6;BB:14.8;A:22.0
4.55
26.7
207
299
14.2
2
25
35
35
true
true
false
true
0.15
0.72
0.29
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-60
40
DealerC
All2All
8
88
112
193
Sector>limit
Rotate
Sector concentration above limit
259
Reviewed by risk; hedges staggered
C08950
CR0505
2024-06-10
Tightening
133
494
5.1
1
2,159,004,383
Tech:50.9;Healthcare:20.0;RealEstate:29.1
US:71.8;EU:9.2;APAC:5.8;EMEA:5.8;LATAM:7.4
CCC:46.8;B:17.2;BBB:19.1;A:16.9
2.91
38.4
185
173
3.2
3
20
35
30
true
true
true
false
2.3
1.8
0.24
Materials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
-14
ECN1
RFQ
4
87
97
-304
HYCap>limit
Hedge
High-yield share above policy cap
206
Escalate watchlist names
C08951
CR5224
2024-03-07
Stress
194
844
6.7
0.2
845,265,211
Industrials:18.7;Consumer:27.1;Materials:6.8;RealEstate:19.7;Tech:11.0;Comm:16.6
US:70.3;EU:7.1;APAC:13.9;EMEA:3.0;LATAM:5.6
AAA:22.3;B:11.9;AA:17.1;CCC:28.3;A:20.3
4.82
38.1
355
294
5.7
2
25
55
25
true
true
true
true
2.43
0.21
0.58
Utilities:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
25
DealerA
DealerAxed
11
96
-82
57
VAR>budget
Reduce
Portfolio VAR above budget
210
Defer adds pending macro print
C08952
CR8877
2024-08-14
Tightening
133
507
4.5
1.7
1,463,421,090
Materials:12.4;Energy:16.8;Financials:5.6;Comm:22.7;Tech:19.8;Healthcare:22.8
US:70.7;EU:6.2;APAC:8.1;EMEA:13.4;LATAM:1.6
BBB:26.4;B:28.4;A:22.9;AAA:22.2
1.41
28.5
152
120
16.4
4
30
55
25
false
true
true
false
0.2
0.33
0.37
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
26
DealerA
RFQ
1
88
51
8
Sector>limit
Rotate
Sector concentration above limit
205
Rotate into defensive sectors
C08953
CR2276
2024-05-16
Calm
112
377
3.2
1.9
567,098,706
Healthcare:41.6;RealEstate:29.2;Materials:18.5;Consumer:10.7
US:63.3;EU:9.5;APAC:12.5;EMEA:8.8;LATAM:5.9
BB:19.4;AA:34.5;AAA:18.2;B:11.6;BBB:16.4
1.57
36.1
247
274
13.4
3.5
25
35
20
true
true
true
true
-0.5
-0.21
0.37
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
-6
DealerB
DealerAxed
5
93
335
-239
Region>limit
Reduce
Regional concentration above limit
248
Defer adds pending macro print
C08954
CR8248
2025-01-22
Tightening
106
435
3.9
1.2
1,434,707,732
Financials:12.9;Tech:30.7;Energy:23.8;Comm:21.3;Industrials:11.3
US:65.5;EU:13.7;APAC:11.8;EMEA:3.5;LATAM:5.5
AA:10.5;A:13.9;CCC:23.1;AAA:13.2;B:20.2;BB:19.2
5.08
41.5
90
330
16.7
2
35
45
30
false
true
true
false
1.51
1.1
0.52
null
Hedge
Options_Payer: +92bps notional
-26
-3
ECN1
DealerAxed
10
94
151
74
Region>limit
Reduce
Regional concentration above limit
244
Escalate watchlist names
C08955
CR0920
2024-10-28
Calm
101
381
4.1
2.3
512,248,895
Tech:18.9;Comm:10.2;Industrials:30.0;Financials:17.3;Consumer:23.6
US:66.7;EU:13.7;APAC:11.4;EMEA:4.4;LATAM:3.8
BBB:28.6;AA:16.5;A:16.5;B:6.2;AAA:24.8;CCC:7.5
2.02
48.4
259
279
11.7
3.5
25
35
35
true
true
false
true
1.44
1.5
-0.29
null
Hedge
iTraxx_MAIN: +138bps notional
-51
-10
DealerB
RFQ
3
87
291
-225
HYCap>limit
Reduce
High-yield share above policy cap
