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
C09401
CR1235
2024-03-10
Recovery
123
615
5.9
1.5
2,041,317,116
Energy:17.9;Healthcare:15.2;Consumer:13.3;Industrials:20.7;Materials:16.8;Utilities:16.1
US:68.2;EU:9.1;APAC:9.0;EMEA:6.3;LATAM:7.4
AA:22.1;AAA:26.1;A:33.1;CCC:4.3;B:7.4;BB:7.0
0.97
35.1
155
308
16.3
4
30
55
30
false
true
false
false
2.44
0.29
-0.23
Energy:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
18
ECN2
RFQ
2
85
397
-231
VAR>budget
Hedge
Portfolio VAR above budget
206
Reviewed by risk; hedges staggered
C09402
CR5752
2024-03-14
Stress
230
572
6.9
0.6
1,216,230,335
Industrials:21.6;Comm:6.7;Healthcare:10.2;Consumer:19.7;Materials:24.3;Tech:17.6
US:67.7;EU:10.9;APAC:10.4;EMEA:6.5;LATAM:4.6
BB:24.0;CCC:6.7;B:7.7;AA:61.6
1.64
58.5
302
332
9.2
3
35
35
35
false
true
true
true
2.43
1.42
0.55
Utilities:EW;Industrials:EW
Hedge
Options_Payer: +176bps notional
3
22
DealerB
All2All
4
98
304
-70
HYCap>limit
Hedge
High-yield share above policy cap
150
Reviewed by risk; hedges staggered
C09403
CR5019
2025-09-24
Calm
92
347
4.2
2.6
2,486,797,170
Tech:12.4;Industrials:14.1;Healthcare:22.0;Energy:13.3;Consumer:20.7;RealEstate:17.6
US:61.9;EU:10.4;APAC:15.6;EMEA:11.0;LATAM:1.2
AAA:6.4;CCC:25.8;AA:16.8;B:26.5;A:24.6
6
24.7
100
229
9
3.5
25
35
30
false
true
true
false
-0.41
0.22
0.4
null
Hedge
CDX_HY: +179bps notional
-22
10
DealerA
Electronic
3
91
287
-403
Sector>limit
Hedge
Sector concentration above limit
166
Reviewed by risk; hedges staggered
C09404
CR4954
2025-06-15
Calm
70
393
3.4
2
1,640,042,328
RealEstate:14.8;Financials:17.7;Tech:29.4;Utilities:38.1
US:62.4;EU:11.6;APAC:15.8;EMEA:8.7;LATAM:1.4
BB:7.1;AAA:20.3;B:11.0;CCC:15.1;BBB:20.5;A:26.0
4.46
57
213
484
12.4
2
30
55
35
true
true
false
true
2.26
0.83
-0
Healthcare:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-40
40
DealerA
All2All
6
91
162
-166
Region>limit
Rotate
Regional concentration above limit
184
Tighten HY exposure bands
C09405
CR1306
2025-10-21
Tightening
150
386
4.8
1.3
2,312,839,763
Healthcare:22.4;Comm:23.6;Financials:27.3;Tech:26.7
US:61.3;EU:15.1;APAC:14.4;EMEA:9.0;LATAM:0.2
AA:37.4;CCC:22.6;B:23.8;A:16.2
5.65
59.5
188
504
15.7
2
25
55
30
true
true
true
false
1.47
0.89
0.11
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-9
-7
DealerB
Electronic
11
99
103
-29
Region>limit
Hedge
Regional concentration above limit
106
Escalate watchlist names
C09406
CR3080
2025-04-10
Stress
260
800
6
0.6
2,280,069,920
RealEstate:13.8;Industrials:36.7;Consumer:27.0;Materials:22.5
US:59.6;EU:16.4;APAC:8.7;EMEA:8.4;LATAM:6.9
A:20.5;AA:18.7;BB:23.5;BBB:10.3;B:27.0
0.56
38.1
179
591
18.1
4
25
45
20
true
true
true
false
1.29
1.4
0.45
Materials:EW
Hedge
iTraxx_MAIN: +179bps notional
-50
35
DealerA
Electronic
1
100
168
-191
Region>limit
Rotate
Regional concentration above limit
171
Tighten HY exposure bands
C09407
CR9153
2025-10-09
Stress
246
605
5.7
-0
1,695,969,450
RealEstate:12.5;Healthcare:38.1;Comm:49.4
US:71.6;EU:14.0;APAC:8.0;EMEA:5.8;LATAM:0.5
BB:23.1;AAA:11.9;CCC:34.3;A:12.1;AA:18.7
4.11
47.5
256
538
18.3
2.5
30
45
35
true
true
true
true
0.36
0.5
-0.24
Healthcare:EW;Comm:EW
Hedge
SingleName_CDS: +174bps notional
-44
5
ECN2
DealerAxed
2
99
-145
18
HYCap>limit
Reduce
High-yield share above policy cap
153
Rotate into defensive sectors
C09408
CR1110
2025-03-28
Calm
107
336
3.7
1.8
820,483,830
Healthcare:20.6;RealEstate:18.1;Industrials:24.7;Financials:36.6
US:60.8;EU:15.5;APAC:12.6;EMEA:10.8;LATAM:0.2
BBB:22.7;B:5.8;AA:26.8;A:44.7
2.05
57.4
263
349
13.3
4
30
45
30
true
true
false
true
-0.14
1.68
-0.07
Industrials:EW
Hedge
CDX_IG: +53bps notional
-6
6
DealerA
All2All
1
90
285
11
VAR>budget
Hedge
Portfolio VAR above budget
257
Defer adds pending macro print
C09409
CR6424
2024-04-06
Tightening
110
490
4
1.6
2,485,828,372
Healthcare:13.5;Consumer:27.2;Industrials:38.4;Energy:20.8
US:66.8;EU:12.9;APAC:9.9;EMEA:7.9;LATAM:2.5
B:18.4;AA:23.4;CCC:12.5;BBB:9.0;AAA:9.0;BB:27.7
0.85
24.8
128
159
6.6
3.5
30
55
30
true
true
true
false
1.95
0.04
-0.08
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-39
-16
ECN2
All2All
12
95
-190
10
Region>limit
Hedge
Regional concentration above limit
187
Reviewed by risk; hedges staggered
C09410
CR9455
2024-10-30
Stress
141
588
5.1
0.6
2,297,857,419
Healthcare:27.1;Materials:10.6;Energy:28.0;Industrials:18.4;Comm:15.9
US:70.3;EU:6.2;APAC:13.0;EMEA:7.4;LATAM:3.1
AAA:28.3;CCC:15.3;B:10.1;BB:11.6;A:34.7
6.01
53.5
239
587
11.4
3
25
35
35
true
true
true
true
0.01
1.34
-0.1
null
Hedge
Options_Payer: +155bps notional
20
4
DealerC
RFQ
6
94
295
33
VAR>budget
Reduce
Portfolio VAR above budget
176
Rotate into defensive sectors
C09411
CR3075
2024-12-09
Calm
84
388
4.1
2.5
893,314,506
Healthcare:12.5;Tech:28.5;Comm:12.8;Materials:46.2
US:62.3;EU:16.8;APAC:11.7;EMEA:4.7;LATAM:4.5
BB:11.7;AA:21.0;AAA:26.8;CCC:16.8;BBB:23.7
6.74
58.5
122
425
6.4
2.5
20
45
20
true
true
true
false
1.98
1.16
-0.31
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
45
DealerC
All2All
10
94
402
-90
VAR>budget
Hedge
Portfolio VAR above budget
188
Rotate into defensive sectors
C09412
CR9334
2024-12-01
Recovery
107
517
6.4
-0.1
1,154,795,948
RealEstate:25.2;Consumer:11.9;Materials:19.3;Comm:20.5;Healthcare:23.1
US:55.0;EU:18.4;APAC:9.8;EMEA:12.2;LATAM:4.6
B:21.7;A:8.1;AAA:22.3;BB:19.7;BBB:28.2
1.86
52.4
108
206
10.1
4
35
45
25
false
true
true
false
2.42
-0.21
-0.32
null
Rotate
From Energy -1.0% to Utilities +1.0%
0
-15
DealerC
RFQ
4
95
373
-45
Sector>limit
Reduce
Sector concentration above limit
209
Tighten HY exposure bands
C09413
CR9153
2024-01-30
Tightening
138
424
5
1.4
1,960,066,996
Comm:15.8;Healthcare:13.6;Energy:9.7;Utilities:24.7;Industrials:22.6;Financials:13.5
