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
C09201
CR1950
2024-03-20
Recovery
141
628
5.7
0.5
2,615,619,747
RealEstate:22.1;Consumer:21.0;Financials:19.6;Utilities:17.2;Healthcare:4.9;Tech:15.2
US:69.1;EU:9.9;APAC:10.6;EMEA:3.9;LATAM:6.5
BB:5.0;B:13.9;AA:19.0;CCC:16.7;AAA:28.0;A:17.5
5.49
36
107
359
4.5
2
35
35
35
false
true
true
false
1.77
1.13
0.02
null
Hedge
iTraxx_XOVER: +176bps notional
-19
31
DealerA
RFQ
12
93
380
-380
Sector>limit
Rotate
Sector concentration above limit
237
Escalate watchlist names
C09202
CR6731
2025-12-18
Calm
101
298
4.2
2.4
137,281,288
Tech:34.5;Utilities:30.7;RealEstate:34.8
US:69.8;EU:9.7;APAC:11.8;EMEA:3.5;LATAM:5.2
AA:18.1;BBB:28.9;A:39.3;BB:13.7
4.23
64.6
110
442
6.3
3
30
35
25
true
true
false
false
2.29
1.29
-0.08
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
-20
ECN1
RFQ
2
97
76
-291
VAR>budget
Rotate
Portfolio VAR above budget
255
Escalate watchlist names
C09203
CR1222
2024-08-03
Stress
177
662
7.8
-1.5
761,772,118
Industrials:25.9;Utilities:21.7;Healthcare:24.6;Energy:6.6;RealEstate:21.2
US:64.6;EU:10.7;APAC:11.2;EMEA:9.1;LATAM:4.4
CCC:11.3;B:29.8;AA:30.2;BBB:28.6
4.84
46.2
386
488
5.5
3.5
25
45
20
true
true
true
true
1.44
1.28
-0.05
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-22
6
ECN1
All2All
4
99
330
132
HYCap>limit
Rotate
High-yield share above policy cap
95
Rotate into defensive sectors
C09204
CR3537
2025-08-23
Tightening
144
374
4.3
2
1,182,455,347
Materials:32.9;Industrials:39.3;Utilities:27.8
US:65.0;EU:16.0;APAC:6.0;EMEA:12.4;LATAM:0.5
CCC:15.3;BBB:17.0;B:30.7;AA:10.6;A:13.3;AAA:13.1
5.33
34.3
238
220
14.9
3
25
45
25
true
true
true
true
1.97
0.62
0.33
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
9
18
ECN1
RFQ
8
99
262
-314
Sector>limit
Hedge
Sector concentration above limit
175
Tighten HY exposure bands
C09205
CR4601
2025-01-07
Calm
77
375
4.3
2.6
1,714,019,309
Industrials:16.7;RealEstate:63.7;Utilities:19.6
US:58.6;EU:17.7;APAC:12.2;EMEA:7.0;LATAM:4.4
BBB:29.5;AAA:27.8;A:33.4;CCC:9.2
3.28
42.7
95
185
15
2.5
25
55
20
true
true
false
false
-0.04
0.72
0.02
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
30
DealerB
RFQ
4
95
369
-361
Region>limit
Hedge
Regional concentration above limit
255
Reviewed by risk; hedges staggered
C09206
CR5332
2024-07-09
Calm
83
343
3.6
2.6
447,436,680
Comm:7.9;Industrials:24.9;Healthcare:26.4;Financials:7.2;Utilities:33.6
US:64.8;EU:13.6;APAC:11.7;EMEA:9.0;LATAM:1.0
BB:18.7;BBB:35.7;B:31.8;A:13.7
1.14
57.5
176
348
6.4
3.5
30
35
20
true
true
true
false
2.49
1.29
0.07
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
16
DealerA
DealerAxed
10
90
257
-130
VAR>budget
Rotate
Portfolio VAR above budget
97
Defer adds pending macro print
C09207
CR7812
2025-05-28
Calm
94
295
3.3
2.2
2,403,392,744
Utilities:17.1;Industrials:20.9;Energy:35.4;Financials:26.5
US:57.3;EU:20.7;APAC:6.5;EMEA:9.2;LATAM:6.3
CCC:27.8;BB:16.2;B:13.7;AA:25.3;BBB:17.0
6.18
25.3
82
125
8.6
2
35
35
25
true
true
true
false
0.65
0.02
-0.19
null
Hedge
CDX_HY: +79bps notional
1
38
DealerC
All2All
8
98
-116
-342
Region>limit
Hedge
Regional concentration above limit
255
Rotate into defensive sectors
C09208
CR5481
2024-03-03
Calm
91
367
4.2
1.9
2,394,890,607
Industrials:17.3;Materials:18.7;Healthcare:22.9;Comm:22.4;Tech:18.6
US:61.2;EU:17.8;APAC:14.9;EMEA:5.3;LATAM:0.9
A:29.9;CCC:25.2;BB:9.1;AA:22.4;AAA:13.4
5.85
49.8
134
474
2.1
3.5
30
45
35
false
true
false
false
0.68
0.48
0.48
Materials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
-15
DealerA
DealerAxed
7
100
-75
22
Sector>limit
PauseAdds
Sector concentration above limit
255
Escalate watchlist names
C09209
CR9594
2024-04-26
Recovery
165
647
5.3
0.6
1,712,702,983
Utilities:30.7;Industrials:12.5;Comm:25.6;Tech:31.3
US:62.6;EU:19.2;APAC:5.2;EMEA:6.1;LATAM:7.0
A:44.1;B:5.8;BB:24.5;AA:25.7
6.24
25.6
176
207
7.3
2.5
35
55
35
false
true
false
false
2.17
1.61
0.51
Comm:EW
Hedge
SingleName_CDS: +109bps notional
14
20
ECN2
DealerAxed
0
89
52
-67
Sector>limit
Reduce
Sector concentration above limit
104
Escalate watchlist names
C09210
CR6404
2025-01-13
Calm
85
393
4.2
1.6
1,334,591,391
Comm:22.0;Consumer:23.0;Healthcare:16.2;Utilities:13.1;RealEstate:18.5;Tech:7.3
US:60.4;EU:16.8;APAC:11.7;EMEA:6.3;LATAM:4.7
BBB:26.1;BB:5.9;B:15.9;AA:35.0;CCC:17.1
6.68
51.7
255
460
10.3
3
30
45
30
false
true
true
true
1.16
-0.08
0.44
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
39
ECN2
Electronic
2
99
338
38
VAR>budget
Hedge
Portfolio VAR above budget
247
Reviewed by risk; hedges staggered
C09211
CR7031
2025-08-21
Tightening
109
419
4.4
1.5
1,882,987,223
Energy:57.3;Healthcare:17.0;Tech:25.7
US:61.8;EU:18.0;APAC:8.1;EMEA:7.0;LATAM:5.2
BB:23.9;A:35.0;BBB:16.7;AAA:24.4
3.97
27.4
144
346
5.2
2.5
20
55
25
true
true
false
false
1.48
0.94
0.59
null
Rotate
From Energy -1.0% to Utilities +1.0%
5
43
DealerB
RFQ
6
96
10
-417
Sector>limit
Hedge
Sector concentration above limit
154
Tighten HY exposure bands
C09212
CR2692
2025-10-13
Calm
105
391
4.3
1.9
881,320,621
Energy:30.9;Materials:27.0;Financials:30.0;Utilities:12.2
US:57.6;EU:17.5;APAC:8.8;EMEA:9.6;LATAM:6.5
B:3.3;CCC:9.6;BBB:44.5;BB:11.1;AAA:31.5
6.18
22.5
172
212
15.7
2
25
55
25
true
true
false
false
1.26
0.64
-0.4
Energy:EW;Consumer:EW
Hedge
Treasury_Futures: +108bps notional
-54
-10
DealerC
DealerAxed
9
91
-137
135
HYCap>limit
Reduce
High-yield share above policy cap
127
Reviewed by risk; hedges staggered
C09213
CR9654
2025-05-07
Tightening
158
442
4.7
1
2,790,064,878
RealEstate:7.1;Energy:8.0;Utilities:28.2;Healthcare:23.5;Industrials:33.2
US:69.3;EU:8.8;APAC:13.7;EMEA:6.7;LATAM:1.5
BB:13.0;AAA:9.5;A:35.2;CCC:8.4;AA:26.2;B:7.8
5.78
36.8
223
316
11.4
2.5
30
35
25
true
true