179
Tighten HY exposure bands
C08956
CR2897
2025-09-21
Calm
88
411
4.1
2.6
1,379,161,818
Tech:40.9;Healthcare:14.2;Financials:12.7;Utilities:12.4;Industrials:19.8
US:65.3;EU:7.6;APAC:11.5;EMEA:11.5;LATAM:4.1
B:12.8;BBB:25.3;AAA:30.7;A:17.9;CCC:13.3
6.43
58.9
97
459
12.1
4
20
45
35
true
true
false
false
1.9
0.92
0.28
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
7
-17
DealerA
DealerAxed
4
87
77
-273
HYCap>limit
Hedge
High-yield share above policy cap
234
Defer adds pending macro print
C08957
CR4138
2024-12-30
Stress
256
788
5.3
-1.5
2,489,210,552
Materials:28.7;RealEstate:22.5;Utilities:16.0;Financials:32.8
US:60.6;EU:15.9;APAC:8.7;EMEA:11.9;LATAM:3.0
BBB:34.1;A:35.5;AAA:11.0;AA:19.5
3.01
59.1
210
343
13.1
2.5
20
45
25
true
true
false
true
2.33
0.07
-0.15
null
Hedge
iTraxx_XOVER: +154bps notional
-59
18
ECN2
RFQ
11
87
315
-415
HYCap>limit
PauseAdds
High-yield share above policy cap
168
Escalate watchlist names
C08958
CR1120
2024-12-08
Calm
97
398
4.4
1.7
1,332,177,595
Tech:20.7;Materials:15.8;RealEstate:7.5;Industrials:25.0;Energy:5.6;Financials:25.4
US:65.3;EU:13.3;APAC:8.0;EMEA:10.4;LATAM:3.1
BB:10.5;CCC:23.5;AA:17.4;A:31.3;BBB:17.4
5.92
24.1
153
373
16.7
3
25
35
20
true
true
true
false
2.21
-0.09
-0.13
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-32
-5
ECN1
RFQ
5
95
383
44
Region>limit
Reduce
Regional concentration above limit
201
Rotate into defensive sectors
C08959
CR5799
2024-02-20
Stress
153
560
5.4
-0.8
59,704,510
Energy:40.7;Industrials:28.9;RealEstate:30.4
US:63.7;EU:12.9;APAC:11.0;EMEA:9.3;LATAM:3.1
AAA:29.3;A:38.1;CCC:16.8;BBB:15.7
5.37
64.6
140
608
16.4
2
20
35
20
true
true
false
false
0.8
1.05
-0.33
null
Rotate
From Energy -1.0% to Utilities +1.0%
-1
-15
ECN1
DealerAxed
2
96
307
-99
Sector>limit
Rotate
Sector concentration above limit
237
Defer adds pending macro print
C08960
CR5358
2024-05-20
Calm
108
346
4
2
285,491,293
Tech:51.2;Healthcare:25.5;Industrials:23.4
US:68.9;EU:14.0;APAC:8.2;EMEA:3.9;LATAM:5.1
AAA:19.7;B:20.3;BBB:12.0;CCC:17.0;AA:14.0;A:17.0
3.71
40.4
181
437
16.1
2.5
30
55
25
true
true
true
false
1.33
-0.2
-0.27
null
Hedge
SingleName_CDS: +181bps notional
10
6
ECN1
DealerAxed
3
91
-214
-439
HYCap>limit
Hedge
High-yield share above policy cap
120
Rotate into defensive sectors
C08961
CR4568
2025-09-25
Tightening
157
406
3.9
0.6
1,070,346,736
Energy:31.1;Industrials:28.9;Consumer:11.7;Healthcare:28.3
US:60.6;EU:13.3;APAC:13.8;EMEA:9.6;LATAM:2.8
B:15.3;AA:32.0;AAA:24.9;BBB:10.6;BB:17.1
0.67
47.2
85
403
9.5
3.5
30
55
25
true
true
true
false
0.3
1.39
-0.21
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-4
24
ECN2
All2All
0
94
66
-3
VAR>budget
Hedge
Portfolio VAR above budget
113
Escalate watchlist names
C08962
CR8103
2024-08-25
Tightening
115
517
5.1
1.4
1,585,612,467
Tech:13.3;Materials:20.9;Energy:21.3;Industrials:6.3;Comm:12.1;Consumer:26.1
US:61.2;EU:8.4;APAC:14.6;EMEA:8.4;LATAM:7.4
AA:23.3;CCC:12.8;A:30.2;BBB:12.1;AAA:10.5;B:11.1
