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
C09501
CR3783
2025-05-18
Calm
116
314
3.2
2.1
2,670,368,551
Healthcare:28.5;Consumer:8.5;Tech:10.6;Materials:13.8;Financials:18.7;Industrials:20.0
US:64.2;EU:11.8;APAC:10.8;EMEA:11.0;LATAM:2.1
A:31.3;AAA:30.2;B:5.2;CCC:18.5;BB:14.7
6.14
44
172
157
2.3
3.5
25
45
20
true
true
true
false
2.38
-0.03
-0.29
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-51
17
DealerA
Electronic
0
97
265
-64
Sector>limit
Hedge
Sector concentration above limit
104
Escalate watchlist names
C09502
CR3825
2024-08-21
Calm
112
368
4.2
2.4
1,570,875,481
RealEstate:12.1;Healthcare:20.6;Materials:7.0;Comm:27.9;Industrials:32.4
US:65.0;EU:11.8;APAC:14.4;EMEA:4.0;LATAM:4.8
CCC:10.9;BB:9.0;AA:17.3;B:17.2;BBB:31.4;AAA:14.2
5.84
29.7
165
509
2.8
4
25
45
30
true
true
true
false
0.36
-0.05
0.38
Financials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
1
DealerA
RFQ
5
88
423
-364
VAR>budget
PauseAdds
Portfolio VAR above budget
106
Escalate watchlist names
C09503
CR6174
2025-05-07
Tightening
121
440
5.2
2
687,362,080
Financials:19.9;Comm:34.0;Energy:20.0;Industrials:26.1
US:63.2;EU:15.5;APAC:7.6;EMEA:11.8;LATAM:1.9
BB:14.8;CCC:20.7;AAA:15.6;AA:22.3;BBB:20.8;B:5.8
6.68
43.3
181
266
16.6
3
20
45
35
true
true
true
false
1.07
0.32
-0.35
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
3
ECN2
DealerAxed
5
87
-157
-385
HYCap>limit
Reduce
High-yield share above policy cap
199
Defer adds pending macro print
C09504
CR0504
2025-08-29
Tightening
137
410
4.1
1.2
1,432,186,663
Energy:22.9;RealEstate:21.3;Healthcare:20.8;Consumer:24.3;Utilities:10.7
US:63.3;EU:18.0;APAC:6.5;EMEA:7.1;LATAM:5.1
B:14.8;BB:12.6;CCC:13.0;AA:59.6
4.94
29.6
192
170
3.6
2.5
30
55
25
false
true
true
false
-0.45
0.92
0.49
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
28
DealerA
Electronic
6
100
387
-285
Region>limit
Hedge
Regional concentration above limit
153
Defer adds pending macro print
C09505
CR7720
2025-11-04
Stress
235
722
7.9
-1.6
2,633,460,854
Consumer:51.5;Financials:28.9;Healthcare:19.7
US:63.1;EU:18.4;APAC:5.7;EMEA:7.5;LATAM:5.3
CCC:15.6;AA:46.6;B:8.7;AAA:29.1
7.09
50.3
161
384
7.7
3
30
55
30
true
true
false
false
0.71
1.47
-0.09
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-22
-15
ECN1
DealerAxed
11
97
361
-72
VAR>budget
Reduce
Portfolio VAR above budget
216
Rotate into defensive sectors
C09506
CR0001
2025-10-10
Tightening
145
471
4.1
1.2
397,271,573
RealEstate:22.5;Consumer:12.0;Tech:13.8;Financials:18.1;Utilities:21.8;Healthcare:11.9
US:68.9;EU:10.0;APAC:14.5;EMEA:3.8;LATAM:2.7
BB:14.5;CCC:21.1;B:11.5;A:11.7;AA:18.1;AAA:23.1
4.73
64.9
134
357
9.6
3.5
25
55
30
false
true
true
false
-0.35
1.46
0.18
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
5
28
ECN2
All2All
12
100
361
-304
VAR>budget
Reduce
Portfolio VAR above budget
181
Escalate watchlist names
C09507
CR9025
2024-06-06
Stress
197
764
8.1
-0.8
1,474,986,794
Tech:30.5;Healthcare:47.0;Consumer:22.5
US:58.8;EU:17.8;APAC:12.4;EMEA:5.3;LATAM:5.7
CCC:10.1;BBB:42.4;B:2.5;A:28.2;AA:16.7
4.69
36.9
292
463
10
2.5
35
45
20
true
true
false
true
0.73
1.79
-0.18
Industrials:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
11
DealerA
RFQ
5
92
283
-179
VAR>budget
Reduce
Portfolio VAR above budget
238
Reviewed by risk; hedges staggered
C09508
CR1996
2024-04-09
Tightening
129
403
4.4
0.7
971,758,739
Consumer:19.0;Healthcare:15.5;Industrials:15.9;Materials:26.2;Tech:16.1;Energy:7.2
US:72.7;EU:5.5;APAC:11.5;EMEA:6.2;LATAM:4.0
CCC:30.2;BBB:22.6;AA:23.2;B:24.0
5.76
55.8
172
187
2.6
2
35
45
35
false
true
true
false
0.26
0.86
0.46
Materials:EW;RealEstate:EW
Hedge
SingleName_CDS: +94bps notional
7
-6
DealerC
Electronic
11
85
340
69
VAR>budget
Reduce
Portfolio VAR above budget
132
Escalate watchlist names
C09509
CR5047
2024-09-06
Recovery
140
573
6
2
2,873,402,607
RealEstate:24.3;Consumer:36.8;Healthcare:29.0;Tech:9.9
US:66.7;EU:7.3;APAC:13.3;EMEA:12.1;LATAM:0.7
BBB:11.6;AAA:14.4;B:22.5;BB:17.0;CCC:34.5
0.72
53.7
244
465
4.1
3
35
55
30
true
true
true
true
2.14
0.58
-0.03
RealEstate:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-15
45
ECN1
Electronic
1
94
207
-233
Region>limit
Reduce
Regional concentration above limit
148
Rotate into defensive sectors
C09510
CR9030
2025-09-22
Calm
105
299
3.3
2.9
2,459,858,073
Utilities:32.4;Comm:22.8;RealEstate:44.8
US:62.5;EU:13.5;APAC:15.8;EMEA:6.1;LATAM:2.1
BB:5.2;B:19.6;AA:21.6;A:23.9;CCC:20.0;AAA:9.7
7.1
31.2
212
227
8.7
2
35
45
25
true
true
true
true
0.41
0.38
-0.29
Consumer:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
-2
DealerB
DealerAxed
6
88
369
134
HYCap>limit
Reduce
High-yield share above policy cap
126
Escalate watchlist names
C09511
CR7946
2024-06-07
Recovery
165
525
6.4
-0.5
1,944,785,999
Consumer:17.4;Comm:41.0;Materials:41.6
US:62.2;EU:17.1;APAC:6.7;EMEA:10.1;LATAM:3.8
BBB:13.9;AAA:8.4;AA:15.9;BB:11.4;CCC:33.5;A:16.9
0.54
31.6
177
301
4.6
4
30
35
20
true
true
true
false
0.44
1.43
0.19
Materials:EW
Hedge
Treasury_Futures: +182bps notional
-17
45
DealerC
DealerAxed
0
100
-103
92
HYCap>limit
Rotate
High-yield share above policy cap
129
Reviewed by risk; hedges staggered
C09512
CR2933
2025-05-04
Calm
116
371
4.4
2.4
2,098,034,690
Materials:26.4;Healthcare:13.0;Energy:32.8;Tech:14.9;RealEstate:12.9
US:66.8;EU:17.2;APAC:6.2;EMEA:9.2;LATAM:0.6
BB:11.7;B:13.6;CCC:14.0;A:13.6;AA:25.4;BBB:21.7
7.36
53.8
157
458
17.6
2.5
30
55
20
true
true
true
false
1.21
0.97
-0.34
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
6
39
DealerB
DealerAxed
3
100
255
-207
HYCap>limit
Reduce
High-yield share above policy cap
130
Defer adds pending macro print
C09513
CR4977
2025-02-11
Calm
76
344
3.4
1.7
801,877,435
