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
C09101
CR3935
2024-10-03
Recovery
121
483
5.8
0.3
1,950,766,579
Financials:20.2;Materials:22.0;Industrials:9.8;RealEstate:10.8;Comm:18.9;Consumer:18.4
US:55.8;EU:14.2;APAC:14.4;EMEA:9.7;LATAM:6.0
BBB:22.4;A:12.1;CCC:16.0;BB:13.4;AA:17.9;AAA:18.4
6.82
47.9
103
142
7.7
4
30
55
30
false
true
false
false
2.03
0.3
-0.05
Comm:EW
Hedge
Options_Payer: +159bps notional
-29
19
DealerB
DealerAxed
10
87
-58
159
VAR>budget
Reduce
Portfolio VAR above budget
193
Rotate into defensive sectors
C09102
CR3745
2025-06-16
Recovery
167
485
6
0.2
749,614,821
Energy:20.4;Industrials:37.7;Tech:15.2;Healthcare:17.6;RealEstate:9.2
US:57.7;EU:10.6;APAC:13.6;EMEA:10.4;LATAM:7.7
CCC:32.1;AA:15.5;BB:20.8;AAA:22.2;B:9.4
5.9
48.4
251
412
17.3
4
20
45
35
true
true
true
true
1.07
1.11
0.18
null
Hedge
iTraxx_MAIN: +117bps notional
4
-7
DealerA
All2All
2
93
-109
66
HYCap>limit
Rotate
High-yield share above policy cap
126
Rotate into defensive sectors
C09103
CR6357
2025-10-04
Recovery
145
469
5.8
0.2
369,665,655
RealEstate:21.2;Comm:8.1;Consumer:18.4;Energy:16.5;Utilities:16.4;Tech:19.4
US:69.6;EU:6.1;APAC:7.2;EMEA:10.0;LATAM:7.1
CCC:19.3;A:12.2;BBB:14.2;AAA:21.6;B:18.3;BB:14.3
3.16
26.4
271
441
5.8
2
30
35
25
false
true
true
true
2
0.79
0.48
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
-4
DealerB
Electronic
5
92
147
-304
HYCap>limit
Rotate
High-yield share above policy cap
240
Reviewed by risk; hedges staggered
C09104
CR2651
2025-07-27
Calm
89
360
3.4
2.9
921,799,646
RealEstate:25.2;Industrials:9.2;Consumer:9.8;Utilities:12.7;Healthcare:11.1;Financials:32.1
US:67.0;EU:13.0;APAC:12.5;EMEA:3.5;LATAM:4.1
AA:24.3;CCC:12.8;BB:13.0;BBB:27.2;AAA:22.6
2.61
61.6
203
514
12.1
4
20
45
30
true
true
false
true
-0.5
0.99
0.44
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
-21
DealerB
Electronic
8
88
413
-396
Sector>limit
Reduce
Sector concentration above limit
154
Defer adds pending macro print
C09105
CR7502
2024-02-24
Recovery
141
642
6.5
1.1
2,842,364,948
Industrials:27.7;Financials:21.7;Utilities:11.8;Tech:31.5;Consumer:7.3
US:61.4;EU:13.6;APAC:13.0;EMEA:10.6;LATAM:1.4
AA:28.7;A:20.9;BB:6.3;AAA:21.0;CCC:7.0;BBB:16.0
2.06
41
240
234
2.3
3.5
30
35
35
true
true
false
true
1.7
0.49
0.32
null
Rotate
From Energy -1.0% to Utilities +1.0%
-21
3
ECN2
Electronic
2
95
-8
-45
HYCap>limit
Hedge
High-yield share above policy cap
202
Tighten HY exposure bands
C09106
CR2531
2024-02-27
Tightening
123
386
4.9
1.3
644,685,099
Healthcare:22.8;Consumer:20.1;Energy:8.7;Utilities:22.8;Tech:12.5;Comm:13.1
US:57.7;EU:21.9;APAC:10.6;EMEA:4.4;LATAM:5.5
AAA:19.9;BB:44.0;BBB:23.2;AA:12.8
4.91
54.3
201
381
13.6
2
35
55
25
false
true
true
true
0.36
1.4
0.13
Healthcare:EW;Utilities:EW
Hedge
CDX_IG: +193bps notional
-4
17
DealerC
Electronic
3
92
382
74
Sector>limit
Reduce
Sector concentration above limit
228
Reviewed by risk; hedges staggered
C09107
CR0297
2025-05-13
Calm
80
378
3.7
2.3
2,057,334,729
Healthcare:29.5;Energy:24.7;Comm:28.0;Financials:17.8
US:67.6;EU:16.7;APAC:4.7;EMEA:7.7;LATAM:3.2
A:17.5;AAA:11.1;B:17.2;AA:18.2;CCC:21.7;BB:14.3
1.11
35.4
189
398
11.7
3.5
35
55
25
false
true
true
false
0.08
0.69
-0.03
Energy:EW;Utilities:EW
Hedge
CDX_IG: +164bps notional
-48
14
DealerC
RFQ
10
97
-37
-319
Region>limit
Hedge
Regional concentration above limit
141
Defer adds pending macro print
C09108
CR9044
2025-12-07
Calm
116
414
4.4
1.8
715,213,862
Financials:34.2;Materials:36.9;Tech:28.9
US:59.0;EU:18.0;APAC:7.9;EMEA:12.4;LATAM:2.8
AA:22.3;AAA:21.6;A:17.0;BBB:26.7;BB:7.1;CCC:5.2
0.95
52
210
307
2.7
2.5
30
45
20
true
true
false
true
0.12
0.81
0.54
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
5
40
DealerC
DealerAxed
7
92
-196
-88
Sector>limit
Rotate
Sector concentration above limit
117
Escalate watchlist names
C09109
CR7726
2025-02-13
Recovery
163
535
5.2
1.7
1,291,584,183
Financials:29.2;Comm:23.4;RealEstate:26.6;Utilities:20.8
US:65.2;EU:14.3;APAC:6.9;EMEA:7.4;LATAM:6.2
BB:19.3;A:18.9;BBB:18.8;AAA:20.3;B:13.4;CCC:9.2
2.3
48.3
186
351
8.2
2.5
25
55
20
true
true
true
false
-0.41
0.34
0.5
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
4
DealerC
DealerAxed
10
94
83
-48
Region>limit
Reduce
Regional concentration above limit
182
Rotate into defensive sectors
C09110
CR2670
2025-06-14
Calm
96
345
4.1
2.6
703,074,283
Materials:34.4;Consumer:26.7;Financials:38.9
US:67.2;EU:11.6;APAC:6.6;EMEA:7.9;LATAM:6.7
BB:4.2;AAA:14.2;BBB:25.3;AA:17.7;A:26.7;CCC:12.0
0.91
61.8
242
453
6.9
4
25
55
35
true
true
false
true
2.19
1.57
-0.31
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
34
ECN1
Electronic
8
91
404
-330
Sector>limit
Reduce
Sector concentration above limit
99
Tighten HY exposure bands
C09111
CR4914
2024-03-03
Tightening
91
500
4.4
1.9
959,382,446
RealEstate:24.1;Financials:17.6;Materials:28.9;Consumer:16.2;Industrials:13.2
US:66.3;EU:5.2;APAC:12.0;EMEA:9.1;LATAM:7.4
A:25.3;CCC:31.0;AAA:23.1;B:20.5
5.69
60.5
226
138
4.1
4
30
35
25
false
true
true
true
2.29
0.01
-0.12
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
16
DealerB
DealerAxed
10
85
17
-32
Region>limit
Hedge
Regional concentration above limit
95
Reviewed by risk; hedges staggered
C09112
CR6913
2024-11-15
Recovery
136
614
5.3
1
569,825,368
Healthcare:38.3;Industrials:41.1;Tech:20.7
US:56.7;EU:18.2;APAC:9.2;EMEA:9.3;LATAM:6.5
BBB:24.5;A:16.1;AAA:20.3;AA:18.4;B:12.0;CCC:8.8
1.74
28.7
120
283
16.9
2.5
30
35
25
true
true
false
false
0.63
0.01
0.14
null
Hedge
iTraxx_MAIN: +78bps notional
-60
-24
ECN1
RFQ
8
87
381
51
VAR>budget
Hedge
Portfolio VAR above budget
111
Rotate into defensive sectors
C09113
CR0799
2024-08-16
Stress
227
575
6.3
-0.1
245,574,374
Industrials:24.1;Consumer:39.4;Energy:8.3;Tech:28.2