7.1
43.4
141
325
2.5
3
25
55
20
true
true
true
false
1.22
1.11
-0.38
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
1
-13
ECN1
Electronic
1
92
143
-76
VAR>budget
Reduce
Portfolio VAR above budget
201
Tighten HY exposure bands
C08963
CR2270
2024-08-16
Calm
99
371
4.1
2.7
1,376,870,781
Tech:35.5;Healthcare:31.4;Materials:33.2
US:63.5;EU:16.1;APAC:5.6;EMEA:11.9;LATAM:2.9
AA:28.4;BB:28.2;BBB:20.8;B:11.8;A:10.8
7.01
31.9
164
314
2
2
20
55
35
true
true
true
false
0.81
1.37
0.04
null
Hedge
SingleName_CDS: +85bps notional
9
-8
DealerB
DealerAxed
7
98
335
9
HYCap>limit
Reduce
High-yield share above policy cap
149
Rotate into defensive sectors
C08964
CR4854
2024-05-07
Calm
84
390
3.4
2.7
612,970,782
Consumer:24.5;Industrials:11.7;Healthcare:20.6;Utilities:22.3;Comm:21.1
US:73.1;EU:13.3;APAC:6.5;EMEA:6.9;LATAM:0.2
CCC:7.4;BBB:12.8;BB:9.0;AAA:24.2;B:28.9;AA:17.6
2.44
31.7
158
324
9.8
3
30
45
30
false
true
true
false
0.32
0.84
-0.28
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
-7
DealerA
RFQ
3
97
5
-42
HYCap>limit
Reduce
High-yield share above policy cap
220
Rotate into defensive sectors
C08965
CR5813
2024-06-23
Tightening
111
510
5.1
1
1,521,871,576
Comm:20.8;Financials:18.1;Energy:8.0;Materials:17.2;Consumer:17.2;Tech:18.6
US:68.1;EU:14.4;APAC:9.0;EMEA:5.6;LATAM:2.9
B:19.5;CCC:22.6;BB:7.7;AAA:26.1;BBB:24.2
4.04
48.1
278
328
8.4
3
35
45
20
false
true
true
true
2.32
-0.09
-0.27
null
Hedge
CDX_HY: +84bps notional
-24
-11
ECN2
DealerAxed
4
89
-21
-136
VAR>budget
Hedge
Portfolio VAR above budget
121
Tighten HY exposure bands
C08966
CR8846
2025-06-23
Calm
111
361
4.2
2.8
1,075,897,125
Comm:19.3;RealEstate:20.7;Healthcare:11.1;Utilities:7.5;Materials:17.6;Industrials:23.9
US:62.8;EU:17.1;APAC:5.9;EMEA:9.1;LATAM:5.1
BBB:29.7;A:13.6;CCC:22.9;B:25.4;BB:8.4
0.83
43.9
141
378
5.4
3
35
35
25
false
true
true
false
-0.47
1.68
-0.34
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
45
ECN1
Electronic
9
99
201
-276
Region>limit
Rotate
Regional concentration above limit
104
Tighten HY exposure bands
C08967
CR6731
2025-08-09
Calm
75
385
4.4
2.6
1,847,065,837
Consumer:37.2;Materials:20.2;RealEstate:42.6
US:53.7;EU:21.1;APAC:10.3;EMEA:9.3;LATAM:5.6
CCC:10.1;AAA:32.5;BBB:17.8;AA:14.7;B:24.9
1.86
34.8
208
132
15.4
3.5
25
45
30
true
true
true
true
0.86
1.23
-0.35
Materials:EW
Hedge
CDX_IG: +71bps notional
-41
-10
ECN1
DealerAxed
1
86
179
-213
HYCap>limit
Hedge
High-yield share above policy cap
198
Tighten HY exposure bands
C08968
CR4277
2024-06-15
Recovery
114
511
5.3
-0.3
1,040,130,720
Healthcare:18.5;Consumer:18.5;Comm:18.7;Tech:7.3;Materials:15.6;Industrials:21.5
US:65.9;EU:14.9;APAC:6.3;EMEA:10.5;LATAM:2.4
B:17.2;CCC:18.4;AA:20.6;BB:7.7;BBB:36.1
3.56
46.4
184
410
13
4
20
45
30
true
true
true
false
1.79
1.01
0.52
Financials:EW
Hedge
iTraxx_XOVER: +73bps notional
17
-15
DealerB
DealerAxed
3
98
184
-361
VAR>budget
Hedge
Portfolio VAR above budget
122
Defer adds pending macro print
