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
C09001
CR2622
2024-12-26
Calm
85
327
4
2.2
1,194,017,406
Utilities:32.1;Comm:19.4;Healthcare:17.3;Financials:31.2
US:59.5;EU:17.4;APAC:9.6;EMEA:9.4;LATAM:4.0
A:14.4;B:14.8;BBB:9.5;AAA:26.6;CCC:14.3;AA:20.3
4.88
54.6
271
192
16.5
3
20
45
25
true
true
true
true
-0.5
0.97
0.37
null
Hedge
Treasury_Futures: +100bps notional
18
-17
DealerC
DealerAxed
10
96
-81
-171
HYCap>limit
Reduce
High-yield share above policy cap
178
Escalate watchlist names
C09002
CR2876
2025-06-09
Calm
71
346
4
2.8
1,687,728,254
Utilities:14.1;Consumer:11.2;RealEstate:14.0;Financials:26.0;Tech:26.4;Materials:8.2
US:61.5;EU:15.3;APAC:9.7;EMEA:9.0;LATAM:4.6
BBB:7.1;AA:15.0;AAA:22.6;CCC:19.0;BB:15.5;A:20.7
0.54
48
177
487
9.9
2
30
35
35
false
true
false
false
2.17
1
-0.12
null
Hedge
iTraxx_XOVER: +166bps notional
-22
21
DealerA
RFQ
5
85
382
-87
HYCap>limit
Reduce
High-yield share above policy cap
236
Escalate watchlist names
C09003
CR7855
2024-07-06
Tightening
129
404
4
0.6
110,254,569
Financials:5.8;Utilities:19.1;Comm:19.7;Healthcare:18.7;Tech:14.3;RealEstate:22.4
US:66.8;EU:16.3;APAC:5.4;EMEA:5.3;LATAM:6.2
BBB:42.0;AA:24.7;B:20.7;CCC:12.5
1.91
29.2
102
453
5.2
4
35
45
25
false
true
true
false
2.46
1.51
0.35
Industrials:EW;Consumer:EW
Hedge
CDX_IG: +50bps notional
7
13
ECN2
Electronic
12
98
-159
-477
Sector>limit
Reduce
Sector concentration above limit
228
Reviewed by risk; hedges staggered
C09004
CR1655
2024-04-05
Calm
92
385
3.7
1.7
246,962,466
Healthcare:23.3;Utilities:17.2;RealEstate:25.1;Financials:13.2;Materials:21.3
US:67.7;EU:12.6;APAC:7.4;EMEA:9.3;LATAM:3.0
BBB:9.1;AAA:16.9;A:34.3;BB:3.9;B:9.5;AA:26.2
7.05
25.3
162
137
9.8
3
35
45
35
false
true
false
false
0.7
1.79
0.28
null
Rotate
From Energy -1.0% to Utilities +1.0%
16
-8
ECN1
All2All
9
86
407
64
VAR>budget
Hedge
Portfolio VAR above budget
215
Defer adds pending macro print
C09005
CR2132
2024-08-28
Tightening
142
375
4
1.4
1,915,960,028
Industrials:13.0;Healthcare:21.3;Financials:17.9;Consumer:22.7;Energy:15.0;RealEstate:10.1
US:61.1;EU:13.6;APAC:9.9;EMEA:8.5;LATAM:6.8
AA:10.2;AAA:22.7;A:22.8;CCC:22.7;BBB:21.6
2.02
21.7
264
256
17.3
4
25
35
20
false
true
true
true
0.63
1.64
-0.29
null
Rotate
From Energy -1.0% to Utilities +1.0%
-19
34
DealerC
Electronic
8
99
380
-352
HYCap>limit
Rotate
High-yield share above policy cap
174
Reviewed by risk; hedges staggered
C09006
CR0099
2024-03-14
Calm
100
369
3.4
1.9
986,489,184
Industrials:25.5;Tech:34.9;Consumer:14.8;RealEstate:24.8
US:68.6;EU:16.3;APAC:5.9;EMEA:4.4;LATAM:4.8
AAA:30.7;BBB:18.1;A:34.8;BB:16.4
0.97
38
170
518
14.2
2
20
35
30
true
true
false
false
-0.11
0.95
-0.27
Consumer:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-29
-3
DealerB
RFQ
4
87
132
10
HYCap>limit
Hedge
High-yield share above policy cap
144
Defer adds pending macro print
C09007
CR8740
2025-02-03
Recovery
108
554
5.4
-0.4
1,466,464,203
Healthcare:31.9;Industrials:19.8;Tech:14.4;Comm:7.0;Utilities:9.1;RealEstate:17.7
US:62.7;EU:13.5;APAC:9.4;EMEA:10.6;LATAM:3.8
AA:9.0;AAA:21.5;BBB:19.7;A:18.3;BB:8.6;B:23.0
2.57
56.8
202
223
4.8
4
30
45
35
true
true
false
true
1.15
1.16
0.49
RealEstate:EW;Energy:EW
Hedge
Treasury_Futures: +105bps notional
-32
18
DealerB
All2All
1
99
223
-38
Region>limit
Hedge
Regional concentration above limit
209
Rotate into defensive sectors
C09008
CR6090
2024-04-18
Recovery
127
601
5.6
1
2,373,822,638
Tech:29.3;Energy:28.3;Industrials:29.7;Materials:12.7
US:71.5;EU:6.7;APAC:10.7;EMEA:6.6;LATAM:4.5
AA:27.1;BBB:29.0;B:15.1;A:12.3;AAA:9.5;CCC:7.0
3.54
64
212
364
9.9
2
25
35
30
true
true
false
true
0.73
1.38
-0.19
null
Hedge
Treasury_Futures: +185bps notional
7
41
DealerB
All2All
9
87
-125
-280
VAR>budget
Reduce
Portfolio VAR above budget
187
Reviewed by risk; hedges staggered
C09009
CR7087
2024-04-07
Recovery
126
467
5.2
0.4
2,895,289,283
Tech:40.0;Healthcare:14.8;Consumer:27.4;Industrials:17.8
US:67.9;EU:10.4;APAC:6.7;EMEA:12.3;LATAM:2.7
AA:11.9;CCC:4.3;BB:25.3;B:20.8;AAA:18.4;BBB:19.3
6.74
33.1
265
269
4.1
2.5
25
45
25
true
true
true
true
0.66
1.79
0.1
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
14
DealerC
DealerAxed
4
98
217
-301
VAR>budget
Reduce
Portfolio VAR above budget
135
Rotate into defensive sectors
C09010
CR7548
2025-08-31
Stress
257
734
6.8
-0.4
2,221,035,777
Healthcare:27.0;Utilities:25.7;Financials:23.1;Comm:24.1
US:69.6;EU:7.7;APAC:16.5;EMEA:6.0;LATAM:0.2
A:37.0;AA:16.7;BBB:19.7;AAA:15.3;BB:6.0;CCC:5.2
3.73
26
333
525
8.6
3.5
20
35
30
true
true
false
true
1.93
0.44
-0.11
RealEstate:EW;Tech:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
13
ECN1
All2All
0
94
-75
-126
Region>limit
Hedge
Regional concentration above limit
149
Tighten HY exposure bands
C09011
CR3570
2024-08-16
Recovery
171
590
5.2
-0.2
1,160,354,401
Industrials:15.0;Utilities:15.7;Healthcare:34.7;Consumer:26.3;RealEstate:8.4
US:66.8;EU:15.1;APAC:7.9;EMEA:10.0;LATAM:0.2
A:16.1;AAA:15.8;BBB:10.9;CCC:27.5;AA:16.9;B:12.9
1.41
55.6
268
299
17.3
3.5
35
45
30
false
true
true
true
2.27
0.14
0.58
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-23
ECN1
Electronic
0
88
231
-168
Region>limit
Reduce
Regional concentration above limit
93
Defer adds pending macro print
C09012
CR9017
2024-10-18
Recovery
174
455
4.8
-0.1
1,267,767,033
Materials:20.0;Financials:32.6;RealEstate:9.0;Energy:27.0;Comm:11.4
US:62.9;EU:17.4;APAC:6.0;EMEA:5.1;LATAM:8.6
BB:10.2;BBB:43.6;AAA:30.7;AA:15.6
2.19
24
231
247
7.6
4
25
45
25
true
true
false
true
0.01
0.09
0.46
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-39
10
DealerC
DealerAxed
7
86
357
-257
HYCap>limit
Hedge
High-yield share above policy cap
223
Reviewed by risk; hedges staggered
C09013
CR2541
2025-07-16
Tightening
141
406
3.9
0.6
177,295,684