US:61.0;EU:10.3;APAC:15.4;EMEA:11.5;LATAM:1.8
AA:17.1;A:22.1;CCC:23.7;AAA:15.5;BBB:21.7
7.31
24.3
192
125
5.4
2
30
35
25
false
true
false
false
1.7
1.36
0.57
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
25
ECN2
RFQ
5
95
-15
-330
HYCap>limit
Reduce
High-yield share above policy cap
174
Defer adds pending macro print
C09414
CR6557
2024-04-08
Calm
81
410
3.5
1.6
1,061,685,631
Tech:31.6;Materials:25.9;Industrials:25.6;Financials:8.7;Consumer:8.3
US:66.4;EU:17.6;APAC:9.1;EMEA:3.6;LATAM:3.4
AAA:28.0;CCC:20.0;AA:22.4;A:12.2;BBB:17.4
5.18
64.5
103
410
4.7
4
35
35
35
false
true
false
false
0.99
1.61
0.47
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
40
DealerB
DealerAxed
7
88
349
-90
HYCap>limit
Reduce
High-yield share above policy cap
216
Rotate into defensive sectors
C09415
CR3225
2024-02-24
Tightening
122
484
5.2
1.5
1,688,589,359
Healthcare:19.7;Utilities:26.3;Tech:8.4;Financials:8.6;Energy:7.8;Consumer:29.2
US:61.5;EU:14.2;APAC:10.4;EMEA:9.6;LATAM:4.2
AAA:26.7;BBB:37.6;AA:26.6;B:9.1
5.65
43
226
447
7.1
3
20
45
25
true
true
false
true
0.9
0.11
0.38
null
Hedge
CDX_IG: +172bps notional
-43
11
DealerC
Electronic
3
86
-128
159
HYCap>limit
Rotate
High-yield share above policy cap
172
Escalate watchlist names
C09416
CR0049
2024-12-07
Tightening
121
409
4.4
1.1
305,930,419
Industrials:21.4;Energy:6.1;Utilities:15.4;Comm:16.1;RealEstate:21.7;Tech:19.4
US:77.6;EU:11.2;APAC:5.5;EMEA:3.5;LATAM:2.2
A:12.1;CCC:8.4;AAA:39.2;BB:12.4;BBB:28.0
4.55
29.9
213
156
7.8
4
25
35
20
false
true
true
true
-0.12
1.68
-0.17
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
36
ECN2
Electronic
11
89
216
26
Sector>limit
Reduce
Sector concentration above limit
239
Reviewed by risk; hedges staggered
C09417
CR6414
2025-05-01
Calm
90
318
4.2
2.9
1,643,306,440
Energy:28.2;RealEstate:19.1;Comm:15.8;Industrials:13.6;Financials:23.3
US:69.2;EU:13.6;APAC:10.2;EMEA:3.4;LATAM:3.6
B:13.6;BBB:26.3;CCC:15.7;A:29.6;AAA:14.8
6.9
27.8
165
267
17.5
2
25
35
35
true
true
false
false
-0.4
1.08
0.3
Materials:EW
Hedge
SingleName_CDS: +188bps notional
-58
29
DealerC
All2All
0
88
356
163
HYCap>limit
Hedge
High-yield share above policy cap
174
Defer adds pending macro print
C09418
CR5511
2025-12-17
Recovery
134
498
5.5
0.7
1,454,072,846
Consumer:31.6;RealEstate:12.2;Utilities:29.9;Healthcare:26.3
US:74.7;EU:5.1;APAC:7.3;EMEA:6.1;LATAM:6.8
AAA:30.7;AA:20.0;BBB:12.4;A:36.9
4.22
42.5
184
236
15.3
2.5
25
35
30
true
true
false
false
1.56
0.17
-0.13
null
Hedge
iTraxx_MAIN: +126bps notional
-44
36
DealerA
RFQ
1
87
-109
-277
Region>limit
Rotate
Regional concentration above limit
126
Rotate into defensive sectors
C09419
CR2410
2024-12-20
Tightening
107
411
3.8
0.8
441,771,418
Financials:41.0;Comm:9.2;Materials:10.2;Consumer:17.9;Industrials:21.7
US:58.6;EU:15.1;APAC:10.9;EMEA:11.4;LATAM:4.0
CCC:9.8;BB:8.8;B:7.5;AA:15.2;BBB:18.9;AAA:39.8
4.14
52.1
133
461
9.7
3
25
35
25
true
true
true
false
2.18
-0.09
0.56
Consumer:EW
Hedge
SingleName_CDS: +97bps notional
-5
42
ECN1
Electronic
9
87
-56
-155
Sector>limit
Hedge
Sector concentration above limit
226
Reviewed by risk; hedges staggered
C09420
CR5818
2025-03-10
Recovery
101
543
4.7
0.6
1,430,642,705
Industrials:34.2;Consumer:39.6;Materials:12.7;Tech:13.5
US:69.4;EU:9.8;APAC:7.4;EMEA:9.9;LATAM:3.4
B:20.7;A:28.5;BB:25.7;CCC:25.2
0.62
21.6
102
422
3.6
2.5
25
35
30
true
true
true
false
1.75
0.96
-0.38
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
11
DealerB
All2All
5
88
-109
-348
HYCap>limit
Reduce
High-yield share above policy cap
256
Rotate into defensive sectors
C09421
CR9521
2024-06-09
Tightening
122
374
4.5
1.4
1,279,010,758
Financials:33.4;Materials:13.6;Consumer:27.5;Tech:25.5
US:72.5;EU:7.6;APAC:5.8;EMEA:11.5;LATAM:2.6
B:11.1;AAA:16.4;AA:25.3;BB:12.9;A:22.9;BBB:11.3
1.69
33.4
103
255
2.6
4
20
55
20
true
true
true
false
0.34
1.04
0.04
Materials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
14
ECN1
RFQ
9
86
168
-128
Sector>limit
Rotate
Sector concentration above limit
257
Reviewed by risk; hedges staggered
C09422
CR1542
2025-02-19
Stress
240
823
6.5
-1.8
2,129,093,945
Industrials:16.2;RealEstate:38.4;Healthcare:45.5
US:63.5;EU:16.8;APAC:6.0;EMEA:9.0;LATAM:4.6
A:9.9;CCC:12.1;BBB:25.2;B:27.0;AAA:17.2;BB:8.5
5.79
62.7
180
592
13
4
30
55
30
true
true
true
false
1.09
0.52
0.42
Consumer:EW;Tech:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-47
41
ECN2
RFQ
10
89
-93
-276
VAR>budget
Rotate
Portfolio VAR above budget
201
Escalate watchlist names
C09423
CR5852
2025-05-19
Recovery
165
422
4.7
1.3
284,501,314
Tech:35.0;Comm:26.2;Financials:9.1;Materials:29.8
US:61.3;EU:14.6;APAC:5.8;EMEA:10.6;LATAM:7.7
A:25.0;B:10.8;AAA:23.3;AA:41.0
1.09
61.1
132
301
6.1
3
35
35
25
false
true
false
false
0.33
0
0.35
Energy:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
-3
DealerB
DealerAxed
4
86
-112
60
HYCap>limit
Hedge
High-yield share above policy cap
211
Reviewed by risk; hedges staggered
C09424
CR1587
2025-08-16
Calm
108
301
3.7
2.8
1,708,452,649
Consumer:16.8;Comm:14.8;Financials:27.0;Materials:20.9;Healthcare:20.5
US:61.2;EU:9.2;APAC:14.7;EMEA:10.4;LATAM:4.5
B:15.1;CCC:17.9;A:26.1;BB:7.8;BBB:17.1;AAA:15.9
2.81
27.9
233
368
17
3.5
30
35
20
false
true
true
true
-0.38
0.05
-0.14
Tech:EW;RealEstate:EW
Hedge
Treasury_Futures: +104bps notional
-52
33
DealerB
DealerAxed
3
97
373
26
VAR>budget
Rotate
Portfolio VAR above budget
148
Escalate watchlist names
C09425
CR6713
2025-09-17
Calm
84
418
3.3
1.6
2,879,318,575
Materials:37.6;Energy:25.4;RealEstate:37.0
US:65.9;EU:15.5;APAC:7.0;EMEA:4.9;LATAM:6.7
AA:35.5;AAA:16.3;A:23.8;BB:24.3
6.54
33.5
136
365
11.6
4
20
45
30
true
true
false
false
0.7
1.1
0.59
Utilities:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-55