C08969
CR3947
2025-03-30
Tightening
114
442
5.1
0.9
700,460,908
Materials:24.9;Industrials:16.4;RealEstate:21.2;Utilities:24.3;Comm:13.2
US:73.6;EU:11.3;APAC:8.7;EMEA:6.2;LATAM:0.2
B:8.6;BB:14.2;AAA:14.7;A:30.7;AA:31.9
1.43
29.8
121
362
6.3
2.5
35
55
30
false
true
false
false
-0.46
1.29
-0.21
Comm:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
0
DealerA
RFQ
0
97
-61
-118
Region>limit
Rotate
Regional concentration above limit
109
Rotate into defensive sectors
C08970
CR0882
2024-11-18
Calm
93
329
4.1
2.2
2,802,676,193
Energy:21.3;Materials:11.6;Comm:14.7;RealEstate:28.7;Healthcare:23.7
US:59.6;EU:14.9;APAC:8.2;EMEA:11.8;LATAM:5.6
AAA:9.5;A:8.5;B:34.1;BBB:15.2;CCC:18.4;AA:14.2
4.28
48.9
129
145
12.3
2.5
20
55
35
true
true
true
false
0.22
1.57
0.6
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-36
11
ECN2
Electronic
8
90
-204
-443
Sector>limit
Reduce
Sector concentration above limit
228
Escalate watchlist names
C08971
CR5514
2024-08-30
Recovery
126
510
4.8
-0.1
1,781,874,439
RealEstate:29.4;Industrials:25.3;Materials:27.5;Financials:17.8
US:62.6;EU:8.6;APAC:12.4;EMEA:6.6;LATAM:9.8
AA:18.4;AAA:25.7;BB:25.7;B:8.9;A:21.3
0.91
40.2
94
425
9.2
3.5
35
45
35
false
true
false
false
0.82
-0.05
-0.23
null
Hedge
iTraxx_XOVER: +67bps notional
-60
21
DealerC
All2All
3
87
203
-166
HYCap>limit
Hedge
High-yield share above policy cap
167
Escalate watchlist names
C08972
CR7350
2024-07-25
Calm
71
380
3.5
2.6
995,288,755
Comm:38.0;Materials:22.3;RealEstate:39.7
US:66.2;EU:16.3;APAC:5.7;EMEA:10.2;LATAM:1.6
AAA:26.9;CCC:4.1;BBB:15.1;B:8.4;A:22.8;AA:22.7
5.73
55.3
109
428
2.1
2
25
45
35
true
true
false
false
1.12
1.08
-0.11
null
Hedge
iTraxx_XOVER: +162bps notional
-34
-10
ECN1
RFQ
3
94
370
9
Region>limit
Hedge
Regional concentration above limit
165
Defer adds pending macro print
C08973
CR5892
2024-10-17
Recovery
104
423
6
1.6
1,001,430,106
RealEstate:19.0;Materials:23.0;Tech:5.4;Utilities:11.6;Industrials:20.7;Healthcare:20.2
US:59.8;EU:19.6;APAC:8.1;EMEA:8.2;LATAM:4.2
CCC:24.7;A:15.1;BBB:37.6;B:22.7
0.48
57.6
185
460
16.6
4
25
35
30
false
true
true
false
-0.04
0.73
0.28
Consumer:EW
Hedge
Options_Payer: +113bps notional
-5
-8
DealerA
Electronic
7
99
58
-302
HYCap>limit
Hedge
High-yield share above policy cap
225
Escalate watchlist names
C08974
CR7879
2024-02-01
Tightening
92
480
4.9
1.3
1,856,784,851
Utilities:22.2;Energy:6.1;Industrials:24.6;Comm:20.9;Consumer:19.2;RealEstate:6.9
US:60.1;EU:13.5;APAC:10.9;EMEA:8.6;LATAM:6.9
AA:23.6;A:31.6;CCC:22.6;BBB:12.1;BB:10.1
5.62
21.7
257
518
11.9
2
30
45
30
false
true
true
true
0.54
0.18
0.45
Utilities:EW
Hedge
SingleName_CDS: +188bps notional
-58
19
DealerB
All2All
6
98
-138
-335
VAR>budget
PauseAdds
Portfolio VAR above budget
114
Escalate watchlist names
C08975
CR2368
2024-08-26
Tightening
151
377
4.5
1
761,470,877
Industrials:39.3;Tech:38.2;Energy:22.6
US:74.2;EU:6.7;APAC:7.5;EMEA:4.9;LATAM:6.7
BB:7.3;BBB:9.4;CCC:25.6;B:11.5;AAA:23.4;A:22.9
