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
C09601
CR6109
2024-03-26
Recovery
124
568
5.5
0.9
1,682,060,661
Healthcare:11.8;Tech:11.5;Financials:40.8;Energy:13.8;Industrials:22.1
US:64.8;EU:11.9;APAC:13.7;EMEA:8.6;LATAM:1.0
CCC:6.1;B:14.2;A:29.1;BBB:21.7;AAA:10.3;BB:18.5
4.2
38.8
151
439
7.8
2
35
45
20
true
true
true
false
1.67
0.33
0.34
Industrials:EW;Tech:EW
Hedge
iTraxx_MAIN: +134bps notional
-50
-21
DealerC
All2All
10
91
365
-288
VAR>budget
Hedge
Portfolio VAR above budget
257
Tighten HY exposure bands
C09602
CR5359
2024-12-15
Tightening
156
363
4.1
0.6
877,392,461
Industrials:30.8;Healthcare:9.0;Financials:26.5;Consumer:33.7
US:66.4;EU:11.4;APAC:6.8;EMEA:7.8;LATAM:7.5
B:21.0;A:14.5;CCC:22.9;AA:16.4;BB:13.7;BBB:11.6
2.39
22.8
188
446
12.4
3.5
25
45
20
true
true
true
false
2.26
0.2
-0.23
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-17
25
ECN1
DealerAxed
4
96
338
-444
Region>limit
Hedge
Regional concentration above limit
174
Defer adds pending macro print
C09603
CR6423
2024-05-14
Calm
70
418
4.4
2.4
1,813,626,499
Consumer:28.1;Materials:17.2;Financials:25.3;Utilities:29.5
US:54.6;EU:20.1;APAC:10.4;EMEA:11.3;LATAM:3.5
A:29.2;BBB:25.0;BB:6.2;AAA:39.5
3.71
52.1
237
323
4.6
2.5
30
55
25
false
false
false
true
1.77
1.7
0.59
null
Rotate
From Energy -1.0% to Utilities +1.0%
-8
-12
DealerB
DealerAxed
7
96
-204
-25
VAR>budget
Hedge
Portfolio VAR above budget
131
Escalate watchlist names
C09604
CR8972
2024-12-18
Tightening
112
500
4.7
0.7
144,402,875
Comm:10.5;Materials:14.7;Financials:24.4;Tech:27.3;Healthcare:23.1
US:76.6;EU:6.3;APAC:6.9;EMEA:5.2;LATAM:5.0
BBB:13.8;AA:24.3;CCC:11.2;A:10.3;BB:8.1;AAA:32.3
3.95
53.8
102
376
3.7
3.5
30
55
20
false
true
false
false
1.43
0.52
0.51
Consumer:EW;RealEstate:EW
Hedge
Options_Payer: +145bps notional
-52
33
DealerB
Electronic
12
99
174
-447
HYCap>limit
Reduce
High-yield share above policy cap
223
Defer adds pending macro print
C09605
CR5526
2025-11-09
Recovery
143
448
5.3
1.4
936,662,360
RealEstate:21.2;Financials:21.9;Healthcare:17.3;Comm:39.5
US:68.4;EU:12.6;APAC:12.2;EMEA:4.9;LATAM:1.8
BB:8.7;A:22.8;BBB:27.5;AAA:12.9;AA:19.0;CCC:9.0
5.88
45.1
133
518
14.6
2
25
55
20
true
true
false
false
2.02
0.92
-0.14
Healthcare:EW
Hedge
CDX_IG: +183bps notional
-57
-20
DealerA
DealerAxed
5
92
334
-11
Region>limit
Reduce
Regional concentration above limit
166
Escalate watchlist names
C09606
CR6075
2025-06-22
Tightening
130
421
4.9
1.5
1,775,530,381
Healthcare:12.0;RealEstate:21.7;Energy:32.0;Consumer:34.4
US:63.9;EU:18.1;APAC:7.0;EMEA:5.6;LATAM:5.4
A:16.8;CCC:22.3;BB:22.1;B:6.6;AAA:14.7;BBB:17.4
7.03
32.1
144
491
6
3.5
30
55
30
true
true
true
false
1.66
1.72
0.53
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-40
-19
DealerA
All2All
3
86
43
-343
Sector>limit
Hedge
Sector concentration above limit
179
Reviewed by risk; hedges staggered
C09607
CR2253
2024-02-29
Calm
81
329
3.4
1.5
2,596,264,199
Tech:15.4;Materials:16.2;Healthcare:12.6;Financials:21.7;RealEstate:16.1;Energy:18.0
US:73.7;EU:10.5;APAC:7.2;EMEA:5.9;LATAM:2.7
CCC:15.5;AA:18.0;B:18.5;A:12.3;AAA:17.9;BBB:17.8
2.26
41.2
159
429
3.9
2
25
35
30
false
true
true
false
0.77
0.14
0.57
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
40
ECN2
All2All
6
90
414
13
Sector>limit
Rotate
Sector concentration above limit
238
Rotate into defensive sectors
C09608
CR3792
2025-06-01
Calm
102
287
4.4
2.8
1,124,762,744
Utilities:37.1;Comm:18.8;Industrials:44.2
US:68.3;EU:16.0;APAC:6.7;EMEA:3.2;LATAM:5.9
A:21.2;BBB:13.3;BB:17.7;AA:25.6;AAA:22.2
4.57
50.7
217
283
3.8
2
25
45
30
true
true
false
true
1.76
1.76
0.37
null
Hedge
iTraxx_XOVER: +84bps notional
-2
-18
DealerB
All2All
7
92
-99
-354
VAR>budget
Hedge
Portfolio VAR above budget
205
Reviewed by risk; hedges staggered
C09609
CR5591
2024-04-12
Recovery
162
462
5.1
-0
1,536,856,304
Utilities:21.2;Industrials:14.2;Healthcare:23.2;Comm:20.1;Energy:12.1;Financials:9.2
US:68.5;EU:13.0;APAC:7.5;EMEA:9.4;LATAM:1.6
AAA:11.5;B:30.9;BB:21.6;AA:19.5;A:16.5
2.48
51.8
109
268
3.6
4
30
35
30
false
true
true
false
0.6
1.63
0.58
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-20
28
DealerC
All2All
0
94
82
192
HYCap>limit
Reduce
High-yield share above policy cap
246
Escalate watchlist names
C09610
CR7349
2025-06-07
Calm
112
366
3.5
1.7
1,295,296,176
Utilities:12.7;Industrials:27.9;Tech:35.3;RealEstate:24.1
US:55.7;EU:20.5;APAC:11.3;EMEA:11.9;LATAM:0.6
B:9.4;BBB:15.8;AA:21.9;AAA:12.7;CCC:9.6;A:30.5
2.13
32.2
195
481
9.4
2
35
45
30
true
true
false
false
0.21
1.56
0.48
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
8
ECN2
DealerAxed
1
97
240
164
HYCap>limit
Rotate
High-yield share above policy cap
120
Rotate into defensive sectors
C09611
CR5991
2025-05-20
Stress
190
720
5.1
-0.4
146,516,050
Materials:27.7;Utilities:30.8;RealEstate:22.6;Financials:19.0
US:66.6;EU:15.0;APAC:9.5;EMEA:6.0;LATAM:3.0
BBB:22.8;AA:30.0;CCC:8.8;AAA:26.1;BB:3.0;B:9.3
5.46
64.9
192
551
7
2.5
35
55
35
false
true
false
false
1.92
1.06
-0.16
Materials:EW;Healthcare:EW
Hedge
CDX_IG: +60bps notional
7
18
ECN2
Electronic
12
85
114
-390
VAR>budget
Hedge
Portfolio VAR above budget
258
Defer adds pending macro print
C09612
CR2755
2024-07-06
Calm
114
283
3.5
3
1,683,038,192
Financials:35.3;Tech:19.6;Comm:13.4;RealEstate:31.6
US:68.2;EU:13.3;APAC:7.9;EMEA:7.8;LATAM:2.8
BBB:11.4;A:15.8;AA:11.1;BB:25.0;AAA:19.8;B:16.8
3.14
39.9
225
486
5.4
2.5
25
55
30
true
true
true
true
2.12
0.01
0.18
Comm:EW;Materials:EW
Hedge
Treasury_Futures: +60bps notional
-33
-19
ECN1
DealerAxed
6
93
-22
-128
VAR>budget
Hedge
Portfolio VAR above budget
114