RealEstate:6.8;Tech:17.9;Utilities:26.5;Energy:22.8;Healthcare:26.0
US:66.0;EU:9.0;APAC:14.4;EMEA:9.2;LATAM:1.4
AA:15.4;A:10.4;BBB:14.1;AAA:16.9;BB:24.4;CCC:18.8
2.27
36.9
89
193
4.4
3.5
35
35
20
false
true
true
false
1.48
0.12
0.31
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
3
-10
DealerB
Electronic
11
87
226
-218
HYCap>limit
Reduce
High-yield share above policy cap
219
Reviewed by risk; hedges staggered
C09014
CR5201
2024-07-27
Calm
78
384
4.1
1.7
2,643,548,221
Consumer:17.3;Industrials:26.7;Healthcare:28.4;Utilities:15.7;Tech:12.0
US:56.2;EU:20.3;APAC:5.6;EMEA:11.3;LATAM:6.6
B:13.5;BBB:12.8;AA:28.1;AAA:20.0;A:25.5
2.29
22.2
143
378
7.8
3
25
35
30
true
true
false
false
0.19
1.27
0.53
null
Rotate
From Energy -1.0% to Utilities +1.0%
13
-3
ECN1
All2All
1
92
121
0
Region>limit
Rotate
Regional concentration above limit
101
Tighten HY exposure bands
C09015
CR9699
2025-05-05
Calm
75
329
3.9
2.8
2,189,283,282
Materials:29.7;Healthcare:12.5;Comm:28.7;RealEstate:29.1
US:66.3;EU:11.1;APAC:12.5;EMEA:6.3;LATAM:3.8
CCC:16.4;A:43.1;BB:15.9;B:24.6
1.46
48.2
247
299
8.1
2
25
45
25
true
true
true
true
0.61
0.43
0.15
null
Hedge
Options_Payer: +65bps notional
-20
-25
DealerC
RFQ
10
100
-84
-130
VAR>budget
PauseAdds
Portfolio VAR above budget
165
Escalate watchlist names
C09016
CR2433
2025-05-10
Calm
80
291
4.4
1.7
2,717,933,112
Industrials:26.4;RealEstate:17.4;Consumer:35.3;Utilities:20.9
US:62.1;EU:11.6;APAC:13.1;EMEA:9.3;LATAM:4.0
AA:21.7;CCC:26.2;AAA:25.9;BBB:26.2
3.97
39
271
128
4.6
3
30
55
25
true
true
true
true
0.17
0.55
0.57
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
14
ECN1
All2All
7
92
382
-207
HYCap>limit
Rotate
High-yield share above policy cap
174
Escalate watchlist names
C09017
CR8238
2024-11-17
Recovery
136
456
6.3
-0.1
1,947,147,659
Utilities:51.3;Energy:16.1;Financials:32.7
US:55.0;EU:18.8;APAC:10.2;EMEA:8.1;LATAM:7.9
AAA:10.7;A:26.9;BB:10.7;CCC:11.3;BBB:21.4;AA:19.0
4.23
48.2
144
329
14.3
4
35
45
30
true
true
false
false
2.17
1.67
0.1
Tech:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-26
22
ECN2
DealerAxed
10
97
210
35
HYCap>limit
Hedge
High-yield share above policy cap
166
Defer adds pending macro print
C09018
CR9708
2025-10-12
Calm
81
393
3.8
2.3
1,846,109,744
Consumer:17.9;Materials:16.7;Healthcare:18.7;Energy:10.0;Comm:20.8;Industrials:15.9
US:71.0;EU:9.3;APAC:4.7;EMEA:8.6;LATAM:6.4
B:12.8;AA:18.0;CCC:16.2;BBB:27.2;BB:7.0;AAA:18.8
2.19
55.6
111
397
18
2
20
55
25
true
true
true
false
1.45
0.42
0.36
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-46
4
DealerC
RFQ
8
95
401
-378
HYCap>limit
Rotate
High-yield share above policy cap
187
Rotate into defensive sectors
C09019
CR8381
2025-12-08
Tightening
136
424
4.8
1.9
987,621,158
Consumer:34.5;Industrials:27.2;Financials:7.8;Energy:30.4
US:67.9;EU:9.4;APAC:9.3;EMEA:9.2;LATAM:4.1
BB:21.5;A:17.2;CCC:20.3;B:15.2;BBB:25.8
3.12
44.2
257
428
16.3
3.5
25
55
30
true
true
true
true
2.03
-0.16
-0.08
null
Hedge
CDX_HY: +82bps notional
-35
15
DealerB
DealerAxed
5
97
399
3
HYCap>limit
Hedge
High-yield share above policy cap
155
Escalate watchlist names
C09020
CR5687
2025-06-26
Calm
102
401
4.1
2.5
2,074,172,647
Comm:38.1;Energy:21.8;Financials:40.1
US:63.8;EU:12.4;APAC:12.1;EMEA:6.5;LATAM:5.3
A:22.2;B:24.0;CCC:26.0;AAA:27.8
5.95
48.5
192
287
9.2
4
25
55
20
true
true
true
false
0.06
0.39
-0.19
Tech:EW
Hedge
Treasury_Futures: +186bps notional
8
24
ECN1
Electronic
3
89
139
-174
HYCap>limit
Hedge
High-yield share above policy cap
168
Reviewed by risk; hedges staggered
C09021
CR3458
2024-01-17
Stress
210
792
8
-0.1
1,194,022,843
Materials:19.9;Utilities:15.6;RealEstate:10.7;Consumer:28.7;Tech:15.1;Energy:10.1
US:62.1;EU:20.2;APAC:10.1;EMEA:5.6;LATAM:1.9
BB:15.6;A:20.7;CCC:15.0;B:38.2;AA:10.6
7.01
39.5
353
563
14.5
2
25
55
35
true
true
true
true
1.72
0.27
0.33
null
Hedge
CDX_HY: +54bps notional
-19
36
DealerC
DealerAxed
5
92
3
-232
Region>limit
Hedge
Regional concentration above limit
197
Escalate watchlist names
C09022
CR8003
2024-07-12
Recovery
123
557
5.8
0.8
2,025,562,755
Industrials:17.2;Utilities:15.1;RealEstate:20.7;Energy:20.3;Tech:26.7
US:70.0;EU:9.8;APAC:8.6;EMEA:8.4;LATAM:3.2
AA:25.0;AAA:14.0;BB:7.7;A:10.8;CCC:12.8;BBB:29.7
4.68
20.8
239
283
2.7
3.5
20
55
20
true
true
true
true
1.05
0.97
0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
11
ECN2
RFQ
4
92
-106
-370
VAR>budget
Reduce
Portfolio VAR above budget
211
Reviewed by risk; hedges staggered
C09023
CR1907
2025-05-09
Calm
71
404
3.5
1.6
2,089,314,506
RealEstate:8.2;Consumer:16.4;Healthcare:10.0;Utilities:22.5;Comm:18.8;Financials:24.2
US:61.0;EU:15.4;APAC:7.5;EMEA:13.7;LATAM:2.3
A:13.8;CCC:8.8;BBB:50.3;AA:27.0
4.58
25.2
131
506
3.2
4
30
45
35
false
true
false
false
2.02
0.61
0.07
Comm:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
17
ECN1
RFQ
6
86
-26
77
Sector>limit
Rotate
Sector concentration above limit
123
Reviewed by risk; hedges staggered
C09024
CR3769
2024-02-25
Calm
71
295
3.3
2.3
1,059,574,030
Comm:51.1;Utilities:25.6;Materials:23.4
US:62.3;EU:11.0;APAC:12.9;EMEA:13.3;LATAM:0.5
BB:21.0;BBB:23.0;AA:24.3;A:31.7
4.43
24.1
94
283
11.1
4
35
55
30
true
true
false
false
1.24
-0.13
0.02
RealEstate:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-36
13
DealerA
DealerAxed
8
95
3
-192
Sector>limit
Rotate
Sector concentration above limit
148
Reviewed by risk; hedges staggered
C09025
CR0557
2025-03-15
Calm
88
380
4.3
2.9
2,225,492,263
Financials:26.3;Tech:35.7;RealEstate:12.9;Materials:25.0
US:74.5;EU:10.6;APAC:5.2;EMEA:5.8;LATAM:3.9
BBB:24.1;B:7.8;AAA:16.1;AA:26.5;A:20.3;CCC:5.2
5.49
28.9
246
456
14.3
2
20
55
35
true
true
false
true
-0.21
1.3
-0.12
null
Hedge
SingleName_CDS: +176bps notional
-7
21
ECN1
All2All
1
93
274
-246
Region>limit
Hedge