true
true
1.67
-0.16
0.17
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-22
-25
ECN1
All2All
9
94
188
-428
HYCap>limit
Rotate
High-yield share above policy cap
156
Rotate into defensive sectors
C09214
CR9001
2024-03-29
Stress
140
703
7.2
-2
942,840,614
Materials:53.6;Industrials:16.0;Energy:30.4
US:67.5;EU:8.4;APAC:7.7;EMEA:12.2;LATAM:4.2
AAA:24.2;B:14.0;A:28.5;CCC:10.0;BB:8.9;AA:14.3
7.24
57.1
227
338
16.1
3
35
55
20
true
true
true
true
1.41
1.2
0.43
null
Hedge
SingleName_CDS: +154bps notional
-37
7
ECN2
Electronic
12
86
-76
-396
Region>limit
Reduce
Regional concentration above limit
203
Rotate into defensive sectors
C09215
CR2845
2024-09-09
Recovery
146
633
6.4
-0.3
1,802,668,323
Healthcare:27.0;RealEstate:36.7;Materials:36.3
US:53.8;EU:20.5;APAC:9.6;EMEA:8.6;LATAM:7.5
BBB:30.1;BB:18.4;A:16.9;AAA:34.6
6.34
36
144
501
8.2
3
25
35
30
true
true
false
false
1.09
0.25
0.15
Comm:EW;Healthcare:EW
Hedge
iTraxx_MAIN: +126bps notional
-19
6
ECN2
DealerAxed
2
94
109
-31
Region>limit
Reduce
Regional concentration above limit
192
Defer adds pending macro print
C09216
CR9973
2025-06-27
Recovery
104
645
6
-0
1,436,618,156
Financials:18.7;Consumer:28.2;Comm:15.2;Utilities:23.8;Materials:14.1
US:70.1;EU:7.7;APAC:6.9;EMEA:14.5;LATAM:0.8
B:24.2;CCC:26.2;AA:16.1;BBB:11.1;BB:22.4
6.16
24.5
242
218
3
2.5
35
35
25
false
true
true
true
0.31
0.56
0.24
Utilities:EW;Materials:EW;Industrials:EW
Hedge
SingleName_CDS: +77bps notional
-43
-18
DealerC
RFQ
5
99
-194
-406
Sector>limit
Reduce
Sector concentration above limit
130
Rotate into defensive sectors
C09217
CR8172
2025-02-15
Tightening
96
358
4.8
1.6
2,173,021,551
Industrials:24.9;Materials:18.0;Tech:13.5;Comm:7.9;Healthcare:9.8;Energy:25.9
US:63.5;EU:15.4;APAC:8.1;EMEA:9.3;LATAM:3.8
B:28.7;BBB:14.1;AAA:28.6;CCC:28.6
1.59
48.2
222
206
2.4
2
20
55
20
true
true
true
true
-0.27
0.91
0.2
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-17
45
DealerB
RFQ
4
99
116
-121
Sector>limit
Hedge
Sector concentration above limit
135
Escalate watchlist names
C09218
CR0452
2024-03-08
Tightening
108
415
4.4
0.5
2,602,157,126
RealEstate:20.0;Materials:22.2;Energy:5.7;Tech:11.4;Financials:21.0;Consumer:19.7
US:62.5;EU:17.7;APAC:7.8;EMEA:9.4;LATAM:2.5
B:18.3;A:25.2;AA:20.3;BBB:19.2;CCC:17.0
5.65
26.8
168
339
8.3
4
30
45
20
false
true
true
false
2.46
0.42
0.11
null
Hedge
CDX_IG: +83bps notional
-33
-8
DealerA
Electronic
2
86
-176
-390
VAR>budget
Hedge
Portfolio VAR above budget
258
Escalate watchlist names
C09219
CR7887
2025-03-07
Tightening
153
502
3.9
0.7
813,343,006
Financials:18.0;RealEstate:14.1;Energy:17.9;Comm:21.6;Tech:15.9;Utilities:12.4
US:63.1;EU:11.5;APAC:11.7;EMEA:10.1;LATAM:3.6
BB:13.1;CCC:18.9;A:31.7;BBB:36.3
0.91
43.9
121
142
15.5
2.5
30
35
30
false
true
true
false
0.56
0.93
0.45
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
-1
DealerA
Electronic
9
85
304
-239
Region>limit
Rotate
Regional concentration above limit
241
Defer adds pending macro print
C09220
CR1598
2024-02-10
Tightening
143
407
4.1
1.1
425,579,923
Financials:21.4;Tech:16.4;Utilities:18.8;Materials:19.4;Energy:23.9
US:63.0;EU:14.6;APAC:6.9;EMEA:12.5;LATAM:3.0
AAA:15.6;AA:30.0;A:23.7;BBB:20.9;BB:4.5;CCC:5.3
3.5
58.4
222
264
8.9
2
35
45
35
false
true
false
true
0.62
0.36
0.54
Healthcare:EW
Hedge
CDX_IG: +52bps notional
-3
-23
ECN2
All2All
9
91
-12
181
Sector>limit
Reduce
Sector concentration above limit
128
Escalate watchlist names
C09221
CR5711
2024-08-05
Calm
85
289
4
2.7
2,195,635,699
Tech:35.2;RealEstate:26.8;Utilities:38.0
US:68.2;EU:10.2;APAC:13.3;EMEA:4.0;LATAM:4.2
B:31.8;A:22.2;AAA:12.7;BB:33.3
3.92
33.6
208
399
3.9
3.5
35
55
20
true
true
true
true
2.37
1.57
0.23
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
-20
ECN2
Electronic
1
85
-76
-333
Region>limit
Hedge
Regional concentration above limit
90
Reviewed by risk; hedges staggered
C09222
CR3224
2024-07-24
Recovery
149
427
4.5
1
1,096,076,601
Materials:43.8;Energy:14.0;Tech:16.7;RealEstate:25.5
US:64.8;EU:17.8;APAC:6.2;EMEA:3.3;LATAM:7.8
AA:31.6;AAA:34.3;BB:18.5;B:15.6
5.39
48.6
124
475
12.8
3.5
20
35
20
true
true
true
false
0.76
1.52
-0.31
Financials:EW
Hedge
CDX_IG: +56bps notional
-24
23
DealerB
DealerAxed
4
93
66
-49
Region>limit
Hedge
Regional concentration above limit
220
Defer adds pending macro print
C09223
CR0695
2024-10-11
Calm
92
392
3.7
1.6
487,739,879
Energy:34.1;Comm:31.5;RealEstate:34.5
US:65.9;EU:20.9;APAC:8.0;EMEA:5.3;LATAM:0.0
CCC:22.6;B:16.1;AA:15.3;A:18.9;AAA:27.0
1.84
28.9
134
383
7.7
4
20
35
35
true
true
true
false
0.46
0.72
0.58
Financials:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-29
43
DealerC
DealerAxed
6
89
88
129
Sector>limit
Reduce
Sector concentration above limit
201
Defer adds pending macro print
C09224
CR3322
2024-03-09
Recovery
171
455
5
1.5
2,242,411,382
Consumer:5.2;Comm:21.3;Materials:13.8;Healthcare:21.6;Industrials:21.2;RealEstate:16.9
US:65.2;EU:8.1;APAC:9.8;EMEA:8.8;LATAM:8.1
B:19.5;A:21.2;BB:4.7;BBB:22.0;AAA:12.8;AA:19.8
4.6
46.1
202
168
7.1
3
25
35
25
false
true
false
true
1.02
1.59
0.18
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
13
17
ECN2
RFQ
8
90
-34
-189
HYCap>limit
Reduce
High-yield share above policy cap
178
Reviewed by risk; hedges staggered
C09225
CR1849
2025-06-23
Recovery
155
533
6.2
-0.2
1,068,799,222
Materials:24.4;Tech:43.7;Industrials:14.8;Consumer:17.1
US:64.5;EU:10.2;APAC:7.6;EMEA:10.8;LATAM:6.8
BBB:19.3;BB:4.8;B:26.3;AA:33.4;CCC:16.3
1.06
20.5
254
194
6.4
3.5
20
55
35
true
true
true
true
-0.22
1.54
0.28
RealEstate:EW;Energy:EW
Hedge
iTraxx_XOVER: +158bps notional
-51
-5
ECN1
RFQ
12
97
231
-311
Sector>limit
Hedge
Sector concentration above limit
113
Escalate watchlist names
C09226
CR3225