Tech:11.2;Materials:8.7;Consumer:23.8;Industrials:8.5;Healthcare:30.3;Comm:17.5
US:60.2;EU:19.4;APAC:11.5;EMEA:8.3;LATAM:0.6
A:11.2;CCC:24.2;AA:7.9;AAA:19.9;BB:18.8;B:18.0
2.57
26.1
163
270
16.4
2.5
30
55
25
true
true
true
false
-0.14
0.26
0.14
Utilities:EW;Tech:EW;Comm:EW
Hedge
CDX_HY: +69bps notional
4
-22
DealerB
Electronic
6
93
266
36
Sector>limit
Reduce
Sector concentration above limit
187
Escalate watchlist names
C09514
CR6860
2025-10-18
Calm
111
400
4.4
2.7
1,240,521,384
Consumer:23.1;Utilities:21.9;Tech:23.8;Healthcare:10.3;Comm:20.9
US:70.3;EU:10.5;APAC:6.6;EMEA:5.7;LATAM:6.9
BBB:18.5;A:16.2;AAA:6.4;B:26.4;BB:14.5;AA:18.0
2.54
59.3
208
432
13.1
3.5
35
45
30
false
true
true
true
1.6
0.27
0.46
Tech:EW
Hedge
iTraxx_XOVER: +62bps notional
10
39
DealerC
Electronic
3
95
266
-12
Sector>limit
Hedge
Sector concentration above limit
113
Escalate watchlist names
C09515
CR6480
2024-12-10
Tightening
152
499
4.6
1.2
1,792,088,405
Utilities:36.4;Energy:28.1;Materials:35.5
US:72.2;EU:11.6;APAC:6.8;EMEA:5.9;LATAM:3.6
A:47.0;BB:11.6;BBB:14.8;B:13.6;CCC:12.9
4.5
23.7
255
448
5.4
3.5
30
35
20
true
true
true
true
0.76
0.39
0.2
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
43
DealerB
RFQ
7
99
-117
-372
Sector>limit
Reduce
Sector concentration above limit
122
Tighten HY exposure bands
C09516
CR2669
2024-02-24
Stress
204
807
7
-0.4
2,736,030,153
Energy:16.8;Industrials:20.8;Financials:27.5;Comm:6.4;RealEstate:13.8;Healthcare:14.7
US:65.2;EU:8.8;APAC:14.6;EMEA:3.8;LATAM:7.6
BB:20.0;AA:14.8;A:28.5;BBB:22.7;CCC:14.0
3.08
31.3
217
555
7.7
3.5
30
55
20
false
true
true
true
1.11
1.1
0.38
null
Hedge
iTraxx_XOVER: +145bps notional
-40
8
DealerC
RFQ
8
88
271
-61
Sector>limit
Reduce
Sector concentration above limit
167
Reviewed by risk; hedges staggered
C09517
CR4697
2025-12-09
Stress
169
814
7.3
-0.8
585,496,484
Consumer:38.0;Tech:11.6;Healthcare:50.3
US:63.4;EU:10.3;APAC:12.4;EMEA:5.9;LATAM:8.0
AAA:24.7;B:13.8;CCC:6.4;A:30.5;BBB:24.6
4.91
23.3
146
285
11.3
2.5
20
45
35
true
true
false
false
2.42
0.6
-0.13
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-26
18
DealerC
DealerAxed
6
91
56
-27
Sector>limit
Hedge
Sector concentration above limit
244
Tighten HY exposure bands
C09518
CR9243
2024-05-22
Recovery
158
622
4.9
1.6
2,221,466,186
Healthcare:10.8;Materials:31.6;RealEstate:39.6;Tech:18.0
US:65.3;EU:10.8;APAC:7.2;EMEA:8.5;LATAM:8.2
BB:20.9;BBB:29.6;CCC:19.1;AA:30.3
2.18
36.2
147
277
2.4
4
35
35
25
true
true
true
false
0.08
1.3
-0.06
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
7
ECN2
DealerAxed
9
89
224
-192
HYCap>limit
Hedge
High-yield share above policy cap
147
Rotate into defensive sectors
C09519
CR1072
2024-03-31
Tightening
120
509
4.7
0.8
67,692,671
Healthcare:10.4;Tech:9.1;Financials:20.6;RealEstate:16.7;Consumer:27.1;Industrials:16.1
US:65.6;EU:7.0;APAC:14.6;EMEA:7.5;LATAM:5.3
AA:15.1;B:20.4;AAA:17.9;BB:29.5;CCC:17.1
6.91
40.5
194
126
9.8
3
20
35
35
true
true
true
false
1.52
1.46
0.43
null
Rotate
From Energy -1.0% to Utilities +1.0%
-11
0
DealerB
RFQ
9
100
-119
141
Sector>limit
Rotate
Sector concentration above limit
216
Tighten HY exposure bands
C09520
CR7682
2024-02-22
Recovery
176
445
6.3
2
866,662,262
Financials:19.9;Healthcare:33.4;Energy:29.4;Materials:17.3
US:62.0;EU:18.1;APAC:15.0;EMEA:4.3;LATAM:0.6
BBB:21.1;AA:30.9;B:4.5;CCC:4.6;A:25.3;AAA:13.6
5.6
43.4
175
435
12
3
30
55
30
true
true
false
false
2.23
0.48
-0.36
Industrials:EW;Consumer:EW
Hedge
iTraxx_XOVER: +105bps notional
-14
23
DealerA
DealerAxed
11
100
137
-108
VAR>budget
Rotate
Portfolio VAR above budget
100
Rotate into defensive sectors
C09521
CR6561
2025-08-12
Calm
71
332
4.4
2.5
409,263,213
Materials:28.0;Energy:13.3;Tech:10.1;Industrials:28.4;RealEstate:10.5;Healthcare:9.7
US:56.2;EU:14.8;APAC:11.3;EMEA:13.3;LATAM:4.5
CCC:25.5;AAA:35.6;B:6.6;AA:32.3
5.07
58.9
198
275
2.8
4
35
45
25
false
true
true
false
0.88
0.28
0.45
null
Rotate
From Energy -1.0% to Utilities +1.0%
10
-25
ECN1
DealerAxed
4
85
331
-221
HYCap>limit
Reduce
High-yield share above policy cap
94
Tighten HY exposure bands
C09522
CR4006
2024-10-20
Tightening
101
368
5.1
1.5
1,856,651,228
Tech:25.6;Materials:33.8;Utilities:29.3;Healthcare:11.2
US:65.2;EU:15.8;APAC:7.2;EMEA:7.1;LATAM:4.6
CCC:12.4;AA:29.9;BBB:26.2;BB:13.3;A:18.2
5.3
62.2
168
183
5.6
3
30
35
20
true
true
true
false
2.07
1.25
0.49
Tech:EW
Hedge
SingleName_CDS: +120bps notional
-6
-5
DealerB
Electronic
8
97
-141
-396
Region>limit
Hedge
Regional concentration above limit
137
Tighten HY exposure bands
C09523
CR4740
2024-12-30
Calm
96
350
4.3
2.5
2,530,601,198
Utilities:30.2;Comm:55.9;Tech:13.9
US:59.5;EU:8.8;APAC:13.8;EMEA:10.9;LATAM:7.0
BB:13.2;BBB:24.2;AA:12.9;A:20.3;AAA:29.4
1.87
33.9
270
433
7.5
4
35
35
20
true
true
false
true
1.49
1.01
0.49
Utilities:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
0
DealerA
Electronic
11
99
30
-37
Region>limit
Reduce
Regional concentration above limit
143
Reviewed by risk; hedges staggered
C09524
CR7936
2024-11-02
Tightening
156
403
4.3
1.2
2,691,203,910
Financials:12.0;Materials:40.6;Industrials:47.4
US:72.4;EU:7.3;APAC:10.8;EMEA:5.9;LATAM:3.6
CCC:46.6;BB:10.0;B:11.2;AA:21.8;AAA:10.3
5.43
63.7
183
223
10.2
3
30
55
30
true
true
true
false
-0.2
1.79
0.48
Industrials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
33
DealerB
Electronic
2
90
289
-38
Sector>limit
Reduce
Sector concentration above limit
226
Rotate into defensive sectors
C09525
CR8960
2024-10-23
Tightening
112
472
4
0.6
2,576,121,275
RealEstate:8.1;Healthcare:22.1;Industrials:22.2;Tech:19.9;Comm:13.2;Utilities:14.4
US:65.2;EU:17.2;APAC:7.3;EMEA:6.2;LATAM:4.1
AAA:21.6;B:9.7;BBB:25.9;CCC:11.0;BB:12.0;AA:19.8
2.88
38.3
142
190
7.9
2.5
35
45
25
false
true
true
false
0.81
0.78
0.11