2.38
24.5
118
226
13.7
2
25
35
20
true
true
true
false
2.06
1.64
0.55
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
33
DealerA
RFQ
0
87
-167
-360
Sector>limit
PauseAdds
Sector concentration above limit
254
Escalate watchlist names
C08976
CR3525
2025-08-22
Calm
65
284
3.5
1.6
447,696,004
Financials:29.7;Consumer:23.7;Tech:33.1;Healthcare:13.5
US:70.3;EU:12.9;APAC:7.0;EMEA:9.6;LATAM:0.3
AAA:25.4;AA:27.5;CCC:10.5;BBB:22.6;B:14.1
1.08
24.5
91
497
8.3
3
20
45
20
true
true
true
false
2.02
1.34
0.16
Tech:EW
Hedge
CDX_IG: +113bps notional
5
26
ECN1
DealerAxed
4
95
-19
-386
Sector>limit
Reduce
Sector concentration above limit
141
Reviewed by risk; hedges staggered
C08977
CR1050
2024-01-08
Stress
235
741
6.5
-1.8
2,522,186,356
Consumer:15.3;Comm:12.0;Financials:9.3;Materials:18.3;Industrials:14.1;Utilities:31.0
US:65.7;EU:7.2;APAC:12.5;EMEA:10.4;LATAM:4.2
AAA:17.2;BB:31.2;BBB:16.3;B:27.5;CCC:7.9
4.26
64.3
282
476
17.6
4
35
45
30
false
true
true
true
0.49
-0.03
0.52
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-5
-22
DealerB
All2All
7
93
382
68
HYCap>limit
Reduce
High-yield share above policy cap
149
Rotate into defensive sectors
C08978
CR2071
2024-06-18
Calm
101
396
3.5
1.8
1,102,097,571
RealEstate:6.4;Utilities:22.6;Healthcare:16.8;Tech:6.4;Comm:22.5;Industrials:25.3
US:70.0;EU:16.0;APAC:6.4;EMEA:5.0;LATAM:2.6
A:10.1;AA:25.5;BB:21.0;CCC:43.4
0.65
55.6
200
458
11
3.5
20
45
30
true
true
true
false
2.33
-0.08
-0.11
null
Hedge
CDX_IG: +54bps notional
-7
-25
ECN1
DealerAxed
8
85
63
-439
HYCap>limit
Rotate
High-yield share above policy cap
218
Reviewed by risk; hedges staggered
C08979
CR7352
2025-10-15
Stress
168
787
8.1
-0.6
968,349,816
Comm:27.4;Tech:31.2;RealEstate:15.2;Financials:26.2
US:64.3;EU:13.9;APAC:5.5;EMEA:9.8;LATAM:6.5
CCC:28.4;AA:16.9;AAA:24.0;B:30.6
7.28
40.4
229
450
19.9
4
25
35
25
true
true
true
true
1.95
0.91
-0.05
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
-14
ECN2
DealerAxed
3
94
41
-405
Region>limit
Reduce
Regional concentration above limit
130
Defer adds pending macro print
C08980
CR4937
2025-07-20
Recovery
122
557
6.3
0.2
502,958,549
Comm:12.9;Industrials:38.1;Healthcare:32.8;Utilities:16.3
US:58.9;EU:15.9;APAC:13.1;EMEA:7.7;LATAM:4.5
BBB:19.7;B:14.9;AA:16.9;BB:15.4;AAA:15.1;A:18.0
6.26
31.5
188
195
5.5
3
25
55
20
true
true
true
false
2.44
0.29
0.12
Healthcare:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-41
26
ECN2
Electronic
1
91
-62
-337
HYCap>limit
Hedge
High-yield share above policy cap
104
Reviewed by risk; hedges staggered
C08981
CR2917
2025-09-29
Stress
192
619
6.2
-0.8
1,863,074,527
Energy:13.2;Consumer:13.1;Tech:18.2;Financials:18.0;Materials:30.6;RealEstate:7.0
US:70.8;EU:6.9;APAC:9.6;EMEA:7.0;LATAM:5.7
AA:22.7;A:12.7;BBB:10.8;CCC:28.9;AAA:24.9
0.69
29.4
129
516
14.4
4
30
45
25
true
true
true
false
0.43
0.74
0.11
RealEstate:EW
Hedge
CDX_IG: +159bps notional
-43
-12
ECN1
RFQ
1
90
-34
132
HYCap>limit
Hedge
High-yield share above policy cap