Rotate into defensive sectors
C09613
CR0443
2025-02-17
Calm
108
294
3.3
2.1
2,176,242,693
RealEstate:20.4;Comm:20.4;Healthcare:28.0;Energy:31.2
US:65.7;EU:7.8;APAC:14.6;EMEA:8.8;LATAM:3.1
B:26.5;BBB:16.0;CCC:27.3;A:30.2
1.64
26.2
97
381
12
4
35
55
30
false
true
true
false
0.26
0.13
0.31
null
Hedge
iTraxx_XOVER: +192bps notional
-5
23
DealerA
RFQ
0
92
358
-373
HYCap>limit
PauseAdds
High-yield share above policy cap
252
Reviewed by risk; hedges staggered
C09614
CR2702
2025-03-20
Calm
85
394
4.2
2.7
2,565,368,769
Comm:17.1;Healthcare:43.2;Industrials:10.3;Financials:29.4
US:60.6;EU:13.7;APAC:9.5;EMEA:11.9;LATAM:4.3
AAA:34.9;BB:28.1;AA:22.6;BBB:14.4
3.62
55
80
173
9.9
4
25
45
30
true
true
false
false
0.29
1.5
0.15
null
Hedge
Treasury_Futures: +58bps notional
3
33
DealerA
All2All
0
97
174
-334
Region>limit
Rotate
Regional concentration above limit
115
Escalate watchlist names
C09615
CR6977
2025-11-02
Calm
103
339
4.1
3
2,544,913,268
Consumer:14.0;Utilities:35.1;Healthcare:17.4;Financials:15.9;Comm:17.6
US:68.5;EU:11.2;APAC:12.6;EMEA:4.0;LATAM:3.7
BBB:27.8;BB:23.8;B:21.1;CCC:14.6;A:12.9
3.63
20.5
232
359
14.5
2.5
25
45
20
true
true
true
true
-0.44
0.51
-0.35
Tech:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-28
-23
ECN2
Electronic
5
90
-14
-136
VAR>budget
Hedge
Portfolio VAR above budget
157
Reviewed by risk; hedges staggered
C09616
CR2180
2025-09-25
Tightening
138
517
4.7
1.3
1,932,074,569
Consumer:21.5;Financials:18.7;Utilities:42.4;Energy:17.4
US:66.4;EU:15.1;APAC:8.1;EMEA:6.8;LATAM:3.6
AA:38.3;CCC:8.2;BBB:22.1;A:31.3
4.01
20.4
129
166
2.6
3
25
35
25
true
true
false
false
-0.28
1.31
0.53
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
17
ECN2
RFQ
9
86
176
-225
VAR>budget
Rotate
Portfolio VAR above budget
187
Rotate into defensive sectors
C09617
CR9700
2024-03-15
Recovery
104
595
5.2
1.5
1,085,627,037
Energy:26.3;Tech:29.6;RealEstate:26.4;Healthcare:17.7
US:63.8;EU:17.4;APAC:9.7;EMEA:8.6;LATAM:0.4
B:18.3;BB:7.1;AA:17.3;BBB:38.4;CCC:18.9
6.37
52
257
440
2.9
2.5
30
35
25
false
true
true
true
0.99
-0.29
-0.24
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
14
DealerA
Electronic
4
94
-35
-53
HYCap>limit
Rotate
High-yield share above policy cap
180
Reviewed by risk; hedges staggered
C09618
CR4805
2024-11-23
Stress
150
728
5.9
-0.1
991,595,548
Industrials:28.6;Utilities:41.3;Comm:30.1
US:57.7;EU:17.0;APAC:12.1;EMEA:6.7;LATAM:6.6
B:14.3;AA:12.5;CCC:25.1;BBB:13.8;BB:24.9;A:9.4
5.4
40.6
305
655
20.5
4
30
45
25
true
true
true
true
2.1
1.37
0.5
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
37
ECN2
Electronic
0
91
177
123
HYCap>limit
Reduce
High-yield share above policy cap
143
Escalate watchlist names
C09619
CR0211
2024-04-03
Calm
111
401
4.1
2
2,270,472,101
Energy:12.8;Healthcare:34.6;Utilities:28.0;Industrials:24.6
US:77.4;EU:5.4;APAC:10.3;EMEA:5.7;LATAM:1.1
A:14.5;BB:9.9;CCC:29.6;AA:29.1;B:16.9
5.43
34
105
495
3.3
2.5
35
35
30
false
true
true
false
0.57
1.66
-0.34
Consumer:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
-3
ECN2
All2All
6
91
234
12
HYCap>limit
Rotate
High-yield share above policy cap
222
Rotate into defensive sectors
C09620
CR4678
2025-10-02
Calm
68
401
4.1
2.3
2,800,536,675
Consumer:21.5;Materials:18.9;Energy:20.1;Healthcare:39.5
US:70.7;EU:16.6;APAC:5.2;EMEA:6.6;LATAM:0.9
AAA:14.8;B:4.9;A:11.6;AA:27.9;BB:19.6;BBB:21.2
5.97
54.2
223
494
7.8
2
30
55
25
true
true
false
true
2.05
-0.18
0.19
Consumer:EW;Energy:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-3
-16
ECN1
All2All
12
89
-50
-78
Region>limit
Rotate
Regional concentration above limit
259
Defer adds pending macro print
C09621
CR4585
2024-05-16
Stress
170
794
6.6
-1.3
2,811,621,991
Energy:14.3;Materials:14.3;RealEstate:25.2;Financials:34.0;Tech:12.2
US:66.2;EU:16.4;APAC:12.8;EMEA:2.8;LATAM:1.9
A:19.8;BBB:8.5;AAA:17.7;AA:18.7;CCC:23.9;BB:11.3
1.55
59.7
245
317
16.7
3.5
30
55
25
true
true
true
true
2.23
0.44
0.37
null
Hedge
CDX_HY: +119bps notional
13
33
ECN1
DealerAxed
3
90
-76
-252
Region>limit
Rotate
Regional concentration above limit
164
Reviewed by risk; hedges staggered
C09622
CR8405
2024-05-08
Recovery
171
525
5.8
0.2
985,994,901
RealEstate:20.6;Healthcare:53.5;Utilities:25.8
US:62.7;EU:7.9;APAC:13.8;EMEA:11.7;LATAM:3.9
AA:34.9;BBB:30.5;AAA:13.0;BB:10.0;CCC:11.6
2.67
60.6
112
323
11.3
2.5
25
35
30
true
true
false
false
1.28
0.35
-0.17
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
18
-17
DealerC
All2All
8
91
455
-245
HYCap>limit
Hedge
High-yield share above policy cap
155
Defer adds pending macro print
C09623
CR4125
2024-01-07
Stress
256
813
5.5
-1.1
1,365,644,270
Comm:25.2;Materials:10.6;Consumer:26.9;Industrials:11.4;Energy:25.9
US:70.5;EU:11.4;APAC:7.6;EMEA:8.8;LATAM:1.7
CCC:40.4;AA:22.5;BBB:18.3;B:18.7
1.84
58.4
173
406
13.6
3
20
55
25
true
true
true
false
0.17
0.83
0.24
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
-22
DealerA
Electronic
8
85
358
-84
Sector>limit
Reduce
Sector concentration above limit
149
Rotate into defensive sectors
C09624
CR1384
2024-03-17
Calm
111
307
3.7
2
97,902,782
Comm:32.6;Industrials:28.7;Consumer:38.7
US:62.6;EU:10.8;APAC:14.7;EMEA:8.6;LATAM:3.2
BB:4.7;AAA:14.8;BBB:22.6;A:38.8;B:10.1;CCC:9.0
6.85
30.6
254
161
17.2
3.5
20
35
30
true
true
false
true
0.98
-0.1
0.54
Consumer:EW
Hedge
iTraxx_XOVER: +186bps notional
-14
-23
DealerC
Electronic
8
96
292
-264
HYCap>limit
Reduce
High-yield share above policy cap
99
Defer adds pending macro print
C09625
CR6782
2024-12-29
Calm
103
315
4.2
1.8
2,937,569,277
Industrials:19.0;Healthcare:19.5;Comm:22.3;Consumer:10.2;Energy:29.0