Regional concentration above limit
148
Tighten HY exposure bands
C09026
CR5567
2025-05-20
Stress
234
592
7.5
-1.8
1,195,648,968
Energy:21.3;Healthcare:23.7;Tech:15.8;Comm:18.8;Industrials:20.4
US:64.4;EU:11.2;APAC:12.1;EMEA:6.0;LATAM:6.2
A:12.0;BBB:28.4;AA:20.6;BB:14.9;AAA:24.2
5.61
44.4
237
415
19.4
2
25
55
30
false
true
false
true
1.19
1.14
-0.3
Tech:EW
Hedge
Treasury_Futures: +60bps notional
-19
1
DealerC
All2All
10
91
-53
-128
Sector>limit
Rotate
Sector concentration above limit
257
Tighten HY exposure bands
C09027
CR5079
2025-03-31
Tightening
110
417
4.8
1.4
1,627,117,790
Financials:22.3;Consumer:22.7;Utilities:10.4;Materials:35.1;Industrials:9.5
US:55.9;EU:17.1;APAC:10.2;EMEA:11.1;LATAM:5.7
BBB:20.1;B:10.1;BB:6.8;A:44.0;AA:19.0
6.27
37.1
235
179
12.1
3
35
35
25
true
true
false
true
-0.32
0.71
0.22
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
13
ECN1
RFQ
11
99
-168
80
VAR>budget
Reduce
Portfolio VAR above budget
229
Defer adds pending macro print
C09028
CR6076
2025-09-30
Recovery
122
539
5.3
0.4
424,018,226
Energy:10.6;Healthcare:25.5;Industrials:21.3;Financials:31.2;Tech:11.4
US:73.7;EU:9.0;APAC:10.0;EMEA:4.3;LATAM:3.0
BBB:25.9;AAA:25.8;BB:18.4;CCC:7.4;B:22.5
7.07
62.1
167
501
9.5
2.5
35
55
25
false
true
true
false
-0.38
1.78
0.49
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
22
DealerB
RFQ
7
98
152
-294
Sector>limit
Hedge
Sector concentration above limit
162
Reviewed by risk; hedges staggered
C09029
CR2363
2024-12-09
Calm
70
361
4.2
2.4
2,304,649,852
Utilities:17.0;Financials:22.7;Materials:60.2
US:59.5;EU:12.4;APAC:17.3;EMEA:8.2;LATAM:2.6
CCC:24.1;AAA:19.6;A:23.2;BBB:6.3;BB:26.8
0.44
36.1
82
341
4.1
2
20
45
35
true
true
true
false
1.66
1.23
0.41
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
15
DealerB
Electronic
0
95
322
-276
Region>limit
Hedge
Regional concentration above limit
249
Defer adds pending macro print
C09030
CR5672
2025-09-01
Recovery
103
500
6.2
1.2
2,828,667,524
Tech:35.0;Healthcare:30.7;Industrials:34.2
US:63.6;EU:15.2;APAC:8.5;EMEA:9.7;LATAM:2.9
AA:17.1;B:10.2;A:16.6;BB:22.3;CCC:24.7;BBB:9.1
5.38
47.8
136
348
9.9
2.5
25
55
25
true
true
true
false
0.11
-0.13
0.01
null
Hedge
iTraxx_XOVER: +73bps notional
-12
-4
DealerB
RFQ
0
96
33
-129
HYCap>limit
Reduce
High-yield share above policy cap
228
Escalate watchlist names
C09031
CR1030
2024-07-02
Tightening
103
412
5
1.7
2,533,406,769
RealEstate:8.4;Consumer:22.2;Utilities:22.6;Comm:26.5;Industrials:20.4
US:62.1;EU:16.6;APAC:12.6;EMEA:4.5;LATAM:4.3
BB:9.5;B:36.5;CCC:16.7;AA:10.0;A:12.3;AAA:15.0
6.35
37.9
238
379
4.6
3
30
55
20
false
true
true
true
1.51
1.76
0.34
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
24
DealerB
All2All
0
88
-38
-93
VAR>budget
Rotate
Portfolio VAR above budget
194
Reviewed by risk; hedges staggered
C09032
CR0987
2024-09-20
Recovery
164
580
6.4
-0.4
954,814,987
Industrials:23.7;Comm:15.8;Energy:16.1;Consumer:18.5;Healthcare:26.0
US:65.5;EU:10.1;APAC:14.1;EMEA:4.6;LATAM:5.7
BBB:11.2;AAA:24.8;B:29.6;AA:13.9;CCC:13.3;A:7.3
3.15
59.8
189
270
14
2
25
35
30
true
true
true
false
0.15
1.01
0.45
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
-24
ECN2
RFQ
7
90
-101
-216
HYCap>limit
Reduce
High-yield share above policy cap
120
Tighten HY exposure bands
C09033
CR2924
2024-12-22
Calm
113
402
4.1
2.8
1,616,264,843
Industrials:47.5;Consumer:35.1;Healthcare:17.4
US:68.4;EU:10.1;APAC:8.6;EMEA:10.3;LATAM:2.6
A:12.1;AAA:12.7;BB:15.1;CCC:16.6;B:26.9;BBB:16.6
5.82
47.1
247
283
13.1
3
35
45
30
true
true
true
true
1.6
0.37
-0.13
Healthcare:EW
Hedge
iTraxx_MAIN: +176bps notional
-22
-14
DealerC
Electronic
4
89
-216
97
Region>limit
Reduce
Regional concentration above limit
251
Reviewed by risk; hedges staggered
C09034
CR2583
2024-03-19
Recovery
126
645
4.6
-0.3
1,440,570,215
Healthcare:29.9;Utilities:39.9;Consumer:19.8;Energy:10.3
US:68.6;EU:11.6;APAC:8.5;EMEA:4.1;LATAM:7.2
B:19.9;CCC:8.9;BBB:23.1;A:25.3;AA:10.6;BB:12.1
1.1
30.6
96
409
10.5
2
35
45
30
true
true
true
false
-0.16
0.39
0.07
Financials:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
12
DealerC
All2All
10
89
80
43
HYCap>limit
Rotate
High-yield share above policy cap
152
Rotate into defensive sectors
C09035
CR6337
2025-03-31
Calm
85
297
3.5
1.9
2,064,553,847
Healthcare:20.6;Energy:12.0;Utilities:26.5;Financials:29.2;Consumer:11.8
US:58.7;EU:16.6;APAC:10.8;EMEA:11.4;LATAM:2.5
A:12.6;CCC:12.0;BBB:15.5;B:14.9;BB:32.6;AAA:12.3
6.83
32.1
90
133
12.1
3
25
55
35
true
true
true
false
-0.32
0.67
0.27
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-46
14
DealerC
DealerAxed
0
97
16
79
Sector>limit
Hedge
Sector concentration above limit
227
Tighten HY exposure bands
C09036
CR6691
2025-03-23
Tightening
138
429
4.5
1.4
2,193,141,995
Materials:22.9;Consumer:16.7;Energy:18.7;Industrials:23.1;Financials:9.4;Utilities:9.1
US:60.3;EU:12.2;APAC:14.7;EMEA:11.1;LATAM:1.7
BB:29.1;BBB:17.3;AAA:24.6;B:20.2;CCC:8.8
2.27
30.2
198
310
14.6
4
30
35
35
false
true
true
false
2.08
1.42
-0.36
Healthcare:EW
Hedge
Treasury_Futures: +67bps notional
-44
44
DealerA
All2All
8
94
123
-476
VAR>budget
Reduce
Portfolio VAR above budget
240
Defer adds pending macro print
C09037
CR9680
2025-01-12
Tightening
107
461
4.9
1
1,364,403,155
Materials:8.4;Industrials:9.2;Healthcare:15.1;Utilities:23.7;Comm:28.0;RealEstate:15.6
US:69.8;EU:14.0;APAC:8.6;EMEA:3.4;LATAM:4.2
AAA:13.4;CCC:33.4;B:13.4;A:12.3;BB:7.1;BBB:20.4
4.7
45.5
162
432
11.9
3
25
35
35
true
true
true
false
1.08
0.14
-0.02
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
19
ECN1
All2All
0
89
271
-273
HYCap>limit
Hedge
High-yield share above policy cap
238
Rotate into defensive sectors
C09038
CR1284
2025-06-23
Stress
221
683
7.6
0.4
92,706,821
Healthcare:22.5;Utilities:9.9;Energy:24.3;Tech:25.1;Consumer:18.2