2025-09-04
Calm
94
359
4.1
2
1,045,886,759
Comm:21.6;Industrials:15.5;Materials:17.8;Healthcare:8.4;Energy:9.8;Tech:26.8
US:65.5;EU:9.1;APAC:10.5;EMEA:13.3;LATAM:1.6
BB:14.2;AAA:7.1;BBB:16.9;B:15.1;CCC:25.8;A:20.9
3.66
38.5
82
380
12.6
2.5
30
55
20
false
true
true
false
2.29
0.72
-0.09
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
-18
DealerB
All2All
9
88
-173
-371
HYCap>limit
Rotate
High-yield share above policy cap
162
Defer adds pending macro print
C09227
CR1561
2025-05-17
Recovery
175
434
5.6
0.3
811,429,565
Industrials:20.3;RealEstate:18.3;Comm:18.6;Tech:23.8;Healthcare:19.0
US:73.7;EU:4.8;APAC:5.5;EMEA:10.2;LATAM:5.8
A:12.3;AAA:21.2;CCC:27.7;AA:11.4;BB:27.5
2.55
58.4
128
135
4.4
4
30
35
30
false
true
true
false
1.11
0.89
-0.38
null
Hedge
SingleName_CDS: +53bps notional
-41
2
DealerB
Electronic
5
91
-41
-288
VAR>budget
Reduce
Portfolio VAR above budget
248
Defer adds pending macro print
C09228
CR0617
2025-06-10
Stress
156
745
6
-1.7
355,010,326
Tech:27.6;Materials:26.8;Consumer:11.8;Comm:22.3;Energy:11.5
US:71.6;EU:16.0;APAC:5.0;EMEA:5.9;LATAM:1.5
CCC:10.9;AA:24.5;A:18.9;BB:11.1;AAA:12.9;BBB:21.7
6.07
25.1
284
277
8.1
3
35
55
25
false
true
false
true
1.87
0.18
-0.24
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-23
34
DealerA
Electronic
7
85
321
-51
Region>limit
Rotate
Regional concentration above limit
179
Rotate into defensive sectors
C09229
CR3175
2025-08-02
Recovery
134
645
5.1
0.7
175,151,873
Industrials:27.8;Healthcare:26.1;Comm:27.1;Financials:19.0
US:62.3;EU:14.6;APAC:9.3;EMEA:9.4;LATAM:4.4
BB:14.9;BBB:40.5;CCC:6.1;B:7.1;AA:31.3
3.43
40.5
273
425
13.4
2.5
30
55
35
false
true
false
true
2.32
1.09
-0.35
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
40
DealerC
DealerAxed
4
92
418
-217
VAR>budget
Reduce
Portfolio VAR above budget
177
Defer adds pending macro print
C09230
CR1619
2024-07-14
Calm
101
283
4.1
2.4
1,891,401,326
Industrials:19.9;Tech:20.9;Utilities:20.5;Materials:10.3;Consumer:11.4;Energy:17.0
US:65.2;EU:15.8;APAC:12.2;EMEA:3.6;LATAM:3.3
A:32.6;BBB:16.3;B:30.3;BB:20.8
1.49
30.2
219
427
4.8
4
35
45
35
false
true
true
true
2.43
0
0.25
Energy:EW
Hedge
iTraxx_MAIN: +96bps notional
-29
-8
ECN2
Electronic
10
98
-216
-467
Sector>limit
Hedge
Sector concentration above limit
112
Escalate watchlist names
C09231
CR2844
2025-07-03
Calm
86
389
4.1
2.2
930,436,431
Tech:12.3;Utilities:19.2;Energy:24.9;RealEstate:23.7;Comm:20.0
US:64.7;EU:7.7;APAC:14.2;EMEA:8.3;LATAM:5.0
BBB:26.7;AAA:11.6;B:10.0;CCC:16.8;BB:12.6;AA:22.3
7.18
24.6
185
453
13.9
4
35
55
30
false
true
true
false
1.39
0.32
0.38
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
39
ECN1
RFQ
2
91
188
-438
Sector>limit
Hedge
Sector concentration above limit
183
Reviewed by risk; hedges staggered
C09232
CR3625
2025-11-30
Tightening
98
351
4.3
1.3
2,475,887,926
Materials:26.2;Healthcare:13.2;Tech:38.5;RealEstate:22.1
US:63.4;EU:14.8;APAC:12.3;EMEA:8.6;LATAM:0.9
CCC:5.5;AAA:16.1;B:5.9;AA:30.7;A:34.2;BB:7.6
2.24
26.3
216
354
16.8
4
25
45
25
true
true
false
true
0.79
0.59
0.39
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
4
39
ECN1
Electronic
8
97
386
-162
HYCap>limit
Hedge
High-yield share above policy cap
254
Escalate watchlist names
C09233
CR3516
2024-06-13
Tightening
110
410
5
1.3
255,626,037
Consumer:5.6;Tech:11.2;Healthcare:23.5;Materials:24.4;Energy:12.5;Industrials:22.9
US:60.9;EU:15.2;APAC:11.7;EMEA:10.4;LATAM:1.8
AAA:16.3;B:11.8;AA:22.0;A:7.8;BBB:10.7;CCC:31.4
2.86
59.3
132
182
2.2
3
30
45
25
false
true
true
false
0.83
1.22
0.4
null
Hedge
CDX_HY: +188bps notional
-54
-13
ECN1
All2All
7
96
169
-353
Region>limit
Hedge
Regional concentration above limit
258
Rotate into defensive sectors
C09234
CR5277
2024-10-13
Calm
68
319
3.4
1.8
333,112,505
Tech:6.5;Materials:28.1;Financials:24.3;Consumer:9.5;Comm:19.0;Industrials:12.7
US:61.5;EU:11.5;APAC:11.5;EMEA:9.7;LATAM:5.8
A:14.0;BB:10.7;AA:22.5;AAA:23.1;B:9.8;BBB:19.9
5.7
45.2
180
154
15.4
4
25
35
20
true
true
true
false
0.94
0.27
-0.03
Utilities:EW
Hedge
iTraxx_MAIN: +160bps notional
-55
-4
DealerC
Electronic
7
91
279
-191
Sector>limit
Hedge
Sector concentration above limit
242
Escalate watchlist names
C09235
CR1672
2025-03-19
Tightening
110
502
4.7
1.8
2,065,543,254
RealEstate:19.5;Energy:43.0;Materials:37.5
US:71.3;EU:11.2;APAC:7.0;EMEA:4.4;LATAM:6.1
BBB:24.8;B:19.0;CCC:17.7;A:38.5
2.1
56.9
225
457
9.4
4
25
35
20
true
true
true
true
0.73
0.38
-0.23
null
Hedge
Options_Payer: +169bps notional
9
25
ECN1
All2All
3
92
294
151
Sector>limit
Rotate
Sector concentration above limit
206
Defer adds pending macro print
C09236
CR8228
2025-03-04
Tightening
133
408
4.5
2
2,947,660,183
Financials:25.6;Comm:26.1;Materials:27.1;Healthcare:21.2
US:66.6;EU:14.3;APAC:10.1;EMEA:4.2;LATAM:4.8
AAA:21.0;AA:8.9;CCC:17.8;A:18.3;BB:18.4;BBB:15.7
1.54
30.2
252
294
3.2
2
30
55
20
false
true
true
true
2.33
1.42
-0.08
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
14
ECN1
RFQ
8
91
-103
-91
HYCap>limit
Rotate
High-yield share above policy cap
118
Defer adds pending macro print
C09237
CR8406
2025-08-16
Tightening
120
515
5
1.4
372,361,593
Tech:18.2;Comm:56.2;RealEstate:25.6
US:59.0;EU:13.8;APAC:14.6;EMEA:8.7;LATAM:3.8
BBB:15.7;AA:24.7;BB:4.8;AAA:7.8;CCC:26.4;B:20.6
3.14
23.9
268
482
17.3
2
30
55
25
true
true
true
true
0.03
1.26
0.44
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-12
-20
DealerC
All2All
5
88
52
46
Sector>limit
Reduce
Sector concentration above limit
240
Reviewed by risk; hedges staggered
C09238
CR4037
2024-10-25
Stress
210
643
6.6
-1.5
1,188,107,662
Comm:33.5;Utilities:26.5;Tech:27.9;Industrials:12.0
US:72.7;EU:10.2;APAC:8.0;EMEA:5.8;LATAM:3.4
BB:8.9;CCC:29.0;AA:12.5;A:22.9;BBB:26.7
5.54
28.3