39
ECN1
All2All
4
100
359
-385
HYCap>limit
Hedge
High-yield share above policy cap
223
Tighten HY exposure bands
C09426
CR3337
2024-08-28
Recovery
100
518
5.8
1.4
2,055,651,302
Materials:10.6;Tech:45.2;Healthcare:44.2
US:71.4;EU:11.6;APAC:7.9;EMEA:7.1;LATAM:1.9
AA:16.8;CCC:5.0;AAA:19.6;BB:14.3;BBB:44.4
2.88
55.4
236
324
13.4
3
25
35
35
true
true
false
true
2.1
1.02
-0.28
null
Hedge
Treasury_Futures: +65bps notional
-7
18
DealerB
All2All
6
98
152
115
HYCap>limit
Hedge
High-yield share above policy cap
105
Tighten HY exposure bands
C09427
CR0171
2025-11-18
Stress
198
559
5.9
-0.3
1,135,758,013
RealEstate:17.2;Comm:17.4;Tech:25.2;Energy:13.4;Financials:8.5;Healthcare:18.3
US:63.4;EU:9.6;APAC:12.1;EMEA:6.6;LATAM:8.3
B:9.4;BBB:24.6;A:19.7;CCC:15.0;AA:31.3
4.6
40.3
213
376
10.7
2
35
55
35
false
true
false
true
2.29
1.07
0.47
null
Hedge
CDX_IG: +94bps notional
-44
38
DealerC
RFQ
2
100
215
31
HYCap>limit
Rotate
High-yield share above policy cap
118
Tighten HY exposure bands
C09428
CR4306
2024-01-21
Calm
99
420
3.5
2
1,543,814,587
Financials:16.6;Comm:17.9;Utilities:21.8;Energy:5.5;Consumer:19.4;Industrials:18.7
US:68.6;EU:13.8;APAC:5.9;EMEA:6.1;LATAM:5.7
B:14.3;AAA:21.5;A:23.2;BB:41.0
1.23
21.6
221
263
11.1
4
30
55
30
false
true
true
true
1.78
1.42
0.11
null
Rotate
From Energy -1.0% to Utilities +1.0%
0
45
ECN2
All2All
9
95
118
-270
VAR>budget
Reduce
Portfolio VAR above budget
236
Reviewed by risk; hedges staggered
C09429
CR0293
2024-07-17
Tightening
158
412
4.4
0.6
489,859,341
Comm:21.9;Materials:15.4;Energy:12.6;Financials:14.0;Utilities:25.4;Industrials:10.8
US:61.4;EU:9.0;APAC:13.2;EMEA:8.7;LATAM:7.7
BB:40.8;B:15.9;BBB:25.9;A:17.4
2.96
50.6
107
215
11.2
2.5
25
45
20
true
true
true
false
1.31
0.85
0.04
Materials:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-45
14
DealerA
Electronic
12
88
400
-40
Sector>limit
Reduce
Sector concentration above limit
159
Rotate into defensive sectors
C09430
CR3545
2025-04-11
Tightening
116
357
4.1
1.8
93,327,875
Comm:29.9;RealEstate:15.0;Consumer:21.5;Materials:33.6
US:69.1;EU:13.7;APAC:7.1;EMEA:8.9;LATAM:1.3
CCC:8.9;A:11.3;BB:26.5;AA:25.4;B:27.8
4.13
49.7
223
140
16.6
3.5
35
45
35
false
true
true
true
-0.23
0.28
0.46
Tech:EW
Hedge
CDX_IG: +53bps notional
16
41
ECN1
All2All
7
95
430
-99
Region>limit
Reduce
Regional concentration above limit
235
Defer adds pending macro print
C09431
CR3794
2024-09-28
Stress
255
581
6.2
-0.8
1,068,671,122
Tech:27.9;RealEstate:25.0;Comm:10.4;Materials:20.0;Industrials:16.7
US:67.4;EU:9.3;APAC:9.6;EMEA:7.3;LATAM:6.4
CCC:7.7;AAA:13.6;BBB:5.8;B:24.9;AA:12.8;BB:35.1
3.47
24.9
188
361
16
2
35
35
35
false
true
true
false
0.82
-0.2
0.11
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
-2
DealerB
Electronic
4
92
319
44
Sector>limit
Hedge
Sector concentration above limit
253
Escalate watchlist names
C09432
CR6687
2024-12-11
Recovery
164
550
4.7
0.8
2,092,036,523
Healthcare:38.6;Materials:16.6;RealEstate:20.2;Energy:24.6
US:59.9;EU:12.5;APAC:12.6;EMEA:10.6;LATAM:4.3
CCC:7.4;AAA:25.4;AA:26.9;B:6.9;BBB:22.6;BB:10.8
6.23
30.4
100
264
14.5
3.5
35
55
35
true
true
false
false
-0.12
-0.27
-0.08
Utilities:EW;Comm:EW
Hedge
SingleName_CDS: +135bps notional
-8
-9
DealerA
All2All
6
95
265
-382
VAR>budget
Hedge
Portfolio VAR above budget
190
Defer adds pending macro print
C09433
CR3447
2025-11-08
Tightening
117
395
5
1.1
2,651,146,810
Healthcare:16.9;Consumer:47.4;Comm:35.7
US:64.9;EU:7.4;APAC:12.1;EMEA:10.7;LATAM:4.9
BBB:19.5;B:30.9;CCC:22.9;AAA:13.6;AA:13.1
2.18
63.6
237
520
7.3
4
25
55
35
true
true
true
true
-0.27
0.39
0.08
Industrials:EW
Hedge
iTraxx_XOVER: +110bps notional
3
25
ECN1
RFQ
10
90
-48
-206
Sector>limit
Hedge
Sector concentration above limit
163
Defer adds pending macro print
C09434
CR8620
2024-06-02
Recovery
176
564
5.4
1.1
1,967,533,825
Energy:28.1;Consumer:19.5;RealEstate:13.5;Healthcare:28.4;Materials:10.5
US:65.1;EU:8.6;APAC:15.1;EMEA:3.6;LATAM:7.5
B:25.5;BB:19.4;AAA:19.4;CCC:11.4;AA:24.2
0.67
61.1
160
200
4.9
2
25
45
35
true
true
true
false
1.81
1.78
0.06
Comm:EW;RealEstate:EW
Hedge
CDX_HY: +153bps notional
-24
10
DealerA
Electronic
11
99
316
-33
VAR>budget
Reduce
Portfolio VAR above budget
102
Rotate into defensive sectors
C09435
CR3426
2025-05-24
Recovery
104
628
5.8
0.7
398,500,621
Industrials:11.8;RealEstate:29.4;Tech:30.7;Consumer:28.0
US:65.9;EU:12.7;APAC:9.9;EMEA:8.1;LATAM:3.3
CCC:19.9;A:22.9;B:21.1;AA:36.1
6.71
44.2
224
402
7.8
3
35
45
30
false
true
true
true
2.47
1.16
0.47
Energy:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-51
40
ECN2
All2All
3
99
171
-189
HYCap>limit
Reduce
High-yield share above policy cap
159
Defer adds pending macro print
C09436
CR3977
2024-10-30
Tightening
126
372
4.7
1
1,791,312,651
Comm:13.2;Industrials:19.8;Consumer:12.6;Healthcare:16.5;Tech:19.1;RealEstate:18.8
US:68.9;EU:8.3;APAC:8.8;EMEA:9.1;LATAM:4.9
AA:15.6;CCC:13.0;BBB:29.0;BB:8.0;A:34.3
6.67
49.6
117
318
4.2
3.5
35
55
30
false
true
false
false
1.86
0.47
0.09
RealEstate:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
-16
DealerB
All2All
3
97
279
-404
Sector>limit
Hedge
Sector concentration above limit
207
Defer adds pending macro print
C09437
CR8472
2025-04-02
Calm
91
307
3.3
2.5
2,264,357,158
Tech:38.8;Materials:25.1;Comm:16.7;Financials:19.4
US:67.9;EU:10.7;APAC:5.1;EMEA:10.5;LATAM:5.9
B:8.0;AA:48.8;BB:10.5;A:32.8
4.12
21.2
160
351
3.7
4
25
35
25
true
true
false
false
1.88
0.01
-0.21
Materials:EW
Hedge
CDX_IG: +157bps notional
-29
-7
DealerC
Electronic
2
97
421
-249
VAR>budget
Hedge
Portfolio VAR above budget
182
Reviewed by risk; hedges staggered
C09438
CR5526
2025-07-19
Stress
175
810
6.2
-0.4
643,017,405