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
-3
DealerC
Electronic
3
88
170
-16
HYCap>limit
Hedge
High-yield share above policy cap
150
Tighten HY exposure bands
C09526
CR3283
2025-03-05
Tightening
115
505
4.3
1.6
1,396,218,377
Financials:28.4;Utilities:14.2;Healthcare:20.6;Materials:18.1;Tech:18.7
US:64.9;EU:14.7;APAC:10.5;EMEA:5.7;LATAM:4.2
A:18.9;CCC:9.8;AA:18.4;AAA:26.2;B:8.8;BBB:17.9
5.92
64.6
161
286
17.4
2.5
20
35
20
true
true
false
false
0.84
0.12
-0.23
Energy:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-17
28
DealerC
RFQ
5
90
-202
82
Sector>limit
Rotate
Sector concentration above limit
149
Tighten HY exposure bands
C09527
CR5227
2024-11-04
Tightening
128
407
4.2
1.5
201,575,551
RealEstate:16.1;Healthcare:23.7;Utilities:14.5;Tech:26.2;Industrials:19.4
US:66.5;EU:10.9;APAC:5.8;EMEA:11.8;LATAM:5.0
BBB:40.1;CCC:13.7;AAA:12.4;B:33.8
2.76
25
189
377
17.2
3.5
25
35
35
true
true
true
false
1.6
0.4
0.02
Comm:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
39
ECN2
DealerAxed
4
90
55
-390
Sector>limit
Reduce
Sector concentration above limit
175
Defer adds pending macro print
C09528
CR2344
2024-04-12
Stress
221
789
5.2
-0.8
1,427,318,762
Financials:22.3;Consumer:11.8;Comm:18.6;Tech:19.7;Healthcare:6.9;Utilities:20.6
US:68.7;EU:10.3;APAC:12.8;EMEA:7.2;LATAM:0.9
AA:25.3;BBB:13.9;B:25.7;BB:35.1
3.16
40.1
325
516
7.5
2
30
45
25
false
true
true
true
1.21
0.84
0.53
Energy:EW;Healthcare:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
-9
DealerB
Electronic
3
97
249
-85
Sector>limit
Hedge
Sector concentration above limit
239
Defer adds pending macro print
C09529
CR4566
2024-06-20
Calm
92
384
3.4
1.9
1,256,051,181
Industrials:19.2;Financials:21.5;Energy:8.2;Tech:16.5;Comm:14.6;Consumer:20.0
US:72.4;EU:9.2;APAC:8.5;EMEA:5.6;LATAM:4.4
AA:15.6;BB:15.5;B:12.8;BBB:56.1
4.79
23
159
184
5.4
2
35
35
35
false
true
false
false
0.6
1.34
-0.12
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
36
DealerA
RFQ
11
91
-11
-229
HYCap>limit
Hedge
High-yield share above policy cap
147
Tighten HY exposure bands
C09530
CR6935
2024-03-24
Calm
109
412
4.1
1.6
2,977,357,303
Comm:25.8;Industrials:11.8;Healthcare:28.1;Materials:34.3
US:72.7;EU:10.3;APAC:10.1;EMEA:5.1;LATAM:1.8
B:12.4;AA:23.8;A:14.7;BBB:16.3;AAA:24.6;CCC:8.1
6.96
49.1
113
209
3
2
25
45
30
true
true
false
false
0.33
1.73
0.11
Materials:EW;Comm:EW
Hedge
iTraxx_MAIN: +173bps notional
-12
4
ECN1
RFQ
2
95
7
51
HYCap>limit
Reduce
High-yield share above policy cap
192
Escalate watchlist names
C09531
CR4614
2024-06-02
Calm
102
287
3.8
1.6
1,601,743,381
Industrials:21.1;Materials:18.7;Tech:7.4;Healthcare:12.5;Consumer:14.3;Comm:25.9
US:63.0;EU:16.9;APAC:8.7;EMEA:7.9;LATAM:3.6
CCC:11.8;BB:10.6;AA:31.1;A:23.4;B:11.5;AAA:11.6
6.67
50.4
120
331
4.5
2
30
35
25
false
true
true
false
0.94
1.17
-0.23
Consumer:EW
Hedge
SingleName_CDS: +168bps notional
-43
35
ECN1
DealerAxed
7
86
263
-185
Sector>limit
Rotate
Sector concentration above limit
225
Rotate into defensive sectors
C09532
CR3997
2025-02-19
Stress
142
550
6
-1.8
850,765,766
Healthcare:24.5;RealEstate:14.6;Utilities:11.1;Comm:29.2;Consumer:20.6
US:71.5;EU:7.7;APAC:6.9;EMEA:9.6;LATAM:4.2
AAA:21.3;BB:14.3;BBB:40.9;AA:23.6
3.1
50.4
277
546
14.6
2.5
30
45
30
false
true
false
true
1.13
0.81
0.1
Healthcare:EW;RealEstate:EW;Energy:EW
Hedge
Options_Payer: +164bps notional
-16
29
DealerA
Electronic
0
85
96
-355
Sector>limit
Reduce
Sector concentration above limit
133
Defer adds pending macro print
C09533
CR4884
2024-08-03
Recovery
105
550
6.1
1.2
2,321,417,634
Utilities:25.4;Energy:26.5;RealEstate:26.8;Tech:21.3
US:75.2;EU:5.4;APAC:7.9;EMEA:11.3;LATAM:0.1
BB:15.5;BBB:12.3;AAA:23.3;B:26.8;A:22.1
2
58.1
136
432
5.3
2.5
25
35
30
true
true
true
false
1.85
0.28
0.31
null
Hedge
Treasury_Futures: +174bps notional
2
2
DealerC
All2All
7
86
205
-79
Sector>limit
Hedge
Sector concentration above limit
180
Rotate into defensive sectors
C09534
CR6547
2024-12-28
Tightening
135
503
3.9
1.5
2,121,895,990
Tech:13.2;Industrials:7.9;Comm:32.0;Healthcare:24.4;Materials:22.6
US:68.0;EU:11.9;APAC:9.0;EMEA:3.7;LATAM:7.4
BBB:18.6;AAA:30.3;CCC:35.6;AA:15.5
7.07
28.4
84
469
3.8
2
30
35
30
true
true
true
false
1.9
0.31
0.18
null
Hedge
iTraxx_XOVER: +106bps notional
15
-10
ECN2
All2All
10
87
-88
39
VAR>budget
Hedge
Portfolio VAR above budget
202
Defer adds pending macro print
C09535
CR7825
2024-03-03
Recovery
155
453
6.4
1.2
2,140,556,868
RealEstate:7.6;Energy:5.8;Industrials:22.3;Financials:23.0;Healthcare:20.1;Comm:21.1
US:65.8;EU:9.9;APAC:11.9;EMEA:7.8;LATAM:4.6
BB:25.1;CCC:11.6;A:17.8;AA:32.5;AAA:13.0
3.01
37.7
254
404
10.3
4
25
35
20
false
true
true
true
-0.25
1.39
-0.06
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-2
30
DealerA
All2All
3
92
295
-390
Sector>limit
Hedge
Sector concentration above limit
173
Defer adds pending macro print
C09536
CR1829
2025-04-16
Calm
67
409
4
2.7
2,645,267,010
Financials:24.0;RealEstate:14.0;Energy:29.9;Tech:21.3;Healthcare:10.9
US:68.0;EU:12.3;APAC:10.0;EMEA:8.1;LATAM:1.7
BB:20.4;A:18.9;BBB:34.4;AA:26.2
5.03
47.5
155
254
12.1
2.5
20
35
35
true
true
false
false
0.72
1.4
0.43
Industrials:EW
Hedge
Treasury_Futures: +139bps notional
14
41
DealerC
Electronic
6
86
179
-422
VAR>budget
Rotate
Portfolio VAR above budget
253
Defer adds pending macro print
C09537
CR8398
2025-07-31
Recovery
164
465
5
1.9
1,866,791,692
Financials:24.1;Tech:16.8;Industrials:17.8;Utilities:19.2;Consumer:22.2
US:71.5;EU:7.3;APAC:7.8;EMEA:6.4;LATAM:7.0
BB:21.7;B:21.9;A:7.8;BBB:30.1;AAA:18.5
3.89
42.8
166
241
5.6
3.5
35
45
30
false
true
true
false
0.19
1.78
0.35
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-9
7
DealerA
DealerAxed
5
86
232
13
HYCap>limit
Hedge