283
665
15.9
4
35
35
25
false
true
true
true
0.26
-0.19
0.24
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
-4
DealerA
Electronic
11
88
231
-52
HYCap>limit
Rotate
High-yield share above policy cap
191
Tighten HY exposure bands
C09239
CR9807
2025-06-01
Calm
105
341
4.3
1.8
184,219,495
Consumer:12.8;Materials:21.3;Utilities:19.8;Financials:23.1;Comm:23.1
US:64.3;EU:14.9;APAC:8.5;EMEA:12.1;LATAM:0.2
BBB:32.2;A:24.7;AA:14.6;CCC:28.4
6.53
65
266
453
15.5
3.5
25
55
30
false
true
false
true
1.71
0.36
0.42
Consumer:EW;Tech:EW
Hedge
CDX_IG: +193bps notional
-40
5
DealerC
Electronic
11
94
43
-276
Region>limit
Hedge
Regional concentration above limit
176
Defer adds pending macro print
C09240
CR4147
2024-10-05
Tightening
90
400
4.9
1.8
1,036,434,275
Consumer:15.2;Tech:12.7;Utilities:6.7;RealEstate:22.5;Financials:25.8;Industrials:17.1
US:65.3;EU:13.4;APAC:12.4;EMEA:8.2;LATAM:0.7
BB:10.2;CCC:20.0;AAA:33.3;B:17.4;AA:19.1
7.31
20.6
267
494
2.1
2
25
45
20
true
true
true
true
0.58
0.04
0.42
Financials:EW
Hedge
iTraxx_XOVER: +180bps notional
15
34
ECN2
Electronic
10
95
304
-418
VAR>budget
Rotate
Portfolio VAR above budget
210
Reviewed by risk; hedges staggered
C09241
CR4719
2025-10-18
Tightening
132
421
4.3
1.4
1,441,323,588
Tech:7.2;Consumer:15.5;Materials:23.6;Industrials:27.3;Energy:26.4
US:71.3;EU:11.6;APAC:8.2;EMEA:4.5;LATAM:4.3
BB:25.0;CCC:24.4;B:15.8;BBB:34.7
2.03
56.4
144
295
5
3.5
30
35
25
false
true
true
false
1.35
0.89
0.22
Financials:EW
Hedge
Treasury_Futures: +52bps notional
-25
6
ECN1
DealerAxed
1
85
214
-109
VAR>budget
Hedge
Portfolio VAR above budget
101
Tighten HY exposure bands
C09242
CR3032
2024-06-27
Stress
248
761
7.7
-0.8
528,009,130
RealEstate:22.6;Healthcare:4.9;Materials:23.4;Tech:12.2;Industrials:22.1;Comm:14.8
US:75.4;EU:5.3;APAC:10.4;EMEA:8.4;LATAM:0.5
AA:31.6;BB:3.7;B:2.8;A:27.9;CCC:13.8;AAA:20.2
1.19
54.4
141
661
6.2
3.5
25
45
25
false
true
false
false
1.38
-0.07
-0.26
Industrials:EW;Utilities:EW;Healthcare:EW
Hedge
CDX_IG: +133bps notional
-52
10
DealerA
RFQ
7
88
7
-330
HYCap>limit
Reduce
High-yield share above policy cap
137
Tighten HY exposure bands
C09243
CR3106
2025-03-16
Tightening
159
473
4.6
1
377,712,873
Financials:8.4;Industrials:23.8;RealEstate:18.5;Materials:22.6;Tech:15.4;Utilities:11.4
US:65.6;EU:12.1;APAC:16.3;EMEA:4.9;LATAM:1.2
AAA:14.8;A:12.2;BB:26.9;BBB:14.6;B:13.3;CCC:18.2
0.94
37.8
170
365
3
4
35
55
20
false
true
true
false
0.79
0.73
-0.25
Financials:EW
Hedge
iTraxx_XOVER: +145bps notional
-53
43
ECN1
Electronic
12
87
8
-300
VAR>budget
Reduce
Portfolio VAR above budget
95
Tighten HY exposure bands
C09244
CR8021
2024-06-21
Recovery
101
428
5.8
1
2,166,563,577
Materials:40.5;Healthcare:24.1;Industrials:24.5;Energy:10.9
US:63.4;EU:14.9;APAC:6.6;EMEA:9.5;LATAM:5.6
BBB:33.1;AA:15.1;BB:15.9;B:21.9;A:14.0
0.51
25.9
110
200
5.1
4
35
55
30
true
true
true
false
1.73
0.22
0.14
Materials:EW
Hedge
CDX_IG: +194bps notional
-2
27
ECN2
All2All
5
89
328
-423
HYCap>limit
Hedge
High-yield share above policy cap
182
Reviewed by risk; hedges staggered
C09245
CR1523
2025-12-17
Calm
72
323
3.4
2.4
2,091,637,582
Industrials:18.9;Financials:19.1;Materials:19.6;Tech:33.8;Utilities:8.5
US:72.2;EU:7.4;APAC:5.5;EMEA:9.3;LATAM:5.6
BBB:14.8;CCC:23.2;AAA:16.8;B:12.8;BB:15.4;A:17.0
6.21
39
116
495
7.3
4
20
45
35
true
true
true
false
1.05
0.64
-0.29
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
1
-1
ECN1
RFQ
1
85
51
-161
Region>limit
Reduce
Regional concentration above limit
103
Escalate watchlist names
C09246
CR8847
2025-03-04
Tightening
103
468
4.7
1.9
1,957,774,178
Healthcare:18.6;RealEstate:37.4;Materials:27.4;Consumer:16.6
US:69.5;EU:7.7;APAC:6.5;EMEA:10.0;LATAM:6.4
CCC:7.3;AAA:18.9;A:23.5;B:6.7;BBB:34.7;BB:8.9
4.17
21.8
263
417
16
2.5
25
55
30
true
true
false
true
-0.18
0.03
0.32
null
Hedge
CDX_IG: +95bps notional
0
30
DealerB
RFQ
4
93
2
83
VAR>budget
Rotate
Portfolio VAR above budget
152
Tighten HY exposure bands
C09247
CR0205
2024-05-31
Tightening
136
369
4.2
0.9
821,644,701
Materials:28.0;Tech:28.4;Financials:43.6
US:65.0;EU:11.2;APAC:7.0;EMEA:10.9;LATAM:5.9
BBB:18.9;AA:33.0;A:33.7;BB:10.7;B:3.7
3.38
46.5
131
194
5
3
35
35
35
true
true
false
false
0.37
0.55
0.16
Utilities:EW;Financials:EW
Hedge
iTraxx_MAIN: +125bps notional
-2
-10
DealerB
RFQ
3
94
271
-250
Region>limit
Hedge
Regional concentration above limit
189
Tighten HY exposure bands
C09248
CR7758
2024-09-16
Stress
170
635
6.4
0.3
2,001,718,667
RealEstate:30.1;Healthcare:29.8;Utilities:13.5;Industrials:26.5
US:61.9;EU:14.9;APAC:12.1;EMEA:10.8;LATAM:0.3
A:17.2;B:6.3;BBB:27.6;AA:27.9;AAA:21.0
5.33
40.5
275
662
18
2.5
30
45
25
true
true
false
true
0.12
1.74
0.09
Healthcare:EW;Comm:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-7
16
DealerB
DealerAxed
4
90
302
-33
Sector>limit
Rotate
Sector concentration above limit
204
Reviewed by risk; hedges staggered
C09249
CR0528
2025-08-21
Calm
93
368
3.2
2.1
2,638,554,136
Comm:28.5;Materials:17.5;RealEstate:28.1;Healthcare:17.1;Utilities:8.9
US:66.5;EU:10.0;APAC:9.1;EMEA:11.1;LATAM:3.2
A:12.2;AAA:19.5;BB:18.6;CCC:20.3;B:29.3
3.47
57.1
106
146
14.4
2.5
25
55
25
true
true
true
false
1.45
0.31
0.44
Financials:EW
Hedge
CDX_HY: +95bps notional
-46
-19
DealerA
DealerAxed
0
90
144
-332
VAR>budget
Rotate
Portfolio VAR above budget
144
Defer adds pending macro print
C09250
CR1513
2024-01-06
Tightening
155
491
3.9
1.3
725,928,975
Financials:22.7;Comm:20.0;Utilities:5.2;Consumer:16.6;RealEstate:17.5;Healthcare:18.0
US:71.8;EU:7.2;APAC:7.5;EMEA:7.9;LATAM:5.6
AA:26.4;A:38.7;AAA:27.1;B:7.8
0.77
24.1
124
297
14.6
2
25
35
30
false
true
false
false
0.14
0.52
-0.32
Materials:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