US:67.7;EU:15.0;APAC:10.1;EMEA:4.9;LATAM:2.3
BBB:42.7;CCC:14.0;AAA:27.3;B:15.9
4.02
43.2
210
424
11.8
3
35
55
30
true
true
false
true
1.69
-0.03
0.08
Financials:EW
Hedge
Treasury_Futures: +88bps notional
-30
-1
ECN2
Electronic
3
92
103
137
Region>limit
Rotate
Regional concentration above limit
186
Escalate watchlist names
C09114
CR3006
2025-04-07
Tightening
113
475
4.4
1.9
2,453,436,985
Industrials:34.3;Comm:11.1;Energy:19.8;Utilities:34.7
US:64.3;EU:10.4;APAC:10.9;EMEA:7.0;LATAM:7.5
A:21.0;B:9.5;AA:36.3;BB:22.9;CCC:10.3
6.06
51.1
107
520
7
3.5
35
45
20
false
true
true
false
2.26
0.83
0.11
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
-19
ECN2
DealerAxed
11
99
357
-13
VAR>budget
Rotate
Portfolio VAR above budget
234
Rotate into defensive sectors
C09115
CR1554
2024-12-02
Tightening
154
355
4.5
0.8
2,614,459,070
Consumer:31.1;Financials:30.9;RealEstate:18.4;Healthcare:19.6
US:62.5;EU:13.5;APAC:12.7;EMEA:6.3;LATAM:5.0
AAA:16.4;BBB:13.4;AA:17.4;BB:14.0;CCC:28.1;A:10.6
4.83
51.5
233
400
9.3
2.5
35
35
35
false
true
true
true
0.44
1.16
0.35
Materials:EW
Hedge
Treasury_Futures: +66bps notional
6
13
ECN2
Electronic
3
97
380
-49
HYCap>limit
Rotate
High-yield share above policy cap
244
Defer adds pending macro print
C09116
CR6065
2025-02-28
Calm
116
387
4.1
1.7
2,806,160,839
Materials:18.9;Industrials:19.4;RealEstate:31.0;Financials:30.6
US:57.9;EU:8.2;APAC:11.9;EMEA:13.1;LATAM:8.9
BBB:21.8;AA:20.2;CCC:5.1;A:7.8;B:26.8;BB:18.3
6.78
26.7
253
429
5.1
2.5
25
55
30
true
true
true
true
0.61
1.11
-0.07
null
Hedge
iTraxx_MAIN: +59bps notional
-35
25
DealerB
All2All
6
85
286
-42
VAR>budget
Reduce
Portfolio VAR above budget
254
Escalate watchlist names
C09117
CR2111
2024-12-16
Tightening
153
483
4.2
1.6
973,898,977
Industrials:50.9;Utilities:14.6;Healthcare:34.5
US:71.8;EU:10.6;APAC:7.6;EMEA:4.2;LATAM:5.8
A:26.6;BBB:30.4;AA:17.5;AAA:25.5
7.18
41.7
152
408
2.2
4
20
35
35
true
true
false
false
2.5
1.71
0.48
Comm:EW
Hedge
Treasury_Futures: +173bps notional
-3
7
DealerA
All2All
10
94
8
59
VAR>budget
Rotate
Portfolio VAR above budget
183
Escalate watchlist names
C09118
CR5671
2025-08-05
Calm
78
399
3.2
1.7
1,799,513,890
Utilities:14.5;Energy:20.9;Healthcare:10.5;Tech:10.9;Industrials:23.6;Materials:19.7
US:63.3;EU:16.3;APAC:7.1;EMEA:6.6;LATAM:6.7
BBB:23.7;CCC:39.4;A:12.4;BB:24.5
4.53
30.8
163
258
11.6
2.5
20
55
20
true
true
true
false
-0.42
0.63
0.07
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
15
DealerB
DealerAxed
1
91
53
-34
HYCap>limit
Hedge
High-yield share above policy cap
178
Reviewed by risk; hedges staggered
C09119
CR5789
2024-06-09
Recovery
128
584
6.3
0.6
1,126,323,841
Materials:10.6;Tech:15.4;Utilities:8.8;RealEstate:35.6;Consumer:29.6
US:70.7;EU:9.1;APAC:6.7;EMEA:11.7;LATAM:1.8
AAA:20.7;A:26.2;AA:20.9;B:32.1
2.57
64
92
478
5.1
2.5
25
55
25
true
true
true
false
0.7
1.02
0.02
null
Hedge
Options_Payer: +131bps notional
-42
-14
DealerC
Electronic
4
89
251
-408
Sector>limit
Hedge
Sector concentration above limit
157
Rotate into defensive sectors
C09120
CR2859
2024-01-09
Calm
87
373
3.5
2.8
1,991,026,262
RealEstate:40.8;Industrials:14.1;Healthcare:45.2
US:71.5;EU:13.9;APAC:7.9;EMEA:6.1;LATAM:0.6
AA:14.4;B:7.4;BB:31.4;A:13.9;BBB:15.4;AAA:17.5
3.46
50.1
187
161
15
4
30
45
35
true
true
true
false
2.44
0.07
0.47
Industrials:EW
Hedge
iTraxx_MAIN: +199bps notional
8
25
ECN1
Electronic
12
97
384
-251
Region>limit
Reduce
Regional concentration above limit
139
Defer adds pending macro print
C09121
CR4965
2025-09-15
Recovery
117
433
4.6
1.4
2,702,275,764
Healthcare:31.0;Tech:28.9;RealEstate:22.8;Comm:17.3
US:70.5;EU:7.5;APAC:11.9;EMEA:8.3;LATAM:1.7
CCC:12.6;A:22.1;B:21.0;BB:19.9;AAA:24.4
2.11
20.9
183
494
3.5
3
30
45
30
true
true
true
false
2.16
1.51
0.36
RealEstate:EW
Hedge
Options_Payer: +62bps notional
-49
21
DealerB
All2All
12
92
0
-259
Sector>limit
Hedge
Sector concentration above limit
90
Reviewed by risk; hedges staggered
C09122
CR1505
2025-02-14
Tightening
139
485
3.8
0.9
2,788,676,264
Materials:40.9;Healthcare:35.5;Financials:23.6
US:61.4;EU:16.9;APAC:8.6;EMEA:8.3;LATAM:4.8
AA:24.9;B:18.4;BB:14.7;AAA:24.8;BBB:17.1
3.32
22.2
86
426
3.2
3
30
55
30
true
true
true
false
1.19
-0.17
-0.26
Comm:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
22
DealerB
All2All
3
95
85
-433
HYCap>limit
Reduce
High-yield share above policy cap
161
Rotate into defensive sectors
C09123
CR7791
2025-06-11
Tightening
103
466
5.2
1.7
1,021,641,845
Comm:10.4;RealEstate:34.5;Utilities:8.0;Tech:21.2;Consumer:16.1;Healthcare:9.7
US:75.8;EU:6.8;APAC:6.1;EMEA:3.4;LATAM:7.8
BBB:25.4;A:20.9;AAA:36.4;AA:17.3
6.48
43.6
132
293
10.7
3
35
55
30
false
true
false
false
1.95
0.64
-0.18
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-57
12
ECN2
RFQ
12
91
244
-339
HYCap>limit
Reduce
High-yield share above policy cap
224
Reviewed by risk; hedges staggered
C09124
CR1242
2024-08-01
Calm
74
339
3.6
2.6
621,942,019
Tech:32.6;Energy:16.6;Healthcare:29.4;Utilities:10.7;Comm:10.7
US:67.0;EU:7.5;APAC:11.0;EMEA:9.6;LATAM:5.0
A:25.9;CCC:14.2;AA:30.6;AAA:29.3
2.53
47.4
174
484
10.3
3.5
20
45
30
true
true
false
false
0.24
0.69
0.28
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
27
DealerB
DealerAxed
12
95
90
-139
Sector>limit
Reduce
Sector concentration above limit
162
Defer adds pending macro print
C09125
CR5060
2024-10-08
Stress
173
604
7.6
-0.9
906,848,876
Healthcare:32.6;Materials:40.0;Utilities:27.3
US:66.8;EU:6.3;APAC:12.6;EMEA:10.0;LATAM:4.3
BB:9.2;CCC:17.5;AAA:52.5;A:20.8
2.14
40.8
180
506
7.1
3.5
30
35
20
true
true
true
false
1.04
1.55
0.47
Utilities:EW
Hedge
CDX_IG: +140bps notional
15
-4
DealerB
RFQ
0
93
-68
-335
Sector>limit
Reduce
Sector concentration above limit
193