172
Rotate into defensive sectors
C08982
CR0805
2025-10-03
Tightening
105
357
4.7
0.6
2,795,198,372
Comm:23.9;Energy:31.5;Utilities:20.5;RealEstate:24.1
US:60.2;EU:13.7;APAC:14.4;EMEA:3.6;LATAM:8.2
BB:15.8;A:38.7;BBB:21.2;AAA:24.3
7.42
55.1
87
172
10.2
4
30
55
30
true
true
false
false
2.43
0.2
0.03
Materials:EW
Hedge
CDX_IG: +184bps notional
-8
37
DealerC
Electronic
8
89
275
-90
Sector>limit
Hedge
Sector concentration above limit
251
Reviewed by risk; hedges staggered
C08983
CR8230
2024-03-20
Tightening
152
463
4.9
1.5
1,519,160,258
Consumer:48.3;Financials:28.8;Industrials:22.9
US:60.3;EU:13.0;APAC:13.9;EMEA:6.4;LATAM:6.3
BBB:20.4;CCC:12.7;AA:38.6;BB:28.3
5.63
50.7
204
347
7.9
3
35
55
25
true
true
true
true
-0.06
-0.06
0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
13
DealerB
Electronic
1
88
133
-16
VAR>budget
Rotate
Portfolio VAR above budget
158
Defer adds pending macro print
C08984
CR3517
2025-06-14
Tightening
153
430
5.2
1.9
1,227,738,538
Financials:16.5;RealEstate:23.6;Healthcare:11.9;Comm:48.0
US:58.5;EU:14.5;APAC:6.4;EMEA:12.0;LATAM:8.7
AAA:29.1;BBB:26.9;BB:7.9;CCC:14.2;B:12.0;A:9.9
4.66
32.9
84
432
15.2
3
35
35
20
true
true
true
false
0.25
0.71
0.05
null
Rotate
From Energy -1.0% to Utilities +1.0%
-25
31
DealerC
All2All
4
89
241
-187
HYCap>limit
PauseAdds
High-yield share above policy cap
125
Tighten HY exposure bands
C08985
CR4544
2025-07-21
Tightening
92
508
4.4
1.2
1,506,295,222
Tech:45.6;Utilities:26.4;Comm:28.0
US:62.6;EU:13.7;APAC:11.1;EMEA:8.2;LATAM:4.4
AA:24.8;CCC:15.8;BBB:32.8;B:26.6
3.93
25
120
505
12.2
3
30
45
20
true
true
true
false
0.1
1.28
0.58
null
Hedge
Options_Payer: +116bps notional
-3
11
ECN2
Electronic
9
97
-43
-128
Region>limit
Reduce
Regional concentration above limit
246
Escalate watchlist names
C08986
CR0799
2025-12-02
Stress
213
707
5.8
-0.1
856,781,130
Consumer:15.6;Financials:20.2;Energy:14.8;Tech:12.4;Industrials:21.0;Materials:16.0
US:65.7;EU:20.4;APAC:6.2;EMEA:6.6;LATAM:1.0
CCC:17.8;A:16.9;AA:10.6;BB:25.9;BBB:28.7
0.83
35.8
188
646
14.6
3
30
35
35
false
true
true
false
0.22
-0.17
0.37
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
-7
DealerC
All2All
12
95
67
-51
HYCap>limit
Hedge
High-yield share above policy cap
169
Defer adds pending macro print
C08987
CR3880
2025-05-17
Recovery
133
605
4.6
0.5
1,377,352,387
Energy:25.3;Utilities:14.5;RealEstate:26.7;Consumer:33.6
US:73.1;EU:10.6;APAC:6.0;EMEA:4.0;LATAM:6.4
A:17.4;AA:35.6;CCC:13.9;AAA:33.1
4.21
63.3
234
263
5
3.5
30
45
20
true
true
false
true
0.04
0.05
0.35
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
-18
ECN1
DealerAxed
6
95
108
-69
VAR>budget
Hedge
Portfolio VAR above budget
140
Rotate into defensive sectors
C08988
CR6171
2024-06-29
Calm
86
362
3.2
1.9
2,926,432,359
Healthcare:14.0;Tech:26.7;Materials:18.8;Energy:15.2;Consumer:9.5;RealEstate:15.8
US:63.0;EU:9.5;APAC:11.5;EMEA:7.0;LATAM:8.9
CCC:2.6;A:14.8;BB:11.8;BBB:11.2;AAA:26.5;AA:33.1
2.9
43.2