US:69.2;EU:6.9;APAC:10.6;EMEA:11.9;LATAM:1.3
CCC:28.2;BBB:19.2;AAA:37.8;AA:14.8
7.24
60.6
225
158
7.8
3.5
35
45
20
false
true
true
true
2.27
1.23
-0.3
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-2
20
DealerA
DealerAxed
2
98
124
-218
HYCap>limit
Hedge
High-yield share above policy cap
108
Reviewed by risk; hedges staggered
C09626
CR4862
2025-01-13
Tightening
100
394
5
1.2
961,603,748
Comm:6.2;Energy:25.4;Financials:27.9;Tech:14.2;Materials:16.6;RealEstate:9.7
US:70.8;EU:15.5;APAC:6.0;EMEA:6.5;LATAM:1.1
B:17.4;CCC:15.3;AAA:27.6;A:39.8
0.75
61.9
185
175
6.6
3
30
45
30
false
true
true
false
0.21
1.78
-0.05
Healthcare:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-19
11
ECN1
Electronic
3
100
389
-423
Sector>limit
Hedge
Sector concentration above limit
175
Reviewed by risk; hedges staggered
C09627
CR2392
2024-11-19
Tightening
119
479
4.9
0.7
825,903,582
Energy:34.2;Tech:34.7;Financials:31.1
US:66.4;EU:15.7;APAC:7.3;EMEA:8.9;LATAM:1.7
BBB:20.1;CCC:11.5;AAA:12.0;AA:22.1;A:34.3
4.49
57.6
196
304
9.4
3.5
35
55
30
false
true
false
false
1.55
1.25
0.48
Materials:EW;Energy:EW
Hedge
Options_Payer: +113bps notional
-49
27
ECN2
All2All
3
90
299
-310
HYCap>limit
Rotate
High-yield share above policy cap
130
Rotate into defensive sectors
C09628
CR0406
2024-07-24
Tightening
132
492
5.2
1.6
113,464,537
Tech:30.9;Consumer:41.8;Industrials:27.3
US:71.2;EU:4.9;APAC:10.5;EMEA:9.4;LATAM:4.0
BB:23.9;B:24.3;AAA:23.4;BBB:28.5
3.26
41.9
206
260
14.5
3.5
25
35
25
true
true
true
true
1.64
1.3
0.51
Tech:EW;Consumer:EW
Hedge
iTraxx_XOVER: +122bps notional
2
24
ECN1
All2All
8
89
-79
-17
Region>limit
Hedge
Regional concentration above limit
142
Rotate into defensive sectors
C09629
CR0942
2024-09-18
Tightening
148
352
4.3
1
2,281,466,597
Utilities:41.7;Energy:23.5;RealEstate:34.8
US:61.4;EU:15.8;APAC:11.3;EMEA:8.2;LATAM:3.4
BB:19.4;AAA:13.9;B:31.5;A:6.1;AA:13.0;BBB:16.0
1.11
38.8
152
271
13
3
25
45
25
true
true
true
false
-0.15
-0.26
0.07
null
Hedge
SingleName_CDS: +77bps notional
0
37
DealerB
All2All
5
99
43
-296
HYCap>limit
Hedge
High-yield share above policy cap
220
Rotate into defensive sectors
C09630
CR3744
2025-02-15
Stress
147
619
5.9
-1.6
1,123,803,697
Industrials:23.7;Consumer:58.7;Materials:17.6
US:65.8;EU:8.3;APAC:12.0;EMEA:7.4;LATAM:6.4
A:30.6;AAA:29.0;B:7.1;AA:33.3
2.03
54.6
323
524
14.8
4
35
55
20
true
true
false
true
0.23
0.72
0.16
null
Hedge
iTraxx_XOVER: +187bps notional
-40
-3
DealerA
Electronic
3
90
339
-355
VAR>budget
Rotate
Portfolio VAR above budget
136
Reviewed by risk; hedges staggered
C09631
CR6078
2025-07-07
Tightening
123
457
5.2
0.9
2,018,427,602
Healthcare:9.6;Utilities:10.3;Tech:25.9;Energy:20.4;Materials:14.0;Financials:19.8
US:58.7;EU:16.6;APAC:13.2;EMEA:10.4;LATAM:1.2
AAA:8.6;BBB:28.5;AA:29.3;BB:8.3;A:21.2;B:4.1
5.51
41.2
161
198
12.3
4
30
55
35
false
true
false
false
1.99
0.04
0.35
Healthcare:EW;Comm:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-23
-9
DealerC
All2All
4
98
-3
-407
HYCap>limit
Reduce
High-yield share above policy cap
174
Rotate into defensive sectors
C09632
CR4106
2024-01-24
Tightening
101
457
4
0.7
2,924,214,092
Industrials:30.8;Healthcare:33.6;RealEstate:8.6;Consumer:8.3;Utilities:18.7
US:71.5;EU:7.0;APAC:13.8;EMEA:7.5;LATAM:0.3
BB:7.0;B:29.5;BBB:24.3;AA:12.4;AAA:26.8
7.21
37
280
280
12.7
3
35
45
35
false
true
true
true
1.04
0.27
0.27
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
-11
ECN2
All2All
2
91
257
-456
Sector>limit
Hedge
Sector concentration above limit
246
Defer adds pending macro print
C09633
CR8430
2024-10-05
Recovery
101
544
4.9
-0.3
2,575,194,246
Tech:15.2;Healthcare:22.7;Financials:16.1;Consumer:16.1;RealEstate:15.2;Materials:14.6
US:56.0;EU:9.7;APAC:15.1;EMEA:12.3;LATAM:6.9
BB:16.9;B:29.6;A:20.6;AAA:18.9;CCC:13.9
6.6
27.8
211
299
13.4
4
30
35
30
false
true
true
true
0.86
-0.26
-0.18
Comm:EW
Hedge
SingleName_CDS: +133bps notional
9
11
ECN1
Electronic
1
96
377
-2
VAR>budget
Reduce
Portfolio VAR above budget
130
Defer adds pending macro print
C09634
CR0892
2024-08-27
Tightening
139
469
4.6
1
903,263,595
Financials:34.8;Consumer:10.1;RealEstate:19.7;Utilities:35.4
US:75.8;EU:11.3;APAC:7.2;EMEA:5.4;LATAM:0.4
AA:32.3;CCC:16.6;A:34.6;AAA:16.5
4.81
62.6
264
156
9.9
2
25
55
20
true
true
false
true
0.98
0.19
0.55
null
Hedge
iTraxx_MAIN: +142bps notional
3
42
ECN2
All2All
5
85
-104
-77
HYCap>limit
Hedge
High-yield share above policy cap
223
Reviewed by risk; hedges staggered
C09635
CR4772
2025-03-22
Calm
70
351
4.3
1.8
95,792,378
Comm:25.5;Financials:21.9;RealEstate:16.2;Utilities:12.1;Tech:24.2
US:63.3;EU:15.7;APAC:11.5;EMEA:6.8;LATAM:2.8
CCC:6.5;BBB:44.9;AA:30.1;B:10.6;BB:7.9
4.07
51
262
396
10.2
3.5
25
55
25
true
true
false
true
2.37
1.21
0.22
Energy:EW
Hedge
CDX_HY: +66bps notional
-60
26
DealerA
All2All
9
86
10
-92
HYCap>limit
Hedge
High-yield share above policy cap
152
Defer adds pending macro print
C09636
CR8294
2025-01-06
Calm
70
408
4.3
2.8
2,520,644,561
Consumer:10.9;Comm:16.9;Materials:6.3;Industrials:28.2;Healthcare:26.5;Utilities:11.2
US:61.4;EU:9.1;APAC:14.7;EMEA:7.6;LATAM:7.1
BBB:18.4;BB:15.3;AAA:15.0;A:13.7;B:19.0;AA:18.5
4.23
32
272
421
15.9
2
20
35
30
true
true
true
true
-0.13
1.33
0.21
Financials:EW;Industrials:EW;RealEstate:EW
Hedge
iTraxx_MAIN: +128bps notional
-22
16
ECN2
Electronic
7
95
-173
92
HYCap>limit
Hedge
High-yield share above policy cap
159
Rotate into defensive sectors
C09637
CR6506
2025-07-31
Recovery
119
450
5
0.4
2,160,660,081
Materials:21.3;Energy:12.7;Healthcare:24.4;RealEstate:10.7;Utilities:16.4;Financials:14.6
US:68.9;EU:13.9;APAC:5.4;EMEA:8.6;LATAM:3.3