Rotate into defensive sectors
C09126
CR1952
2024-11-28
Calm
76
413
3.8
3
2,011,485,832
Comm:13.8;Industrials:13.8;Consumer:21.9;Healthcare:22.3;Energy:28.1
US:60.0;EU:19.0;APAC:11.5;EMEA:7.0;LATAM:2.5
BBB:32.2;BB:10.0;A:21.9;AAA:16.6;CCC:10.1;B:9.0
0.71
55.5
138
285
14.9
3
30
55
25
false
true
true
false
1.58
-0.11
-0.35
Healthcare:EW
Hedge
CDX_HY: +71bps notional
17
-24
ECN1
All2All
12
85
47
-342
Sector>limit
Rotate
Sector concentration above limit
176
Tighten HY exposure bands
C09127
CR5955
2025-10-25
Tightening
136
351
5
0.7
101,916,301
Utilities:25.8;Comm:47.6;Industrials:26.7
US:65.4;EU:16.9;APAC:7.8;EMEA:8.1;LATAM:1.9
AAA:8.4;CCC:32.3;AA:25.3;BB:23.9;A:10.0
6.3
60.8
170
467
9.2
2
20
55
35
true
true
true
false
1.94
0.01
0.6
null
Hedge
CDX_IG: +198bps notional
1
36
ECN2
DealerAxed
6
90
-101
-77
Sector>limit
Hedge
Sector concentration above limit
189
Rotate into defensive sectors
C09128
CR3795
2025-11-03
Stress
255
651
6.8
-1.5
943,624,415
Utilities:20.4;Industrials:5.4;Healthcare:19.8;Materials:21.4;Consumer:17.4;Tech:15.7
US:70.1;EU:14.0;APAC:6.9;EMEA:3.9;LATAM:5.1
AAA:33.1;AA:16.9;A:24.8;BB:25.1
5.91
58.5
238
546
9.2
3.5
20
55
25
true
true
true
true
1.16
0.67
-0.11
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
14
DealerB
RFQ
9
87
258
115
Sector>limit
Rotate
Sector concentration above limit
116
Escalate watchlist names
C09129
CR3471
2025-12-15
Calm
76
390
3.9
2
617,352,297
Materials:14.1;Utilities:30.0;Financials:22.7;Healthcare:33.2
US:66.4;EU:13.9;APAC:11.9;EMEA:7.0;LATAM:0.8
AA:31.3;BB:12.4;AAA:30.5;A:25.9
5.85
63.8
275
134
12.4
3
30
45
20
true
true
false
true
1.83
0.93
0
null
Hedge
CDX_IG: +122bps notional
-9
-24
ECN1
All2All
9
92
263
-304
HYCap>limit
Rotate
High-yield share above policy cap
250
Escalate watchlist names
C09130
CR5608
2025-02-28
Calm
113
375
4
2.4
2,195,171,813
Materials:13.0;Financials:13.3;Consumer:26.4;Energy:8.9;Tech:38.4
US:59.3;EU:21.9;APAC:5.7;EMEA:5.4;LATAM:7.7
B:14.0;BBB:21.2;A:20.1;CCC:14.3;AA:17.6;AAA:12.9
0.54
32.2
133
296
8.3
2
30
35
30
true
true
false
false
2.21
0.91
0.56
Healthcare:EW;Tech:EW
Hedge
iTraxx_XOVER: +86bps notional
15
-24
ECN1
RFQ
0
93
281
-63
Sector>limit
Reduce
Sector concentration above limit
120
Defer adds pending macro print
C09131
CR9099
2024-08-19
Calm
92
384
4
2.5
229,319,117
Materials:20.9;Consumer:24.6;Utilities:15.1;RealEstate:23.0;Comm:16.4
US:62.6;EU:14.0;APAC:7.6;EMEA:12.3;LATAM:3.5
A:26.2;CCC:13.7;BB:21.2;AAA:38.9
3.37
28.1
80
186
9.4
2
25
35
25
false
true
true
false
1.17
1.79
-0.06
Industrials:EW;Healthcare:EW
Hedge
iTraxx_MAIN: +114bps notional
-60
27
DealerC
All2All
4
100
-16
-313
Sector>limit
Hedge
Sector concentration above limit
205
Tighten HY exposure bands
C09132
CR6669
2024-10-27
Recovery
123
522
6.5
1.6
1,516,084,654
Consumer:21.3;Comm:7.6;Industrials:22.0;Financials:15.8;RealEstate:20.7;Utilities:12.7
US:57.1;EU:18.0;APAC:16.4;EMEA:3.8;LATAM:4.7
B:14.6;A:21.6;AA:12.6;AAA:20.0;BBB:31.2
0.54
24.1
105
407
4.9
3.5
30
35
25
false
true
false
false
1.68
0.73
0.08
null
Hedge
iTraxx_XOVER: +199bps notional
-24
-23
ECN2
All2All
5
87
55
-430
Sector>limit
Rotate
Sector concentration above limit
151
Reviewed by risk; hedges staggered
C09133
CR2599
2025-10-03
Recovery
118
610
6.4
0.8
233,811,323
Consumer:29.4;RealEstate:15.0;Healthcare:17.4;Industrials:9.4;Tech:28.9
US:64.1;EU:11.2;APAC:15.8;EMEA:3.7;LATAM:5.1
CCC:8.4;AAA:25.4;BB:8.1;A:24.2;BBB:12.0;AA:21.9
1.35
56.7
130
292
8.1
3.5
35
35
25
false
true
false
false
-0.01
-0.26
0.15
null
Rotate
From Energy -1.0% to Utilities +1.0%
4
-18
ECN2
RFQ
12
95
59
-269
HYCap>limit
Rotate
High-yield share above policy cap
216
Escalate watchlist names
C09134
CR7972
2025-01-07
Tightening
109
409
5.1
0.6
2,555,032,255
Healthcare:10.5;Consumer:32.1;Industrials:29.5;Comm:28.0
US:68.4;EU:11.8;APAC:5.4;EMEA:8.8;LATAM:5.5
CCC:35.2;A:15.3;B:18.2;BB:16.0;BBB:15.3
3.22
48.5
190
497
9.9
3.5
25
45
35
true
true
true
false
2.14
1.43
0.19
RealEstate:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
11
DealerA
RFQ
8
95
332
123
HYCap>limit
Reduce
High-yield share above policy cap
180
Rotate into defensive sectors
C09135
CR2931
2025-05-05
Calm
107
364
3.2
2.3
2,438,568,332
Utilities:46.9;Financials:26.3;Materials:26.7
US:68.5;EU:9.3;APAC:11.7;EMEA:7.8;LATAM:2.7
BB:14.5;AAA:23.6;BBB:14.2;CCC:11.3;B:6.5;A:29.8
2.72
49.4
93
477
5.2
4
30
55
30
true
true
true
false
1.39
0.18
-0.21
Comm:EW
Hedge
SingleName_CDS: +84bps notional
-39
30
DealerC
Electronic
1
90
-131
-291
VAR>budget
Reduce
Portfolio VAR above budget
241
Rotate into defensive sectors
C09136
CR9002
2024-12-02
Tightening
104
474
4.4
0.5
1,284,138,552
Tech:43.5;Materials:13.0;Energy:43.5
US:63.6;EU:10.3;APAC:12.3;EMEA:9.4;LATAM:4.4
CCC:31.1;BB:9.8;A:20.8;BBB:17.3;B:21.1
1.56
31.4
190
291
2.3
3
20
45
30
true
true
true
false
1.54
0.6
0
null
Rotate
From Energy -1.0% to Utilities +1.0%
-38
-12
DealerB
RFQ
10
85
378
-156
VAR>budget
Rotate
Portfolio VAR above budget
241
Reviewed by risk; hedges staggered
C09137
CR7235
2025-06-09
Tightening
100
356
3.8
0.9
514,057,687
Consumer:12.9;Industrials:23.5;Materials:13.6;Energy:18.8;Financials:12.2;RealEstate:19.0
US:64.3;EU:12.5;APAC:14.1;EMEA:9.0;LATAM:0.1
BB:17.3;CCC:36.1;AA:20.9;B:25.7
5.82
36.6
150
128
17.8
2
25
55
25
false
true
true
false
2.39
0.45
0.3
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-36
-8
ECN1
RFQ
1
87
66
-91
Sector>limit
Reduce
Sector concentration above limit
170
Tighten HY exposure bands
C09138
CR6088
2025-03-26
Calm
66
356
3.7
1.8
1,957,710,275
Utilities:44.5;Healthcare:19.1;Comm:36.4
US:55.4;EU:16.2;APAC:10.4;EMEA:11.4;LATAM:6.7
BBB:18.8;CCC:19.6;A:14.2;AA:17.1;BB:30.3
4.6
24.7
104
410
14.1
4
25
45
20
true
true
true
false
-0.35
1.56
-0.01