6
ECN2
DealerAxed
3
87
270
-254
VAR>budget
Reduce
Portfolio VAR above budget
173
Defer adds pending macro print
C09251
CR7127
2025-10-05
Stress
243
763
6.6
-1.9
816,627,477
Utilities:35.0;RealEstate:24.1;Energy:40.9
US:71.8;EU:4.8;APAC:6.1;EMEA:11.1;LATAM:6.2
BBB:23.8;CCC:7.3;BB:8.9;A:21.2;AAA:18.5;AA:20.3
1.34
54.8
330
555
17
3.5
25
45
20
true
true
false
true
-0.28
0.26
0.19
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
35
DealerA
DealerAxed
0
98
326
196
VAR>budget
Hedge
Portfolio VAR above budget
159
Rotate into defensive sectors
C09252
CR1233
2025-04-09
Recovery
123
501
5.1
0.7
2,882,892,248
Comm:32.2;Utilities:11.3;RealEstate:36.6;Materials:19.9
US:64.9;EU:12.7;APAC:12.8;EMEA:3.3;LATAM:6.3
AAA:14.3;BBB:30.3;CCC:32.7;B:22.7
6.73
35.4
133
187
10.5
2.5
30
35
35
true
true
true
false
-0.06
0.89
0.19
Healthcare:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
26
ECN2
DealerAxed
4
95
366
-152
Region>limit
Hedge
Regional concentration above limit
93
Escalate watchlist names
C09253
CR0355
2024-12-21
Recovery
134
450
5.9
-0.1
2,733,244,533
Industrials:22.9;Utilities:45.9;Financials:31.2
US:73.4;EU:8.8;APAC:13.1;EMEA:3.9;LATAM:0.7
BB:32.9;BBB:18.9;B:19.3;AA:22.8;A:6.2
6.02
40.4
107
202
2.3
4
25
55
35
true
true
true
false
1.99
1.35
0.12
Industrials:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-30
19
ECN2
All2All
6
91
-185
-61
Region>limit
Hedge
Regional concentration above limit
176
Rotate into defensive sectors
C09254
CR7444
2025-12-15
Tightening
117
386
4
1.4
1,242,779,827
Financials:39.7;Consumer:27.7;Healthcare:17.5;Comm:15.1
US:60.0;EU:16.4;APAC:10.9;EMEA:6.3;LATAM:6.3
B:26.9;CCC:35.5;AAA:23.7;A:13.8
0.44
22.8
166
168
12.8
3.5
30
45
30
true
true
true
false
-0.03
1.6
0.13
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
28
DealerA
DealerAxed
5
90
190
-360
HYCap>limit
Hedge
High-yield share above policy cap
166
Defer adds pending macro print
C09255
CR9303
2024-04-26
Tightening
124
482
4.2
0.6
789,649,112
Tech:16.8;Consumer:7.0;Industrials:21.3;Financials:27.2;RealEstate:27.8
US:73.0;EU:7.1;APAC:8.3;EMEA:5.9;LATAM:5.7
CCC:20.2;A:20.1;BB:9.5;AA:14.5;BBB:35.7
5.61
36.7
213
390
14.5
2.5
30
35
35
false
true
false
true
1.94
-0.05
-0.04
Energy:EW;Utilities:EW;RealEstate:EW
Hedge
Treasury_Futures: +182bps notional
13
2
DealerC
DealerAxed
7
96
-153
-422
VAR>budget
Reduce
Portfolio VAR above budget
216
Reviewed by risk; hedges staggered
C09256
CR9988
2025-07-01
Calm
67
387
3.8
1.7
2,486,209,962
Comm:23.4;Financials:15.6;Materials:11.1;Utilities:26.9;Energy:23.0
US:56.9;EU:12.1;APAC:14.0;EMEA:10.5;LATAM:6.4
BBB:26.8;CCC:33.3;B:16.5;AAA:23.4
5.24
53.9
229
241
5.4
2
35
35
25
false
true
true
true
2.07
1.45
-0.1
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
42
DealerC
RFQ
12
94
333
-325
VAR>budget
Reduce
Portfolio VAR above budget
221
Tighten HY exposure bands
C09257
CR2995
2024-12-15
Calm
74
313
3.5
1.5
1,855,816,426
Materials:18.8;Utilities:7.3;Industrials:17.7;Comm:26.4;Energy:29.9
US:73.0;EU:6.7;APAC:6.4;EMEA:4.0;LATAM:9.9
B:10.1;BBB:32.0;AA:34.1;CCC:23.8
5.53
51.5
207
477
16.5
3.5
30
45
25
false
true
true
true
0.59
1.36
0.21
Healthcare:EW
Hedge
iTraxx_MAIN: +105bps notional
-38
18
DealerA
Electronic
5
99
-81
-121
HYCap>limit
Reduce
High-yield share above policy cap
177
Defer adds pending macro print
C09258
CR5167
2024-04-11
Recovery
157
513
5.4
-0.4
2,396,278,516
Comm:14.1;Industrials:37.7;Consumer:36.7;Financials:11.4
US:68.7;EU:13.6;APAC:9.1;EMEA:5.4;LATAM:3.2
CCC:30.4;BBB:27.6;AAA:22.0;BB:20.0
2.21
33.6
132
425
16.1
4
20
55
25
true
true
true
false
0.06
1.08
0.5
Utilities:EW
Hedge
iTraxx_MAIN: +164bps notional
-21
31
DealerB
RFQ
0
95
324
-170
HYCap>limit
Reduce
High-yield share above policy cap
122
Escalate watchlist names
C09259
CR0232
2024-03-17
Tightening
115
466
5.1
0.7
1,299,581,885
Comm:28.3;Consumer:16.3;Tech:20.0;Utilities:28.6;Energy:6.8
US:72.1;EU:8.2;APAC:13.3;EMEA:3.4;LATAM:3.0
CCC:11.9;A:21.1;AAA:35.6;AA:31.4
3.35
47.7
129
188
6.3
3.5
35
45
30
false
true
false
false
0.5
0.13
0.4
null
Hedge
CDX_IG: +95bps notional
0
-8
ECN2
Electronic
2
99
76
-204
Region>limit
Hedge
Regional concentration above limit
140
Tighten HY exposure bands
C09260
CR1971
2025-09-28
Tightening
133
519
4.1
0.6
2,941,521,067
Materials:26.0;Financials:37.1;Consumer:36.9
US:61.3;EU:18.0;APAC:7.5;EMEA:9.5;LATAM:3.8
CCC:19.5;BB:20.1;B:19.7;AAA:12.9;AA:18.3;BBB:9.5
2.55
28.9
175
478
11.3
2
30
55
20
true
true
true
false
0.06
1.05
-0.2
Materials:EW;Energy:EW
Hedge
CDX_IG: +195bps notional
-35
-8
DealerC
DealerAxed
12
91
-137
-123
Region>limit
Reduce
Regional concentration above limit
182
Defer adds pending macro print
C09261
CR7367
2024-03-23
Stress
241
677
6.4
-0.3
939,215,524
Utilities:51.2;Financials:33.9;Healthcare:14.9
US:71.5;EU:12.7;APAC:7.2;EMEA:5.5;LATAM:3.1
BB:9.5;AAA:27.8;BBB:25.0;AA:20.7;A:17.0
5.33
54.8
281
614
12.6
3
25
35
25
true
true
false
true
0.07
0.8
0.29
Consumer:EW
Hedge
CDX_HY: +106bps notional
15
16
DealerB
DealerAxed
1
95
353
-310
Sector>limit
Hedge
Sector concentration above limit
93
Escalate watchlist names
C09262
CR4955
2024-09-14
Recovery
108
510
6
1.1
244,021,774
RealEstate:14.5;Utilities:23.0;Tech:62.4
US:67.6;EU:8.9;APAC:12.1;EMEA:10.7;LATAM:0.7
BBB:37.3;AAA:34.3;AA:14.4;A:13.9
5.71
44.9
194
280
6.5
3
20
55
25
true
true
false
false
1.6
-0.12
0.46
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
23
DealerC
All2All
6
86
165
84
HYCap>limit
Hedge
High-yield share above policy cap
223
Rotate into defensive sectors
C09263
CR2583
2024-12-14
Recovery
125
498
6
1.4
1,768,371,836
Materials:14.6;RealEstate:44.8;Comm:40.6
US:62.9;EU:16.2;APAC:11.0;EMEA:6.0;LATAM:3.9
CCC:30.2;AAA:24.6;B:15.7;AA:29.5
3.86
41
204
404