BBB:13.8;AAA:17.0;A:24.4;CCC:6.8;AA:30.7;BB:7.3
0.65
42.4
83
354
3.3
3.5
25
45
35
false
true
false
false
2.1
0.69
0.03
Healthcare:EW
Hedge
iTraxx_MAIN: +156bps notional
-26
25
DealerA
DealerAxed
11
93
225
-343
HYCap>limit
Hedge
High-yield share above policy cap
237
Defer adds pending macro print
C09638
CR9557
2024-09-19
Calm
70
324
3.5
2.6
800,932,649
Financials:25.1;Tech:33.3;Materials:41.7
US:66.7;EU:7.1;APAC:14.8;EMEA:10.7;LATAM:0.8
BB:16.1;CCC:12.8;A:13.1;AAA:22.3;AA:35.7
5.06
41.8
231
487
16.1
4
30
45
35
true
true
false
true
1.34
1.2
0.12
Tech:EW;Materials:EW
Hedge
iTraxx_MAIN: +140bps notional
-25
22
DealerC
RFQ
12
99
35
164
Region>limit
Reduce
Regional concentration above limit
201
Escalate watchlist names
C09639
CR2206
2024-09-27
Calm
73
408
3.7
1.5
454,546,402
Healthcare:39.2;Consumer:23.9;Financials:36.9
US:68.7;EU:8.4;APAC:8.1;EMEA:7.4;LATAM:7.3
AA:27.2;A:13.8;BBB:9.7;AAA:8.7;BB:16.0;B:24.7
2.36
30.7
116
205
2.5
2.5
30
45
25
true
true
true
false
1.02
0.19
0.36
null
Hedge
CDX_HY: +62bps notional
-27
-6
DealerB
RFQ
8
98
31
-75
Sector>limit
Reduce
Sector concentration above limit
197
Reviewed by risk; hedges staggered
C09640
CR4042
2024-12-25
Stress
204
772
6.3
-0.9
215,438,654
Industrials:31.9;Financials:12.3;Materials:30.7;Energy:25.2
US:69.3;EU:5.1;APAC:9.8;EMEA:10.4;LATAM:5.5
BB:11.0;B:21.0;AAA:13.7;CCC:19.4;A:21.0;AA:13.9
4.4
40.8
317
619
6.9
3
30
35
35
true
true
true
true
0.7
0.53
0.34
null
Rotate
From Energy -1.0% to Utilities +1.0%
17
-21
DealerC
All2All
4
93
49
52
HYCap>limit
Hedge
High-yield share above policy cap
242
Escalate watchlist names
C09641
CR4370
2025-07-17
Tightening
143
447
4.3
1.2
2,811,758,497
Financials:13.6;Comm:40.8;RealEstate:30.7;Energy:15.0
US:56.3;EU:18.2;APAC:12.0;EMEA:6.2;LATAM:7.3
CCC:7.5;BB:14.6;B:12.4;A:65.5
3.15
40.3
185
299
9.5
3.5
20
35
30
true
true
true
false
0.11
-0
0.05
Energy:EW
Hedge
iTraxx_XOVER: +61bps notional
-40
16
DealerB
DealerAxed
10
92
268
-157
HYCap>limit
Hedge
High-yield share above policy cap
193
Escalate watchlist names
C09642
CR4652
2025-10-10
Tightening
154
359
5
1.9
1,163,492,381
Comm:22.2;Healthcare:23.1;Materials:22.1;Utilities:21.5;Industrials:5.1;Consumer:6.1
US:66.9;EU:17.3;APAC:9.1;EMEA:5.9;LATAM:0.7
BBB:23.8;CCC:19.6;BB:30.9;A:8.7;AA:17.0
7.05
42.6
169
480
14
3.5
35
45
35
false
true
true
false
0.62
1.44
-0.04
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
12
DealerC
RFQ
9
95
-181
-51
Region>limit
Reduce
Regional concentration above limit
229
Defer adds pending macro print
C09643
CR6094
2025-04-25
Recovery
119
598
5.2
0.5
168,143,180
Comm:35.2;Industrials:23.9;Consumer:28.6;Energy:12.3
US:66.0;EU:11.9;APAC:8.4;EMEA:4.9;LATAM:8.8
AA:23.3;B:25.6;BBB:20.9;AAA:17.9;BB:12.3
2.29
56.2
240
271
2.2
2
35
35
30
true
true
true
true
0.92
1.31
-0.38
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
-7
DealerA
RFQ
7
96
326
81
VAR>budget
Reduce
Portfolio VAR above budget
103
Defer adds pending macro print
C09644
CR8406
2024-05-29
Recovery
120
449
4.6
0.5
2,785,846,533
Comm:8.0;Materials:22.7;Energy:14.9;Utilities:13.5;RealEstate:20.0;Industrials:20.9
US:62.5;EU:15.7;APAC:10.3;EMEA:6.0;LATAM:5.6
A:19.7;B:9.2;AA:25.8;BBB:25.7;BB:5.2;CCC:14.5
4.4
32.8
269
262
3
3
30
35
25
false
true
true
true
0.74
1.57
0.48
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
-6
ECN2
DealerAxed
11
100
246
-445
Region>limit
Rotate
Regional concentration above limit
251
Tighten HY exposure bands
C09645
CR6560
2024-10-20
Tightening
115
443
4.5
1.3
1,245,227,725
Materials:9.0;Utilities:26.8;Healthcare:22.3;Comm:41.9
US:62.1;EU:16.3;APAC:12.2;EMEA:3.4;LATAM:6.0
AAA:28.0;BBB:20.2;CCC:11.7;BB:40.1
0.64
58.9
88
445
9.9
2.5
35
55
25
true
true
true
false
0.66
0.83
-0.24
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
4
ECN1
Electronic
3
100
-22
-291
HYCap>limit
Reduce
High-yield share above policy cap
256
Escalate watchlist names
C09646
CR4202
2025-04-09
Tightening
104
478
4.5
0.6
2,699,434,574
Energy:41.2;Tech:20.9;Comm:24.4;Financials:13.5
US:64.0;EU:9.7;APAC:10.5;EMEA:11.0;LATAM:4.8
CCC:16.3;AA:57.6;BB:19.3;B:6.8
2.58
40.1
279
223
7.9
2.5
25
35
35
true
true
true
true
0.64
0.49
-0.15
Industrials:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
-14
DealerB
DealerAxed
7
98
199
-151
HYCap>limit
Hedge
High-yield share above policy cap
136
Defer adds pending macro print
C09647
CR5138
2025-12-20
Tightening
115
441
4.3
1.8
856,138,765
Healthcare:23.8;Tech:24.8;Financials:20.3;RealEstate:31.1
US:69.1;EU:13.9;APAC:8.9;EMEA:6.1;LATAM:2.0
AA:42.4;B:19.6;CCC:9.7;AAA:28.3
7.16
64.7
110
216
11.7
4
20
55
30
true
true
false
false
1.37
1.23
-0.24
Utilities:EW
Hedge
Treasury_Futures: +112bps notional
-1
18
DealerC
RFQ
11
98
320
24
Region>limit
Rotate
Regional concentration above limit
136
Escalate watchlist names
C09648
CR2141
2025-06-03
Tightening
101
367
3.8
1.7
2,580,764,517
Healthcare:24.3;Financials:19.9;Materials:41.9;Industrials:13.9
US:68.2;EU:12.2;APAC:8.4;EMEA:6.3;LATAM:4.9
AAA:19.9;BBB:16.1;A:24.1;BB:16.9;B:15.5;AA:7.5
3.46
42
120
250
12.6
2.5
30
45
35
true
true
false
false
2.03
-0.3
-0.25
RealEstate:EW;Industrials:EW
Hedge
Options_Payer: +123bps notional
-9
27
DealerB
All2All
2
87
-136
-255
HYCap>limit
Hedge
High-yield share above policy cap
90
Escalate watchlist names
C09649
CR3973
2024-09-26
Calm
119
374
3.9
2.8
1,950,987,920
Financials:22.2;Industrials:23.5;Healthcare:31.3;Comm:22.9
US:59.8;EU:18.6;APAC:6.3;EMEA:7.8;LATAM:7.4
CCC:29.6;AAA:14.0;BB:28.1;AA:28.2
2.62
20.1
110
225
9
2.5
30
45
25
true
true
true
false
1.61
0.52
0.26
Healthcare:EW;Comm:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