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
44
ECN1
DealerAxed
10
85
-110
84
HYCap>limit
Reduce
High-yield share above policy cap
255
Rotate into defensive sectors
C09139
CR8233
2025-09-20
Stress
170
644
6
0.6
2,494,065,513
Financials:12.6;Tech:16.4;Materials:7.2;Healthcare:24.1;Consumer:18.0;Energy:21.8
US:61.5;EU:9.0;APAC:14.6;EMEA:9.1;LATAM:5.8
B:26.5;AA:17.9;A:34.3;AAA:16.1;BB:5.1
5.48
34.6
329
306
23.2
3.5
30
55
35
false
true
false
true
1.84
1.3
-0.07
Financials:EW;Utilities:EW
Hedge
Treasury_Futures: +157bps notional
-16
-22
DealerA
DealerAxed
8
98
-53
114
Region>limit
Hedge
Regional concentration above limit
127
Rotate into defensive sectors
C09140
CR6705
2024-03-26
Stress
169
824
7.9
-1.8
636,892,349
Comm:20.7;Healthcare:29.6;Tech:27.4;RealEstate:22.3
US:66.1;EU:10.1;APAC:10.7;EMEA:9.3;LATAM:3.9
CCC:14.3;AAA:16.2;BB:17.9;BBB:12.3;AA:24.7;B:14.6
4.6
20.2
291
513
12.7
2.5
30
45
20
false
true
true
true
-0.1
0.72
0.14
null
Rotate
From Energy -1.0% to Utilities +1.0%
16
4
DealerC
All2All
6
88
286
-380
HYCap>limit
PauseAdds
High-yield share above policy cap
242
Reviewed by risk; hedges staggered
C09141
CR8018
2025-03-03
Calm
77
323
3.9
2.5
1,708,319,380
Tech:11.0;Energy:44.2;Comm:44.8
US:62.5;EU:22.9;APAC:6.3;EMEA:4.1;LATAM:4.2
BB:7.0;AAA:23.7;A:20.8;AA:9.6;BBB:35.6;B:3.3
2.76
53
245
300
4.4
2
30
35
35
true
true
false
true
0.94
1.5
-0.04
Tech:EW
Hedge
SingleName_CDS: +83bps notional
-18
38
DealerA
Electronic
7
98
16
-392
Sector>limit
Hedge
Sector concentration above limit
146
Escalate watchlist names
C09142
CR8940
2025-05-10
Stress
244
802
8.2
0.7
1,147,866,395
Healthcare:23.6;Industrials:14.9;Utilities:15.1;Materials:14.2;Financials:13.5;Consumer:18.7
US:67.3;EU:10.4;APAC:9.9;EMEA:6.7;LATAM:5.7
BBB:15.0;AAA:14.4;BB:20.9;AA:8.8;B:20.7;CCC:20.2
3.48
50
259
595
9.7
3
35
45
35
false
true
true
true
0.56
1.61
0.44
Financials:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
17
40
DealerC
DealerAxed
0
86
42
-241
HYCap>limit
Reduce
High-yield share above policy cap
93
Reviewed by risk; hedges staggered
C09143
CR6803
2025-08-17
Calm
90
282
3.5
2.7
260,732,797
Utilities:24.3;Healthcare:24.2;Financials:8.1;Industrials:14.0;Tech:18.7;Consumer:10.7
US:58.8;EU:18.7;APAC:11.8;EMEA:7.2;LATAM:3.5
AA:13.5;AAA:21.8;CCC:22.4;BB:6.8;A:22.0;B:13.6
1.74
30.9
104
437
14.9
4
20
35
20
true
true
true
false
1.45
-0.14
-0.38
Utilities:EW
Hedge
CDX_IG: +95bps notional
-3
-6
ECN2
RFQ
6
87
83
-102
HYCap>limit
Hedge
High-yield share above policy cap
124
Tighten HY exposure bands
C09144
CR8757
2025-12-21
Tightening
125
412
4.2
1.8
735,354,473
Financials:18.5;Energy:18.7;Materials:27.7;Healthcare:9.1;Consumer:26.0
US:68.5;EU:10.6;APAC:14.6;EMEA:5.1;LATAM:1.2
B:15.4;AAA:31.1;AA:42.0;CCC:11.5
3.12
36.4
167
499
8.4
3
30
45
20
false
true
true
false
0.29
0.08
0.28
Comm:EW;Financials:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
-7
DealerB
Electronic
0
95
314
-7
HYCap>limit
Rotate
High-yield share above policy cap
186
Tighten HY exposure bands
C09145
CR1883
2025-11-18
Stress
247
727
6.5
-1.4
2,721,248,456
Tech:17.9;Materials:34.8;Consumer:35.0;Industrials:12.3
US:66.4;EU:12.7;APAC:11.6;EMEA:8.3;LATAM:1.1
BBB:27.7;AAA:22.3;AA:21.0;BB:9.2;CCC:11.6;B:8.1
5.69
56.2
308
413
18.3
3
30
45
35
true
true
false
true
1.05
0.53
0.57
Consumer:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-28
13
DealerB
DealerAxed
12
90
362
-159
HYCap>limit
PauseAdds
High-yield share above policy cap
207
Tighten HY exposure bands
C09146
CR6780
2025-04-20
Stress
160
762
8.5
-2
218,993,593
Industrials:21.6;Financials:15.0;RealEstate:27.5;Utilities:9.1;Materials:26.7
US:70.7;EU:6.9;APAC:10.2;EMEA:5.5;LATAM:6.8
BB:19.4;AA:17.7;AAA:19.6;B:32.9;A:10.4
4.44
24.2
260
589
22.1
3
20
35
35
true
true
true
true
2.26
1.25
0.09
Utilities:EW
Hedge
Treasury_Futures: +99bps notional
-7
-24
DealerA
RFQ
6
92
102
1
HYCap>limit
Hedge
High-yield share above policy cap
109
Reviewed by risk; hedges staggered
C09147
CR4010
2025-12-23
Stress
170
840
5.2
0.2
692,824,895
Healthcare:16.8;Financials:14.7;Energy:15.6;Utilities:27.4;Tech:25.5
US:77.3;EU:8.7;APAC:6.2;EMEA:6.1;LATAM:1.7
AA:27.7;BBB:22.2;A:23.8;BB:26.2
5.43
33.4
272
372
6.1
2
25
55
20
true
true
true
true
0.35
1.17
-0.07
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
14
ECN2
Electronic
12
88
397
-366
HYCap>limit
Hedge
High-yield share above policy cap
258
Reviewed by risk; hedges staggered
C09148
CR0615
2024-09-30
Calm
93
405
3.5
1.6
1,079,810,637
Materials:24.5;Healthcare:25.5;Utilities:31.9;Energy:18.0
US:65.2;EU:18.7;APAC:12.6;EMEA:2.9;LATAM:0.5
BB:8.7;AA:26.3;AAA:24.2;B:7.5;BBB:10.2;A:23.1
5.61
22.8
126
315
16.8
4
30
35
25
true
true
false
false
2.41
0.96
-0.38
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-40
3
DealerA
DealerAxed
1
89
366
-436
Region>limit
Hedge
Regional concentration above limit
111
Rotate into defensive sectors
C09149
CR8840
2025-07-16
Calm
74
353
4.1
1.6
2,704,323,668
Utilities:15.6;Industrials:15.2;Materials:19.1;Consumer:17.2;Financials:19.0;Tech:13.8
US:61.8;EU:10.9;APAC:10.9;EMEA:11.3;LATAM:5.1
B:15.4;BB:8.2;AA:14.5;AAA:23.1;A:28.2;BBB:10.5
5.22
54.5
241
515
3.7
3.5
25
35
25
false
true
false
true
1.87
1.21
0.27
null
Rotate
From Energy -1.0% to Utilities +1.0%
-19
-11
ECN2
DealerAxed
7
85
-200
23
HYCap>limit
Hedge
High-yield share above policy cap
115
Reviewed by risk; hedges staggered
C09150
CR8962
2025-03-28
Recovery
136
424
5.8
0.8
180,975,655
Energy:36.7;Utilities:38.0;Financials:25.4
US:64.4;EU:21.7;APAC:6.1;EMEA:4.7;LATAM:3.1
A:9.5;BBB:12.0;CCC:19.6;B:18.6;AAA:30.3;AA:10.0
3.91
44.3
136
498
5.4
2.5
25
35
20
true
true
true
false
0.36
1.05
0.46
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
-22
DealerA
Electronic
3
96
-84