RealEstate:39.2;Financials:35.4;Healthcare:25.3
US:66.5;EU:7.0;APAC:7.4;EMEA:14.4;LATAM:4.8
AAA:13.8;AA:12.5;BB:40.1;CCC:8.2;A:13.6;BBB:11.8
6.99
63.5
243
223
8.1
3.5
20
55
20
true
true
true
true
0.68
0.85
-0.18
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
31
DealerB
RFQ
9
89
420
-116
VAR>budget
Hedge
Portfolio VAR above budget
140
Escalate watchlist names
C09439
CR3423
2024-02-26
Stress
147
580
7.5
0.1
2,043,304,367
Industrials:20.7;Energy:28.1;Consumer:15.6;RealEstate:7.2;Healthcare:28.5
US:58.7;EU:17.3;APAC:14.9;EMEA:8.4;LATAM:0.7
B:10.5;CCC:13.7;BB:4.8;A:27.3;BBB:14.3;AAA:29.4
2.83
50.6
203
547
10.9
2
25
55
35
true
true
false
true
-0.23
0.63
-0.04
null
Hedge
CDX_IG: +135bps notional
8
29
ECN1
All2All
2
86
376
127
Region>limit
Hedge
Regional concentration above limit
224
Reviewed by risk; hedges staggered
C09440
CR0622
2024-03-28
Stress
183
574
6.6
0.3
2,383,510,789
Healthcare:32.3;Materials:42.9;Utilities:24.7
US:72.2;EU:6.8;APAC:9.5;EMEA:6.8;LATAM:4.8
BBB:40.2;CCC:21.6;A:20.9;AAA:17.2
4.68
49
363
448
4.8
3.5
30
35
35
true
true
false
true
1.95
1.12
-0.09
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
9
ECN1
Electronic
1
90
263
1
VAR>budget
Hedge
Portfolio VAR above budget
238
Tighten HY exposure bands
C09441
CR9836
2025-07-16
Stress
165
629
5.5
0.7
100,691,651
Financials:16.7;Comm:19.7;Utilities:28.4;Healthcare:35.2
US:58.8;EU:12.7;APAC:13.1;EMEA:8.9;LATAM:6.5
BB:12.0;BBB:7.5;CCC:35.9;A:7.3;AA:13.1;B:24.3
3.03
40.4
162
546
9.2
3
30
45
35
true
true
true
false
2.25
1.21
-0.29
Utilities:EW;Healthcare:EW
Hedge
Treasury_Futures: +100bps notional
-43
20
DealerB
DealerAxed
9
95
10
73
HYCap>limit
Hedge
High-yield share above policy cap
181
Escalate watchlist names
C09442
CR7765
2025-07-18
Calm
90
409
3.2
1.7
75,359,657
Comm:14.6;Utilities:15.4;Materials:27.8;RealEstate:8.7;Energy:33.5
US:69.0;EU:13.8;APAC:8.0;EMEA:5.8;LATAM:3.4
A:8.7;BB:22.7;CCC:8.3;B:31.4;AA:9.3;AAA:19.5
2.83
50.8
277
334
17.1
2
25
55
30
true
true
true
true
1.36
0.18
0.38
RealEstate:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
-1
DealerC
RFQ
10
93
-112
43
Region>limit
Reduce
Regional concentration above limit
257
Rotate into defensive sectors
C09443
CR3510
2024-07-19
Calm
108
362
3.8
1.8
1,301,507,281
Healthcare:47.0;Energy:38.8;Utilities:14.2
US:69.7;EU:12.9;APAC:6.2;EMEA:4.6;LATAM:6.7
AA:47.4;AAA:26.0;BB:18.1;CCC:8.5
6.17
63.9
230
405
12.7
2
20
55
20
true
true
true
true
0.02
1.69
0.14
null
Hedge
iTraxx_XOVER: +123bps notional
-55
5
DealerC
Electronic
11
86
383
124
HYCap>limit
Rotate
High-yield share above policy cap
238
Escalate watchlist names
C09444
CR8378
2025-05-24
Recovery
146
482
5.9
-0.1
81,053,759
Healthcare:48.1;Materials:31.6;RealEstate:20.3
US:57.2;EU:14.9;APAC:12.4;EMEA:9.8;LATAM:5.6
AA:20.6;B:31.2;A:8.7;AAA:19.2;BB:8.1;CCC:12.2
4.76
21
142
284
5.9
3
20
35
35
true
true
true
false
0.79
1.4
-0.17
Materials:EW
Hedge
CDX_IG: +74bps notional
-9
-7
ECN1
RFQ
1
97
174
-381
VAR>budget
Reduce
Portfolio VAR above budget
175
Rotate into defensive sectors
C09445
CR5035
2024-05-03
Calm
75
378
4.4
1.8
2,530,896,657
Financials:21.3;Materials:10.6;Tech:23.9;Comm:9.9;Energy:10.3;Healthcare:24.0
US:64.4;EU:16.7;APAC:9.7;EMEA:4.0;LATAM:5.2
AA:10.9;CCC:24.1;AAA:11.6;A:28.8;BBB:24.6
7.35
36.9
249
402
17.5
4
20
35
25
true
true
false
true
0.62
1.6
0.34
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-59
43
ECN1
DealerAxed
0
88
65
-283
HYCap>limit
Rotate
High-yield share above policy cap
211
Rotate into defensive sectors
C09446
CR8027
2025-06-13
Calm
108
387
3.4
2.3
390,101,181
Utilities:20.6;Industrials:17.0;Consumer:10.5;Materials:17.3;Comm:15.3;Financials:19.3
US:64.7;EU:12.7;APAC:7.1;EMEA:9.5;LATAM:6.1
A:23.7;AAA:26.2;CCC:5.8;AA:27.7;BB:16.6
1.43
61.6
195
184
3.1
3.5
20
45
20
true
true
true
false
0.58
1.64
-0.07
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
37
DealerA
All2All
2
93
-59
62
HYCap>limit
Rotate
High-yield share above policy cap
192
Defer adds pending macro print
C09447
CR5850
2025-09-20
Calm
69
399
3.3
2.6
2,376,332,152
Materials:26.1;Energy:45.3;RealEstate:28.6
US:64.5;EU:11.3;APAC:11.6;EMEA:8.2;LATAM:4.4
BBB:14.5;CCC:19.1;AA:13.4;AAA:14.7;B:13.2;BB:25.1
4.6
59.1
162
288
4.3
2
35
55
25
true
true
true
false
0.43
-0.17
-0.36
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-41
-21
ECN2
All2All
11
97
232
-351
HYCap>limit
Reduce
High-yield share above policy cap
121
Reviewed by risk; hedges staggered
C09448
CR1318
2025-12-01
Recovery
121
559
6.1
0.2
403,545,140
Energy:25.3;Consumer:15.0;Tech:26.0;Financials:33.7
US:58.3;EU:14.0;APAC:11.7;EMEA:10.3;LATAM:5.7
BB:10.4;CCC:10.5;BBB:33.3;A:45.8
5.77
21.3
201
355
6
3.5
20
55
20
true
true
true
true
0.8
0.46
-0.01
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
18
DealerA
RFQ
7
97
-172
-417
Sector>limit
Rotate
Sector concentration above limit
157
Escalate watchlist names
C09449
CR2325
2025-04-02
Calm
100
313
4.2
2.1
1,553,556,958
Financials:15.3;Consumer:20.4;Comm:20.9;Industrials:12.4;Energy:25.0;Healthcare:6.0
US:69.5;EU:15.8;APAC:5.2;EMEA:8.2;LATAM:1.3
BB:20.8;AA:21.3;B:7.0;BBB:22.2;CCC:28.6
4.9
55.2
130
383
9.3
3
30
35
20
false
true
true
false
2.43
0.08
-0.05
Financials:EW;Tech:EW;Industrials:EW
Hedge
Options_Payer: +171bps notional
-60
-13
ECN1
DealerAxed
9
88
54
142
Sector>limit
Hedge
Sector concentration above limit
236
Defer adds pending macro print
C09450
CR4854
2025-11-15
Recovery
106
497
4.9
1.9
691,052,721
Tech:50.4;Financials:30.3;Utilities:19.3
US:63.3;EU:8.4;APAC:15.2;EMEA:12.8;LATAM:0.3
AA:6.9;AAA:13.4;BB:34.7;B:9.0;CCC:27.1;A:8.7
6.38
37.2
267
334
9.3
2.5
35
55
30
true
true
true
true
0.01
1.47
-0.24
Industrials:EW
Hedge
Options_Payer: +195bps notional
-12
-4
DealerB
All2All
5