2
45
ECN1
RFQ
6
95
-133
-358
Region>limit
Reduce
Regional concentration above limit
236
Defer adds pending macro print
C09650
CR5113
2024-02-02
Tightening
102
514
3.9
1.4
2,488,953,447
Healthcare:20.4;Energy:11.5;Tech:24.3;Materials:8.6;Industrials:25.7;Consumer:9.6
US:69.1;EU:18.6;APAC:5.2;EMEA:5.9;LATAM:1.2
AAA:20.0;BBB:27.7;A:12.4;B:18.5;CCC:9.9;BB:11.6
7.47
36.6
109
129
17.5
4
30
35
35
false
true
true
false
0.06
0.8
0.12
null
Hedge
CDX_IG: +56bps notional
19
25
DealerC
DealerAxed
11
94
-138
-205
Region>limit
Reduce
Regional concentration above limit
232
Tighten HY exposure bands
C09651
CR3533
2024-01-11
Recovery
136
478
5.5
0.6
2,465,285,035
Healthcare:15.3;Utilities:34.3;Industrials:35.4;Materials:15.1
US:63.0;EU:17.1;APAC:7.5;EMEA:8.6;LATAM:3.9
BBB:18.2;AAA:20.1;A:18.7;BB:12.7;AA:20.7;CCC:9.6
7.35
28.5
271
128
11
2.5
20
55
30
true
true
false
true
0.55
1.46
0.48
Utilities:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
23
DealerC
Electronic
12
97
84
-6
Region>limit
Reduce
Regional concentration above limit
259
Tighten HY exposure bands
C09652
CR8476
2024-09-14
Tightening
152
474
5.2
0.7
823,603,118
Materials:39.6;Healthcare:21.1;Financials:39.3
US:63.0;EU:17.2;APAC:8.6;EMEA:9.0;LATAM:2.2
CCC:7.6;BBB:18.1;A:12.9;B:24.2;AA:19.5;AAA:17.6
7.23
48.4
240
216
5.9
2.5
25
35
35
true
true
false
true
0.65
1.62
-0.29
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
36
ECN2
Electronic
10
99
-25
-175
HYCap>limit
Rotate
High-yield share above policy cap
143
Reviewed by risk; hedges staggered
C09653
CR6101
2024-02-24
Recovery
104
614
5.8
1.1
601,973,492
Materials:32.6;RealEstate:32.9;Industrials:34.5
US:57.4;EU:15.6;APAC:11.9;EMEA:9.3;LATAM:5.8
BBB:13.2;A:19.9;AAA:10.5;BB:10.8;CCC:27.3;AA:18.3
1.53
47.7
198
182
2.5
3.5
30
35
25
true
true
true
false
0.1
0.24
-0.33
RealEstate:EW;Materials:EW
Hedge
CDX_HY: +171bps notional
-1
28
ECN2
Electronic
1
99
2
-108
HYCap>limit
Hedge
High-yield share above policy cap
245
Defer adds pending macro print
C09654
CR6092
2024-08-19
Stress
223
849
7.4
-0.6
965,926,681
Consumer:21.9;RealEstate:43.7;Financials:34.4
US:69.6;EU:13.5;APAC:7.5;EMEA:4.5;LATAM:4.9
AA:25.2;B:5.3;CCC:5.9;AAA:32.9;A:30.7
6.32
20.4
202
319
6.9
3
35
55
25
true
true
false
true
-0.41
-0.28
-0.13
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
10
ECN1
Electronic
9
99
-115
-343
Sector>limit
Hedge
Sector concentration above limit
248
Reviewed by risk; hedges staggered
C09655
CR9586
2024-05-27
Stress
199
847
7.5
-1.2
466,157,078
Industrials:8.7;Healthcare:23.8;Financials:31.0;Consumer:36.5
US:63.1;EU:16.7;APAC:13.0;EMEA:3.2;LATAM:3.9
BB:15.8;AAA:21.0;BBB:37.9;A:25.3
7.19
32.2
252
311
9.9
3.5
20
45
20
true
true
false
true
2.08
1.38
0.47
RealEstate:EW
Hedge
Treasury_Futures: +197bps notional
17
10
DealerA
DealerAxed
7
91
-95
-51
Sector>limit
PauseAdds
Sector concentration above limit
255
Escalate watchlist names
C09656
CR8118
2025-03-07
Tightening
108
371
5
1.4
2,142,093,406
Tech:32.0;RealEstate:34.5;Industrials:33.5
US:63.7;EU:13.4;APAC:10.8;EMEA:8.6;LATAM:3.5
BB:5.6;A:17.4;B:8.0;BBB:29.7;AAA:31.5;CCC:7.8
4.17
50.5
194
230
8
2.5
25
35
20
true
true
true
false
1.03
1.11
0.26
Utilities:EW
Hedge
iTraxx_XOVER: +134bps notional
-1
21
ECN1
DealerAxed
9
86
199
-187
Region>limit
Reduce
Regional concentration above limit
229
Defer adds pending macro print
C09657
CR3547
2025-04-15
Recovery
153
629
6.5
0.9
1,272,061,565
Consumer:16.5;Comm:6.6;Industrials:19.1;Energy:14.7;RealEstate:19.4;Financials:23.8
US:69.5;EU:8.2;APAC:10.5;EMEA:6.6;LATAM:5.2
BBB:22.8;AA:25.2;AAA:26.3;CCC:14.7;B:11.0
4.08
55.3
236
444
16.6
3
30
35
20
false
true
true
true
2.1
1.34
0.25
Healthcare:EW
Hedge
iTraxx_XOVER: +172bps notional
-25
14
DealerB
All2All
1
88
265
65
HYCap>limit
Rotate
High-yield share above policy cap
213
Defer adds pending macro print
C09658
CR8093
2025-08-21
Stress
152
698
7.5
-0.5
2,350,573,399
Utilities:21.0;Consumer:17.2;Materials:25.8;Tech:23.8;Industrials:12.2
US:61.7;EU:16.8;APAC:7.1;EMEA:5.5;LATAM:8.8
AA:16.5;CCC:23.9;AAA:30.3;A:29.3
3.34
34.5
271
640
6.9
3.5
25
35
35
true
true
false
true
0.8
-0.16
-0.17
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
45
DealerB
All2All
1
86
46
126
Region>limit
Hedge
Regional concentration above limit
156
Defer adds pending macro print
C09659
CR8423
2025-01-17
Calm
103
387
4
2.8
905,344,692
Materials:26.5;Consumer:29.6;Healthcare:24.2;RealEstate:19.6
US:66.3;EU:7.5;APAC:15.2;EMEA:6.0;LATAM:4.9
AA:22.9;A:21.1;BB:27.9;BBB:28.1
0.48
60.5
125
236
9.8
2.5
35
35
20
false
true
true
false
2.42
0.6
0.03
Healthcare:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
-13
DealerB
DealerAxed
0
87
366
73
Sector>limit
Reduce
Sector concentration above limit
200
Rotate into defensive sectors
C09660
CR4216
2024-10-25
Recovery
134
475
5.7
1.2
294,984,993
Energy:55.7;Utilities:17.0;RealEstate:27.3
US:60.5;EU:15.5;APAC:13.3;EMEA:5.9;LATAM:4.8
BB:25.6;AA:13.4;A:11.9;CCC:7.2;AAA:22.0;BBB:19.9
1.15
42.9
210
470
6.1
4
30
35
35
true
true
false
true
1.58
1.31
-0.11
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-2
4
ECN1
RFQ
1
92
137
-414
VAR>budget
Reduce
Portfolio VAR above budget
207
Reviewed by risk; hedges staggered
C09661
CR6307
2024-01-29
Calm
111
324
3.9
1.6
1,696,817,322
Comm:10.5;Consumer:9.4;Industrials:37.4;Materials:17.5;Energy:25.2
US:65.0;EU:9.3;APAC:10.2;EMEA:8.3;LATAM:7.2
CCC:35.7;AA:17.8;B:27.1;A:19.4
3.72
21.4
254
161
7.8
3.5
35
45
30
true
true
true
true
1.84
0.86
-0.05
Healthcare:EW;Tech:EW
Hedge
Options_Payer: +69bps notional
-56
44
ECN1
DealerAxed
2
93
278
-154