-232
VAR>budget
PauseAdds
Portfolio VAR above budget
129
Defer adds pending macro print
C09151
CR1767
2025-05-19
Tightening
113
463
4.4
1
1,103,574,801
Financials:11.4;Comm:19.2;Utilities:11.3;RealEstate:10.3;Industrials:20.9;Energy:26.8
US:66.5;EU:13.9;APAC:10.4;EMEA:8.6;LATAM:0.6
AAA:30.2;BB:22.3;CCC:18.2;BBB:29.2
3.87
51
91
378
11.5
3
30
45
30
false
true
true
false
0.94
1.71
-0.37
Materials:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
-4
ECN1
RFQ
4
94
168
26
VAR>budget
Rotate
Portfolio VAR above budget
93
Rotate into defensive sectors
C09152
CR5244
2025-07-10
Recovery
133
471
6.3
0.2
1,221,551,831
RealEstate:15.6;Consumer:9.9;Utilities:25.7;Financials:20.3;Comm:20.5;Tech:8.1
US:66.3;EU:7.0;APAC:12.6;EMEA:7.5;LATAM:6.5
BB:10.4;CCC:40.7;AA:12.9;A:12.8;B:13.6;AAA:9.6
1.52
38.4
102
501
5.8
3
30
35
25
false
true
true
false
2.32
0.46
0.52
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-53
-19
DealerA
DealerAxed
10
88
-120
-297
VAR>budget
Hedge
Portfolio VAR above budget
246
Rotate into defensive sectors
C09153
CR6028
2024-03-21
Calm
67
314
4
2.9
1,158,799,128
Financials:34.1;Consumer:33.7;RealEstate:9.4;Comm:22.8
US:71.0;EU:8.0;APAC:12.0;EMEA:8.5;LATAM:0.5
A:8.4;BBB:15.6;B:12.6;AA:6.9;BB:25.3;CCC:31.1
1.68
24.9
134
267
16.2
3
35
55
20
false
true
true
false
0.14
-0.01
0
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
-2
DealerA
RFQ
8
86
223
-103
Sector>limit
Hedge
Sector concentration above limit
153
Reviewed by risk; hedges staggered
C09154
CR6345
2025-12-15
Tightening
118
467
3.9
1
2,794,978,063
Utilities:35.4;Financials:10.9;Healthcare:19.1;Industrials:34.6
US:67.1;EU:12.2;APAC:12.4;EMEA:5.3;LATAM:3.0
B:6.1;AAA:34.6;CCC:14.7;A:13.8;BB:4.9;BBB:25.9
4
55.2
173
334
14
2.5
30
45
20
true
true
true
false
2.28
1.42
0.44
Energy:EW
Hedge
Options_Payer: +138bps notional
-5
11
ECN2
All2All
0
94
391
176
VAR>budget
Reduce
Portfolio VAR above budget
116
Reviewed by risk; hedges staggered
C09155
CR2534
2025-11-22
Recovery
179
481
4.9
1.3
2,169,879,792
Energy:8.9;Utilities:11.2;Tech:17.6;Comm:21.0;Consumer:14.9;Materials:26.5
US:65.8;EU:10.9;APAC:12.2;EMEA:5.0;LATAM:6.0
CCC:7.8;A:19.0;AAA:23.4;BB:9.1;BBB:35.7;B:5.0
2.47
21.7
178
156
16.9
2.5
35
35
30
false
true
false
false
1.87
-0.21
-0.13
RealEstate:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
20
DealerB
All2All
6
85
378
-375
VAR>budget
Reduce
Portfolio VAR above budget
222
Escalate watchlist names
C09156
CR3726
2024-05-23
Stress
255
748
8.2
-1.7
1,890,894,967
Materials:11.4;Healthcare:17.6;Tech:8.3;RealEstate:21.7;Industrials:18.5;Consumer:22.4
US:66.6;EU:10.5;APAC:8.6;EMEA:9.7;LATAM:4.7
BBB:28.1;CCC:26.6;B:6.7;AA:17.2;A:10.4;BB:11.0
4.31
54.4
266
389
18.6
2
20
55
35
true
true
true
true
0.97
1.47
-0.37
Industrials:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
21
ECN2
Electronic
0
100
360
5
VAR>budget
Hedge
Portfolio VAR above budget
142
Tighten HY exposure bands
C09157
CR7848
2024-01-10
Stress
220
672
8
-0.3
1,277,362,035
Comm:16.1;Utilities:12.8;Financials:10.7;Industrials:28.7;Tech:12.4;Consumer:19.2
US:63.4;EU:12.2;APAC:13.6;EMEA:10.1;LATAM:0.6
A:34.1;BB:19.6;BBB:29.1;B:17.3
6.64
35.6
351
652
15.6
3
20
45
20
true
true
true
true
2.17
-0.01
0.57
Energy:EW
Hedge
CDX_HY: +88bps notional
-17
-22
ECN2
RFQ
6
87
247
-238
Sector>limit
Reduce
Sector concentration above limit
156
Rotate into defensive sectors
C09158
CR9508
2025-05-09
Calm
85
329
3.8
2.1
635,015,065
Financials:18.4;Industrials:25.0;Tech:31.1;Materials:9.7;Consumer:15.8
US:72.0;EU:5.2;APAC:10.0;EMEA:6.2;LATAM:6.6
BB:28.9;A:20.5;B:26.9;BBB:16.2;CCC:7.5
1.55
49.6
233
512
17.4
2
30
55
25
true
true
true
true
1.44
-0.2
-0.36
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-47
27
DealerB
All2All
3
98
-12
-290
VAR>budget
Hedge
Portfolio VAR above budget
153
Defer adds pending macro print
C09159
CR4726
2024-07-27
Calm
76
358
3.5
1.5
1,488,928,630
Utilities:26.3;Materials:24.6;Financials:27.9;Healthcare:21.1
US:63.0;EU:11.8;APAC:12.0;EMEA:7.6;LATAM:5.7
B:31.9;AAA:10.2;BB:21.5;A:36.4
6.44
57.4
107
274
14.1
2
35
35
25
false
true
true
false
0.54
-0.13
0.46
Materials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
20
DealerC
Electronic
1
98
-77
-338
VAR>budget
Reduce
Portfolio VAR above budget
241
Escalate watchlist names
C09160
CR0217
2024-11-24
Tightening
107
362
4.9
1.3
1,024,803,172
RealEstate:27.8;Comm:12.9;Healthcare:18.7;Utilities:19.1;Consumer:21.5
US:71.5;EU:14.8;APAC:6.4;EMEA:3.5;LATAM:3.8
AA:17.1;BBB:15.2;BB:18.0;AAA:13.2;B:36.5
3.81
47.3
92
166
13.2
2
30
35
25
false
true
true
false
1.42
1.35
-0.37
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
-9
DealerA
DealerAxed
4
93
73
-135
VAR>budget
Rotate
Portfolio VAR above budget
121
Rotate into defensive sectors
C09161
CR4568
2024-09-16
Recovery
126
643
4.6
0.4
323,436,896
Energy:27.3;Industrials:11.5;RealEstate:20.1;Tech:7.4;Comm:20.9;Financials:12.9
US:65.2;EU:18.8;APAC:6.9;EMEA:7.8;LATAM:1.4
BBB:16.2;AA:21.9;AAA:20.5;A:24.2;B:17.2
7.19
64.7
180
500
17.5
3.5
30
35
20
false
true
false
false
-0.03
1.13
0.13
null
Hedge
SingleName_CDS: +116bps notional
-25
-23
ECN1
All2All
4
98
321
81
Sector>limit
Hedge
Sector concentration above limit
230
Escalate watchlist names
C09162
CR2382
2024-10-14
Recovery
126
452
6.1
0.1
880,007,571
RealEstate:28.7;Consumer:29.9;Financials:41.4
US:55.0;EU:16.9;APAC:15.9;EMEA:5.0;LATAM:7.2
BB:7.7;AAA:43.7;AA:29.7;CCC:18.9
5.4
45.3
174
345
2.3
4
25
45
25
true
true
true
false
2.14
0.11
0.23
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
-9
DealerB
Electronic
0
85
140
-35
VAR>budget
Reduce
Portfolio VAR above budget
164
Rotate into defensive sectors
C09163
CR3186
2024-12-23
Calm
71
383
3.8
2.9
1,459,930,170
Utilities:21.9;Energy:37.5;Tech:40.7