High-yield share above policy cap
137
Escalate watchlist names
C09538
CR7216
2025-06-18
Stress
219
679
5.2
-1.7
2,949,267,282
Energy:22.7;Industrials:56.2;Financials:21.1
US:78.3;EU:5.4;APAC:5.9;EMEA:5.7;LATAM:4.7
CCC:12.4;BBB:9.3;AAA:6.6;B:39.6;AA:19.8;A:12.4
3.18
41
222
567
12.9
4
25
45
30
true
true
true
true
1.01
1.6
-0.06
null
Hedge
CDX_HY: +102bps notional
18
-9
DealerC
All2All
0
85
-53
68
Region>limit
Rotate
Regional concentration above limit
142
Reviewed by risk; hedges staggered
C09539
CR4363
2025-11-26
Calm
65
355
4.3
2.1
615,153,352
RealEstate:24.9;Comm:12.3;Healthcare:6.9;Tech:16.8;Consumer:19.0;Financials:20.0
US:67.1;EU:11.8;APAC:8.1;EMEA:8.1;LATAM:4.8
AA:30.0;BBB:17.6;BB:22.3;AAA:14.3;A:15.8
1.42
31.2
280
219
11
2.5
25
35
35
false
true
false
true
1.19
1.26
0.28
null
Hedge
SingleName_CDS: +111bps notional
0
-18
DealerB
DealerAxed
11
96
207
157
Sector>limit
PauseAdds
Sector concentration above limit
162
Tighten HY exposure bands
C09540
CR0778
2024-06-14
Stress
221
618
7.2
-1.9
693,211,812
Healthcare:14.2;Industrials:16.4;Tech:10.2;Utilities:20.1;Financials:22.0;Materials:17.1
US:58.7;EU:9.9;APAC:16.6;EMEA:10.6;LATAM:4.3
B:34.0;BBB:23.7;AAA:28.1;A:14.2
1.91
54.6
143
576
12.2
4
30
35
35
false
true
false
false
-0.08
0.46
0.19
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
-12
ECN2
Electronic
11
85
67
11
Region>limit
Rotate
Regional concentration above limit
99
Escalate watchlist names
C09541
CR5278
2025-08-19
Stress
154
600
8.4
-0.3
123,380,831
Healthcare:16.0;Industrials:8.1;Materials:28.1;RealEstate:16.3;Consumer:31.4
US:67.8;EU:12.0;APAC:12.1;EMEA:3.6;LATAM:4.5
AAA:31.5;BB:12.8;A:32.1;BBB:23.6
4.51
43.4
278
531
6.3
2.5
25
55
20
true
true
false
true
0.58
0.18
-0.27
null
Hedge
iTraxx_XOVER: +102bps notional
-31
43
DealerC
All2All
12
98
114
-127
HYCap>limit
Reduce
High-yield share above policy cap
252
Tighten HY exposure bands
C09542
CR2064
2024-02-06
Calm
99
292
3.6
1.8
2,468,556,612
Energy:19.2;Tech:18.3;Consumer:13.1;Industrials:19.2;Comm:16.3;Healthcare:14.1
US:59.2;EU:18.5;APAC:11.8;EMEA:7.5;LATAM:3.0
AAA:21.2;BBB:20.3;B:22.6;AA:6.8;CCC:15.5;BB:13.6
1.34
37.8
193
340
4
3
25
35
35
false
true
true
false
-0.12
0.7
-0.38
Financials:EW;Consumer:EW
Hedge
Treasury_Futures: +193bps notional
-8
-19
DealerA
All2All
3
99
129
-321
HYCap>limit
Rotate
High-yield share above policy cap
219
Tighten HY exposure bands
C09543
CR4020
2024-04-18
Calm
66
351
3.7
2.4
2,312,472,198
Financials:21.7;Industrials:10.4;RealEstate:17.3;Utilities:22.2;Tech:6.1;Materials:22.3
US:74.2;EU:6.1;APAC:7.4;EMEA:5.9;LATAM:6.4
A:32.5;BBB:18.9;AA:14.5;AAA:34.1
4.72
29.1
263
314
2.8
2.5
30
35
20
false
true
false
true
1.51
0.64
0.48
Healthcare:EW
Hedge
SingleName_CDS: +86bps notional
15
3
ECN1
All2All
11
93
31
-305
VAR>budget
Hedge
Portfolio VAR above budget
221
Escalate watchlist names
C09544
CR8315
2025-08-30
Tightening
159
502
5.1
1.5
1,108,585,321
Comm:40.9;Financials:21.0;RealEstate:38.1
US:72.0;EU:7.4;APAC:8.5;EMEA:4.9;LATAM:7.1
BB:28.8;A:14.5;AAA:22.8;B:34.0
2.08
20.7
233
503
17.8
4
20
35
20
true
true
true
true
1.87
1.44
0.53
RealEstate:EW;Financials:EW
Hedge
CDX_HY: +94bps notional
-56
13
ECN1
Electronic
9
87
-56
145
VAR>budget
Reduce
Portfolio VAR above budget
142
Escalate watchlist names
C09545
CR7665
2025-03-07
Recovery
144
549
6
-0.3
1,702,184,008
Comm:20.7;Utilities:63.6;Industrials:15.7
US:70.1;EU:14.7;APAC:8.8;EMEA:4.0;LATAM:2.4
B:27.6;AAA:9.3;CCC:11.3;BBB:5.8;BB:31.7;AA:14.3
1.04
44.6
279
300
6.8
2
20
45
35
true
true
true
true
1.91
0.13
0.46
Healthcare:EW
Hedge
Options_Payer: +109bps notional
-18
33
ECN1
All2All
2
93
247
65
HYCap>limit
Hedge
High-yield share above policy cap
165
Reviewed by risk; hedges staggered
C09546
CR2228
2024-04-02
Tightening
140
462
4.4
1
760,335,650
Comm:12.2;Healthcare:24.9;Utilities:37.4;Industrials:13.3;Tech:12.1
US:62.4;EU:13.5;APAC:11.6;EMEA:5.8;LATAM:6.6
BB:33.5;B:12.9;BBB:15.3;A:16.8;AA:21.5
2.99
21.4
252
389
16.9
4
30
55
20
true
true
true
true
-0.48
1.57
0.59
Industrials:EW
Hedge
iTraxx_XOVER: +189bps notional
-34
35
ECN1
All2All
1
96
133
10
Sector>limit
Reduce
Sector concentration above limit
245
Escalate watchlist names
C09547
CR0363
2025-02-03
Stress
242
611
5.3
0.5
2,866,498,444
Energy:25.8;Comm:28.1;Tech:26.4;Materials:19.7
US:66.8;EU:15.7;APAC:12.1;EMEA:3.8;LATAM:1.6
A:13.9;BBB:30.6;B:12.5;BB:17.5;AA:25.6
3.43
61
333
555
10.4
4
35
55
20
false
true
true
true
2.48
0.15
-0.14
Consumer:EW;Financials:EW
Hedge
CDX_IG: +86bps notional
-3
23
DealerA
All2All
9
97
10
-98
VAR>budget
Reduce
Portfolio VAR above budget
141
Rotate into defensive sectors
C09548
CR6978
2024-06-24
Recovery
115
421
6.4
0.1
230,115,649
Comm:22.7;Consumer:13.9;Healthcare:25.4;Energy:7.9;Materials:16.0;Industrials:14.1
US:69.1;EU:9.9;APAC:9.9;EMEA:3.8;LATAM:7.4
A:22.9;CCC:12.9;B:13.4;AAA:25.7;AA:25.1
1.41
62.3
224
450
11.7
2
20
35
30
true
true
false
true
1.53
0.97
0.53
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-36
-11
DealerA
RFQ
7
91
-29
-276
Sector>limit
Reduce
Sector concentration above limit
257
Rotate into defensive sectors
C09549
CR8452
2024-01-27
Calm
100
403
4.2
2.2
1,317,034,978
Materials:31.3;Healthcare:24.8;Energy:31.2;Financials:12.6
US:67.3;EU:8.5;APAC:9.6;EMEA:9.0;LATAM:5.6
BB:5.8;AAA:24.4;B:11.5;A:39.4;BBB:18.8
5.6
27.4
215
248
7.9
3
35
45
35
false
true
false
true
0.44
0.25
0
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-28
38
ECN1
Electronic
12
94
146
-348
VAR>budget
Reduce
Portfolio VAR above budget
117
Tighten HY exposure bands
C09550
CR0948
2025-03-24
Calm
89
336
3.4
2.3
557,957,519
Tech:33.6;Comm:33.3;Energy:33.1
US:68.4;EU:9.3;APAC:12.4;EMEA:5.3;LATAM:4.7
AAA:21.4;AA:18.2;BBB:31.9;B:12.2;CCC:10.8;BB:5.5
2.06
38
209
239
10.5
3.5
30