12.6
2.5
30
55
25
true
true
true
true
0.21
0.41
-0.11
null
Hedge
SingleName_CDS: +63bps notional
-50
5
DealerC
RFQ
5
87
181
-125
HYCap>limit
Rotate
High-yield share above policy cap
123
Defer adds pending macro print
C09264
CR1268
2024-10-08
Tightening
153
385
4.8
0.8
330,461,665
Industrials:25.6;Materials:31.5;Financials:15.4;Comm:18.3;Healthcare:9.1
US:68.5;EU:9.1;APAC:12.7;EMEA:9.6;LATAM:0.1
A:18.5;BBB:34.9;B:4.9;CCC:7.1;AAA:20.2;AA:14.5
5.02
29.2
152
318
16.1
2.5
30
45
25
true
true
false
false
1.23
0.5
0.35
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
-11
DealerA
DealerAxed
6
87
360
-404
HYCap>limit
Hedge
High-yield share above policy cap
115
Reviewed by risk; hedges staggered
C09265
CR3819
2024-09-17
Recovery
175
423
6.4
0.2
1,516,574,768
Financials:15.2;Utilities:22.7;Consumer:15.7;Comm:23.5;Energy:8.0;Materials:14.9
US:70.3;EU:12.8;APAC:6.1;EMEA:8.4;LATAM:2.4
A:18.3;AAA:14.7;BBB:37.3;B:17.9;CCC:11.9
5.9
51.9
87
136
6.7
4
20
45
25
true
true
true
false
0.29
1.39
0.3
null
Rotate
From Energy -1.0% to Utilities +1.0%
-45
14
DealerA
Electronic
7
87
-13
64
HYCap>limit
Reduce
High-yield share above policy cap
246
Reviewed by risk; hedges staggered
C09266
CR1834
2024-11-11
Recovery
133
561
4.9
-0.1
871,608,924
Industrials:30.3;Financials:22.4;Tech:17.9;Consumer:29.4
US:67.3;EU:7.8;APAC:12.6;EMEA:7.9;LATAM:4.3
A:21.2;CCC:28.6;BB:31.3;AA:8.3;BBB:10.6
7.43
34.8
199
464
7.7
2
35
45
20
false
true
true
false
2.27
0.07
-0.03
null
Hedge
Treasury_Futures: +127bps notional
-41
-13
DealerB
RFQ
0
96
-99
22
Sector>limit
Rotate
Sector concentration above limit
171
Rotate into defensive sectors
C09267
CR2533
2024-04-18
Calm
74
292
3.6
2.7
726,932,625
Materials:17.5;Healthcare:23.9;RealEstate:23.3;Comm:25.5;Consumer:9.8
US:65.9;EU:10.7;APAC:9.1;EMEA:9.1;LATAM:5.1
B:24.5;A:13.3;CCC:26.9;AA:18.9;AAA:16.5
4.95
63.7
190
317
5
3
20
55
20
true
true
true
false
-0.06
1.19
0.12
RealEstate:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
-8
DealerA
Electronic
1
92
440
-269
HYCap>limit
Rotate
High-yield share above policy cap
207
Reviewed by risk; hedges staggered
C09268
CR4686
2025-04-09
Calm
80
281
4.3
2.3
2,513,950,367
Utilities:17.9;Comm:50.2;Energy:31.9
US:64.7;EU:14.2;APAC:11.4;EMEA:7.9;LATAM:1.8
A:18.0;AAA:30.3;CCC:10.7;BB:19.6;BBB:21.4
2.87
43.1
132
376
14.2
2.5
20
55
35
true
true
false
false
1.39
0.1
-0.06
null
Rotate
From Energy -1.0% to Utilities +1.0%
12
8
ECN1
Electronic
3
92
1
-399
HYCap>limit
Reduce
High-yield share above policy cap
260
Escalate watchlist names
C09269
CR2255
2024-03-19
Tightening
154
473
4
1.5
1,633,473,420
Financials:28.9;Industrials:30.6;Tech:24.5;RealEstate:16.0
US:64.1;EU:14.5;APAC:7.9;EMEA:6.5;LATAM:6.9
AAA:9.1;A:21.9;BB:7.0;BBB:23.8;CCC:19.3;AA:18.9
5.1
20.5
199
444
11.8
3
35
45
30
false
true
false
false
0.07
1.44
0.13
RealEstate:EW
Hedge
iTraxx_MAIN: +74bps notional
-31
-19
DealerC
RFQ
8
88
-181
-309
VAR>budget
Rotate
Portfolio VAR above budget
200
Reviewed by risk; hedges staggered
C09270
CR0137
2025-10-10
Tightening
107
399
4.9
1.4
1,497,028,483
Utilities:17.9;Industrials:21.2;Healthcare:9.7;RealEstate:15.6;Tech:18.0;Consumer:17.5
US:68.8;EU:14.5;APAC:10.8;EMEA:4.6;LATAM:1.3
BB:24.5;B:7.7;CCC:19.5;A:35.4;AA:12.9
3.91
33.8
145
420
14.1
3.5
35
35
25
false
true
true
false
-0.07
-0.14
-0.06
Industrials:EW
Hedge
Treasury_Futures: +88bps notional
-25
31
DealerC
RFQ
0
95
267
-290
Sector>limit
PauseAdds
Sector concentration above limit
124
Rotate into defensive sectors
C09271
CR2329
2024-11-24
Recovery
130
615
6
-0.3
710,247,115
Comm:32.2;Industrials:12.4;Utilities:23.3;RealEstate:32.1
US:67.1;EU:8.3;APAC:11.8;EMEA:7.8;LATAM:5.0
CCC:15.1;B:33.6;AAA:13.2;A:38.2
6.26
50.1
111
480
3.2
4
30
55
25
true
true
true
false
0.01
1.5
0.6
Comm:EW
Hedge
Treasury_Futures: +138bps notional
-35
-14
DealerA
All2All
3
87
-55
-294
Sector>limit
Rotate
Sector concentration above limit
193
Rotate into defensive sectors
C09272
CR5221
2024-11-16
Recovery
111
650
5.4
-0.4
2,710,264,976
Materials:11.9;Utilities:26.1;Healthcare:30.3;Financials:31.6
US:75.7;EU:7.0;APAC:5.9;EMEA:10.3;LATAM:1.2
A:18.0;AAA:21.0;CCC:4.3;BBB:37.4;BB:19.3
6.09
33.2
120
211
6
3
30
45
20
true
true
true
false
1.83
0.27
0.05
null
Hedge
Treasury_Futures: +192bps notional
-4
-11
ECN1
Electronic
6
98
82
-232
HYCap>limit
Reduce
High-yield share above policy cap
248
Rotate into defensive sectors
C09273
CR7754
2025-03-05
Tightening
101
420
4.2
0.5
524,662,931
Consumer:16.1;Tech:10.6;Financials:22.8;Energy:28.0;RealEstate:22.5
US:69.5;EU:8.3;APAC:9.6;EMEA:7.6;LATAM:5.1
BB:3.7;CCC:7.9;AAA:18.0;BBB:18.1;A:14.1;AA:38.2
3.19
31.5
221
478
8.1
3
35
55
25
false
true
false
true
0.05
0.31
0.4
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
-5
DealerA
RFQ
2
93
-148
-30
HYCap>limit
Hedge
High-yield share above policy cap
166
Defer adds pending macro print
C09274
CR9048
2024-04-14
Calm
84
381
3.8
2.2
817,359,219
Tech:10.2;Consumer:18.7;Materials:9.5;Energy:23.0;Financials:28.2;RealEstate:10.3
US:68.0;EU:12.9;APAC:6.2;EMEA:6.6;LATAM:6.4
B:4.5;BBB:35.4;A:32.8;AA:19.1;BB:8.2
3.44
43.7
91
127
6.9
4
20
55
35
true
true
false
false
1.34
1.03
-0.3
Energy:EW
Hedge
CDX_IG: +172bps notional
-34
1
ECN2
DealerAxed
0
100
336
-40
VAR>budget
Hedge
Portfolio VAR above budget
196
Escalate watchlist names
C09275
CR9713
2024-09-09
Tightening
110
453
5.1
0.9
2,954,391,113
Financials:19.9;Healthcare:22.8;RealEstate:25.5;Energy:31.8
US:61.1;EU:13.1;APAC:10.6;EMEA:10.1;LATAM:5.1
AA:19.3;CCC:40.9;B:14.0;BB:25.9
5.89
20.7
120
141
3.3
3
30
45
20
true
true
true
false
1.07
-0.05
-0.3
null
Rotate
From Energy -1.0% to Utilities +1.0%
-31
43
DealerC
DealerAxed
11
92
316
-287
VAR>budget
Hedge
Portfolio VAR above budget