137
487
13.6
2
35
35
30
false
true
false
false
-0.35
-0.04
0.1
Industrials:EW;Energy:EW;Healthcare:EW
Hedge
CDX_IG: +155bps notional
-35
33
ECN1
Electronic
1
85
15
148
HYCap>limit
Reduce
High-yield share above policy cap
98
Tighten HY exposure bands
C08989
CR0224
2024-06-15
Tightening
132
379
4.1
0.6
2,580,198,041
Utilities:21.6;Energy:16.4;Consumer:21.3;Healthcare:10.3;Tech:13.5;RealEstate:17.0
US:66.6;EU:10.1;APAC:9.6;EMEA:6.4;LATAM:7.3
AAA:32.0;A:11.9;BB:23.6;CCC:32.4
7.48
43.5
244
285
5.2
4
30
55
25
false
true
true
true
1.58
1.27
-0.15
null
Hedge
iTraxx_XOVER: +105bps notional
-11
10
DealerA
DealerAxed
8
85
154
5
Sector>limit
Hedge
Sector concentration above limit
142
Escalate watchlist names
C08990
CR8113
2024-01-30
Stress
175
567
6.2
0.5
1,469,803,968
Materials:17.8;Financials:9.9;Consumer:11.5;Healthcare:16.7;Industrials:20.7;Tech:23.4
US:69.6;EU:9.4;APAC:7.0;EMEA:5.6;LATAM:8.4
B:16.3;AA:24.5;AAA:32.7;BB:26.5
0.49
59.2
191
321
16.2
4
30
35
20
false
true
true
false
-0.25
1.46
-0.39
Tech:EW
Hedge
SingleName_CDS: +133bps notional
14
26
ECN1
Electronic
10
97
347
-312
Sector>limit
Hedge
Sector concentration above limit
197
Defer adds pending macro print
C08991
CR1851
2024-01-15
Recovery
135
635
4.6
0.2
983,130,754
Energy:21.8;Healthcare:9.1;Financials:22.3;Materials:11.4;Consumer:21.2;Tech:14.2
US:70.3;EU:6.2;APAC:13.1;EMEA:6.4;LATAM:4.1
BBB:24.7;B:17.9;AA:7.8;CCC:12.8;BB:18.5;A:18.3
2.57
22.9
195
506
12.4
2.5
30
55
20
false
true
true
false
2.18
0.05
0.22
null
Hedge
Treasury_Futures: +72bps notional
-19
-7
DealerC
DealerAxed
10
96
270
-284
Region>limit
Reduce
Regional concentration above limit
156
Tighten HY exposure bands
C08992
CR8539
2024-12-10
Tightening
128
424
4.7
1.1
2,659,064,541
Financials:11.5;RealEstate:20.4;Industrials:15.4;Comm:11.4;Energy:22.5;Healthcare:18.8
US:60.4;EU:12.8;APAC:12.8;EMEA:8.1;LATAM:5.9
A:13.6;BBB:19.4;BB:27.7;AAA:17.7;CCC:21.6
2.95
20.3
129
307
12.4
2.5
20
45
30
true
true
true
false
2.32
1.46
0.21
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
27
ECN1
RFQ
3
99
197
33
Region>limit
Rotate
Regional concentration above limit
97
Reviewed by risk; hedges staggered
C08993
CR7201
2025-05-27
Recovery
128
609
6
0.7
1,512,035,191
Financials:13.4;Industrials:13.6;Tech:23.9;RealEstate:17.3;Materials:31.8
US:61.7;EU:16.8;APAC:11.4;EMEA:5.5;LATAM:4.7
BB:9.9;AA:17.1;BBB:15.1;CCC:9.9;AAA:31.5;A:16.4
3.93
35.4
217
374
7.7
3.5
30
35
20
true
true
false
true
0.26
0.84
-0.21
null
Hedge
iTraxx_XOVER: +153bps notional
-25
9
DealerB
All2All
1
93
48
-217
Sector>limit
Hedge
Sector concentration above limit
187
Defer adds pending macro print
C08994
CR5622
2024-10-02
Tightening
99
414
4.8
1.4
2,993,028,699
RealEstate:24.4;Tech:30.6;Energy:37.1;Healthcare:8.0
US:61.3;EU:12.6;APAC:14.3;EMEA:10.7;LATAM:1.1
BB:9.8;A:25.7;BBB:7.6;B:11.7;AAA:18.9;AA:26.2
1.27
47.6
113
244
2.5
2.5
20
45
20
true
true
true
false
1.75
1.12
0.24
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