55
20
true
true
true
true
2.33
1.14
0.31
Consumer:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
40
DealerA
DealerAxed
9
100
157
182
Sector>limit
Reduce
Sector concentration above limit
192
Tighten HY exposure bands
C09551
CR1497
2024-04-11
Calm
66
396
3.6
2.9
2,389,893,198
Consumer:30.5;Tech:8.6;RealEstate:21.6;Energy:15.6;Financials:23.7
US:70.4;EU:11.9;APAC:7.3;EMEA:6.4;LATAM:4.1
B:11.7;BB:14.3;CCC:21.3;AA:52.7
2.37
28.4
170
293
13.5
4
25
35
20
true
true
true
false
0.4
0.39
0.38
null
Rotate
From Energy -1.0% to Utilities +1.0%
-56
0
DealerB
Electronic
4
85
325
-235
Sector>limit
Rotate
Sector concentration above limit
181
Tighten HY exposure bands
C09552
CR1504
2025-05-10
Tightening
151
364
4.2
1.3
1,167,729,412
Consumer:6.2;Materials:15.5;RealEstate:18.9;Utilities:10.1;Comm:28.7;Financials:20.6
US:63.0;EU:19.8;APAC:5.8;EMEA:5.4;LATAM:6.0
CCC:27.1;BBB:27.3;AA:13.7;AAA:20.0;B:11.9
5.71
43.6
238
249
10
2
35
45
25
false
true
true
true
1.87
-0.11
-0.01
Healthcare:EW;Consumer:EW
Hedge
SingleName_CDS: +50bps notional
-55
-3
DealerA
DealerAxed
0
99
240
-50
HYCap>limit
Reduce
High-yield share above policy cap
212
Escalate watchlist names
C09553
CR1654
2025-08-15
Recovery
101
432
6.3
0.5
144,086,967
RealEstate:19.1;Financials:5.7;Utilities:18.1;Industrials:20.5;Materials:17.1;Consumer:19.6
US:69.2;EU:10.7;APAC:6.3;EMEA:6.7;LATAM:7.1
AA:20.1;B:8.9;CCC:5.1;A:27.3;AAA:26.4;BB:12.2
5.57
40.2
126
251
14.8
3
20
35
35
true
true
false
false
0.33
1.58
-0.23
Industrials:EW
Hedge
iTraxx_XOVER: +110bps notional
11
-9
DealerB
DealerAxed
7
90
294
-138
VAR>budget
Hedge
Portfolio VAR above budget
92
Defer adds pending macro print
C09554
CR1140
2024-09-02
Calm
117
306
4.2
1.9
2,014,204,344
Consumer:37.6;Healthcare:26.8;Industrials:11.1;Comm:24.6
US:58.6;EU:22.7;APAC:8.0;EMEA:7.0;LATAM:3.6
B:8.1;A:23.2;AAA:41.2;BBB:27.6
6.21
23.8
277
243
13.8
4
25
45
20
true
true
false
true
1.46
0.99
0.07
Industrials:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
-19
DealerA
RFQ
0
91
150
8
Region>limit
Reduce
Regional concentration above limit
234
Tighten HY exposure bands
C09555
CR4829
2025-08-26
Recovery
105
609
5
0
2,297,115,411
Healthcare:15.6;Tech:22.6;Consumer:11.0;Materials:26.3;Industrials:9.5;Financials:15.0
US:67.2;EU:7.7;APAC:14.7;EMEA:8.2;LATAM:2.3
AAA:9.0;B:37.7;BB:40.4;CCC:12.8
4.55
45.6
181
246
11.4
2
35
35
35
false
true
true
false
0.67
0.7
0.48
Comm:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
19
DealerC
RFQ
0
94
316
-332
Sector>limit
Reduce
Sector concentration above limit
138
Rotate into defensive sectors
C09556
CR6483
2025-12-21
Tightening
128
460
4.4
2
2,904,034,214
Utilities:26.5;Energy:52.1;Comm:21.4
US:69.6;EU:7.9;APAC:13.0;EMEA:9.2;LATAM:0.3
AA:12.6;CCC:9.0;BBB:13.7;BB:26.2;AAA:19.3;A:19.2
7.49
55.1
84
220
12.7
4
20
45
20
true
true
true
false
-0.3
0.68
-0.34
null
Rotate
From Energy -1.0% to Utilities +1.0%
4
0
ECN2
All2All
2
97
84
-422
HYCap>limit
Hedge
High-yield share above policy cap
156
Escalate watchlist names
C09557
CR5068
2025-10-13
Calm
100
356
3.3
2.5
2,541,403,718
Comm:26.6;Healthcare:25.3;Materials:10.4;Consumer:37.7
US:76.2;EU:8.6;APAC:6.5;EMEA:3.5;LATAM:5.2
CCC:11.9;B:12.1;BBB:24.7;A:20.6;BB:3.9;AAA:26.7
0.76
61.6
190
494
16.4
2
25
35
20
true
true
true
false
1.28
0.72
-0.21
Materials:EW
Hedge
SingleName_CDS: +92bps notional
-39
-24
DealerA
All2All
5
91
63
90
VAR>budget
Hedge
Portfolio VAR above budget
208
Tighten HY exposure bands
C09558
CR5580
2024-04-16
Recovery
177
505
5.2
0.8
749,508,276
RealEstate:7.3;Financials:29.3;Utilities:25.1;Materials:7.8;Consumer:30.4
US:65.5;EU:17.6;APAC:12.5;EMEA:2.9;LATAM:1.6
BB:9.2;AAA:31.5;BBB:29.3;B:6.8;A:23.3
1.71
57.5
86
185
11.2
3.5
25
55
30
true
true
false
false
0.24
0.99
0.3
null
Hedge
CDX_HY: +163bps notional
-56
13
DealerC
DealerAxed
1
90
-122
-192
HYCap>limit
Rotate
High-yield share above policy cap
203
Tighten HY exposure bands
C09559
CR7452
2024-02-06
Tightening
117
434
4
1.2
2,399,787,278
Consumer:9.0;Comm:28.7;Industrials:14.3;Tech:22.7;RealEstate:25.3
US:55.7;EU:12.2;APAC:12.5;EMEA:11.4;LATAM:8.2
AAA:15.0;BB:22.7;BBB:33.8;A:18.0;AA:10.5
5.4
39.7
142
307
2.5
2
35
55
35
false
true
false
false
1.86
-0.18
-0.36
null
Hedge
iTraxx_MAIN: +66bps notional
-11
3
DealerA
RFQ
3
94
275
57
Sector>limit
Reduce
Sector concentration above limit
220
Rotate into defensive sectors
C09560
CR1161
2025-12-23
Recovery
133
508
6.3
2
843,311,605
Consumer:13.5;Utilities:12.2;Comm:23.1;Energy:17.0;Tech:34.2
US:73.7;EU:6.4;APAC:11.4;EMEA:7.5;LATAM:1.0
BB:7.5;A:13.5;BBB:36.5;AAA:23.7;CCC:18.9
4.91
20.5
165
318
16.2
3.5
20
45
25
true
true
true
false
2.48
0.32
-0.34
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
-13
DealerC
Electronic
12
92
91
-137
Sector>limit
Hedge
Sector concentration above limit
118
Rotate into defensive sectors
C09561
CR8186
2024-02-11
Calm
83
384
3.6
1.7
2,272,946,590
Industrials:16.1;Comm:7.5;Financials:22.4;Consumer:17.0;Tech:12.7;Utilities:24.3
US:67.7;EU:11.4;APAC:13.2;EMEA:4.7;LATAM:3.0
B:10.4;BBB:27.7;AAA:19.6;AA:27.4;BB:14.9
3.64
64.6
199
453
10.9
3
20
55
35
true
true
false
false
2.24
0.76
-0.18
null
Hedge
iTraxx_XOVER: +95bps notional
-28
40
DealerA
All2All
12
94
147
68
HYCap>limit
Reduce
High-yield share above policy cap
205
Defer adds pending macro print
C09562
CR6394
2025-04-20
Recovery
120
606
6.2
-0.2
1,429,057,462
Utilities:26.0;Healthcare:30.3;Tech:15.1;RealEstate:21.7;Energy:6.9
US:71.2;EU:10.1;APAC:10.0;EMEA:4.1;LATAM:4.5
A:14.8;BBB:12.8;AAA:9.1;B:8.6;CCC:35.2;AA:19.6
6.26
39.3
233
509
4.9
3.5
25
35
25
true
true
true
true
-0.46
0.57
0.3
Financials:EW
Hedge
iTraxx_MAIN: +171bps notional
-34
29
DealerA
Electronic
8
90
75
-133
HYCap>limit
Hedge
High-yield share above policy cap