93
-2
-225
Region>limit
Rotate
Regional concentration above limit
148
Reviewed by risk; hedges staggered
C09451
CR6376
2024-02-13
Stress
231
682
6.2
-0.5
802,648,355
Energy:20.6;Tech:8.1;RealEstate:29.7;Consumer:31.0;Comm:10.6
US:67.3;EU:14.8;APAC:7.6;EMEA:6.7;LATAM:3.6
AA:25.0;AAA:17.7;BBB:33.8;CCC:23.5
6.29
42.9
184
509
21.1
3
20
35
20
true
true
true
false
-0.23
0.68
0.39
Utilities:EW
Hedge
Treasury_Futures: +198bps notional
-27
37
DealerA
Electronic
5
96
379
-69
HYCap>limit
Rotate
High-yield share above policy cap
257
Escalate watchlist names
C09452
CR5138
2024-11-04
Recovery
176
467
6.2
1
1,533,380,173
Materials:24.1;Tech:23.2;Utilities:19.8;Industrials:33.0
US:54.6;EU:19.1;APAC:12.0;EMEA:8.0;LATAM:6.3
BB:12.8;CCC:11.1;AAA:32.1;AA:33.1;A:10.9
5.53
34.4
262
472
6.2
3.5
25
45
25
true
true
false
true
1.05
1.42
-0.21
Comm:EW
Hedge
Options_Payer: +165bps notional
13
40
DealerB
All2All
12
92
387
-143
VAR>budget
Reduce
Portfolio VAR above budget
110
Reviewed by risk; hedges staggered
C09453
CR3596
2024-09-21
Stress
222
740
6.7
-0.3
2,218,270,307
RealEstate:7.5;Utilities:23.2;Materials:6.9;Energy:17.2;Healthcare:23.8;Comm:21.4
US:66.7;EU:15.0;APAC:8.8;EMEA:8.7;LATAM:0.9
B:33.4;AA:12.4;A:27.0;BBB:27.1
2.01
44.5
183
659
18.8
3
30
45
25
false
true
true
false
-0.18
0.86
-0.02
Utilities:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-32
5
DealerC
DealerAxed
0
95
-151
-240
VAR>budget
Hedge
Portfolio VAR above budget
100
Reviewed by risk; hedges staggered
C09454
CR3458
2025-03-06
Stress
248
572
7.8
-1.2
1,767,501,632
Consumer:24.1;Tech:14.5;Industrials:32.5;Comm:19.7;Financials:9.2
US:66.5;EU:16.1;APAC:9.0;EMEA:5.2;LATAM:3.2
BB:18.5;A:23.5;CCC:32.2;BBB:25.8
6.87
54.8
352
453
11.5
3
30
45
25
true
true
true
true
0.56
0.95
0.19
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-35
44
DealerC
DealerAxed
5
85
343
-1
Sector>limit
Rotate
Sector concentration above limit
182
Tighten HY exposure bands
C09455
CR9123
2025-10-27
Calm
85
320
3.3
2.2
1,531,668,032
Financials:32.1;Industrials:35.3;Energy:32.5
US:59.4;EU:8.2;APAC:15.3;EMEA:9.4;LATAM:7.8
B:6.8;AA:31.6;AAA:10.5;CCC:13.9;BB:20.9;A:16.4
5.8
57.6
163
225
17.4
2
25
35
20
true
true
true
false
0.38
1.42
-0.12
RealEstate:EW;Industrials:EW
Hedge
Treasury_Futures: +171bps notional
-60
38
ECN2
Electronic
3
92
0
-68
HYCap>limit
Rotate
High-yield share above policy cap
116
Reviewed by risk; hedges staggered
C09456
CR4679
2025-03-22
Tightening
104
423
4.8
1
676,382,549
Industrials:20.3;Financials:17.6;RealEstate:15.0;Consumer:24.0;Healthcare:12.4;Tech:10.7
US:68.6;EU:9.2;APAC:10.3;EMEA:10.3;LATAM:1.6
BBB:16.5;AA:25.0;AAA:11.9;A:17.7;BB:28.9
1.37
21.2
87
260
12.6
2
35
45
25
false
true
true
false
2.01
0.48
-0.07
Consumer:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
-13
DealerA
All2All
7
91
-121
-158
Region>limit
Rotate
Regional concentration above limit
128
Tighten HY exposure bands
C09457
CR4966
2025-04-07
Tightening
122
357
4.9
1.4
2,062,550,741
Energy:17.2;Tech:31.4;Consumer:24.2;Financials:27.2
US:53.9;EU:18.5;APAC:15.4;EMEA:5.9;LATAM:6.4
CCC:29.1;B:11.1;AAA:18.8;BB:13.7;A:12.8;BBB:14.5
1.71
50.5
101
313
17.8
2.5
35
35
20
false
true
true
false
2.11
1.6
0.17
null
Hedge
CDX_HY: +66bps notional
0
33
DealerB
DealerAxed
12
92
365
-300
Sector>limit
PauseAdds
Sector concentration above limit
135
Reviewed by risk; hedges staggered
C09458
CR2423
2025-05-21
Stress
214
811
6.4
-1.4
1,859,865,434
Healthcare:34.5;Financials:43.7;Comm:21.8
US:54.2;EU:14.0;APAC:13.4;EMEA:11.3;LATAM:7.1
BB:14.1;AA:25.9;BBB:23.6;AAA:36.4
7.06
46.5
238
410
15.6
4
30
35
30
true
true
false
true
0.29
1.05
0.46
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
1
37
ECN2
DealerAxed
1
98
193
-412
VAR>budget
Reduce
Portfolio VAR above budget
196
Reviewed by risk; hedges staggered
C09459
CR5272
2024-02-07
Tightening
111
374
4.1
1.5
2,727,482,273
Utilities:16.6;Healthcare:19.8;Industrials:14.3;RealEstate:21.4;Energy:27.9
US:58.7;EU:9.7;APAC:12.6;EMEA:11.9;LATAM:7.1
B:19.8;BB:15.4;BBB:21.1;AA:10.3;CCC:20.2;AAA:13.2
6
55
193
168
15.9
3
35
35
30
false
true
true
false
1.03
1.31
0.14
null
Hedge
iTraxx_XOVER: +80bps notional
-7
18
ECN2
All2All
0
99
-9
36
HYCap>limit
Rotate
High-yield share above policy cap
163
Defer adds pending macro print
C09460
CR1847
2025-01-01
Calm
95
414
3.4
2.9
403,407,063
Tech:38.6;Materials:12.7;Energy:15.9;Utilities:32.8
US:81.0;EU:5.2;APAC:6.4;EMEA:6.4;LATAM:0.9
CCC:7.7;BB:30.0;AAA:8.1;A:24.2;AA:14.3;BBB:15.6
5.1
64.8
267
395
16.9
3.5
25
55
20
true
true
true
true
1.79
0.97
0.49
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
-22
ECN2
All2All
7
100
-172
39
HYCap>limit
Reduce
High-yield share above policy cap
256
Defer adds pending macro print
C09461
CR5227
2025-09-22
Calm
96
413
3.8
2.7
2,366,082,298
Consumer:27.0;RealEstate:33.0;Utilities:40.0
US:64.8;EU:11.3;APAC:9.5;EMEA:9.5;LATAM:4.8
BB:7.1;CCC:35.6;A:33.4;AAA:23.9
3.66
57.2
88
200
4.2
3
35
55
35
true
true
true
false
2.24
0.92
0.09
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
12
26
DealerA
All2All
0
93
189
17
VAR>budget
Hedge
Portfolio VAR above budget
98
Escalate watchlist names
C09462
CR8870
2025-08-17
Recovery
123
465
5.8
1.9
842,241,271
RealEstate:22.0;Financials:29.3;Tech:48.7
US:72.3;EU:8.1;APAC:9.7;EMEA:8.6;LATAM:1.3
AAA:19.9;BB:4.4;A:12.9;AA:23.3;BBB:28.6;CCC:10.8
3.23
43.2
233
280
2.5
3.5
30
35
20
true
true
false
true
1.98
-0.14
-0.14
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
7
DealerA
Electronic
3
90
353
-348
HYCap>limit
Hedge
High-yield share above policy cap
164
Rotate into defensive sectors
C09463
CR9747
2025-05-09
Stress
164
813
6
0.3
2,243,203,882
Industrials:18.2;Tech:35.8;Utilities:33.1;RealEstate:12.9