Sector>limit
Rotate
Sector concentration above limit
250
Tighten HY exposure bands
C09662
CR7749
2025-04-11
Recovery
150
618
6.1
-0.4
2,257,880,020
RealEstate:34.4;Healthcare:31.5;Comm:8.2;Utilities:25.8
US:65.8;EU:10.8;APAC:10.5;EMEA:5.6;LATAM:7.4
BB:18.5;AAA:17.9;AA:15.6;B:29.3;A:18.7
3.03
29.8
196
214
2
2.5
35
55
35
false
true
true
false
0.77
1.39
0.17
RealEstate:EW
Hedge
Treasury_Futures: +111bps notional
17
19
ECN2
DealerAxed
1
91
192
-153
VAR>budget
Hedge
Portfolio VAR above budget
137
Defer adds pending macro print
C09663
CR2190
2025-05-14
Calm
113
332
4.5
1.7
1,730,874,604
Comm:16.0;Tech:13.6;RealEstate:23.6;Industrials:26.3;Financials:20.5
US:68.4;EU:11.0;APAC:10.6;EMEA:5.5;LATAM:4.5
CCC:20.5;BBB:12.2;AA:28.7;AAA:25.2;A:13.5
4.22
35.9
90
328
7.1
3.5
20
55
30
true
true
false
false
1.92
0.37
-0.18
null
Hedge
iTraxx_MAIN: +97bps notional
-45
35
ECN2
DealerAxed
0
99
173
-385
Sector>limit
Hedge
Sector concentration above limit
115
Rotate into defensive sectors
C09664
CR7214
2024-09-18
Stress
259
719
6
-1
2,732,317,078
Healthcare:12.0;Industrials:19.1;RealEstate:22.7;Comm:8.3;Materials:16.0;Financials:21.9
US:65.8;EU:9.0;APAC:13.4;EMEA:8.9;LATAM:2.8
AA:19.5;BB:23.7;BBB:19.1;AAA:13.2;B:24.6
4.83
35.4
268
345
13.4
2
25
35
25
false
true
true
true
-0.13
-0.01
-0.04
Tech:EW
Hedge
SingleName_CDS: +149bps notional
17
38
DealerC
All2All
6
90
-169
-391
HYCap>limit
Hedge
High-yield share above policy cap
250
Tighten HY exposure bands
C09665
CR0920
2024-11-16
Recovery
174
477
6
0.1
348,506,315
Utilities:11.2;Financials:29.5;Comm:32.1;RealEstate:27.1
US:58.1;EU:11.3;APAC:14.1;EMEA:10.7;LATAM:5.8
B:20.0;A:9.9;CCC:26.8;BB:18.7;BBB:18.3;AA:6.2
5.05
45
172
453
16.2
3
30
55
30
true
true
true
false
1.43
0.84
0.58
Energy:EW
Hedge
Options_Payer: +168bps notional
-4
-10
ECN2
Electronic
0
95
210
-61
Region>limit
Rotate
Regional concentration above limit
243
Escalate watchlist names
C09666
CR8227
2024-02-03
Tightening
111
489
3.8
1
812,115,495
Financials:6.7;RealEstate:21.6;Industrials:15.5;Energy:15.5;Comm:11.8;Consumer:28.9
US:53.8;EU:17.8;APAC:14.6;EMEA:9.0;LATAM:4.9
AA:15.8;CCC:38.7;BB:17.5;A:14.2;BBB:13.9
3.13
29.3
109
378
12.9
3
35
55
25
false
false
true
false
0.61
0.86
0.21
null
Hedge
iTraxx_XOVER: +85bps notional
-43
25
DealerA
DealerAxed
0
94
128
-291
VAR>budget
Hedge
Portfolio VAR above budget
153
Escalate watchlist names
C09667
CR2887
2025-03-04
Calm
102
334
3.2
2.5
2,578,358,087
Comm:27.8;Utilities:33.6;Tech:18.6;Financials:20.0
US:72.1;EU:7.9;APAC:7.6;EMEA:5.2;LATAM:7.1
CCC:43.2;AAA:10.0;AA:19.0;BBB:7.0;A:20.9
3.23
27.2
263
475
9.3
3
25
35
25
true
true
true
true
0.53
0.67
-0.3
RealEstate:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-32
20
ECN2
DealerAxed
6
100
76
-432
Region>limit
Reduce
Regional concentration above limit
90
Escalate watchlist names
C09668
CR5737
2024-04-25
Calm
101
345
4.4
2.5
881,404,998
RealEstate:13.6;Energy:8.2;Utilities:16.3;Industrials:31.6;Consumer:12.4;Tech:17.9
US:69.0;EU:10.1;APAC:12.6;EMEA:4.5;LATAM:3.8
A:19.0;BB:7.2;BBB:9.3;AA:27.7;CCC:20.1;AAA:16.7
5.67
32
272
172
9.4
2.5
30
45
25
true
true
true
true
1.12
0.46
0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
6
DealerC
All2All
11
85
318
-4
VAR>budget
Rotate
Portfolio VAR above budget
194
Escalate watchlist names
C09669
CR9432
2025-10-25
Recovery
100
519
5.1
1.8
2,717,658,443
Tech:15.5;Healthcare:14.5;Comm:23.1;Materials:23.9;Financials:23.0
US:69.8;EU:8.5;APAC:6.1;EMEA:9.7;LATAM:5.8
B:44.9;AAA:9.3;AA:24.4;A:21.4
3.84
20.7
97
387
10.7
2.5
30
55
30
false
true
true
false
1.89
0.98
0.14
RealEstate:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
13
DealerB
Electronic
8
92
400
-147
HYCap>limit
Hedge
High-yield share above policy cap
106
Reviewed by risk; hedges staggered
C09670
CR1745
2024-09-18
Calm
116
408
3.8
2.4
1,162,296,379
RealEstate:14.7;Industrials:15.4;Materials:13.4;Energy:18.6;Financials:18.6;Comm:19.3
US:65.8;EU:6.6;APAC:12.9;EMEA:9.1;LATAM:5.5
AA:40.1;A:14.5;AAA:18.4;BBB:27.0
6.94
61.4
217
369
17.5
3.5
30
35
25
false
true
false
true
1.76
1.18
-0.1
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-4
6
DealerA
All2All
12
92
256
-83
Region>limit
Hedge
Regional concentration above limit
191
Escalate watchlist names
C09671
CR6576
2024-07-23
Stress
248
811
6.8
-0.9
1,331,614,493
Materials:23.2;Energy:12.3;Healthcare:24.6;Industrials:21.9;Comm:18.0
US:65.6;EU:9.2;APAC:11.3;EMEA:6.1;LATAM:7.8
BBB:17.2;B:14.9;CCC:16.3;AAA:32.3;BB:19.3
6.04
24.7
260
266
7.9
2
20
45
25
true
true
true
true
0.75
1.61
0.53
Materials:EW
Hedge
CDX_HY: +192bps notional
4
-20
DealerC
Electronic
1
100
112
55
HYCap>limit
Reduce
High-yield share above policy cap
232
Tighten HY exposure bands
C09672
CR1237
2024-10-07
Calm
70
376
3.8
2.3
1,507,836,249
Utilities:37.7;Materials:43.0;Financials:19.3
US:61.1;EU:11.5;APAC:12.9;EMEA:11.8;LATAM:2.7
B:18.5;AA:16.1;CCC:18.3;AAA:23.1;BB:24.0
2.69
52.7
275
316
16.4
3.5
35
55
20
true
true
true
true
1.89
1.54
-0.4
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
20
DealerB
Electronic
10
100
332
-226
VAR>budget
Hedge
Portfolio VAR above budget
204
Tighten HY exposure bands
C09673
CR2891
2024-10-02
Calm
83
323
3.3
2.9
155,433,253
Tech:22.3;Financials:24.0;Energy:24.5;Comm:29.1
US:69.0;EU:14.9;APAC:6.2;EMEA:5.7;LATAM:4.1
CCC:10.1;BB:6.4;AAA:11.1;B:11.5;AA:25.4;BBB:35.5
4.52
46
240
470
6.3
2
20
45
35
true
true
false
true
2
1.31
0.32
Utilities:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-50
28
ECN1
DealerAxed
2
89
330
74
VAR>budget
Rotate
Portfolio VAR above budget
234
Rotate into defensive sectors
C09674
CR9272
2024-01-10