-7
ECN2
All2All
7
95
-138
-20
Sector>limit
Hedge
Sector concentration above limit
247
Tighten HY exposure bands
C08995
CR7347
2025-08-18
Calm
81
381
3.8
2.1
2,373,047,602
Materials:14.2;Tech:16.8;Healthcare:24.1;Industrials:36.3;Energy:8.6
US:62.7;EU:18.6;APAC:10.4;EMEA:7.1;LATAM:1.2
B:16.3;CCC:27.5;A:23.1;AA:15.6;BB:17.5
5.87
64.6
207
482
4.3
4
20
45
25
true
true
true
true
0.1
0.27
0.03
Comm:EW
Hedge
iTraxx_MAIN: +59bps notional
-52
24
DealerA
All2All
2
95
76
-203
HYCap>limit
Hedge
High-yield share above policy cap
159
Rotate into defensive sectors
C08996
CR5222
2025-07-13
Recovery
107
623
5.8
1.1
1,925,799,005
Materials:12.7;Healthcare:6.9;Tech:20.9;Consumer:20.6;Utilities:17.1;Comm:21.8
US:64.0;EU:11.4;APAC:5.7;EMEA:12.4;LATAM:6.5
CCC:31.9;BB:8.1;B:28.0;AAA:17.9;A:14.2
0.77
22.1
231
138
11.6
3.5
25
35
20
false
true
true
true
1.82
-0.11
0.45
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
0
19
DealerA
All2All
3
89
-153
-462
HYCap>limit
Reduce
High-yield share above policy cap
247
Escalate watchlist names
C08997
CR9409
2024-06-17
Tightening
125
429
4.8
0.9
2,288,982,208
Consumer:14.2;Materials:14.2;Financials:12.6;RealEstate:10.7;Utilities:18.7;Comm:29.6
US:65.8;EU:7.7;APAC:6.3;EMEA:13.6;LATAM:6.6
AAA:12.6;BBB:5.8;AA:13.2;B:22.5;A:17.7;BB:28.3
3.68
24.8
84
282
12.7
4
25
45
25
true
true
true
false
-0.13
1.25
0.55
RealEstate:EW;Utilities:EW
Hedge
iTraxx_XOVER: +168bps notional
20
14
DealerC
All2All
1
100
372
-323
VAR>budget
Hedge
Portfolio VAR above budget
175
Defer adds pending macro print
C08998
CR1385
2024-06-03
Recovery
133
530
4.6
1.1
2,260,222,645
Consumer:18.9;Financials:9.7;Industrials:27.6;Materials:10.9;Healthcare:24.5;Tech:8.4
US:71.3;EU:5.8;APAC:13.2;EMEA:5.8;LATAM:4.0
CCC:23.0;AAA:15.4;AA:27.3;BBB:14.9;BB:19.4
1.47
52.2
154
244
14.3
3
30
45
20
false
true
true
false
2.16
1.23
0.18
Financials:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-12
13
ECN1
Electronic
3
91
147
-31
Region>limit
Reduce
Regional concentration above limit
200
Escalate watchlist names
C08999
CR4584
2025-06-12
Stress
146
550
5.6
-0.8
1,512,188,884
Tech:23.0;Energy:22.2;Comm:15.4;Materials:23.2;Utilities:16.2
US:69.4;EU:7.8;APAC:7.5;EMEA:11.0;LATAM:4.3
CCC:11.7;AA:17.8;BBB:33.3;AAA:25.4;BB:11.8
6.03
64.1
217
644
17.3
4
25
55
35
false
true
false
true
1.36
1.44
-0.25
RealEstate:EW
Hedge
iTraxx_XOVER: +108bps notional
-22
30
DealerC
RFQ
8
95
106
-271
HYCap>limit
Hedge
High-yield share above policy cap
157
Reviewed by risk; hedges staggered
C09000
CR9080
2024-04-04
Tightening
92
437
4.4
1.2
267,632,657
Energy:28.7;Materials:22.7;Tech:17.3;Comm:7.7;Financials:23.5
US:57.4;EU:13.4;APAC:13.7;EMEA:8.4;LATAM:7.0
BB:12.6;A:43.8;CCC:4.1;AA:39.5
2.24
31.3
88
446
16.7
2.5
25
55
20
true
true
false
false
1.93
1.09
0.08
Healthcare:EW
Hedge
iTraxx_MAIN: +186bps notional
-40
26
DealerA
Electronic
0
85
211
-122
HYCap>limit
Reduce
High-yield share above policy cap
169
Defer adds pending macro print