US:58.9;EU:16.3;APAC:11.8;EMEA:11.9;LATAM:1.1
AAA:21.1;B:4.3;BBB:37.0;A:12.1;AA:25.5
6.87
52.1
371
419
7.3
3
20
45
35
true
true
false
true
0.16
0.28
-0.01
null
Hedge
Treasury_Futures: +166bps notional
14
5
DealerA
All2All
6
85
51
-60
HYCap>limit
Rotate
High-yield share above policy cap
153
Defer adds pending macro print
C09039
CR4489
2024-08-11
Stress
159
804
7.9
0.3
558,178,019
Consumer:35.4;Financials:11.9;Industrials:10.2;Materials:42.6
US:67.1;EU:16.6;APAC:9.5;EMEA:4.5;LATAM:2.3
AAA:4.9;BB:9.3;BBB:15.5;B:32.5;AA:13.7;CCC:24.1
1.42
44.5
361
603
12.2
4
25
35
30
true
true
true
true
2.48
1.43
0.6
Tech:EW;Energy:EW
Hedge
CDX_IG: +160bps notional
-48
33
ECN2
All2All
6
92
-70
-104
Region>limit
Rotate
Regional concentration above limit
218
Reviewed by risk; hedges staggered
C09040
CR3239
2025-12-03
Calm
92
348
3.4
1.7
1,988,520,056
Comm:15.8;Consumer:15.3;Tech:23.7;Financials:33.3;Industrials:11.9
US:68.6;EU:18.2;APAC:5.3;EMEA:6.9;LATAM:1.0
AA:19.5;CCC:17.5;B:22.8;BBB:29.8;A:10.4
4.26
39.3
233
480
12.4
3
25
55
20
true
true
true
true
1.15
0.1
-0.16
null
Hedge
SingleName_CDS: +196bps notional
-23
25
DealerC
Electronic
3
96
-50
-401
VAR>budget
Reduce
Portfolio VAR above budget
97
Tighten HY exposure bands
C09041
CR7962
2025-05-12
Calm
77
344
3.2
1.6
1,838,646,559
Comm:32.4;Consumer:33.6;RealEstate:22.3;Industrials:11.7
US:66.5;EU:11.4;APAC:15.0;EMEA:7.0;LATAM:0.1
AAA:20.0;AA:36.7;CCC:12.6;BB:3.9;A:26.8
7.33
27.5
98
443
3.6
4
20
55
30
true
true
false
false
-0.05
1.18
-0.15
Consumer:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
7
DealerA
Electronic
11
87
314
103
VAR>budget
Hedge
Portfolio VAR above budget
182
Escalate watchlist names
C09042
CR2177
2024-05-06
Stress
220
796
6.5
0.2
2,219,992,535
Comm:12.7;Consumer:54.7;Healthcare:32.6
US:71.5;EU:8.1;APAC:10.7;EMEA:7.1;LATAM:2.6
A:12.3;CCC:24.7;BBB:17.8;AAA:25.0;B:20.2
1.86
24.9
325
547
9.4
2
30
45
20
true
true
true
true
1.36
0.47
0.27
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
1
DealerA
DealerAxed
3
90
-154
-419
VAR>budget
Reduce
Portfolio VAR above budget
235
Defer adds pending macro print
C09043
CR8645
2025-07-10
Tightening
112
440
3.9
1
2,263,369,725
Utilities:44.8;Financials:26.5;RealEstate:28.7
US:57.2;EU:13.9;APAC:12.6;EMEA:10.0;LATAM:6.2
AAA:33.4;A:21.4;CCC:4.5;BB:8.7;AA:17.0;B:15.1
5.86
61.2
121
510
16.9
3.5
35
55
20
true
true
true
false
1.4
-0.12
-0.11
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
-7
DealerB
DealerAxed
4
87
406
-142
HYCap>limit
Rotate
High-yield share above policy cap
235
Rotate into defensive sectors
C09044
CR0689
2025-11-19
Calm
91
377
3.2
2.5
473,251,117
Industrials:24.6;Tech:20.7;Consumer:15.4;Financials:9.3;RealEstate:29.9
US:60.0;EU:22.2;APAC:9.4;EMEA:4.0;LATAM:4.5
BB:19.9;BBB:27.5;A:24.5;B:28.1
1.24
31
90
407
11.8
3.5
35
55
30
false
true
true
false
1.65
0.28
-0.15
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-22
30
DealerA
RFQ
3
100
57
-13
Region>limit
Hedge
Regional concentration above limit
117
Tighten HY exposure bands
C09045
CR3911
2024-11-16
Stress
188
555
6.4
-0.6
1,918,691,492
Energy:22.6;Materials:27.5;Comm:36.6;Healthcare:13.2
US:65.4;EU:12.3;APAC:9.6;EMEA:7.8;LATAM:4.9
B:27.4;CCC:15.0;BB:34.7;AA:22.9
2.55
53.9
285
634
17.2
3.5
30
45
20
true
true
true
true
-0.08
0.98
-0.1
Energy:EW
Hedge
iTraxx_MAIN: +177bps notional
-22
-7
DealerB
Electronic
11
93
-46
8
HYCap>limit
Rotate
High-yield share above policy cap
128
Reviewed by risk; hedges staggered
C09046
CR6338
2025-02-01
Stress
242
614
8.1
0.3
506,707,714
Comm:15.5;Utilities:11.1;Energy:19.0;Financials:23.8;Consumer:24.6;Tech:6.1
US:62.0;EU:18.8;APAC:5.9;EMEA:11.3;LATAM:1.9
B:32.3;A:37.3;BB:18.5;CCC:11.9
6.78
40.7
290
495
14.5
2.5
30
45
25
false
true
true
true
1.81
1.4
-0.37
null
Hedge
CDX_IG: +195bps notional
11
-20
DealerB
RFQ
7
88
279
94
VAR>budget
Hedge
Portfolio VAR above budget
178
Reviewed by risk; hedges staggered
C09047
CR8379
2025-02-20
Tightening
110
390
4
1.9
962,847,123
RealEstate:10.8;Consumer:17.0;Comm:33.2;Materials:39.0
US:61.5;EU:20.0;APAC:5.8;EMEA:5.5;LATAM:7.2
B:21.8;CCC:8.5;AAA:9.1;BB:22.7;BBB:15.2;A:22.8
1.15
55.6
238
193
17.7
3.5
25
35
35
true
true
true
true
0.83
-0.11
-0.12
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
35
DealerB
All2All
12
100
358
131
HYCap>limit
Hedge
High-yield share above policy cap
236
Escalate watchlist names
C09048
CR7640
2024-11-29
Tightening
122
507
4.4
1.3
497,649,431
Comm:11.4;Healthcare:41.0;Financials:29.2;RealEstate:18.5
US:64.7;EU:15.2;APAC:11.5;EMEA:8.4;LATAM:0.1
AA:15.3;AAA:40.3;A:17.5;CCC:26.9
7.22
54.3
82
221
7.4
4
20
55
35
true
true
false
false
1.87
1.39
-0.35
null
Hedge
CDX_IG: +174bps notional
10
38
ECN2
RFQ
1
90
37
-66
VAR>budget
Rotate
Portfolio VAR above budget
145
Escalate watchlist names
C09049
CR7553
2025-02-27
Tightening
116
487
4.8
1.1
1,022,428,309
Industrials:26.5;Comm:11.3;Tech:24.8;Utilities:11.9;Consumer:25.5
US:65.2;EU:6.6;APAC:16.4;EMEA:11.3;LATAM:0.5
AA:15.4;BBB:20.9;BB:21.4;CCC:26.1;B:16.2
1.55
36.9
228
341
12.2
2
20
55
30
true
true
true
true
0.23
-0.29
0.52
Utilities:EW;Energy:EW
Hedge
Options_Payer: +187bps notional
-49
29
DealerB
DealerAxed
11
89
437
-93
VAR>budget
Hedge
Portfolio VAR above budget
139
Tighten HY exposure bands
C09050
CR8304
2025-08-01
Recovery
134
448
6
0.4
2,336,797,884
RealEstate:9.6;Healthcare:21.4;Industrials:11.4;Tech:22.5;Energy:22.0;Consumer:13.1
US:58.7;EU:18.9;APAC:8.2;EMEA:8.9;LATAM:5.3
AA:17.2;B:16.6;A:19.7;BBB:27.8;AAA:18.7
1.13
60.1
147
219
17.8
2.5
25
35
30
false
true
false
false
1.01
1.77
-0.04
null
Hedge
iTraxx_XOVER: +163bps notional
-60
10
DealerB
DealerAxed
8
99
205
-360
HYCap>limit
Hedge
High-yield share above policy cap
237
Reviewed by risk; hedges staggered
C09051
CR1563