141
Defer adds pending macro print
C09563
CR2698
2024-02-28
Tightening
151
365
4.1
1.9
2,998,842,944
Industrials:35.8;Financials:24.5;Healthcare:39.7
US:64.9;EU:7.1;APAC:13.6;EMEA:13.2;LATAM:1.2
AAA:12.9;AA:25.6;CCC:41.6;A:19.9
3.96
48.4
232
389
4.6
3.5
35
35
25
true
true
true
true
1.6
0.79
0.14
null
Hedge
Options_Payer: +158bps notional
-22
34
DealerA
DealerAxed
10
99
-152
-260
HYCap>limit
Hedge
High-yield share above policy cap
95
Reviewed by risk; hedges staggered
C09564
CR9926
2024-09-30
Calm
102
387
4
2.8
1,661,613,436
Consumer:11.4;Comm:8.3;Materials:23.7;Financials:30.0;Utilities:19.8;Industrials:6.7
US:72.9;EU:9.0;APAC:8.0;EMEA:3.8;LATAM:6.2
B:8.7;BB:13.1;AA:25.9;CCC:8.3;BBB:29.8;A:14.3
5.19
25.9
227
131
10.7
3.5
25
45
35
true
true
false
true
1.71
1
0.31
Healthcare:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
41
DealerC
Electronic
6
99
31
-292
HYCap>limit
Reduce
High-yield share above policy cap
260
Escalate watchlist names
C09565
CR8135
2024-08-13
Stress
254
687
5.1
-0.4
551,729,856
Utilities:12.6;Comm:32.1;Consumer:22.1;Healthcare:19.7;Energy:13.6
US:66.7;EU:12.9;APAC:8.3;EMEA:5.4;LATAM:6.7
AAA:19.9;BB:26.2;BBB:15.5;CCC:23.3;B:15.2
5.37
36
218
343
14
3.5
35
35
20
false
true
true
true
2.05
0.7
-0.39
null
Hedge
Treasury_Futures: +135bps notional
-6
0
DealerC
Electronic
11
100
12
18
HYCap>limit
Reduce
High-yield share above policy cap
162
Defer adds pending macro print
C09566
CR8976
2024-11-04
Stress
158
791
7.4
-1.2
547,424,507
Energy:25.3;Comm:29.6;Utilities:16.6;Consumer:28.5
US:62.5;EU:12.8;APAC:12.7;EMEA:9.8;LATAM:2.2
B:14.9;AA:29.3;BB:12.1;A:13.4;BBB:30.2
1.4
53.7
192
371
9.9
3.5
25
45
25
true
true
true
false
0.56
1.36
-0.19
null
Hedge
CDX_IG: +87bps notional
-55
28
ECN1
DealerAxed
12
99
79
8
HYCap>limit
Rotate
High-yield share above policy cap
185
Escalate watchlist names
C09567
CR5363
2025-01-19
Tightening
149
378
4.2
0.9
1,726,907,075
Healthcare:21.3;Tech:38.3;Consumer:40.3
US:61.4;EU:16.2;APAC:11.0;EMEA:8.3;LATAM:3.1
BB:27.6;AAA:33.5;A:31.8;B:7.0
4.48
33
260
126
2.1
2.5
35
35
30
true
true
true
true
1.76
0.31
0.13
Tech:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-4
22
DealerA
All2All
2
97
197
-104
HYCap>limit
Hedge
High-yield share above policy cap
100
Reviewed by risk; hedges staggered
C09568
CR4699
2025-01-07
Recovery
107
448
6.5
0.4
2,160,543,964
Energy:26.2;RealEstate:22.4;Materials:27.2;Tech:24.3
US:65.2;EU:17.2;APAC:7.2;EMEA:4.8;LATAM:5.5
A:30.6;BB:27.7;B:13.4;BBB:28.2
4.09
27.8
110
120
8.4
4
30
45
35
false
true
true
false
-0.2
0.21
0.09
Consumer:EW
Hedge
CDX_IG: +141bps notional
-28
2
ECN1
All2All
5
85
209
-325
VAR>budget
Reduce
Portfolio VAR above budget
140
Defer adds pending macro print
C09569
CR6824
2024-06-07
Calm
68
369
3.8
1.9
1,623,802,620
Energy:25.9;Comm:13.2;Financials:23.5;Healthcare:19.7;Utilities:17.7
US:61.2;EU:18.3;APAC:5.1;EMEA:11.5;LATAM:4.0
BBB:30.9;CCC:4.9;AAA:23.8;A:40.4
2.93
32.9
210
282
16.8
4
30
45
35
false
true
false
true
0.5
-0.23
0.37
null
Hedge
Options_Payer: +192bps notional
20
17
DealerC
All2All
7
92
-114
-124
HYCap>limit
Reduce
High-yield share above policy cap
108
Tighten HY exposure bands
C09570
CR4973
2025-08-27
Recovery
121
506
5.7
1.2
1,454,234,002
Utilities:18.1;Financials:12.6;Comm:7.8;Healthcare:15.9;Consumer:13.5;RealEstate:32.2
US:69.3;EU:10.0;APAC:12.5;EMEA:6.1;LATAM:2.2
AAA:8.6;B:16.9;AA:12.6;BBB:28.0;CCC:9.6;A:24.3
5.28
45.7
109
383
15
4
20
35
20
true
true
true
false
2.32
0.92
-0.12
RealEstate:EW
Hedge
Treasury_Futures: +118bps notional
-19
-18
ECN1
RFQ
0
94
228
-279
Region>limit
PauseAdds
Regional concentration above limit
197
Reviewed by risk; hedges staggered
C09571
CR6288
2024-09-06
Calm
115
303
3.3
2.6
2,025,185,679
Consumer:40.1;Comm:11.7;Utilities:17.6;Healthcare:30.5
US:57.8;EU:20.9;APAC:8.0;EMEA:10.9;LATAM:2.4
BBB:21.0;B:15.6;BB:38.7;AAA:24.7
4.31
56
212
432
7.3
3
30
35
25
true
true
true
true
2.44
-0.13
0.55
Industrials:EW
Hedge
iTraxx_MAIN: +174bps notional
-10
24
ECN1
RFQ
1
86
-111
40
VAR>budget
Reduce
Portfolio VAR above budget
228
Defer adds pending macro print
C09572
CR7404
2025-09-15
Stress
204
568
7.1
-1.1
204,172,141
Materials:11.1;Energy:23.7;Consumer:18.2;RealEstate:24.3;Healthcare:22.7
US:61.3;EU:17.8;APAC:9.0;EMEA:3.7;LATAM:8.1
BB:9.9;AA:27.9;AAA:19.5;BBB:23.0;CCC:7.0;A:12.6
6.88
55.5
292
319
17
3.5
30
45
30
false
true
false
true
1.13
0.9
0
null
Rotate
From Energy -1.0% to Utilities +1.0%
18
-18
DealerC
RFQ
2
98
-218
-64
Sector>limit
Hedge
Sector concentration above limit
159
Escalate watchlist names
C09573
CR6993
2025-08-02
Tightening
153
412
4.5
1.7
427,737,366
Financials:29.9;Materials:40.7;Tech:12.2;Energy:17.1
US:69.8;EU:6.8;APAC:11.1;EMEA:7.3;LATAM:4.9
AA:19.1;AAA:24.0;CCC:5.3;BBB:29.2;A:22.5
6.83
35.3
228
343
6.9
3
30
55
20
true
true
false
true
2.15
0.7
0.25
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
-10
DealerC
All2All
0
100
403
138
Region>limit
Reduce
Regional concentration above limit
104
Reviewed by risk; hedges staggered
C09574
CR9872
2025-08-16
Stress
163
722
5.9
-1.8
278,528,613
Financials:21.3;Tech:21.7;Industrials:10.8;Comm:9.1;RealEstate:19.4;Utilities:17.6
US:65.7;EU:13.7;APAC:4.6;EMEA:9.5;LATAM:6.5
CCC:7.3;BBB:17.9;B:35.4;A:24.2;AAA:15.2
6.37
46.2
184
509
8.7
4
35
55
35
false
true
true
false
0.09
0.67
0.57
null
Hedge
SingleName_CDS: +145bps notional
-46
9
ECN1
Electronic
7
91
109
55
HYCap>limit
Hedge
High-yield share above policy cap
214
Rotate into defensive sectors
C09575
CR4767
2024-01-26
Calm
89
390
3.7
2.8
189,485,541
Healthcare:35.1;Utilities:24.7;Materials:15.9;Industrials:9.8;Financials:14.6
US:69.0;EU:13.7;APAC:5.6;EMEA:3.5;LATAM:8.2
CCC:18.0;B:14.0;BB:47.9;A:20.2
0.79
38
233
424
9.9
4
25
45
25
true