152
Defer adds pending macro print
C09276
CR6750
2024-08-02
Calm
79
344
3.6
2.7
364,045,749
RealEstate:29.1;Utilities:11.2;Healthcare:22.2;Tech:17.3;Consumer:20.1
US:59.4;EU:14.2;APAC:12.7;EMEA:9.7;LATAM:4.0
BB:18.1;AAA:25.3;CCC:27.6;A:29.1
1.74
46.4
206
387
3.5
4
35
45
30
false
true
true
true
0.17
1.75
0.41
Utilities:EW
Hedge
iTraxx_MAIN: +130bps notional
-36
-21
ECN1
Electronic
12
85
-128
-411
HYCap>limit
Hedge
High-yield share above policy cap
247
Reviewed by risk; hedges staggered
C09277
CR3790
2024-12-23
Stress
163
818
7.1
-2
2,085,429,855
Consumer:21.4;Healthcare:16.6;Comm:17.2;Materials:11.6;Industrials:8.3;RealEstate:24.8
US:67.6;EU:5.6;APAC:8.7;EMEA:11.6;LATAM:6.5
BBB:20.3;BB:19.0;AAA:22.8;CCC:12.7;A:25.2
3.3
59.3
160
368
8.4
3.5
25
35
25
false
true
true
false
0.37
1.47
-0.4
null
Hedge
CDX_HY: +50bps notional
-15
12
ECN1
DealerAxed
1
97
159
-248
VAR>budget
Hedge
Portfolio VAR above budget
219
Tighten HY exposure bands
C09278
CR4470
2025-09-19
Recovery
161
485
5.9
0.6
1,168,908,443
Tech:29.1;Comm:32.6;Healthcare:38.3
US:73.3;EU:7.5;APAC:12.3;EMEA:6.1;LATAM:0.8
CCC:5.3;AA:16.7;AAA:15.5;BBB:14.3;BB:10.8;A:37.4
1.75
60.5
170
141
17
3.5
35
35
20
true
true
false
false
0.15
0.93
0.49
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
-19
ECN2
DealerAxed
5
93
309
105
HYCap>limit
PauseAdds
High-yield share above policy cap
204
Defer adds pending macro print
C09279
CR2693
2024-04-30
Calm
99
411
4.2
1.6
333,146,522
RealEstate:39.7;Tech:16.4;Industrials:24.4;Materials:19.5
US:61.6;EU:15.2;APAC:10.8;EMEA:6.0;LATAM:6.4
A:9.8;CCC:24.2;BBB:18.9;AA:26.3;B:11.8;BB:9.1
5.15
38.9
89
434
6
4
30
55
25
true
true
true
false
0.24
0.36
-0.24
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-6
39
ECN1
DealerAxed
1
90
367
-180
Sector>limit
Rotate
Sector concentration above limit
103
Tighten HY exposure bands
C09280
CR3929
2025-08-18
Recovery
119
628
6.3
0.7
2,744,185,502
Industrials:33.6;Utilities:38.0;Energy:28.4
US:71.6;EU:10.8;APAC:5.7;EMEA:11.4;LATAM:0.4
AAA:20.6;AA:9.7;B:13.7;CCC:23.7;BBB:19.7;BB:12.6
5.97
56.7
238
328
14.9
3
25
45
35
true
true
true
true
-0.23
0.7
-0.25
Consumer:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-17
-4
DealerB
All2All
8
95
71
-40
HYCap>limit
Rotate
High-yield share above policy cap
185
Reviewed by risk; hedges staggered
C09281
CR6526
2024-10-19
Calm
91
288
4.2
2
1,466,661,364
Energy:47.1;Comm:25.6;Healthcare:27.3
US:70.1;EU:8.3;APAC:10.8;EMEA:10.7;LATAM:0.1
CCC:26.7;B:11.0;AAA:28.3;AA:21.7;A:12.4
2.57
54.6
142
499
4.9
2.5
30
55
35
true
true
true
false
1.48
-0.03
0.04
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
30
DealerA
RFQ
3
94
-49
-396
Sector>limit
Hedge
Sector concentration above limit
182
Defer adds pending macro print
C09282
CR5631
2024-12-11
Tightening
94
426
4.4
0.9
589,080,072
Comm:24.5;Tech:32.3;RealEstate:31.7;Healthcare:11.5
US:73.4;EU:5.3;APAC:13.4;EMEA:7.2;LATAM:0.7
AAA:25.5;AA:14.8;A:27.0;B:32.7
6.2
25.4
275
242
2.7
4
25
35
20
true
true
true
true
1.59
0.16
0.38
Utilities:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
18
ECN2
All2All
1
92
73
-178
Region>limit
Hedge
Regional concentration above limit
109
Tighten HY exposure bands
C09283
CR9861
2025-05-03
Stress
222
568
6.3
-1.8
2,955,729,065
Healthcare:28.6;Materials:56.9;Energy:14.5
US:57.7;EU:16.5;APAC:10.8;EMEA:11.9;LATAM:3.2
BB:19.0;AAA:24.6;B:26.1;AA:30.3
5.74
59.5
302
426
16.9
2
35
45
30
true
true
true
true
-0.15
1.2
-0.22
Comm:EW
Hedge
iTraxx_XOVER: +146bps notional
-54
39
DealerB
Electronic
3
99
260
-86
HYCap>limit
Reduce
High-yield share above policy cap
222
Tighten HY exposure bands
C09284
CR8378
2025-12-26
Tightening
115
508
4.3
1
1,923,754,921
Industrials:7.7;Tech:18.1;Materials:15.9;Healthcare:22.4;Utilities:10.1;Financials:25.8
US:70.3;EU:7.4;APAC:7.3;EMEA:12.9;LATAM:2.1
BBB:22.8;CCC:9.5;B:12.8;AAA:24.5;A:20.0;BB:10.3
6.25
59.5
209
513
14.3
2
25
35
35
true
true
false
true
-0.47
0.45
0.56
null
Hedge
iTraxx_XOVER: +154bps notional
-41
-3
DealerC
All2All
12
88
-18
-354
HYCap>limit
Reduce
High-yield share above policy cap
149
Defer adds pending macro print
C09285
CR8716
2025-08-26
Calm
91
317
3.4
2
2,534,073,000
Tech:22.7;RealEstate:25.0;Comm:26.3;Healthcare:18.1;Industrials:7.9
US:76.6;EU:5.9;APAC:12.2;EMEA:5.0;LATAM:0.4
AAA:40.5;CCC:5.9;BBB:25.4;BB:28.2
6.39
30.6
260
159
17.6
3.5
30
35
20
false
true
true
true
-0.07
1.56
0.35
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
-2
ECN1
RFQ
0
96
-114
119
Sector>limit
Rotate
Sector concentration above limit
163
Tighten HY exposure bands
C09286
CR0170
2024-06-07
Calm
119
297
4.5
2.9
1,292,214,016
Materials:9.3;Consumer:34.1;Energy:24.5;Utilities:32.1
US:68.8;EU:11.4;APAC:11.3;EMEA:4.0;LATAM:4.4
AAA:18.4;BB:19.8;B:32.9;BBB:29.0
3.6
32.3
159
129
6.1
3
30
55
20
true
true
true
false
1.02
1.11
0.51
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
15
DealerC
Electronic
3
90
23
-186
VAR>budget
Hedge
Portfolio VAR above budget
192
Tighten HY exposure bands
C09287
CR1591
2024-01-26
Calm
113
286
3.3
1.8
192,675,301
Tech:24.9;RealEstate:19.5;Comm:24.7;Financials:10.3;Industrials:7.0;Energy:13.6
US:67.5;EU:18.6;APAC:6.5;EMEA:5.9;LATAM:1.5
B:14.0;CCC:36.7;BB:12.6;BBB:12.5;AA:24.2
2.29
42.7
213
362
2.6
2
30
45
25
false
true
true
true
1.84
0.06
0.13
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-41
-12
ECN2
All2All
7
92
-18
-284
Region>limit
Reduce
Regional concentration above limit
91
Rotate into defensive sectors
C09288
CR7456
2024-09-04
Tightening
135
515
4.5
0.6
1,738,298,313
Utilities:49.1;Financials:26.1;RealEstate:24.8
US:62.1;EU:13.7;APAC:10.8;EMEA:10.0;LATAM:3.4
A:27.3;B:31.7;BB:24.1;AA:17.0
2.88
52.1
117
173
16.4
3
20
55
30
true
true
true
false
2.11