2024-08-18
Tightening
95
417
3.9
1.6
1,664,205,479
Comm:12.7;Industrials:15.3;Tech:26.6;Materials:16.8;Energy:10.1;Utilities:18.4
US:64.6;EU:11.1;APAC:13.9;EMEA:9.0;LATAM:1.4
BB:22.8;A:15.5;AAA:9.9;CCC:17.1;B:12.8;BBB:21.9
2.78
60.9
196
469
12.4
3
25
35
20
true
true
true
false
1.63
1.69
-0.16
Industrials:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
20
ECN1
All2All
8
89
-205
-95
HYCap>limit
Hedge
High-yield share above policy cap
91
Defer adds pending macro print
C09052
CR3485
2025-07-08
Calm
95
335
4.1
1.8
2,896,008,118
Comm:15.4;RealEstate:16.2;Financials:13.8;Energy:17.1;Healthcare:18.1;Utilities:19.4
US:75.9;EU:6.9;APAC:5.4;EMEA:9.4;LATAM:2.3
A:23.7;AA:28.0;AAA:15.1;BBB:33.3
2.45
33.9
129
492
5.4
4
30
45
35
false
true
false
false
1.99
1.62
-0.21
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-3
4
ECN1
Electronic
7
94
45
-261
Sector>limit
Hedge
Sector concentration above limit
195
Rotate into defensive sectors
C09053
CR1057
2025-09-05
Calm
81
407
4.2
2.9
878,994,003
Tech:22.1;Healthcare:6.9;Financials:16.5;Materials:24.7;RealEstate:13.6;Consumer:16.2
US:65.5;EU:9.8;APAC:6.8;EMEA:11.0;LATAM:6.9
AA:45.7;A:18.1;BBB:15.6;BB:20.6
4.54
37.3
279
285
9.4
2
20
55
30
true
true
false
true
1.82
-0.07
-0.38
Materials:EW
Hedge
Treasury_Futures: +116bps notional
-11
17
DealerB
Electronic
10
93
401
-90
Sector>limit
Reduce
Sector concentration above limit
125
Defer adds pending macro print
C09054
CR6065
2024-12-07
Calm
107
353
4.2
2.6
2,376,534,968
Utilities:19.0;Industrials:13.1;Tech:24.9;Energy:7.6;Materials:18.3;Consumer:17.1
US:70.4;EU:10.7;APAC:8.0;EMEA:10.1;LATAM:0.8
A:11.7;AA:25.0;BBB:18.8;CCC:28.8;AAA:15.7
5.57
30.5
82
208
13.1
4
25
55
30
false
true
false
false
-0.13
1.4
-0.16
Energy:EW
Hedge
iTraxx_XOVER: +196bps notional
4
39
DealerC
Electronic
3
97
230
135
Sector>limit
Hedge
Sector concentration above limit
253
Escalate watchlist names
C09055
CR8951
2025-05-18
Calm
96
313
3.7
2.4
1,206,731,008
Industrials:13.1;Energy:30.4;Materials:15.0;Healthcare:41.4
US:67.3;EU:9.0;APAC:15.0;EMEA:5.3;LATAM:3.3
BB:12.3;A:27.3;BBB:32.1;AAA:28.3
4.65
56.2
186
465
11
3
35
35
35
true
true
false
false
2.48
0.46
-0.17
Healthcare:EW;Utilities:EW;Financials:EW
Hedge
iTraxx_XOVER: +65bps notional
-39
8
ECN2
All2All
12
93
-15
-72
Sector>limit
Reduce
Sector concentration above limit
215
Reviewed by risk; hedges staggered
C09056
CR9144
2025-04-10
Stress
164
802
5.9
-0.6
2,615,903,171
Comm:27.8;Utilities:33.4;Tech:38.7
US:69.0;EU:5.9;APAC:12.1;EMEA:8.1;LATAM:4.8
A:22.5;CCC:18.6;BBB:9.1;AAA:18.5;AA:24.2;BB:7.1
0.45
64.6
293
602
12.8
4
35
45
25
true
true
true
true
-0.02
1.66
-0.33
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
34
DealerB
All2All
12
97
-50
-181
VAR>budget
Hedge
Portfolio VAR above budget
181
Defer adds pending macro print
C09057
CR3003
2024-02-09
Tightening
99
465
4.7
1.1
2,767,669,575
Materials:40.8;RealEstate:31.3;Healthcare:27.9
US:65.3;EU:14.3;APAC:4.9;EMEA:10.1;LATAM:5.4
AA:17.6;BB:23.1;A:21.5;AAA:37.7
0.91
43.6
277
293
14.7
3.5
25
35
30
true
true
false
true
2.21
0.78
0.05
Financials:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
15
DealerB
DealerAxed
9
95
-189
-323
Sector>limit
Rotate
Sector concentration above limit
128
Defer adds pending macro print
C09058
CR4347
2024-01-16
Tightening
140
379
4.5
1.7
987,909,749
Financials:19.3;Utilities:28.8;Energy:26.5;Materials:25.4
US:63.7;EU:16.6;APAC:6.6;EMEA:7.5;LATAM:5.6
AA:19.2;BB:12.0;CCC:14.1;A:25.9;AAA:13.3;B:15.5
1.35
26.1
123
250
11.5
3.5
35
35
35
false
true
true
false
0.38
0.58
0.06
Utilities:EW;RealEstate:EW
Hedge
Options_Payer: +54bps notional
-31
43
DealerA
RFQ
9
87
-184
0
HYCap>limit
PauseAdds
High-yield share above policy cap
136
Reviewed by risk; hedges staggered
C09059
CR1586
2024-04-22
Calm
101
293
3.8
3
154,842,893
Financials:29.7;Healthcare:29.3;Energy:41.0
US:66.2;EU:8.1;APAC:10.4;EMEA:11.7;LATAM:3.5
AAA:23.7;BBB:16.4;AA:25.7;CCC:27.5;B:6.7
2.95
30.3
265
177
17.1
3
35
45
20
true
true
true
true
2.1
0.4
0.24
Comm:EW
Hedge
CDX_HY: +119bps notional
-32
4
DealerC
All2All
1
94
-58
-65
VAR>budget
Hedge
Portfolio VAR above budget
146
Rotate into defensive sectors
C09060
CR0164
2025-04-15
Tightening
155
496
4.3
1.9
2,939,393,948
Comm:28.6;Industrials:20.1;Tech:9.5;Consumer:13.8;Energy:16.3;Financials:11.6
US:55.7;EU:19.2;APAC:6.9;EMEA:12.0;LATAM:6.3
BB:7.9;CCC:7.9;AA:36.2;B:5.6;A:25.9;BBB:16.5
2.52
50.2
128
288
15.4
2.5
20
55
25
true
true
false
false
2.02
-0.19
-0.26
null
Hedge
iTraxx_XOVER: +74bps notional
-59
34
DealerC
All2All
6
90
395
-160
HYCap>limit
Reduce
High-yield share above policy cap
154
Defer adds pending macro print
C09061
CR1755
2024-01-20
Calm
78
372
4.1
1.9
2,921,579,102
Materials:21.8;RealEstate:10.2;Energy:33.0;Utilities:35.0
US:64.2;EU:14.7;APAC:13.7;EMEA:7.2;LATAM:0.2
AA:36.5;CCC:2.4;A:13.6;AAA:17.7;BBB:29.9
2.96
35.1
242
472
12.5
2
35
35
30
false
true
false
true
0.33
1.12
-0.06
null
Rotate
From Energy -1.0% to Utilities +1.0%
-16
44
DealerC
DealerAxed
2
89
383
-380
Region>limit
Hedge
Regional concentration above limit
183
Defer adds pending macro print
C09062
CR0062
2025-10-18
Stress
178
607
6.7
-0.9
790,853,144
Utilities:28.6;Healthcare:19.8;Financials:24.6;Industrials:27.0
US:59.2;EU:17.9;APAC:13.1;EMEA:3.3;LATAM:6.6
B:20.3;BB:24.0;AA:26.1;BBB:29.5
7.25
44.1
315
421
8.9
3.5
35
35
35
false
true
true
true
1.53
0.94
0.55
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-13
20
DealerB
Electronic
9
88
190
-311
Region>limit
Reduce
Regional concentration above limit
223
Tighten HY exposure bands
C09063
CR0335
2024-03-30
Calm
92
375
4.3
1.6
1,248,592,063
Energy:25.8;Consumer:15.7;Tech:18.3;Industrials:15.3;Financials:17.5;Healthcare:7.4
US:73.1;EU:10.0;APAC:5.9;EMEA:5.2;LATAM:5.8
B:10.5;A:15.0;CCC:11.1;AA:19.2;BB:44.2