true
true
true
1.97
-0.29
0.17
Utilities:EW
Hedge
iTraxx_XOVER: +59bps notional
0
-21
DealerC
DealerAxed
6
99
333
9
HYCap>limit
Hedge
High-yield share above policy cap
164
Escalate watchlist names
C09576
CR3837
2024-02-17
Stress
239
572
6.9
-1.9
2,325,243,840
Comm:25.9;Industrials:49.8;Tech:24.4
US:55.3;EU:18.3;APAC:14.9;EMEA:8.1;LATAM:3.4
AA:46.4;CCC:9.9;BBB:31.7;AAA:12.0
0.46
54.2
336
593
9
3
25
35
30
true
true
false
true
1.66
0.99
0.01
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
-24
DealerA
RFQ
12
99
282
-113
VAR>budget
PauseAdds
Portfolio VAR above budget
167
Escalate watchlist names
C09577
CR1838
2025-08-22
Stress
187
753
5.5
-1.6
2,611,595,989
Industrials:20.6;Financials:9.7;Healthcare:35.1;Consumer:34.5
US:62.2;EU:16.7;APAC:14.3;EMEA:5.8;LATAM:1.1
AA:15.9;BBB:19.4;BB:35.5;CCC:29.2
2.24
26.8
324
628
10.3
2.5
30
35
35
true
true
true
true
2.09
0.16
0.41
Materials:EW
Hedge
CDX_HY: +69bps notional
-3
-6
DealerB
DealerAxed
1
89
-129
-239
HYCap>limit
Hedge
High-yield share above policy cap
157
Defer adds pending macro print
C09578
CR2210
2025-04-08
Calm
78
317
3.6
2.8
488,531,176
Utilities:6.5;Materials:24.7;RealEstate:11.7;Energy:20.7;Financials:16.3;Comm:20.1
US:64.6;EU:12.2;APAC:7.3;EMEA:10.4;LATAM:5.5
BBB:55.2;AAA:15.3;BB:13.8;CCC:15.8
2.23
63.2
127
217
5.9
3
25
55
35
false
true
false
false
2.44
1.35
-0.3
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
20
ECN2
All2All
9
97
287
-77
HYCap>limit
Reduce
High-yield share above policy cap
174
Tighten HY exposure bands
C09579
CR1783
2025-02-06
Recovery
106
625
4.8
1.9
966,562,493
Energy:31.9;Tech:44.9;RealEstate:23.2
US:68.0;EU:8.3;APAC:13.4;EMEA:3.9;LATAM:6.4
A:16.2;AAA:36.9;CCC:11.8;B:20.0;BBB:15.2
7.16
42.5
240
379
4.6
3.5
20
45
20
true
true
true
true
0.01
1.27
-0.14
Industrials:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
19
43
DealerC
All2All
9
87
19
-299
HYCap>limit
Rotate
High-yield share above policy cap
96
Defer adds pending macro print
C09580
CR3411
2025-11-23
Calm
118
378
4.4
2.5
2,883,212,563
Materials:13.4;Utilities:54.7;Energy:31.9
US:64.4;EU:14.2;APAC:9.4;EMEA:9.3;LATAM:2.7
A:31.7;CCC:9.0;B:4.8;BB:7.1;BBB:13.2;AA:34.2
4.1
44.1
159
445
4.4
3.5
35
35
30
true
true
false
false
1.13
1.01
0.49
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
-20
DealerB
All2All
10
86
260
145
Sector>limit
Hedge
Sector concentration above limit
252
Rotate into defensive sectors
C09581
CR0442
2024-03-27
Recovery
142
615
6.2
1.2
260,428,565
Materials:24.9;Energy:11.1;Comm:8.8;Tech:32.8;RealEstate:12.5;Industrials:9.8
US:65.8;EU:12.5;APAC:12.7;EMEA:3.2;LATAM:5.9
B:14.4;BBB:17.6;AA:40.3;CCC:27.7
5.4
54.3
88
378
14.3
4
35
35
25
false
true
true
false
2.03
0.02
0.38
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
21
ECN1
RFQ
9
87
-50
-31
Sector>limit
Reduce
Sector concentration above limit
153
Reviewed by risk; hedges staggered
C09582
CR4843
2024-11-26
Stress
260
835
6.1
-0.4
2,627,219,173
Financials:37.0;Healthcare:38.6;Industrials:9.9;RealEstate:14.5
US:68.0;EU:19.3;APAC:7.8;EMEA:4.6;LATAM:0.3
BB:12.7;B:31.9;AAA:19.2;CCC:8.8;BBB:27.5
3.64
39.5
158
588
16.7
3.5
30
55
30
true
true
true
false
0.88
0.5
0.15
RealEstate:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
3
ECN2
DealerAxed
2
91
-71
122
VAR>budget
Hedge
Portfolio VAR above budget
188
Reviewed by risk; hedges staggered
C09583
CR9055
2024-09-27
Calm
112
358
3.8
2.9
914,780,671
Healthcare:18.1;Comm:23.4;Financials:6.3;Energy:19.8;Industrials:20.2;RealEstate:12.2
US:61.8;EU:14.2;APAC:7.9;EMEA:8.5;LATAM:7.5
BBB:32.8;B:29.1;AAA:28.8;CCC:9.3
4.91
21.6
125
224
9.8
3.5
25
35
20
false
true
true
false
-0.4
0.29
0.16
RealEstate:EW
Hedge
iTraxx_MAIN: +139bps notional
-19
-25
DealerA
Electronic
9
99
-16
-208
Sector>limit
Reduce
Sector concentration above limit
161
Defer adds pending macro print
C09584
CR3089
2025-06-03
Stress
259
843
5.4
0.7
829,844,592
Comm:32.0;Industrials:9.9;Healthcare:22.6;Consumer:35.6
US:68.6;EU:11.0;APAC:7.0;EMEA:10.0;LATAM:3.5
A:19.5;AA:20.7;B:35.8;BB:23.9
7.48
64.2
235
429
9
2
35
35
25
true
true
true
true
2.2
0.07
-0.15
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
36
ECN2
Electronic
8
89
179
118
HYCap>limit
Hedge
High-yield share above policy cap
220
Rotate into defensive sectors
C09585
CR8387
2024-08-10
Recovery
158
430
6.2
-0.2
1,048,634,123
Tech:21.0;Materials:20.0;Energy:22.1;Healthcare:17.2;Consumer:19.7
US:66.0;EU:12.7;APAC:12.8;EMEA:6.3;LATAM:2.2
AAA:10.0;B:20.3;A:21.5;BB:48.2
2.68
43
226
242
12.8
3
35
55
35
false
true
true
true
-0.2
0.76
0.47
null
Hedge
CDX_HY: +52bps notional
-10
-6
ECN1
Electronic
10
87
158
-283
HYCap>limit
Reduce
High-yield share above policy cap
184
Rotate into defensive sectors
C09586
CR7181
2025-12-12
Stress
225
837
8.2
0.6
2,789,228,017
Energy:38.7;Healthcare:13.9;Consumer:25.7;Industrials:21.7
US:66.5;EU:12.4;APAC:7.1;EMEA:13.0;LATAM:1.0
BBB:22.7;AAA:23.6;CCC:32.6;AA:21.1
2.79
22.2
231
446
7.9
3.5
25
45
35
true
true
false
true
1.64
1.79
0.33
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
37
DealerC
RFQ
5
91
343
11
VAR>budget
Reduce
Portfolio VAR above budget
197
Rotate into defensive sectors
C09587
CR3758
2025-03-09
Calm
106
336
3.5
2.1
2,009,335,885
Materials:14.3;Utilities:27.9;Comm:17.0;Energy:8.7;Industrials:23.4;Financials:8.7
US:63.6;EU:14.2;APAC:9.0;EMEA:9.3;LATAM:3.9
BB:38.3;AA:11.4;A:24.9;B:13.9;CCC:11.5
5.8
28.2
185
327
7.1
4
30
45
30
false
true
true
false
1.18
0.54
-0.28
null
Hedge
Options_Payer: +151bps notional
17
-18
ECN2
RFQ
12
90
-31
-383
VAR>budget
Hedge
Portfolio VAR above budget
176
Defer adds pending macro print
C09588
CR3386
2025-04-17
Tightening
141
511
4.4
2
1,704,080,727
Energy:20.2;Comm:20.9;Industrials:18.2;Tech:6.3;Healthcare:12.9;Financials:21.5