US:69.2;EU:11.0;APAC:10.3;EMEA:6.8;LATAM:2.6
CCC:45.8;A:14.6;BBB:24.5;AA:15.1
4.61
53.8
186
675
9.3
4
25
35
30
true
true
true
false
-0.02
0.8
-0.34
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-2
38
DealerC
RFQ
4
88
242
-363
Region>limit
Hedge
Regional concentration above limit
113
Tighten HY exposure bands
C09464
CR5812
2025-11-17
Tightening
138
477
5
0.8
771,857,344
Healthcare:39.1;RealEstate:15.0;Materials:45.9
US:60.4;EU:17.9;APAC:6.2;EMEA:10.0;LATAM:5.5
AAA:19.8;A:28.2;BB:10.7;B:13.7;BBB:16.2;AA:11.4
0.79
58
128
239
16.2
2
35
55
35
true
true
false
false
-0.19
1.54
-0.37
Financials:EW
Hedge
SingleName_CDS: +198bps notional
9
22
ECN1
RFQ
7
99
409
-81
HYCap>limit
Hedge
High-yield share above policy cap
139
Rotate into defensive sectors
C09465
CR2364
2025-12-25
Tightening
110
493
3.8
1.4
52,018,585
Industrials:41.1;RealEstate:13.6;Utilities:45.2
US:69.2;EU:15.5;APAC:7.3;EMEA:6.2;LATAM:1.8
B:8.5;BB:16.7;A:11.4;AAA:29.5;AA:33.9
1.46
61.7
125
151
7.6
4
20
55
25
true
true
true
false
1.51
0.13
-0.34
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
-8
DealerC
DealerAxed
8
94
288
-279
VAR>budget
Reduce
Portfolio VAR above budget
225
Escalate watchlist names
C09466
CR1924
2025-09-04
Tightening
110
513
4.7
1.9
2,558,167,004
Healthcare:22.4;Consumer:40.2;RealEstate:37.4
US:62.2;EU:18.4;APAC:8.7;EMEA:5.4;LATAM:5.3
AAA:17.2;CCC:16.0;BB:20.7;BBB:19.1;B:10.2;AA:16.8
4.91
46.6
271
466
6.5
4
30
55
30
true
true
true
true
1.01
0.8
-0
Consumer:EW
Hedge
iTraxx_MAIN: +79bps notional
-57
22
ECN2
RFQ
1
89
-98
-140
Sector>limit
Rotate
Sector concentration above limit
110
Reviewed by risk; hedges staggered
C09467
CR2089
2024-07-30
Recovery
133
444
4.8
-0.1
2,510,452,303
Industrials:26.8;Materials:20.8;Comm:23.0;RealEstate:22.9;Financials:6.4
US:67.8;EU:8.2;APAC:14.0;EMEA:8.3;LATAM:1.7
CCC:13.5;AAA:24.7;BB:18.1;BBB:13.5;B:11.7;AA:18.6
1.74
57.2
147
380
5.3
3.5
25
35
20
true
true
true
false
1.41
0.77
-0.19
Healthcare:EW
Hedge
CDX_IG: +146bps notional
-1
18
ECN2
DealerAxed
5
89
296
-205
Sector>limit
Hedge
Sector concentration above limit
201
Tighten HY exposure bands
C09468
CR2896
2025-06-26
Recovery
100
507
5.6
0.1
821,197,461
Financials:13.2;Energy:18.3;Utilities:21.5;Materials:10.5;Healthcare:21.7;Consumer:14.8
US:60.4;EU:14.2;APAC:9.8;EMEA:8.8;LATAM:6.8
BB:14.5;B:20.8;AAA:21.4;A:29.4;BBB:13.8
3.74
36.2
264
316
16.3
3
25
35
25
false
true
true
true
0.84
1.22
0.17
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-50
13
DealerC
DealerAxed
6
98
40
-278
Region>limit
Hedge
Regional concentration above limit
223
Tighten HY exposure bands
C09469
CR0471
2024-12-23
Stress
236
726
6.3
-0.5
1,494,258,220
Healthcare:19.6;Energy:15.0;Tech:21.5;RealEstate:18.9;Comm:25.2
US:65.0;EU:12.8;APAC:7.6;EMEA:10.8;LATAM:3.9
BB:14.0;A:12.6;BBB:4.9;AA:16.8;CCC:23.2;B:28.6
7.32
24
286
615
8.6
4
20
35
20
true
true
true
true
0.69
0.13
0.45
Industrials:EW;Healthcare:EW
Hedge
SingleName_CDS: +71bps notional
3
-7
DealerB
RFQ
8
88
-145
-194
VAR>budget
Hedge
Portfolio VAR above budget
134
Defer adds pending macro print
C09470
CR8949
2025-01-14
Recovery
132
437
5.6
0.9
2,615,383,158
Financials:8.3;Comm:10.7;Industrials:29.4;Materials:30.4;Healthcare:21.1
US:59.6;EU:7.1;APAC:15.1;EMEA:10.0;LATAM:8.1
B:16.9;CCC:17.4;BBB:20.9;BB:16.4;A:8.6;AA:19.8
2.13
37.5
96
400
17.2
2
25
45
20
true
true
true
false
1.96
0.13
0.28
null
Hedge
iTraxx_XOVER: +65bps notional
-16
-7
DealerC
Electronic
3
95
22
-124
HYCap>limit
Rotate
High-yield share above policy cap
238
Rotate into defensive sectors
C09471
CR0527
2024-12-08
Calm
80
294
4
2.2
1,199,363,645
Industrials:25.5;Utilities:52.1;Energy:22.4
US:63.5;EU:17.9;APAC:5.8;EMEA:7.5;LATAM:5.3
BBB:8.4;AAA:32.2;A:19.7;CCC:15.9;AA:20.0;B:3.9
7.04
46.7
217
168
15.5
2.5
30
35
25
true
true
false
true
1.76
0.69
-0.05
Comm:EW
Hedge
iTraxx_MAIN: +178bps notional
-2
19
DealerC
All2All
6
91
392
-181
VAR>budget
Reduce
Portfolio VAR above budget
134
Defer adds pending macro print
C09472
CR2581
2024-07-31
Calm
112
340
4
2.2
1,140,818,409
Tech:25.2;Consumer:44.4;Industrials:30.3
US:62.8;EU:12.1;APAC:12.4;EMEA:9.6;LATAM:3.0
AA:22.3;AAA:25.9;BB:13.0;BBB:24.2;A:14.6
1.63
57.4
190
134
16.1
2
30
45
20
true
true
false
false
0.72
0.55
-0.17
Industrials:EW
Hedge
Options_Payer: +94bps notional
-2
-6
ECN2
RFQ
5
87
-60
-159
Sector>limit
Rotate
Sector concentration above limit
106
Tighten HY exposure bands
C09473
CR8523
2025-10-17
Recovery
177
590
5.1
0.3
910,578,588
Financials:27.6;Healthcare:37.1;RealEstate:23.0;Industrials:12.3
US:60.3;EU:17.8;APAC:14.9;EMEA:6.8;LATAM:0.2
AA:25.3;CCC:38.4;B:13.6;AAA:22.7
4.51
50.3
250
387
14.7
4
25
35
20
true
true
true
true
0.28
-0.22
-0.29
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-33
35
ECN2
DealerAxed
12
94
-53
-68
Sector>limit
Reduce
Sector concentration above limit
173
Tighten HY exposure bands
C09474
CR3500
2024-04-24
Tightening
112
397
4.1
1.2
1,455,906,606
Tech:14.8;Materials:19.4;Healthcare:23.6;Financials:24.5;Utilities:17.7
US:70.7;EU:11.7;APAC:10.1;EMEA:6.3;LATAM:1.1
BBB:18.0;CCC:16.3;AA:23.4;BB:13.9;AAA:28.4
4.43
52.7
104
369
5.9
3.5
20
35
20
true
true
true
false
2.37
-0.03
0.54
null
Hedge
Options_Payer: +89bps notional
-32
1
ECN2
RFQ
1
87
-193
-24
Region>limit
Reduce
Regional concentration above limit
254
Rotate into defensive sectors
C09475
CR4006
2025-12-16
Tightening
113
372
4.9
1.2
2,847,414,461
Industrials:13.8;Consumer:29.8;Healthcare:9.3;Tech:24.6;Energy:22.5
US:65.9;EU:12.2;APAC:10.4;EMEA:7.3;LATAM:4.1
BB:28.5;A:29.6;AAA:29.9;B:12.0
3.44
33.1
178
502
15.1
3
20
35
20
true
true
true
false
1.77
1.61
0.47
Tech:EW
Hedge
Treasury_Futures: +116bps notional
-20
30
DealerC
RFQ
1
89
285
-87
HYCap>limit
Hedge