Calm
88
313
3.2
2.7
1,359,878,466
Materials:17.1;Energy:22.2;Industrials:17.9;Consumer:28.2;Financials:14.5
US:66.4;EU:15.0;APAC:6.2;EMEA:7.2;LATAM:5.2
BBB:29.0;A:19.4;AA:17.4;BB:34.2
2.21
57.7
195
327
5.3
2
25
55
20
true
true
true
false
1.89
0.93
0.02
Financials:EW;Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-17
-5
DealerB
RFQ
5
89
129
-374
HYCap>limit
Hedge
High-yield share above policy cap
164
Tighten HY exposure bands
C09675
CR9147
2025-08-19
Tightening
149
351
4
1.8
1,894,704,054
Industrials:14.1;Materials:17.9;RealEstate:43.9;Healthcare:24.1
US:74.4;EU:11.6;APAC:5.7;EMEA:5.0;LATAM:3.3
CCC:15.6;AA:14.1;BBB:17.7;AAA:16.4;BB:36.2
5.63
43.5
207
386
8.8
4
30
35
25
true
true
true
true
-0.1
1.8
-0.17
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
7
16
ECN2
RFQ
4
87
378
-28
HYCap>limit
Reduce
High-yield share above policy cap
196
Reviewed by risk; hedges staggered
C09676
CR8885
2025-01-13
Calm
77
298
4.1
1.7
944,849,936
RealEstate:11.5;Materials:21.9;Financials:11.9;Healthcare:18.4;Utilities:11.5;Comm:24.7
US:69.4;EU:9.4;APAC:7.9;EMEA:8.5;LATAM:4.8
CCC:20.8;BB:25.1;B:5.2;A:27.9;AA:20.9
5.84
48.8
261
332
5.5
2
35
45
35
false
true
true
true
1.1
0.71
-0.1
Utilities:EW
Hedge
iTraxx_XOVER: +173bps notional
-39
29
DealerC
DealerAxed
4
86
79
-170
VAR>budget
Reduce
Portfolio VAR above budget
233
Escalate watchlist names
C09677
CR1666
2024-06-27
Tightening
131
415
3.9
0.9
2,799,866,980
Consumer:36.8;Tech:11.8;Comm:18.4;RealEstate:33.0
US:62.5;EU:12.6;APAC:11.2;EMEA:6.1;LATAM:7.5
B:33.9;CCC:20.3;BBB:15.2;AA:6.7;A:10.6;AAA:13.3
2.67
61.1
173
369
3.2
3.5
25
45
25
true
true
true
false
-0.43
0.42
-0.1
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-60
36
DealerA
DealerAxed
2
92
357
-270
Region>limit
Hedge
Regional concentration above limit
182
Rotate into defensive sectors
C09678
CR0032
2025-02-24
Recovery
111
482
5.9
1.3
1,065,480,821
Utilities:39.7;Industrials:43.3;Healthcare:17.0
US:76.2;EU:5.6;APAC:10.0;EMEA:4.9;LATAM:3.4
CCC:16.2;AAA:11.4;B:32.5;BBB:13.0;BB:9.5;A:17.4
6.66
33.7
213
313
8.9
3.5
30
45
20
true
true
true
true
2
1.32
0.35
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
-19
DealerA
Electronic
1
100
46
124
HYCap>limit
Rotate
High-yield share above policy cap
184
Tighten HY exposure bands
C09679
CR8014
2025-07-01
Recovery
146
532
5.5
1.8
645,499,099
Consumer:29.9;Utilities:29.6;Energy:20.0;Comm:20.5
US:66.2;EU:6.5;APAC:16.2;EMEA:4.9;LATAM:6.3
AA:41.2;AAA:15.4;BB:5.4;B:13.5;BBB:24.5
3.69
23.5
133
307
10
3
30
35
20
false
true
false
false
0.44
1.23
-0.33
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
31
DealerB
All2All
10
88
336
-347
HYCap>limit
Reduce
High-yield share above policy cap
139
Rotate into defensive sectors
C09680
CR6909
2025-02-06
Recovery
134
627
5
0.1
632,948,144
Financials:6.9;Utilities:26.3;Healthcare:24.9;Energy:18.5;Industrials:23.3
US:64.3;EU:19.7;APAC:9.8;EMEA:5.4;LATAM:0.9
AA:27.2;A:9.6;B:13.8;AAA:26.9;BBB:10.9;CCC:11.6
3.46
28.3
94
136
2.1
2.5
25
45
35
true
true
false
false
1.68
0.93
0.24
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
-10
ECN2
DealerAxed
12
86
-25
26
VAR>budget
Reduce
Portfolio VAR above budget
218
Tighten HY exposure bands
C09681
CR2757
2024-12-19
Calm
100
400
3.7
1.9
311,105,291
Industrials:48.8;Healthcare:17.3;Financials:33.9
US:60.2;EU:13.7;APAC:13.4;EMEA:7.4;LATAM:5.3
AAA:8.0;CCC:20.3;BB:11.7;A:20.6;AA:10.4;BBB:29.0
2.9
57.3
271
345
14.8
4
20
35
35
true
true
false
true
-0.19
0.22
-0.36
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
-1
DealerB
Electronic
10
100
22
-227
Sector>limit
Reduce
Sector concentration above limit
227
Rotate into defensive sectors
C09682
CR5457
2025-07-23
Recovery
121
532
6.2
1.6
673,130,612
Comm:7.7;Tech:11.9;Materials:23.7;Financials:29.3;Utilities:8.5;Consumer:18.9
US:71.3;EU:6.6;APAC:10.2;EMEA:10.4;LATAM:1.5
AAA:17.1;A:7.0;BBB:22.2;CCC:7.5;AA:19.4;B:26.8
1.02
44.1
256
158
11.6
2.5
35
55
20
false
true
true
true
2.24
0.25
-0.29
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-7
-2
DealerA
Electronic
8
97
-153
-210
Region>limit
Reduce
Regional concentration above limit
98
Tighten HY exposure bands
C09683
CR1456
2025-05-24
Tightening
140
375
4.7
1.9
2,671,076,739
Industrials:14.4;Consumer:20.6;Utilities:8.1;Healthcare:21.1;Tech:18.3;Financials:17.5
US:65.3;EU:13.9;APAC:12.8;EMEA:5.4;LATAM:2.6
AA:29.0;BB:19.2;B:21.8;AAA:29.9
2.44
57.6
178
469
17.6
3.5
30
45
35
false
true
true
false
-0.17
0.19
0.47
Financials:EW
Hedge
CDX_HY: +151bps notional
10
-5
DealerA
DealerAxed
9
93
152
-33
Region>limit
Hedge
Regional concentration above limit
113
Defer adds pending macro print
C09684
CR1731
2024-02-29
Stress
163
825
5.2
-0.4
1,912,710,823
Tech:27.9;Comm:48.0;Industrials:24.1
US:69.9;EU:9.5;APAC:8.1;EMEA:5.6;LATAM:6.8
AA:20.1;CCC:14.1;B:23.2;BBB:21.3;A:21.3
1.49
40.8
278
532
5.5
2
30
45
35
true
true
true
true
1.29
0.23
-0
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
-2
DealerB
Electronic
7
85
-10
-118
Region>limit
Reduce
Regional concentration above limit
119
Defer adds pending macro print
C09685
CR3019
2024-10-15
Tightening
145
480
4.3
1
2,487,697,718
Energy:33.8;Utilities:42.6;Comm:23.7
US:76.2;EU:9.3;APAC:9.1;EMEA:5.1;LATAM:0.4
BB:13.1;A:12.2;BBB:14.5;CCC:28.7;B:19.6;AAA:11.9
0.8
38.1
206
149
3.4
3.5
25
55
25
true
true
true
true
1.33
1.66
-0.17
null
Hedge
CDX_IG: +109bps notional
-42
29
ECN2
RFQ
12
96
313
28
HYCap>limit
Hedge
High-yield share above policy cap
194
Escalate watchlist names
C09686
CR3977
2024-09-14
Stress
209
742
6.4
0.5
942,752,028
Financials:31.2;Materials:30.7;Consumer:29.7;Utilities:8.3