US:60.2;EU:21.0;APAC:9.4;EMEA:8.2;LATAM:1.3
B:10.0;AA:27.1;BBB:11.9;CCC:31.8;BB:19.2
1
48
217
134
4.1
4
30
55
30
false
true
true
true
0.9
-0.25
-0.16
Materials:EW;RealEstate:EW;Consumer:EW
Hedge
CDX_IG: +60bps notional
-59
23
DealerA
RFQ
4
99
106
61
HYCap>limit
Hedge
High-yield share above policy cap
160
Tighten HY exposure bands
C09589
CR1077
2025-04-24
Calm
71
393
4.2
1.9
2,986,260,485
Consumer:20.1;Industrials:44.7;Comm:11.8;Financials:23.5
US:60.1;EU:16.1;APAC:8.4;EMEA:7.9;LATAM:7.4
AA:13.6;AAA:22.0;B:15.1;BBB:20.3;A:20.0;BB:9.0
4.73
50.4
102
434
15.5
3.5
35
35
20
true
true
true
false
-0.11
0.44
-0.17
Tech:EW;Comm:EW
Hedge
CDX_HY: +143bps notional
11
10
ECN1
All2All
7
85
42
-63
HYCap>limit
Hedge
High-yield share above policy cap
197
Rotate into defensive sectors
C09590
CR8231
2024-02-15
Recovery
167
625
5.6
0.5
1,858,738,916
Utilities:18.5;Healthcare:19.0;Comm:13.4;Materials:24.3;Tech:24.8
US:65.3;EU:5.8;APAC:12.1;EMEA:9.8;LATAM:6.9
BB:17.0;BBB:22.5;AA:14.4;CCC:24.7;B:21.4
6.43
56.2
200
328
11.1
3
35
35
20
false
true
true
false
2.46
1.33
0.52
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
14
DealerB
RFQ
6
86
238
-285
HYCap>limit
Rotate
High-yield share above policy cap
215
Reviewed by risk; hedges staggered
C09591
CR6462
2025-01-01
Recovery
146
645
6
2
193,856,338
Comm:19.4;Energy:15.3;Consumer:22.0;Utilities:26.8;Tech:10.6;Healthcare:5.9
US:64.4;EU:12.2;APAC:8.7;EMEA:7.7;LATAM:6.9
B:9.7;AA:45.3;CCC:8.6;A:17.6;AAA:18.8
6.68
31.6
251
485
11
4
30
55
20
false
true
false
true
1.57
0.97
-0.1
null
Rotate
From Energy -1.0% to Utilities +1.0%
11
2
DealerB
RFQ
1
99
387
-222
HYCap>limit
Rotate
High-yield share above policy cap
117
Reviewed by risk; hedges staggered
C09592
CR3917
2024-08-02
Calm
88
370
3.3
2.8
2,749,134,549
Comm:43.3;Financials:23.5;Utilities:33.2
US:66.8;EU:14.7;APAC:7.9;EMEA:8.6;LATAM:2.0
A:14.0;AAA:18.0;CCC:23.4;BB:31.1;B:6.5;AA:7.0
5.29
39.5
280
520
2.5
4
30
35
25
true
true
true
true
-0.44
0.3
0.33
Financials:EW
Hedge
iTraxx_XOVER: +167bps notional
-51
39
ECN1
Electronic
11
85
-178
11
Sector>limit
Rotate
Sector concentration above limit
241
Escalate watchlist names
C09593
CR5585
2024-02-11
Stress
236
813
8.5
0.6
2,934,177,573
RealEstate:38.9;Tech:30.6;Materials:30.5
US:70.5;EU:8.4;APAC:9.7;EMEA:8.4;LATAM:3.0
BBB:30.9;AAA:9.1;B:15.4;CCC:44.6
5.63
56
289
646
7.9
2.5
30
45
35
true
true
true
true
2.05
0.67
-0.05
null
Hedge
CDX_IG: +191bps notional
-21
6
DealerB
RFQ
10
88
234
-55
VAR>budget
Hedge
Portfolio VAR above budget
258
Tighten HY exposure bands
C09594
CR4292
2024-01-31
Stress
188
585
8.2
-1.3
2,806,311,744
Utilities:10.7;Materials:19.2;Tech:9.6;Financials:20.9;Energy:24.0;Industrials:15.6
US:66.7;EU:9.4;APAC:8.0;EMEA:9.5;LATAM:6.4
A:34.7;AA:36.4;CCC:5.6;AAA:14.7;BB:8.6
0.72
41.2
183
610
17.1
3
35
45
20
false
true
false
false
1.66
-0.02
-0.1
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-22
-15
DealerC
RFQ
3
86
-9
63
VAR>budget
Rotate
Portfolio VAR above budget
100
Defer adds pending macro print
C09595
CR1149
2024-08-04
Tightening
104
428
3.9
1.5
601,252,419
Utilities:16.1;RealEstate:43.4;Consumer:40.5
US:73.3;EU:5.9;APAC:5.9;EMEA:10.6;LATAM:4.3
A:53.1;BB:15.4;CCC:4.9;BBB:26.5
6.48
64
126
266
3.9
3
35
35
35
true
true
false
false
0.21
0.07
0.59
Energy:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
0
11
ECN2
RFQ
5
86
225
-114
HYCap>limit
Reduce
High-yield share above policy cap
107
Defer adds pending macro print
C09596
CR9736
2025-07-10
Stress
178
786
8
-0.9
1,943,501,657
Materials:29.1;Healthcare:29.1;Financials:30.3;Tech:11.5
US:62.8;EU:17.1;APAC:9.3;EMEA:6.1;LATAM:4.7
AAA:26.0;A:25.8;AA:13.9;B:4.7;CCC:7.6;BBB:22.0
2.6
33.5
292
346
9.7
2.5
30
55
35
true
true
false
true
0.12
-0.01
0.43
null
Hedge
Treasury_Futures: +92bps notional
-6
27
ECN2
RFQ
7
97
445
-188
VAR>budget
Hedge
Portfolio VAR above budget
233
Reviewed by risk; hedges staggered
C09597
CR8563
2024-03-12
Calm
120
353
3.4
2.5
2,128,980,216
Industrials:32.6;Energy:31.0;Healthcare:36.4
US:62.1;EU:14.6;APAC:8.0;EMEA:8.9;LATAM:6.3
AA:25.0;AAA:49.8;BB:17.6;CCC:7.6
4.59
28.2
274
516
6.6
2
25
55
35
true
true
false
true
-0.48
1.14
0.36
null
Hedge
iTraxx_MAIN: +70bps notional
4
15
DealerB
DealerAxed
6
91
27
-70
Sector>limit
Rotate
Sector concentration above limit
200
Rotate into defensive sectors
C09598
CR0675
2024-07-08
Recovery
108
531
4.9
0
2,721,020,674
Healthcare:25.6;Energy:18.3;Tech:7.6;Consumer:12.3;Materials:14.6;RealEstate:21.5
US:74.1;EU:6.8;APAC:10.2;EMEA:6.8;LATAM:2.1
A:21.5;B:24.1;AA:32.8;BB:13.9;CCC:7.6
2.16
24.4
259
129
10
3
20
35
20
true
true
true
true
0.26
1.01
-0.05
null
Rotate
From Energy -1.0% to Utilities +1.0%
-12
-5
DealerC
RFQ
8
86
69
-21
Sector>limit
Rotate
Sector concentration above limit
98
Escalate watchlist names
C09599
CR8731
2025-11-14
Calm
93
342
3.2
2.7
2,577,584,114
Energy:21.9;Healthcare:19.7;Tech:21.5;Comm:9.8;Financials:13.8;Consumer:13.5
US:65.3;EU:11.7;APAC:6.5;EMEA:12.0;LATAM:4.6
A:18.8;BB:22.4;AA:48.7;B:10.2
0.91
59.6
154
329
7.6
2
20
55
25
true
true
true
false
1.52
-0.11
-0.02
Consumer:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
-9
DealerC
DealerAxed
1
92
204
-326
HYCap>limit
Reduce
High-yield share above policy cap
168
Defer adds pending macro print
C09600
CR1941
2025-01-18
Tightening
124
417
4.7
0.8
83,368,674
RealEstate:19.6;Consumer:23.3;Healthcare:19.0;Financials:38.1
US:70.1;EU:13.6;APAC:8.7;EMEA:3.4;LATAM:4.2
BB:23.5;A:29.1;B:25.9;AAA:21.6
4.85
31.3
235
141
12.6
3.5
30
55
20
true
true
true
true
-0.24
-0.02
0.28
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-56
2
DealerC
Electronic
10
98
377
111
HYCap>limit
Rotate
High-yield share above policy cap
259
Reviewed by risk; hedges staggered