High-yield share above policy cap
219
Rotate into defensive sectors
C09476
CR3029
2024-02-11
Calm
72
321
4.4
1.8
107,790,838
RealEstate:13.3;Tech:46.0;Consumer:21.9;Comm:18.7
US:66.3;EU:9.2;APAC:13.2;EMEA:11.3;LATAM:0.0
BBB:21.5;BB:22.3;CCC:19.5;B:20.3;AA:16.5
6.6
25.8
160
270
5.4
3
30
35
20
true
true
true
false
2.26
0.44
-0.02
Comm:EW
Hedge
CDX_HY: +56bps notional
-46
-10
ECN1
RFQ
0
95
224
-71
Region>limit
Rotate
Regional concentration above limit
213
Reviewed by risk; hedges staggered
C09477
CR2073
2025-07-22
Calm
92
395
3.5
2.8
193,869,880
Healthcare:24.3;Energy:26.3;Comm:12.9;Consumer:24.3;RealEstate:12.3
US:67.2;EU:16.0;APAC:5.3;EMEA:7.6;LATAM:3.9
BB:15.6;A:9.1;BBB:24.7;CCC:13.8;AA:14.6;B:22.2
0.58
60.9
171
303
17.3
3.5
25
35
25
true
true
true
false
-0.25
0.79
-0.29
Consumer:EW;Energy:EW
Hedge
Treasury_Futures: +84bps notional
-8
-20
ECN2
All2All
9
92
374
-128
Sector>limit
Hedge
Sector concentration above limit
127
Escalate watchlist names
C09478
CR1545
2025-06-24
Tightening
105
436
4.5
1.2
1,788,413,924
Financials:40.5;RealEstate:18.6;Comm:40.9
US:69.7;EU:12.7;APAC:7.6;EMEA:9.0;LATAM:1.0
CCC:13.4;AA:22.6;AAA:38.6;A:12.2;BB:13.1
2.58
64.6
235
328
12.9
2
20
55
25
true
true
true
true
0.52
-0.1
0.06
null
Hedge
CDX_HY: +177bps notional
-17
-16
ECN2
RFQ
0
96
220
38
HYCap>limit
Hedge
High-yield share above policy cap
128
Reviewed by risk; hedges staggered
C09479
CR2960
2025-03-03
Calm
77
338
4.2
1.8
1,806,573,400
RealEstate:19.1;Healthcare:32.6;Materials:48.3
US:67.8;EU:12.6;APAC:6.7;EMEA:8.5;LATAM:4.4
CCC:17.2;B:5.1;BBB:20.7;BB:10.8;A:29.9;AA:16.4
1.46
32
220
289
10.1
3
30
35
35
true
true
false
true
0.95
1.31
0.06
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
20
ECN2
Electronic
9
94
114
-262
Sector>limit
Hedge
Sector concentration above limit
175
Escalate watchlist names
C09480
CR6765
2024-09-24
Stress
242
797
7.6
-1.1
2,806,951,513
Comm:47.0;Healthcare:38.6;RealEstate:14.4
US:58.7;EU:17.5;APAC:7.3;EMEA:13.0;LATAM:3.6
A:17.2;BBB:15.7;BB:24.2;AAA:14.8;AA:17.3;CCC:10.8
1.11
43.2
337
504
16.7
3.5
30
55
30
true
true
true
true
-0.05
0.56
-0.04
RealEstate:EW;Consumer:EW
Hedge
Treasury_Futures: +79bps notional
13
-10
DealerB
All2All
6
99
300
-79
HYCap>limit
Reduce
High-yield share above policy cap
117
Escalate watchlist names
C09481
CR8921
2025-07-13
Tightening
155
390
3.8
1.1
2,218,015,932
Utilities:10.7;Tech:10.5;Healthcare:22.1;RealEstate:35.4;Materials:21.3
US:56.3;EU:13.2;APAC:15.6;EMEA:7.6;LATAM:7.3
BBB:22.6;B:10.1;AAA:26.2;BB:22.4;A:18.7
3.23
39.1
150
445
6.7
4
20
35
20
true
true
true
false
-0.02
0.66
0.14
RealEstate:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
42
ECN1
DealerAxed
5
88
285
-430
VAR>budget
Hedge
Portfolio VAR above budget
190
Tighten HY exposure bands
C09482
CR5510
2024-08-07
Calm
101
337
4.1
2.7
704,101,611
Industrials:52.1;Tech:34.2;Healthcare:13.7
US:59.4;EU:18.9;APAC:14.5;EMEA:4.5;LATAM:2.6
AAA:19.1;BB:28.4;A:33.4;AA:19.1
2.05
25.6
266
180
8.3
2
20
45
30
true
true
false
true
1.33
1.07
0.43
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
44
DealerB
DealerAxed
7
96
-182
-67
VAR>budget
Rotate
Portfolio VAR above budget
211
Defer adds pending macro print
C09483
CR1769
2025-02-01
Calm
100
371
3.2
2.6
236,407,059
Utilities:43.1;Financials:38.1;Comm:18.8
US:81.2;EU:6.8;APAC:6.2;EMEA:4.5;LATAM:1.3
BBB:18.3;B:25.3;CCC:22.8;A:13.8;AAA:19.7
6.66
49.9
190
374
7.3
2
30
45
25
true
true
true
false
1.81
0.48
0.34
Healthcare:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
42
DealerA
Electronic
6
91
419
71
Sector>limit
Reduce
Sector concentration above limit
195
Defer adds pending macro print
C09484
CR3065
2025-10-23
Calm
99
316
4.5
2
705,431,694
Energy:18.8;Consumer:10.0;Comm:6.7;Financials:27.1;Utilities:10.8;Tech:26.6
US:68.9;EU:10.0;APAC:13.1;EMEA:4.3;LATAM:3.6
CCC:25.5;AA:20.9;BBB:15.3;A:31.3;BB:6.9
1.99
54.2
196
390
11.5
3.5
35
55
35
false
true
false
false
1.22
0.02
-0.09
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
-7
DealerA
DealerAxed
8
99
209
173
HYCap>limit
Hedge
High-yield share above policy cap
136
Tighten HY exposure bands
C09485
CR3824
2025-07-09
Stress
223
617
5.2
-1.2
403,167,194
RealEstate:40.1;Industrials:29.7;Tech:30.1
US:65.2;EU:7.3;APAC:14.0;EMEA:12.2;LATAM:1.2
A:28.9;AAA:16.8;BB:11.5;AA:26.8;CCC:16.0
7.01
33.8
263
517
5.2
3
20
45
25
true
true
true
true
0.42
0.73
0.24
Tech:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-23
-18
DealerB
All2All
8
100
-197
-249
Sector>limit
Hedge
Sector concentration above limit
217
Escalate watchlist names
C09486
CR0388
2025-01-09
Stress
185
556
6.6
-1.1
1,719,633,066
RealEstate:35.3;Industrials:20.3;Utilities:29.7;Financials:14.6
US:64.0;EU:8.4;APAC:12.8;EMEA:13.1;LATAM:1.7
BB:18.0;B:8.7;CCC:10.6;AA:35.3;BBB:27.5
1.6
45.4
304
565
13.6
2
25
55
35
true
true
true
true
-0.22
0.3
-0.15
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
-23
DealerC
Electronic
5
100
272
-41
Region>limit
Hedge
Regional concentration above limit
215
Escalate watchlist names
C09487
CR2447
2024-11-21
Tightening
130
391
4.7
0.7
2,691,836,114
Healthcare:36.0;Consumer:34.5;Comm:29.5
US:65.6;EU:13.9;APAC:9.3;EMEA:8.1;LATAM:3.1
B:18.4;AAA:18.0;CCC:22.3;BBB:18.1;AA:13.8;BB:9.5
1.44
30.2
280
319
9.3
2.5
20
35
30
true
true
true
true
1.46
0.8
0.34
Energy:EW
Hedge
iTraxx_XOVER: +174bps notional
-15
14
DealerB
RFQ
7
100
6
14
VAR>budget
Rotate
Portfolio VAR above budget
196
Defer adds pending macro print
C09488
CR6192
2025-11-07
Calm
74
333
3.7
2.2
2,200,986,169
Tech:6.2;Financials:20.4;Healthcare:14.2;Consumer:23.9;Energy:24.1;RealEstate:11.1
US:68.9;EU:19.8;APAC:5.8;EMEA:5.5;LATAM:0.0
BBB:22.4;AAA:34.0;B:10.4;AA:33.2
7.18
59.3
87
432
8.1
4
30
55
25
false
true
false
false
1.26