-0.23
0.49
null
Rotate
From Energy -1.0% to Utilities +1.0%
-7
38
DealerA
RFQ
10
97
214
132
VAR>budget
Rotate
Portfolio VAR above budget
256
Escalate watchlist names
C09289
CR4451
2024-04-09
Tightening
136
378
4
0.8
1,958,576,707
Financials:22.0;Materials:22.5;Industrials:19.4;Utilities:13.1;RealEstate:5.5;Consumer:17.5
US:66.8;EU:6.9;APAC:11.6;EMEA:8.2;LATAM:6.5
A:25.4;AAA:19.0;BB:16.8;CCC:21.5;BBB:17.4
6.6
57.2
242
179
17.3
2
25
35
35
false
true
true
true
2.31
0.06
-0.05
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
5
DealerB
Electronic
1
87
138
179
Region>limit
Reduce
Regional concentration above limit
180
Reviewed by risk; hedges staggered
C09290
CR6829
2024-01-25
Calm
68
361
4.1
1.8
2,052,082,848
Utilities:13.1;Comm:8.2;Energy:23.4;Healthcare:28.1;Materials:27.3
US:63.8;EU:20.0;APAC:7.3;EMEA:6.0;LATAM:2.9
BB:24.6;CCC:37.9;BBB:15.7;B:21.8
1.94
43.7
150
459
2.5
2.5
30
35
20
false
true
true
false
-0.33
1.16
-0.1
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
-20
DealerA
DealerAxed
5
93
291
-279
HYCap>limit
Hedge
High-yield share above policy cap
183
Defer adds pending macro print
C09291
CR1250
2024-05-06
Calm
76
367
4.3
2.2
490,174,497
Materials:13.9;RealEstate:22.7;Energy:18.3;Financials:19.4;Industrials:6.3;Consumer:19.4
US:66.9;EU:18.5;APAC:5.5;EMEA:4.6;LATAM:4.6
A:36.8;AA:12.9;CCC:33.8;BBB:16.5
1.59
63.5
85
498
8.8
3.5
25
45
25
false
true
true
false
0.99
0.58
0.05
null
Rotate
From Energy -1.0% to Utilities +1.0%
-30
11
DealerC
All2All
3
91
-15
20
VAR>budget
Reduce
Portfolio VAR above budget
226
Rotate into defensive sectors
C09292
CR5567
2024-08-07
Stress
215
697
5.5
-1.7
2,095,064,906
Healthcare:19.3;RealEstate:25.6;Energy:19.8;Consumer:35.3
US:62.4;EU:16.3;APAC:7.2;EMEA:6.6;LATAM:7.5
BB:11.6;BBB:22.9;A:11.8;AAA:21.9;AA:23.1;B:8.7
7.35
40
202
477
19.8
3.5
35
45
35
true
true
false
true
0.02
1.75
-0.16
null
Hedge
CDX_HY: +164bps notional
-17
43
DealerB
DealerAxed
5
85
60
-206
Region>limit
Hedge
Regional concentration above limit
165
Defer adds pending macro print
C09293
CR9167
2025-06-24
Recovery
118
441
6.5
0.8
942,504,141
Utilities:20.3;Healthcare:12.5;RealEstate:30.7;Comm:36.5
US:60.4;EU:13.6;APAC:13.9;EMEA:6.0;LATAM:6.1
BBB:20.0;B:27.4;CCC:16.1;A:27.7;AAA:8.8
2.56
60.8
127
216
3.1
3.5
30
45
20
true
true
true
false
2.02
1.49
-0.17
Consumer:EW
Hedge
SingleName_CDS: +85bps notional
-37
20
DealerA
Electronic
7
94
-178
-194
Sector>limit
Reduce
Sector concentration above limit
99
Reviewed by risk; hedges staggered
C09294
CR1083
2025-07-04
Stress
236
582
8.1
0.3
1,059,276,233
Utilities:17.4;Industrials:9.8;Consumer:11.5;RealEstate:25.9;Financials:9.4;Tech:25.9
US:74.4;EU:5.9;APAC:11.2;EMEA:7.6;LATAM:0.8
A:18.6;AA:16.8;AAA:46.7;B:17.9
4.18
64.8
198
524
6.9
2
30
35
25
false
true
false
false
0.4
0.63
0.01
null
Hedge
iTraxx_MAIN: +101bps notional
9
5
ECN1
Electronic
3
100
-133
-229
HYCap>limit
Reduce
High-yield share above policy cap
140
Tighten HY exposure bands
C09295
CR0034
2025-09-21
Calm
93
297
4
2.1
2,774,508,664
Energy:8.5;Consumer:21.6;Comm:7.2;Utilities:23.5;Tech:15.5;Materials:23.7
US:73.4;EU:11.0;APAC:6.9;EMEA:4.2;LATAM:4.5
AAA:33.3;CCC:12.8;A:22.1;B:31.8
1.98
49.7
259
194
5.9
3.5
35
45
30
false
true
true
true
1.93
0.37
-0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
2
DealerA
DealerAxed
5
98
-58
-365
HYCap>limit
Reduce
High-yield share above policy cap
129
Reviewed by risk; hedges staggered
C09296
CR6794
2024-02-18
Calm
105
346
4.3
2.1
848,230,863
Energy:26.2;RealEstate:27.4;Comm:23.9;Utilities:22.5
US:65.7;EU:8.5;APAC:12.3;EMEA:7.5;LATAM:6.0
B:31.2;CCC:7.7;AAA:20.1;AA:13.6;BB:16.1;A:11.2
6.96
53.7
124
309
14
4
30
35
35
false
true
true
false
1.95
-0.3
0.07
Financials:EW;Energy:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
32
ECN2
RFQ
12
92
82
-300
Region>limit
Hedge
Regional concentration above limit
187
Reviewed by risk; hedges staggered
C09297
CR1808
2025-02-16
Stress
234
601
6
0.1
1,372,671,308
Industrials:38.6;Energy:25.2;Utilities:36.2
US:68.7;EU:11.6;APAC:11.7;EMEA:5.1;LATAM:2.8
A:20.9;BB:20.2;AAA:41.1;AA:17.9
5.68
38.9
320
532
9.9
2.5
35
35
20
true
true
true
true
2.26
0.33
0.11
Healthcare:EW;Comm:EW;Utilities:EW
Hedge
CDX_HY: +133bps notional
-51
9
ECN2
All2All
4
94
-133
-279
Region>limit
Hedge
Regional concentration above limit
250
Defer adds pending macro print
C09298
CR2228
2025-11-30
Calm
107
316
3.9
2.2
559,876,690
RealEstate:11.7;Industrials:30.7;Healthcare:22.4;Materials:19.8;Tech:15.4
US:66.0;EU:9.5;APAC:10.9;EMEA:10.4;LATAM:3.2
AAA:17.9;A:29.4;B:21.7;BBB:20.5;CCC:10.4
3.92
43.3
146
296
5.1
2
30
45
35
true
true
false
false
0.5
0.22
0.29
Energy:EW
Hedge
Treasury_Futures: +197bps notional
-5
-13
ECN2
RFQ
8
91
-179
38
HYCap>limit
Rotate
High-yield share above policy cap
186
Reviewed by risk; hedges staggered
C09299
CR5732
2024-08-20
Calm
103
307
3.9
1.9
2,388,188,950
Comm:8.5;Energy:21.6;Materials:21.3;Tech:9.6;RealEstate:22.5;Consumer:16.4
US:67.9;EU:5.5;APAC:12.4;EMEA:9.6;LATAM:4.6
B:20.1;BBB:12.9;AA:19.5;A:16.0;AAA:22.9;BB:8.5
6.35
28.2
190
498
16
3
35
35
35
false
true
false
false
1.67
0.81
0.59
null
Rotate
From Energy -1.0% to Utilities +1.0%
-45
-5
DealerC
Electronic
0
86
114
22
Region>limit
Hedge
Regional concentration above limit
230
Rotate into defensive sectors
C09300
CR4820
2024-08-30
Tightening
160
437
4.1
2
350,763,034
Materials:23.3;Consumer:27.7;Healthcare:49.0
US:62.2;EU:14.7;APAC:12.4;EMEA:7.1;LATAM:3.6
BB:14.6;BBB:29.9;CCC:22.1;A:33.4
6.1
29
170
394
16.8
2
20
45
25
true
true
true
false
2.28
1.09
-0.11
null
Hedge
Treasury_Futures: +149bps notional
1
38
ECN2
Electronic
0
90
410
-261
Sector>limit
Hedge
Sector concentration above limit
247
Rotate into defensive sectors