5.14
30.2
214
289
17.4
2
30
55
25
false
true
true
true
1
0.36
0.56
Tech:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
29
ECN1
RFQ
9
91
321
-380
Region>limit
Reduce
Regional concentration above limit
98
Rotate into defensive sectors
C09064
CR6352
2025-02-03
Stress
159
564
8.3
-1.1
2,673,045,857
Consumer:14.5;Healthcare:20.9;Comm:24.0;Utilities:24.5;Materials:16.1
US:66.6;EU:7.7;APAC:11.8;EMEA:11.8;LATAM:2.2
BB:31.3;CCC:13.7;BBB:16.9;AA:20.1;A:18.0
6.07
43.8
329
326
12.9
2
20
45
25
true
true
true
true
1.32
0.9
0.36
Consumer:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
-6
ECN2
DealerAxed
10
91
-97
-440
Sector>limit
Hedge
Sector concentration above limit
137
Escalate watchlist names
C09065
CR7092
2024-09-14
Calm
91
378
3.3
2.2
2,791,921,977
Consumer:22.4;Utilities:14.3;Healthcare:31.6;Tech:6.8;Comm:10.9;Industrials:14.1
US:70.3;EU:11.4;APAC:10.2;EMEA:7.6;LATAM:0.4
BB:19.1;AA:18.8;A:37.8;AAA:24.3
7.31
62.7
164
121
16.1
2.5
25
55
25
true
true
false
false
1.31
0.73
-0.19
Utilities:EW
Hedge
Treasury_Futures: +127bps notional
5
6
ECN2
DealerAxed
1
91
348
-66
Sector>limit
Hedge
Sector concentration above limit
191
Defer adds pending macro print
C09066
CR4757
2025-02-20
Stress
155
766
5.5
-1.9
2,552,172,455
Materials:15.7;Healthcare:24.5;Utilities:59.8
US:69.9;EU:9.8;APAC:6.3;EMEA:12.0;LATAM:2.0
AA:17.9;CCC:7.7;B:33.3;AAA:17.1;BBB:16.1;BB:7.8
0.41
27.5
250
536
7.9
2.5
20
45
30
true
true
true
true
-0.49
1.11
0.51
null
Hedge
iTraxx_XOVER: +178bps notional
-55
42
ECN1
DealerAxed
8
92
-94
15
Region>limit
Hedge
Regional concentration above limit
108
Reviewed by risk; hedges staggered
C09067
CR0201
2024-12-11
Stress
205
669
5.5
-0.4
2,250,524,208
Comm:31.3;Consumer:14.7;Industrials:17.1;Materials:36.9
US:75.4;EU:7.5;APAC:11.5;EMEA:3.7;LATAM:1.9
BB:25.6;B:36.0;A:12.2;BBB:13.4;CCC:12.8
3.19
20.3
226
238
14.7
3.5
20
35
20
true
true
true
true
0.23
-0.06
-0.08
RealEstate:EW;Financials:EW
Hedge
Options_Payer: +175bps notional
-33
-2
DealerA
All2All
9
87
-69
29
VAR>budget
Hedge
Portfolio VAR above budget
198
Defer adds pending macro print
C09068
CR9191
2024-09-06
Tightening
107
417
4
0.6
1,189,120,098
Industrials:26.4;Energy:45.4;Healthcare:28.3
US:67.2;EU:6.6;APAC:13.4;EMEA:8.2;LATAM:4.6
B:9.5;A:28.9;AA:25.2;AAA:27.5;CCC:8.9
1.03
30.1
103
509
11
3
25
45
35
true
true
false
false
0.76
0.86
0.33
null
Rotate
From Energy -1.0% to Utilities +1.0%
-4
32
ECN2
DealerAxed
11
96
-95
75
HYCap>limit
Reduce
High-yield share above policy cap
198
Rotate into defensive sectors
C09069
CR5706
2025-04-28
Calm
114
346
4.4
2.5
1,696,143,701
Utilities:18.1;Comm:11.2;Energy:19.1;Tech:22.7;Consumer:20.8;Materials:8.2
US:71.1;EU:13.2;APAC:7.2;EMEA:4.8;LATAM:3.7
CCC:5.9;AA:33.6;BB:10.9;A:39.9;B:9.7
6.62
63.1
239
385
13.6
2
35
45
35
false
true
false
true
0.61
0.87
0.24
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
-16
DealerB
DealerAxed
4
90
105
164
Region>limit
Reduce
Regional concentration above limit
113
Tighten HY exposure bands
C09070
CR8596
2025-01-12
Stress
236
699
6.6
-0.1
2,699,894,588
Healthcare:14.8;Comm:22.5;Consumer:19.6;RealEstate:13.6;Materials:29.5
US:67.0;EU:9.9;APAC:7.9;EMEA:10.0;LATAM:5.2
AA:12.1;A:11.1;B:24.6;BB:13.7;BBB:22.1;AAA:16.4
1.01
64.1
181
269
12
2.5
25
35
30
true
true
true
false
2.02
1.26
0.09
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
0
ECN2
DealerAxed
12
88
55
-395
Sector>limit
Hedge
Sector concentration above limit
253
Tighten HY exposure bands
C09071
CR1353
2025-02-02
Stress
158
721
5.4
-1.6
1,029,316,756
Energy:19.1;Consumer:11.0;Industrials:12.4;Healthcare:18.2;Comm:18.3;Materials:20.9
US:69.2;EU:13.9;APAC:7.6;EMEA:6.5;LATAM:2.8
BBB:13.6;B:22.1;CCC:50.4;AA:14.0
2.21
35.9
283
414
12.6
3.5
35
35
35
false
true
true
true
0.8
-0.11
-0.01
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
-16
DealerB
RFQ
5
94
143
-336
VAR>budget
Reduce
Portfolio VAR above budget
217
Tighten HY exposure bands
C09072
CR4848
2025-06-13
Recovery
159
549
5.8
2
490,938,073
Comm:26.0;Utilities:17.3;Healthcare:17.6;Consumer:17.1;Industrials:14.5;Energy:7.6
US:72.2;EU:12.6;APAC:10.6;EMEA:3.7;LATAM:0.9
BB:10.3;AAA:28.9;AA:28.9;CCC:16.8;A:15.1
5.65
24.8
101
346
5.6
4
35
35
20
false
true
true
false
2.12
1.59
0.3
null
Hedge
CDX_HY: +121bps notional
-14
-22
ECN2
DealerAxed
11
85
116
-33
Sector>limit
Hedge
Sector concentration above limit
104
Defer adds pending macro print
C09073
CR2625
2025-06-16
Tightening
140
487
5.2
0.6
1,481,106,596
Healthcare:15.6;Energy:19.4;RealEstate:25.1;Materials:31.4;Comm:8.5
US:65.5;EU:8.8;APAC:8.0;EMEA:8.6;LATAM:9.2
AA:20.1;CCC:28.5;AAA:14.0;BBB:7.8;BB:22.0;A:7.5
7.44
55.2
100
498
7.5
3
25
55
30
true
true
true
false
1.35
1.11
-0.31
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-40
8
ECN1
Electronic
9
97
-112
-116
HYCap>limit
Rotate
High-yield share above policy cap
155
Tighten HY exposure bands
C09074
CR2523
2025-04-03
Calm
68
331
4
1.5
1,043,971,387
Consumer:33.5;Energy:12.3;Industrials:27.6;Utilities:26.6
US:68.0;EU:11.0;APAC:8.4;EMEA:10.5;LATAM:2.1
A:20.9;B:12.0;BB:24.2;BBB:18.7;AA:15.0;CCC:9.3
2.14
29.6
95
368
5.2
3.5
25
45
30
true
true
true
false
1.77
-0.28
-0.32
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
2
-21
ECN2
Electronic
6
90
37
-329
Sector>limit
Reduce
Sector concentration above limit
114
Tighten HY exposure bands
C09075
CR2121
2025-03-17
Recovery
141
509
4.8
1.5
1,811,561,212
Utilities:21.5;Consumer:21.7;Financials:7.5;Healthcare:21.2;Energy:12.4;RealEstate:15.7
US:63.6;EU:16.2;APAC:12.6;EMEA:4.6;LATAM:2.9
BBB:18.8;A:16.5;CCC:43.8;BB:12.4;B:8.5
4.93
51.1
232
158
5.5
3.5
25
55
25
false
true
true
true
0.27
0.53
0.53
null
Rotate
From Energy -1.0% to Utilities +1.0%
4
19
ECN1
All2All
9
85
-38
-119
HYCap>limit
Rotate