0.09
0.11
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-6
44
DealerA
Electronic
5
91
-13
-347
Sector>limit
Hedge
Sector concentration above limit
97
Tighten HY exposure bands
C09489
CR9347
2024-12-23
Calm
69
317
4.3
2.6
1,799,700,143
Healthcare:29.6;Energy:16.3;RealEstate:13.8;Tech:9.9;Industrials:7.4;Materials:22.9
US:68.0;EU:14.9;APAC:6.9;EMEA:5.7;LATAM:4.6
B:11.1;BBB:25.5;AA:21.0;A:15.8;AAA:15.8;CCC:10.8
4.48
50.4
248
334
17.3
4
20
55
35
true
true
false
true
0.09
1.65
-0.13
Comm:EW
Hedge
iTraxx_MAIN: +123bps notional
-11
23
DealerC
Electronic
2
87
-85
-459
VAR>budget
Reduce
Portfolio VAR above budget
212
Defer adds pending macro print
C09490
CR5673
2025-05-03
Tightening
159
379
4.1
1.6
1,251,095,699
Consumer:22.7;Comm:5.5;Financials:20.9;Industrials:19.4;Tech:7.4;Utilities:24.2
US:60.0;EU:15.5;APAC:7.4;EMEA:10.1;LATAM:7.0
A:18.2;BBB:14.6;AAA:21.9;AA:13.4;B:15.9;BB:16.0
3.83
26.8
81
277
4.4
2
30
35
20
false
true
true
false
0.67
0.13
-0.01
null
Hedge
iTraxx_MAIN: +73bps notional
8
-6
DealerB
Electronic
9
95
232
-30
Region>limit
Hedge
Regional concentration above limit
96
Reviewed by risk; hedges staggered
C09491
CR9785
2024-09-11
Recovery
130
599
6.1
1.9
727,931,490
Tech:29.0;Financials:36.1;Industrials:35.0
US:67.5;EU:12.4;APAC:8.5;EMEA:7.2;LATAM:4.4
B:8.4;CCC:9.9;AA:34.3;A:47.5
4.85
40.6
188
233
15.4
4
35
55
25
true
true
false
false
-0.09
1.7
-0.02
Industrials:EW;Utilities:EW
Hedge
iTraxx_MAIN: +58bps notional
16
-16
ECN2
DealerAxed
3
89
169
-383
HYCap>limit
Hedge
High-yield share above policy cap
248
Escalate watchlist names
C09492
CR3597
2024-11-10
Calm
107
357
3.4
2.5
1,448,843,732
Materials:15.3;Financials:21.0;Tech:35.7;Industrials:28.0
US:71.0;EU:14.3;APAC:6.2;EMEA:5.5;LATAM:3.1
B:9.2;AAA:14.1;A:29.3;CCC:14.1;AA:14.0;BB:19.4
6.68
28.1
275
156
3.7
3
25
45
25
true
true
true
true
2.15
1.19
0.3
Industrials:EW
Hedge
CDX_HY: +153bps notional
-46
5
ECN2
DealerAxed
8
99
20
-233
Sector>limit
Hedge
Sector concentration above limit
166
Escalate watchlist names
C09493
CR5513
2024-07-06
Calm
103
360
3.7
3
1,106,916,180
Industrials:7.2;Utilities:24.2;Comm:21.7;Energy:5.8;Materials:24.1;Tech:17.1
US:65.2;EU:18.3;APAC:6.2;EMEA:3.7;LATAM:6.6
BB:15.8;A:12.3;B:21.5;AAA:32.6;AA:17.7
0.85
22.2
202
165
13.3
2
20
45
30
true
true
true
true
1.16
0.34
-0.26
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-22
25
DealerC
Electronic
11
86
-126
-197
HYCap>limit
Hedge
High-yield share above policy cap
241
Reviewed by risk; hedges staggered
C09494
CR8665
2024-07-21
Tightening
160
376
4.7
1.7
566,077,068
Healthcare:21.9;Industrials:32.8;Consumer:10.7;Comm:34.7
US:58.2;EU:11.1;APAC:15.1;EMEA:10.7;LATAM:4.9
A:20.3;AA:36.1;B:15.7;AAA:11.8;BB:16.1
6.85
36.7
158
172
18
3.5
25
55
35
true
true
false
false
2.17
0.28
0.42
Energy:EW
Hedge
SingleName_CDS: +126bps notional
16
42
ECN1
DealerAxed
2
95
130
-96
Sector>limit
Hedge
Sector concentration above limit
254
Tighten HY exposure bands
C09495
CR7277
2025-09-10
Recovery
106
561
6.3
0.3
1,737,328,962
Materials:15.6;RealEstate:16.6;Energy:16.6;Tech:20.5;Financials:23.8;Utilities:6.9
US:70.3;EU:5.6;APAC:13.1;EMEA:4.5;LATAM:6.5
AAA:46.8;BB:17.0;B:9.3;A:27.0
5.09
28.5
112
502
13.1
4
35
35
30
false
true
false
false
0.8
1.34
0.04
Materials:EW
Hedge
Treasury_Futures: +82bps notional
-34
39
ECN1
Electronic
6
96
201
-159
HYCap>limit
Rotate
High-yield share above policy cap
210
Defer adds pending macro print
C09496
CR1610
2024-12-21
Calm
109
326
3.3
1.7
1,478,262,029
Financials:22.0;Energy:15.2;Utilities:16.8;Industrials:31.5;RealEstate:14.5
US:62.9;EU:15.6;APAC:7.2;EMEA:6.8;LATAM:7.5
AA:12.0;AAA:14.7;CCC:18.4;BBB:21.1;A:18.6;BB:15.1
5.15
35
227
215
4.5
2.5
20
55
25
true
true
true
true
0.05
1.44
0.54
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-42
-1
DealerC
RFQ
3
100
1
28
HYCap>limit
Reduce
High-yield share above policy cap
141
Defer adds pending macro print
C09497
CR5904
2024-11-14
Calm
102
378
4.4
1.6
1,099,540,210
Industrials:25.1;Comm:5.8;Energy:13.6;Consumer:8.9;Tech:26.1;Utilities:20.5
US:72.8;EU:7.9;APAC:4.9;EMEA:9.0;LATAM:5.4
BB:19.6;CCC:25.9;BBB:25.8;AA:17.7;A:11.0
0.47
29.1
110
191
4.4
4
30
35
30
false
true
true
false
2.17
0.89
-0.02
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
-18
ECN1
DealerAxed
0
97
-81
-166
VAR>budget
Hedge
Portfolio VAR above budget
228
Tighten HY exposure bands
C09498
CR5616
2025-09-08
Calm
113
336
4
2.6
1,953,203,434
Comm:34.0;Materials:46.8;Industrials:19.1
US:59.4;EU:15.3;APAC:9.8;EMEA:8.8;LATAM:6.7
CCC:23.3;AAA:14.6;BBB:22.2;B:19.6;BB:20.2
1.46
59.8
154
514
7.6
2.5
25
35
25
true
true
true
false
1.73
0.34
0.32
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-41
-13
DealerC
All2All
2
89
118
-183
HYCap>limit
Reduce
High-yield share above policy cap
211
Defer adds pending macro print
C09499
CR3919
2025-02-17
Recovery
132
504
6.2
1
810,258,456
Energy:17.7;Consumer:29.7;Financials:19.3;Tech:33.2
US:70.3;EU:14.7;APAC:7.2;EMEA:6.9;LATAM:0.9
AA:20.9;AAA:15.7;BB:9.1;A:25.1;B:4.7;BBB:24.4
6.39
40.8
108
382
2.2
2.5
25
45
30
true
true
false
false
0.59
1.7
-0.04
Financials:EW
Hedge
CDX_IG: +81bps notional
-48
15
DealerC
RFQ
4
91
149
-199
HYCap>limit
Reduce
High-yield share above policy cap
179
Rotate into defensive sectors
C09500
CR3702
2025-05-13
Calm
111
368
4.1
1.8
1,034,321,879
Consumer:15.4;Financials:29.5;Energy:24.5;Tech:21.8;Utilities:8.7
US:65.2;EU:13.1;APAC:13.0;EMEA:7.2;LATAM:1.5
AA:10.6;AAA:32.2;BBB:12.2;B:45.0
5.19
58.6
222
372
9.4
3.5
20
55
35
true
true
true
true
-0.02
0.17
-0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
20
DealerC
DealerAxed
2
92
73
-255
Sector>limit
Hedge
Sector concentration above limit
90
Reviewed by risk; hedges staggered