US:70.0;EU:11.3;APAC:8.2;EMEA:4.3;LATAM:6.1
B:11.8;A:15.3;BBB:12.2;AA:33.7;CCC:13.7;AAA:13.3
0.66
60.9
212
495
17.5
4
20
55
20
true
true
true
true
-0.22
1.05
-0.33
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-55
1
ECN1
DealerAxed
2
94
216
-291
Sector>limit
Reduce
Sector concentration above limit
152
Rotate into defensive sectors
C09164
CR1358
2025-09-11
Calm
83
371
3.5
1.7
1,816,049,494
Tech:18.0;Industrials:17.1;Comm:16.4;Consumer:34.4;Energy:14.1
US:65.6;EU:13.6;APAC:12.3;EMEA:2.9;LATAM:5.5
AA:17.9;BBB:17.0;BB:9.6;AAA:15.6;B:13.9;CCC:26.0
6.06
35.1
178
120
16.9
2.5
20
55
20
true
true
true
false
0.09
1.01
-0.37
Industrials:EW
Hedge
CDX_HY: +178bps notional
-23
-25
DealerA
All2All
4
90
249
-102
HYCap>limit
Rotate
High-yield share above policy cap
245
Escalate watchlist names
C09165
CR3369
2024-06-06
Calm
86
358
3.9
2.1
786,616,728
Tech:24.7;Healthcare:5.3;Financials:7.1;Materials:24.3;Energy:23.7;Consumer:14.9
US:69.1;EU:5.5;APAC:14.0;EMEA:7.7;LATAM:3.6
AA:27.6;AAA:18.2;BB:12.9;B:3.4;BBB:25.8;A:12.1
2.94
60.7
247
198
17.5
3.5
25
35
20
false
true
false
true
0.66
0.66
-0
null
Hedge
Options_Payer: +142bps notional
-21
-24
ECN2
DealerAxed
10
95
-120
-214
HYCap>limit
Hedge
High-yield share above policy cap
257
Tighten HY exposure bands
C09166
CR8209
2024-08-07
Tightening
109
496
4.5
1.3
2,047,847,432
Financials:21.4;Tech:23.3;Comm:55.3
US:60.1;EU:13.7;APAC:11.7;EMEA:11.1;LATAM:3.4
A:21.4;BBB:18.1;BB:4.8;CCC:23.4;AAA:23.5;AA:8.9
3.87
42.3
177
128
7.9
4
25
45
30
true
true
false
false
1.75
0.28
-0.28
RealEstate:EW
Hedge
iTraxx_MAIN: +56bps notional
16
40
ECN2
DealerAxed
8
97
183
42
HYCap>limit
Hedge
High-yield share above policy cap
122
Reviewed by risk; hedges staggered
C09167
CR4475
2025-04-21
Recovery
135
437
6.3
1.4
822,348,732
Energy:21.9;Tech:24.8;Healthcare:25.7;Comm:27.6
US:57.8;EU:13.1;APAC:13.5;EMEA:8.5;LATAM:7.2
AAA:43.8;BB:10.7;CCC:13.1;BBB:32.4
2.74
45.7
181
179
16.7
3.5
30
55
25
false
true
false
false
1.23
0.55
0.36
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-59
-21
DealerA
RFQ
9
93
-115
-453
HYCap>limit
Rotate
High-yield share above policy cap
105
Tighten HY exposure bands
C09168
CR1270
2024-10-18
Calm
83
377
3.5
2.8
667,738,248
RealEstate:21.4;Materials:13.6;Tech:21.3;Healthcare:15.0;Consumer:15.2;Financials:13.5
US:68.5;EU:12.0;APAC:4.6;EMEA:9.6;LATAM:5.4
A:41.8;B:12.5;CCC:10.1;AAA:35.6
3.82
40.5
210
292
10.2
2.5
25
55
35
false
true
false
true
1.34
1.08
0.09
null
Hedge
iTraxx_XOVER: +182bps notional
-31
12
DealerB
Electronic
5
87
117
-385
VAR>budget
Hedge
Portfolio VAR above budget
108
Reviewed by risk; hedges staggered
C09169
CR8779
2024-02-08
Calm
108
392
4.2
2.3
2,714,814,834
Healthcare:22.6;Comm:20.5;Consumer:35.4;Utilities:21.4
US:61.6;EU:16.2;APAC:13.8;EMEA:6.6;LATAM:1.8
CCC:7.3;AA:35.7;BBB:42.1;BB:14.9
1.5
55.5
177
185
6.8
2
35
55
20
true
true
true
false
0.91
-0.08
0.29
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
2
ECN1
Electronic
4
90
44
-339
HYCap>limit
Hedge
High-yield share above policy cap
144
Tighten HY exposure bands
C09170
CR4440
2025-07-12
Stress
229
760
6.4
0.7
607,047,903
Industrials:20.2;Consumer:21.4;Materials:21.0;Healthcare:10.5;Energy:26.9
US:63.9;EU:14.0;APAC:8.4;EMEA:10.1;LATAM:3.6
A:25.0;AA:18.0;BB:16.7;AAA:17.1;CCC:23.2
1.13
42.7
290
343
20.6
2.5
20
35
30
true
true
true
true
1.55
-0.15
0.21
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-3
40
DealerA
Electronic
11
95
157
-319
Region>limit
PauseAdds
Regional concentration above limit
142
Reviewed by risk; hedges staggered
C09171
CR2212
2025-05-31
Stress
217
583
6.5
-1.3
2,487,686,278
Consumer:31.7;Tech:30.6;RealEstate:18.1;Comm:19.6
US:73.8;EU:5.2;APAC:10.0;EMEA:3.1;LATAM:8.0
BBB:31.1;A:22.8;AA:26.5;B:19.7
2.45
64.9
376
260
17
4
20
45
35
true
true
false
true
1.32
-0.11
0.4
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
38
ECN1
All2All
5
95
-141
-42
Region>limit
Rotate
Regional concentration above limit
239
Rotate into defensive sectors
C09172
CR0849
2025-05-16
Calm
109
420
3.4
2.8
2,071,917,106
Tech:10.7;Materials:25.7;Consumer:30.3;Financials:20.7;Comm:12.6
US:66.1;EU:9.9;APAC:11.9;EMEA:6.4;LATAM:5.6
BB:11.7;A:17.6;B:10.7;AA:35.9;BBB:24.1
5.83
48
143
387
15.4
2
30
35
20
true
true
true
false
1.21
1.3
-0.11
Financials:EW;Comm:EW;Industrials:EW
Hedge
CDX_HY: +134bps notional
-19
42
DealerC
Electronic
11
88
-141
-247
VAR>budget
Rotate
Portfolio VAR above budget
193
Tighten HY exposure bands
C09173
CR7829
2024-09-17
Recovery
103
616
4.7
1.6
2,436,384,220
Comm:24.2;Energy:23.7;RealEstate:17.2;Healthcare:12.2;Financials:22.5
US:71.8;EU:11.6;APAC:5.8;EMEA:8.9;LATAM:1.9
B:7.4;A:10.0;AA:11.6;CCC:40.4;BBB:11.1;BB:19.5
6.57
29.6
236
512
2.8
3
25
55
25
false
true
true
true
-0.07
0.92
0.07
Materials:EW
Hedge
Treasury_Futures: +177bps notional
-13
-6
ECN1
RFQ
9
88
198
103
Region>limit
Reduce
Regional concentration above limit
183
Rotate into defensive sectors
C09174
CR7898
2024-10-02
Tightening
133
475
4.5
1.6
1,031,414,734
Materials:33.0;Utilities:11.1;Tech:21.3;Financials:8.0;RealEstate:26.6
US:65.9;EU:10.6;APAC:12.8;EMEA:6.3;LATAM:4.3
AA:18.4;A:13.6;BB:34.2;CCC:33.9
3.49
27.4
148
329
17.1
2.5
35
35
35
false
true
true
false
1.66
1.01
-0.38
null
Hedge
Treasury_Futures: +67bps notional
-19
-24
DealerC
RFQ
1
92
-51
44
Region>limit
Reduce
Regional concentration above limit
213
Rotate into defensive sectors
C09175
CR3459
2025-09-13
Calm
100
379
3.7
1.9
2,522,634,513
Healthcare:17.2;Industrials:22.2;Financials:6.7;Energy:29.4;RealEstate:24.5
US:74.8;EU:5.7;APAC:6.1;EMEA:6.6;LATAM:6.8
BB:20.5;AA:12.7;AAA:14.4;B:20.6;A:11.1;CCC:20.7
4.36
62
130
351
14.9
3
30
35
30
false
true
true
false
1.26
0.59
0.02
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