High-yield share above policy cap
163
Tighten HY exposure bands
C09076
CR1952
2024-07-16
Stress
197
701
5.1
-0.7
1,498,875,062
Utilities:37.4;Healthcare:38.2;Financials:24.4
US:68.7;EU:6.0;APAC:13.0;EMEA:11.0;LATAM:1.3
AA:15.5;B:12.1;A:11.4;BB:20.4;CCC:40.5
5.86
34.1
306
392
9.5
3
35
55
20
true
true
true
true
2.31
1.67
0.35
RealEstate:EW;Materials:EW;Industrials:EW
Hedge
SingleName_CDS: +158bps notional
1
-22
DealerB
All2All
12
91
-220
-242
Sector>limit
Reduce
Sector concentration above limit
130
Defer adds pending macro print
C09077
CR8380
2025-08-09
Recovery
136
601
4.6
1.7
1,038,820,080
Consumer:28.0;Industrials:18.8;Comm:18.5;Tech:34.6
US:64.8;EU:12.0;APAC:9.5;EMEA:10.5;LATAM:3.1
A:14.3;AA:25.5;BB:38.3;AAA:21.8
3.68
24.7
268
252
9.5
3.5
25
35
20
true
true
true
true
0.13
1.34
-0.05
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
12
DealerA
Electronic
2
98
229
-115
VAR>budget
Rotate
Portfolio VAR above budget
153
Escalate watchlist names
C09078
CR1040
2025-05-29
Recovery
106
648
4.6
1.2
1,379,951,978
Industrials:13.8;Energy:11.5;RealEstate:22.2;Financials:16.8;Healthcare:35.6
US:61.4;EU:17.7;APAC:8.7;EMEA:4.1;LATAM:8.1
AA:11.5;CCC:15.4;AAA:24.8;BBB:11.6;BB:19.0;A:17.7
1.43
63.2
89
338
10
2.5
25
45
25
true
true
true
false
-0.26
0.85
0.36
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
34
DealerA
Electronic
8
95
-10
-243
Region>limit
Hedge
Regional concentration above limit
123
Escalate watchlist names
C09079
CR5443
2024-11-07
Calm
65
375
3.5
2.3
2,674,637,750
Consumer:17.2;RealEstate:11.0;Tech:18.9;Healthcare:14.0;Industrials:17.0;Materials:21.8
US:60.8;EU:12.8;APAC:11.1;EMEA:8.2;LATAM:7.1
AAA:35.2;BBB:14.1;AA:30.9;BB:7.7;B:12.1
2.31
37.5
196
475
14
3.5
20
55
25
true
true
false
false
1.27
1.07
-0.36
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
32
DealerC
DealerAxed
3
90
386
-353
VAR>budget
Hedge
Portfolio VAR above budget
137
Reviewed by risk; hedges staggered
C09080
CR0880
2024-03-01
Stress
254
633
5.4
-0.5
1,254,624,736
Consumer:12.6;Industrials:31.1;Energy:28.6;Financials:7.0;RealEstate:20.7
US:66.9;EU:11.8;APAC:10.2;EMEA:10.0;LATAM:1.1
A:36.7;BBB:22.3;BB:19.1;CCC:14.2;B:7.7
2.37
44.2
287
280
17
4
30
45
25
true
true
true
true
0.29
-0.06
0.21
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
23
ECN1
Electronic
10
96
-42
68
VAR>budget
Reduce
Portfolio VAR above budget
243
Escalate watchlist names
C09081
CR5376
2025-06-10
Calm
85
377
3.9
2.8
2,881,350,591
Consumer:28.4;Comm:23.6;Industrials:36.0;Financials:12.0
US:73.3;EU:11.5;APAC:9.8;EMEA:5.3;LATAM:0.2
BBB:17.5;A:16.4;BB:18.1;CCC:23.9;B:24.1
1.2
31
190
433
6.8
2
25
35
25
true
true
true
false
0.56
0.98
0.22
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-17
-21
ECN2
RFQ
11
91
412
-403
Sector>limit
Reduce
Sector concentration above limit
205
Rotate into defensive sectors
C09082
CR4411
2024-10-26
Tightening
138
422
4
1.4
835,794,506
RealEstate:9.5;Consumer:27.4;Energy:23.7;Financials:18.6;Comm:20.8
US:71.4;EU:13.2;APAC:5.4;EMEA:7.0;LATAM:3.0
A:16.3;AAA:31.2;B:16.3;AA:23.4;CCC:12.7
3.47
20.6
269
265
3.2
2.5
30
55
20
false
true
true
true
1.14
1.35
-0.05
null
Hedge
Treasury_Futures: +74bps notional
9
33
DealerB
DealerAxed
3
87
15
-416
Region>limit
Hedge
Regional concentration above limit
127
Rotate into defensive sectors
C09083
CR8780
2024-12-05
Tightening
98
401
5
1.7
1,226,726,723
Tech:23.5;Industrials:17.0;Healthcare:22.2;Utilities:20.8;Comm:16.5
US:68.4;EU:9.9;APAC:13.5;EMEA:6.8;LATAM:1.4
BB:26.4;B:27.0;CCC:26.3;AAA:20.2
2.51
63.8
176
403
11.2
4
35
45
35
false
true
true
false
2.22
0.38
0.09
null
Hedge
CDX_HY: +139bps notional
18
1
ECN1
Electronic
5
89
197
-84
Region>limit
Reduce
Regional concentration above limit
248
Escalate watchlist names
C09084
CR6665
2025-11-30
Stress
240
550
6.6
-1.2
2,076,938,127
Tech:34.3;Financials:36.9;Comm:28.8
US:72.3;EU:5.7;APAC:8.3;EMEA:9.6;LATAM:4.1
B:13.8;AA:35.1;CCC:19.4;BB:15.4;BBB:16.2
6.65
21.1
194
541
15.8
4
35
35
30
true
true
true
false
1.76
0.4
-0.24
Tech:EW
Hedge
iTraxx_MAIN: +86bps notional
-55
35
ECN2
DealerAxed
6
91
-155
-34
Region>limit
PauseAdds
Regional concentration above limit
235
Defer adds pending macro print
C09085
CR8827
2025-09-06
Tightening
160
414
4.2
1
2,609,580,796
Energy:24.7;Healthcare:14.9;Utilities:12.6;RealEstate:19.8;Tech:5.4;Financials:22.7
US:69.5;EU:12.3;APAC:12.6;EMEA:4.7;LATAM:1.0
AAA:16.4;BBB:27.5;CCC:16.7;BB:19.3;B:20.1
2.81
59.5
185
161
7.3
3.5
35
35
25
false
true
true
false
2.32
1.55
-0.09
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
37
DealerB
Electronic
12
94
350
-353
VAR>budget
Rotate
Portfolio VAR above budget
177
Rotate into defensive sectors
C09086
CR3716
2024-12-20
Recovery
122
615
4.9
1.9
2,832,456,689
Industrials:20.9;Materials:24.6;Energy:29.1;RealEstate:25.4
US:62.5;EU:19.0;APAC:9.2;EMEA:3.2;LATAM:6.0
B:22.5;AAA:20.2;CCC:8.0;BBB:17.8;BB:10.7;A:20.7
3.16
33.4
226
393
15.1
4
30
35
30
false
true
true
true
0.53
1.26
-0.01
Comm:EW
Hedge
iTraxx_MAIN: +133bps notional
-13
-3
DealerC
Electronic
12
92
390
156
HYCap>limit
Hedge
High-yield share above policy cap
236
Reviewed by risk; hedges staggered
C09087
CR2168
2024-10-01
Stress
239
696
6.6
-0.9
377,828,390
Energy:15.9;Comm:16.5;Financials:25.0;Utilities:20.9;Materials:21.6
US:65.5;EU:14.2;APAC:10.6;EMEA:5.8;LATAM:4.0
A:24.1;BBB:15.7;B:22.7;AAA:14.9;AA:9.3;CCC:13.2
1.48
46.4
238
328
8.1
3
25
35
35
false
true
true
true
1.56
1.51
0.03
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
16
ECN2
All2All
8
95
-101
146
VAR>budget
Reduce
Portfolio VAR above budget
218
Rotate into defensive sectors
C09088
CR6883
2025-04-12
Recovery
119
644
5.7
0.7
1,200,739,100
Energy:12.1;Utilities:9.9;Tech:14.4;Industrials:21.5;RealEstate:42.2
US:75.8;EU:9.2;APAC:5.3;EMEA:5.8;LATAM:3.9
BB:8.4;A:22.7;B:9.2;AA:27.2;AAA:16.3;CCC:16.3
3.48
34.1
197
211
17.4
3.5
30
45
25
true
true
true
false
2.21
-0.24
-0.07
RealEstate:EW;Tech:EW
Hedge
CDX_HY: +85bps notional
-4
-17
DealerC
All2All
0
91
109
-385
Region>limit
PauseAdds
Regional concentration above limit
118
Defer adds pending macro print
C09089
CR4784
2024-02-08
Stress
162
729
7
-0.2
54,517,386
Financials:38.7;Energy:31.1;RealEstate:30.3
US:65.3;EU:15.9;APAC:6.5;EMEA:8.0;LATAM:4.3
BBB:16.9;B:20.5;AAA:19.3;BB:8.9;AA:10.6;A:23.8
3.84
59.2
357
464
9.8
3
25
55
35
true
true
false
true
1.41
0.14
-0.15
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
44
ECN2
RFQ
4
93
96
-112
Sector>limit
Reduce
Sector concentration above limit
227
Escalate watchlist names
C09090
CR7914
2024-09-21
Tightening
109
448
4.2
1.2
2,159,992,055
Comm:43.4;RealEstate:20.6;Energy:23.1;Tech:13.0
US:58.0;EU:16.0;APAC:12.2;EMEA:5.9;LATAM:7.9
B:23.7;A:17.7;BB:7.5;AA:29.2;AAA:21.9
6.99
47.9
269
133
3.3
3.5
35
35
35
true
true
false
true
1.35
1.01
-0.32
Consumer:EW
Hedge
iTraxx_MAIN: +154bps notional
-18
37
ECN2
DealerAxed
5
100
97
-81
HYCap>limit
Reduce
High-yield share above policy cap
217
Escalate watchlist names
C09091
CR8533
2024-12-20
Stress
210
598
8.2
-0.6
2,136,158,637
Utilities:26.5;Consumer:9.6;Industrials:13.7;Tech:32.1;Financials:18.1
US:59.3;EU:14.0;APAC:12.4;EMEA:8.4;LATAM:5.9
AA:25.2;BBB:23.5;B:26.0;CCC:25.3
4.44
41.7
251
527
15.1
3
35
35
25
false
true
true
true
2.25
1.34
-0.32
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
35
ECN1
Electronic
9
99
35
-1
VAR>budget
Reduce
Portfolio VAR above budget
216
Reviewed by risk; hedges staggered
C09092
CR5252
2025-08-15
Stress
191
673
5.4
0.7
2,917,077,724
Tech:30.1;Utilities:36.5;RealEstate:20.0;Comm:13.3
US:66.9;EU:11.0;APAC:8.5;EMEA:4.4;LATAM:9.3
CCC:5.5;B:14.8;AAA:16.2;A:23.0;BB:8.8;AA:31.8
5.35
39.4
238
333
22.7
3
30
45
20
true
true
true
true
2.06
1.57
0.24
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
6
ECN2
DealerAxed
0
93
-86
-395
Sector>limit
Reduce
Sector concentration above limit
227
Reviewed by risk; hedges staggered
C09093
CR4765
2024-04-18
Calm
108
340
3.4
2.2
2,836,736,042
RealEstate:27.5;Industrials:25.0;Utilities:47.5
US:63.5;EU:13.1;APAC:11.6;EMEA:5.2;LATAM:6.6
AA:17.9;BB:11.4;BBB:19.0;CCC:12.8;B:5.1;A:33.8
3.96
38.4
239
408
16.1
3
20
45
30
true
true
false
true
-0.07
1.77
-0.4
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
23
DealerB
RFQ
12
93
13
83
HYCap>limit
Reduce
High-yield share above policy cap
121
Escalate watchlist names
C09094
CR2512
2024-05-06
Stress
211
745
6
-1
1,461,587,017
Utilities:26.5;Healthcare:22.4;Financials:15.6;Tech:22.9;RealEstate:12.7
US:67.5;EU:7.3;APAC:17.9;EMEA:4.2;LATAM:3.1
A:16.2;CCC:22.6;BB:15.8;AA:5.7;B:26.6;BBB:13.1
7.19
40.3
187
533
6
3.5
30
55
20
false
true
true
false
1.36
-0.03
0.33
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
37
DealerA
Electronic
5
88
-53
-258
HYCap>limit
PauseAdds
High-yield share above policy cap
156
Escalate watchlist names
C09095
CR7531
2025-08-14
Recovery
176
555
4.5
0.6
1,529,406,121
Utilities:20.2;Financials:25.9;Tech:53.9
US:66.0;EU:7.4;APAC:15.4;EMEA:5.0;LATAM:6.2
BB:7.6;CCC:22.5;AAA:6.4;AA:11.9;B:34.8;A:16.9
7.09
33.4
152
227
3.9
3
20
45
30
true
true
true
false
1.28
1.23
0.09
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
-6
DealerC
RFQ
12
85
-7
-137
Sector>limit
Reduce
Sector concentration above limit
237
Defer adds pending macro print
C09096
CR8289
2025-03-28
Recovery
165
613
5.7
0.8
578,957,311
Energy:27.1;Healthcare:9.2;Utilities:22.0;Industrials:10.2;RealEstate:15.5;Consumer:16.0
US:65.1;EU:13.2;APAC:11.9;EMEA:5.8;LATAM:4.0
A:21.1;BBB:14.1;AA:41.2;AAA:23.6
6.27
20.7
92
244
4.8
3
25
35
20
true
true
false
false
1.53
0.61
0.36
null
Hedge
Treasury_Futures: +164bps notional
-7
3
ECN2
Electronic
9
88
55
-243
Sector>limit
Reduce
Sector concentration above limit
112
Tighten HY exposure bands
C09097
CR3302
2025-12-24
Stress
192
606
6
0
1,180,836,684
Materials:27.3;Energy:10.3;Healthcare:7.7;RealEstate:10.9;Comm:25.4;Tech:18.4
US:77.2;EU:10.0;APAC:6.0;EMEA:4.7;LATAM:2.0
BB:28.6;CCC:30.6;B:9.6;AA:15.5;A:15.7
1.47
57.3
208
325
6.6
2.5
20
55
30
true
true
true
true
1.94
0.77
0.16
Industrials:EW
Hedge
Options_Payer: +96bps notional
-7
-25
DealerC
RFQ
0
97
54
-152
Region>limit
Rotate
Regional concentration above limit
126
Rotate into defensive sectors
C09098
CR9079
2024-10-20
Calm
71
298
3.9
1.9
646,310,414
Industrials:41.3;RealEstate:17.6;Materials:41.1
US:62.7;EU:8.9;APAC:11.3;EMEA:12.0;LATAM:5.0
A:15.7;AAA:37.2;AA:34.5;CCC:12.5
5.44
49.9
114
437
9
2
35
55
20
true
true
false
false
-0.33
0.92
-0.19
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
4
ECN2
Electronic
3
95
218
71
Region>limit
Hedge
Regional concentration above limit
125
Reviewed by risk; hedges staggered
C09099
CR6002
2024-10-27
Stress
165
806
7.2
-1.1
702,863,674
Energy:22.7;Financials:22.5;Consumer:18.8;Industrials:19.8;Materials:16.2
US:65.7;EU:15.3;APAC:8.5;EMEA:5.8;LATAM:4.7
BB:20.0;AA:15.3;AAA:14.3;B:24.7;A:7.1;BBB:18.6
3.44
33.6
332
507
15.8
3
25
45
25
false
true
true
true
0.04
0.9
-0.22
Comm:EW;Utilities:EW
Hedge
CDX_IG: +78bps notional
-51
15
ECN1
DealerAxed
3
93
367
19
HYCap>limit
Reduce
High-yield share above policy cap
177
Escalate watchlist names
C09100
CR2924
2025-03-25
Stress
257
734
7.6
0.5
394,646,732
Utilities:13.6;Healthcare:14.9;Energy:16.2;Comm:32.6;Industrials:15.6;Financials:7.2
US:60.4;EU:14.0;APAC:8.4;EMEA:11.2;LATAM:6.1
BBB:17.3;AAA:10.6;CCC:30.4;AA:16.3;BB:25.4
1.52
23.5
302
481
12.7
4
35
35
35
false
true
true
true
-0.29
-0.22
0.13
Comm:EW;Industrials:EW
Hedge
iTraxx_XOVER: +101bps notional
-30
-12
ECN1
Electronic
3
93
254
-374
Sector>limit
Rotate
Sector concentration above limit
256
Tighten HY exposure bands