10
DealerC
RFQ
5
94
-98
-417
VAR>budget
Reduce
Portfolio VAR above budget
127
Defer adds pending macro print
C09176
CR0732
2025-11-21
Calm
104
383
3.2
2.6
2,214,335,104
Energy:26.4;Materials:23.5;Healthcare:50.1
US:78.2;EU:7.7;APAC:9.7;EMEA:4.1;LATAM:0.2
AA:50.2;CCC:12.3;B:14.8;BB:22.7
3.81
32.1
96
327
11.5
3
35
35
25
true
true
true
false
1.01
1.35
0.05
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
45
DealerA
RFQ
2
85
-31
-30
HYCap>limit
Reduce
High-yield share above policy cap
258
Escalate watchlist names
C09177
CR9195
2025-07-27
Calm
68
331
4.5
2.2
174,750,906
Healthcare:12.0;Utilities:25.6;Comm:25.5;Consumer:13.3;Tech:23.6
US:70.8;EU:12.6;APAC:10.4;EMEA:5.9;LATAM:0.4
CCC:26.0;A:18.6;AAA:6.4;B:27.8;BB:21.2
3.26
39.3
189
249
7.8
2.5
20
55
25
true
true
true
false
2.18
0.44
0.48
null
Rotate
From Energy -1.0% to Utilities +1.0%
2
-5
DealerC
RFQ
1
86
430
0
Region>limit
PauseAdds
Regional concentration above limit
127
Reviewed by risk; hedges staggered
C09178
CR7665
2024-02-03
Calm
73
358
4.5
2.1
817,990,870
Healthcare:34.2;Tech:49.6;Comm:16.2
US:59.9;EU:18.9;APAC:10.5;EMEA:4.7;LATAM:5.9
CCC:10.8;AAA:19.6;A:16.9;BB:12.5;AA:34.3;B:5.8
5.3
39.4
217
473
16.5
3.5
25
35
25
true
true
true
true
2.03
1.43
0.04
null
Rotate
From Energy -1.0% to Utilities +1.0%
-17
-12
DealerA
Electronic
2
90
-53
-340
HYCap>limit
Hedge
High-yield share above policy cap
92
Reviewed by risk; hedges staggered
C09179
CR4938
2024-06-28
Tightening
135
370
4
0.8
415,760,609
Financials:29.3;Industrials:22.7;RealEstate:28.8;Utilities:19.2
US:60.9;EU:12.6;APAC:11.5;EMEA:9.2;LATAM:5.8
AAA:13.3;CCC:25.6;BB:11.4;AA:27.1;A:22.5
7.01
58.1
185
480
10.5
2.5
20
55
35
true
true
true
false
-0.21
1.72
0.24
null
Hedge
iTraxx_MAIN: +141bps notional
-48
45
ECN2
Electronic
0
85
113
-292
VAR>budget
Reduce
Portfolio VAR above budget
242
Defer adds pending macro print
C09180
CR9503
2024-12-07
Tightening
110
419
4.8
1.8
575,604,715
Utilities:39.8;Industrials:35.6;Materials:24.6
US:76.9;EU:10.7;APAC:5.4;EMEA:4.9;LATAM:2.1
BBB:22.0;AA:15.5;B:10.1;AAA:11.3;A:21.4;CCC:19.6
4.11
24.1
214
316
5.9
3
20
55
35
true
true
false
true
2.4
1.43
0.56
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
-21
ECN1
DealerAxed
1
90
379
-297
Sector>limit
Rotate
Sector concentration above limit
184
Defer adds pending macro print
C09181
CR6402
2025-06-25
Tightening
134
353
3.9
0.8
2,175,654,952
Consumer:27.6;Financials:16.5;RealEstate:8.6;Materials:27.2;Energy:20.2
US:66.8;EU:15.1;APAC:5.8;EMEA:7.7;LATAM:4.6
BBB:9.8;AAA:30.6;BB:21.6;B:29.9;A:8.2
3.75
58.7
229
407
13.3
2
30
35
25
false
true
true
true
0.95
0.27
-0.33
RealEstate:EW;Industrials:EW;Comm:EW
Hedge
SingleName_CDS: +114bps notional
-56
41
ECN1
All2All
5
85
243
-282
HYCap>limit
Reduce
High-yield share above policy cap
179
Defer adds pending macro print
C09182
CR8382
2024-06-16
Stress
174
745
6.2
-0.2
2,194,961,014
Financials:21.3;Consumer:13.5;Industrials:21.9;RealEstate:20.1;Energy:23.2
US:61.6;EU:16.0;APAC:11.0;EMEA:4.9;LATAM:6.4
BBB:15.6;B:6.3;CCC:10.6;A:50.7;BB:16.7
1.37
53.5
311
289
8.9
2.5
30
45
25
false
true
true
true
1.02
0.55
-0.08
null
Rotate
From Energy -1.0% to Utilities +1.0%
-58
29
ECN2
DealerAxed
10
97
267
-30
Region>limit
Hedge
Regional concentration above limit
101
Tighten HY exposure bands
C09183
CR3739
2024-08-24
Calm
67
358
4.2
2.3
1,594,167,779
Financials:11.9;Energy:16.6;Healthcare:16.6;Consumer:20.0;Materials:14.5;Utilities:20.4
US:62.8;EU:16.0;APAC:13.0;EMEA:5.3;LATAM:2.8
CCC:24.3;BB:9.3;BBB:15.5;A:23.2;AAA:13.5;AA:14.2
2.75
32.5
172
469
9.7
4
35
45
30
false
true
true
false
2.42
1.17
0.01
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
-17
DealerA
All2All
10
97
-109
-393
VAR>budget
Hedge
Portfolio VAR above budget
162
Escalate watchlist names
C09184
CR2089
2025-06-05
Calm
98
418
4.4
2.1
601,734,506
Financials:33.2;Industrials:31.5;Tech:35.3
US:76.4;EU:7.1;APAC:6.3;EMEA:3.7;LATAM:6.5
A:13.2;AAA:35.5;AA:16.7;CCC:15.4;BBB:19.3
5.7
33.6
135
343
3.8
2
20
45
20
true
true
false
false
1.03
0.01
0.57
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
26
ECN2
RFQ
8
88
146
-32
HYCap>limit
Rotate
High-yield share above policy cap
174
Rotate into defensive sectors
C09185
CR1879
2025-02-18
Calm
120
344
3.8
2.9
1,686,291,861
Tech:34.2;Financials:28.0;RealEstate:37.7
US:71.8;EU:7.2;APAC:13.0;EMEA:6.0;LATAM:2.0
AA:17.8;AAA:17.6;BBB:14.5;A:17.1;B:32.9
2.03
37.4
182
401
12.7
3
35
55
35
true
true
false
false
-0.19
-0.29
-0.2
Utilities:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-22
-1
DealerB
All2All
5
90
189
152
Region>limit
Hedge
Regional concentration above limit
130
Tighten HY exposure bands
C09186
CR4663
2025-11-22
Recovery
117
568
6
-0.2
1,546,644,338
Tech:45.3;Comm:34.1;Healthcare:20.6
US:69.2;EU:12.2;APAC:9.8;EMEA:8.0;LATAM:0.8
BB:13.8;CCC:32.7;AAA:39.1;A:14.4
6.12
39.7
130
190
6.3
2.5
20
45
35
true
true
true
false
-0.38
1.63
0.37
Tech:EW;Financials:EW;Comm:EW
Hedge
iTraxx_XOVER: +80bps notional
-46
30
DealerA
All2All
2
100
1
-42
Region>limit
Reduce
Regional concentration above limit
247
Reviewed by risk; hedges staggered
C09187
CR3897
2025-01-26
Calm
114
314
3.7
2.7
545,080,385
Financials:14.5;RealEstate:10.6;Consumer:9.2;Utilities:35.2;Comm:30.6
US:56.4;EU:13.7;APAC:15.7;EMEA:12.7;LATAM:1.5
BBB:21.5;AAA:37.0;BB:20.5;B:21.0
7.03
50.8
87
397
3.2
2.5
20
45
30
true
true
true
false
-0
-0.27
-0.02
Utilities:EW
Hedge
iTraxx_MAIN: +128bps notional
-17
21
DealerB
DealerAxed
2
86
231
95
HYCap>limit
Hedge
High-yield share above policy cap
229
Escalate watchlist names
C09188
CR1546
2025-10-18
Stress
144
744
8.2
-1.2
2,975,789,889
Industrials:46.1;Comm:14.9;Utilities:39.0
US:57.7;EU:20.4;APAC:6.4;EMEA:10.8;LATAM:4.6
AAA:11.8;BBB:13.8;B:8.1;CCC:18.6;AA:32.0;A:15.7
5.04
37.4
240
533
23.1
3.5
25
45
30
true
true
false
true
2.29
1.27
-0.26
Tech:EW;Comm:EW
Hedge
iTraxx_XOVER: +187bps notional
-58
11
ECN1
RFQ
6
98
-13
-72
HYCap>limit
PauseAdds
High-yield share above policy cap
248
Rotate into defensive sectors
C09189
CR2981
2024-12-01
Recovery
102
517
5.1
1.7
671,738,747
Comm:25.6;Tech:11.2;Materials:8.5;RealEstate:21.6;Industrials:23.3;Utilities:9.9
US:75.3;EU:6.5;APAC:7.1;EMEA:10.9;LATAM:0.2
AAA:23.6;CCC:24.1;AA:16.3;A:35.9
5.51
33.5
144
122
7.9
4
35
55
30
false
true
false
false
0.67
0.28
0.13
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
17
DealerB
RFQ
7
96
266
-248
Sector>limit
Hedge
Sector concentration above limit
138
Defer adds pending macro print
C09190
CR6334
2024-09-19
Recovery
130
505
4.9
0.9
182,768,452
Energy:22.1;Utilities:21.9;Materials:8.2;Industrials:12.5;RealEstate:14.6;Consumer:20.6
US:66.3;EU:12.1;APAC:6.2;EMEA:10.5;LATAM:5.0
AA:22.3;CCC:9.7;AAA:27.8;A:31.0;B:9.2
5.68
47.6
108
393
6.7
3
25
35
20
false
true
false
false
-0.08
1.64
-0.27
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-57
44
ECN2
Electronic
2
97
210
-108
VAR>budget
Reduce
Portfolio VAR above budget
247
Defer adds pending macro print
C09191
CR3821
2025-11-06
Tightening
142
353
4.2
1.5
820,717,884
RealEstate:23.9;Energy:12.6;Healthcare:18.1;Materials:23.9;Comm:21.5
US:65.0;EU:13.4;APAC:7.1;EMEA:9.5;LATAM:5.0
CCC:6.8;AA:23.0;BB:12.0;BBB:10.9;A:31.3;AAA:16.0
3.5
49.6
240
124
14.6
2.5
25
35
35
false
true
false
true
0.92
0.16
-0.27
Financials:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
-12
DealerA
Electronic
7
85
188
-396
VAR>budget
Reduce
Portfolio VAR above budget
184
Defer adds pending macro print
C09192
CR4724
2024-06-26
Calm
105
293
3.2
2
1,580,688,866
Comm:25.2;RealEstate:49.6;Consumer:25.3
US:65.6;EU:9.1;APAC:7.0;EMEA:12.0;LATAM:6.3
AAA:23.8;CCC:6.2;A:25.6;AA:14.9;BB:8.5;BBB:20.9
3.28
26.2
83
136
11.8
3
20
45
30
true
true
false
false
1.78
0.68
0.3
Materials:EW;Comm:EW;Tech:EW
Hedge
Options_Payer: +138bps notional
-2
6
DealerB
RFQ
3
93
67
83
VAR>budget
Rotate
Portfolio VAR above budget
172
Reviewed by risk; hedges staggered
C09193
CR9740
2025-07-09
Tightening
140
368
5.2
0.9
1,085,514,455
Energy:17.3;Consumer:30.7;Comm:30.7;Financials:21.4
US:65.9;EU:14.8;APAC:7.2;EMEA:10.4;LATAM:1.8
A:37.0;B:12.4;CCC:14.6;BB:9.8;AA:26.2
1.49
22.5
245
356
6
2.5
25
55
25
true
true
true
true
0.58
0.28
-0.08
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
1
DealerA
RFQ
9
86
106
-115
Sector>limit
PauseAdds
Sector concentration above limit
196
Escalate watchlist names
C09194
CR8732
2024-08-19
Calm
73
409
4.1
1.6
1,746,375,799
Industrials:28.2;Materials:34.1;Utilities:37.7
US:72.2;EU:10.8;APAC:6.0;EMEA:10.9;LATAM:0.2
A:29.6;AAA:31.7;CCC:17.3;B:21.4
1.7
59.8
233
127
17.1
3
25
55
25
true
true
true
true
2.2
0.15
0.21
null
Hedge
Options_Payer: +192bps notional
-16
-4
ECN2
All2All
5
85
189
-154
Sector>limit
Reduce
Sector concentration above limit
145
Defer adds pending macro print
C09195
CR7013
2024-11-23
Stress
164
616
7.2
0.4
1,452,376,050
Tech:37.9;Utilities:42.1;Consumer:20.0
US:66.3;EU:12.9;APAC:6.1;EMEA:7.9;LATAM:6.8
B:10.7;AA:8.7;BBB:9.5;CCC:27.4;A:26.6;AAA:17.0
6.92
57.8
196
578
16.5
2
35
35
20
true
true
true
false
0.77
1.48
-0.1
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
31
DealerA
DealerAxed
1
89
-17
-211
Region>limit
Hedge
Regional concentration above limit
174
Escalate watchlist names
C09196
CR6009
2025-11-11
Calm
70
390
3.8
2.1
2,135,428,583
Industrials:17.5;Healthcare:24.7;Utilities:19.0;Energy:38.8
US:63.7;EU:10.8;APAC:8.0;EMEA:9.3;LATAM:8.2
A:41.2;BB:13.9;AA:33.5;CCC:11.4
5.88
29.7
259
155
15.4
2.5
20
45
35
true
true
false
true
2.18
0.13
-0.02
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
3
12
DealerC
RFQ
1
97
-109
-193
Sector>limit
Rotate
Sector concentration above limit
179
Escalate watchlist names
C09197
CR1266
2025-01-14
Stress
149
659
7.2
0.5
667,436,040
Consumer:34.0;Healthcare:15.4;Industrials:13.7;RealEstate:36.9
US:73.7;EU:7.3;APAC:9.6;EMEA:5.7;LATAM:3.7
BB:10.7;AAA:37.2;A:20.6;BBB:31.5
2.34
38.5
167
376
12.1
4
30
55
30
true
true
false
false
-0.02
0.91
-0.13
Energy:EW
Hedge
Treasury_Futures: +198bps notional
-58
25
ECN2
Electronic
0
89
-47
95
Region>limit
Rotate
Regional concentration above limit
169
Tighten HY exposure bands
C09198
CR3975
2025-03-01
Recovery
116
454
5.2
1.8
1,045,822,472
Consumer:11.7;Industrials:16.3;Materials:28.3;Energy:43.8
US:66.8;EU:14.0;APAC:10.0;EMEA:7.2;LATAM:2.0
CCC:30.7;AAA:35.6;BB:18.3;AA:15.5
6.64
21.4
86
245
11
2
20
45
30
true
true
true
false
-0.23
-0.01
0
null
Hedge
Treasury_Futures: +171bps notional
1
19
DealerC
All2All
9
100
245
-93
Region>limit
Reduce
Regional concentration above limit
231
Escalate watchlist names
C09199
CR1239
2025-05-12
Stress
143
825
6.9
0.2
2,763,240,156
Comm:22.4;Industrials:24.3;Healthcare:5.9;RealEstate:22.1;Consumer:12.7;Energy:12.6
US:74.7;EU:8.2;APAC:8.4;EMEA:4.6;LATAM:4.1
AAA:31.3;A:23.6;BBB:29.1;AA:15.9
6.38
55.7
241
416
13.5
4
35
55
35
false
true
false
true
2.44
0.24
0.44
Energy:EW
Hedge
Treasury_Futures: +85bps notional
-50
-16
DealerA
Electronic
7
92
-164
-229
HYCap>limit
Hedge
High-yield share above policy cap
149
Tighten HY exposure bands
C09200
CR4385
2025-07-09
Calm
114
407
3.9
2.9
77,254,069
Materials:12.5;Utilities:34.4;Industrials:7.8;Healthcare:24.6;Financials:20.7
US:59.4;EU:15.0;APAC:11.1;EMEA:8.8;LATAM:5.6
A:24.6;CCC:18.4;BB:36.0;AA:8.8;B:12.3
0.48
52.2
247
275
12.9
2
35
35
35
false
true
true
true
1.21
0.05
0.16
RealEstate:EW;Comm:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
20
6
ECN2
All2All
9
96
430
15
Sector>limit
Hedge
Sector concentration above limit
157
Escalate watchlist names