US:65.9;EU:13.6;APAC:4.9;EMEA:9.6;LATAM:6.0
A:13.3;AA:24.0;B:18.0;AAA:12.4;CCC:16.6;BB:15.7
5.85
29.9
327
403
7.8
4
30
45
30
true
true
true
true
0.87
1.25
0.05
RealEstate:EW;Consumer:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
9
DealerB
Electronic
6
87
11
-110
Sector>limit
Rotate
Sector concentration above limit
205
Rotate into defensive sectors
C09687
CR1748
2025-02-18
Recovery
173
476
6.5
0.9
1,433,660,884
Industrials:31.5;Energy:29.0;Materials:39.5
US:68.9;EU:8.1;APAC:7.3;EMEA:8.4;LATAM:7.3
AAA:21.6;BBB:21.4;AA:36.0;CCC:21.0
6.62
61.5
179
337
12.5
3
35
45
35
true
true
false
false
1.29
1.51
-0.36
null
Hedge
Treasury_Futures: +78bps notional
7
28
ECN1
DealerAxed
4
97
237
-99
Region>limit
Reduce
Regional concentration above limit
108
Escalate watchlist names
C09688
CR7248
2024-01-18
Calm
116
399
3.5
2
2,027,494,274
Consumer:18.4;Materials:25.8;Financials:55.8
US:70.9;EU:10.3;APAC:6.4;EMEA:6.5;LATAM:5.9
B:18.7;BB:10.5;CCC:18.8;A:24.3;AA:15.3;BBB:12.5
1.07
40.4
164
239
10.1
4
35
35
35
true
true
true
false
0.42
0.21
0.38
Financials:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
-5
DealerC
DealerAxed
3
90
61
-169
Region>limit
Hedge
Regional concentration above limit
158
Reviewed by risk; hedges staggered
C09689
CR8469
2025-01-28
Calm
92
286
3.8
2.8
191,419,469
Comm:24.1;Materials:7.8;Healthcare:28.3;RealEstate:9.5;Consumer:9.6;Industrials:20.7
US:60.8;EU:20.4;APAC:6.9;EMEA:9.0;LATAM:2.9
BB:24.0;A:35.7;BBB:22.5;CCC:17.8
6.03
25.1
138
202
2.9
2
25
45
30
true
true
true
false
1.84
1.31
0.13
Healthcare:EW;Energy:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
16
DealerA
RFQ
12
87
-52
-3
Region>limit
Hedge
Regional concentration above limit
188
Tighten HY exposure bands
C09690
CR8336
2025-02-18
Calm
116
372
4
2.6
846,419,328
Healthcare:38.2;Materials:11.7;Industrials:25.1;RealEstate:25.1
US:69.6;EU:8.4;APAC:9.8;EMEA:6.9;LATAM:5.3
B:20.6;AAA:17.9;AA:17.1;A:16.2;CCC:28.2
3.63
30.9
172
385
2.9
2
25
55
35
true
true
true
false
2.06
0.71
0.24
RealEstate:EW
Hedge
CDX_IG: +103bps notional
-4
36
ECN2
DealerAxed
11
94
317
-394
VAR>budget
Hedge
Portfolio VAR above budget
222
Tighten HY exposure bands
C09691
CR0068
2024-04-26
Recovery
102
567
5.8
0.7
1,042,852,072
Healthcare:18.6;Financials:20.9;Utilities:13.1;Energy:18.8;Industrials:28.5
US:68.6;EU:7.3;APAC:13.6;EMEA:10.0;LATAM:0.4
BB:48.5;AA:10.5;BBB:14.2;B:9.6;AAA:17.2
1.58
60.4
195
302
3.4
2.5
20
35
20
true
true
true
false
1.02
1.59
-0.36
null
Rotate
From Energy -1.0% to Utilities +1.0%
-11
8
DealerB
All2All
2
98
-2
-217
HYCap>limit
Hedge
High-yield share above policy cap
237
Rotate into defensive sectors
C09692
CR9763
2024-07-22
Calm
81
299
4.3
2.9
1,892,722,529
Healthcare:10.2;Consumer:18.5;Industrials:17.0;Tech:26.9;Materials:15.3;Comm:12.0
US:66.8;EU:13.6;APAC:11.4;EMEA:7.6;LATAM:0.5
BBB:23.0;AA:24.5;CCC:15.0;BB:11.8;AAA:25.6
4.66
40.3
101
318
14.4
2
30
45
20
false
true
true
false
2.39
-0.08
0.02
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-29
12
DealerC
Electronic
10
89
159
173
Region>limit
Reduce
Regional concentration above limit
121
Rotate into defensive sectors
C09693
CR5022
2025-08-13
Recovery
100
459
4.7
1.4
1,078,476,130
Energy:20.6;Financials:24.6;RealEstate:7.8;Industrials:16.8;Consumer:18.3;Materials:11.9
US:67.9;EU:13.2;APAC:9.2;EMEA:9.3;LATAM:0.4
AA:13.7;BBB:28.5;CCC:29.6;B:28.2
5.92
53.3
231
130
3.2
3.5
25
55
35
false
true
true
true
1.97
1.5
0.19
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
29
DealerC
RFQ
8
97
-155
159
HYCap>limit
Reduce
High-yield share above policy cap
234
Reviewed by risk; hedges staggered
C09694
CR9336
2024-01-15
Stress
205
788
8.3
-0.9
2,195,623,519
Energy:42.5;Utilities:31.1;Healthcare:26.4
US:60.9;EU:11.7;APAC:11.6;EMEA:10.6;LATAM:5.2
B:27.1;BB:14.2;A:11.1;CCC:14.4;AA:33.3
0.68
56.1
204
346
10.4
2.5
30
35
30
true
true
true
true
1.87
1.6
-0.22
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-38
-18
DealerC
RFQ
4
90
43
-168
VAR>budget
Rotate
Portfolio VAR above budget
95
Tighten HY exposure bands
C09695
CR5689
2025-01-04
Tightening
100
458
4.3
1.6
532,209,667
Industrials:7.9;Tech:20.9;Energy:27.9;Comm:16.6;Healthcare:13.9;Consumer:12.8
US:73.5;EU:9.6;APAC:9.9;EMEA:6.6;LATAM:0.4
A:27.6;AAA:21.3;B:8.9;BB:7.8;CCC:8.3;AA:26.1
6.16
38.3
149
512
17.6
2
20
55
35
true
true
false
false
0.7
1.79
0.25
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-21
-4
DealerA
All2All
7
89
146
-51
HYCap>limit
Reduce
High-yield share above policy cap
103
Defer adds pending macro print
C09696
CR0473
2024-12-25
Tightening
106
353
4.1
1.3
1,725,808,205
Tech:27.1;Materials:27.6;Comm:17.3;Financials:14.2;Utilities:13.9
US:53.3;EU:17.9;APAC:12.0;EMEA:11.1;LATAM:5.8
BBB:17.6;CCC:18.4;AAA:18.9;BB:25.1;A:20.0
5.53
20
249
332
9.8
4
25
45
35
true
true
true
true
0.15
1.58
-0.07
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-50
-1
DealerA
DealerAxed
8
95
-33
-11
HYCap>limit
Reduce
High-yield share above policy cap
251
Defer adds pending macro print
C09697
CR2299
2025-11-24
Stress
230
576
6
-1.2
1,885,539,934
Industrials:22.0;Comm:20.6;Financials:16.4;Tech:19.8;Utilities:21.2
US:69.5;EU:8.2;APAC:11.9;EMEA:9.9;LATAM:0.4
CCC:10.3;BBB:26.0;B:9.7;A:30.6;AA:23.4
2.45
34.2
300
492
16.1
3
30
45
30
false
true
false
true
1.46
0.28
0.37
RealEstate:EW
Hedge
CDX_IG: +137bps notional
-52
12
ECN1
Electronic
9
94
44
-213
Region>limit
Rotate
Regional concentration above limit
257
Rotate into defensive sectors
C09698
CR2003
2024-05-18
Recovery
110
643
5.7
-0.5
889,819,999
Industrials:15.5;RealEstate:13.3;Healthcare:16.2;Materials:20.3;Comm:16.0;Consumer:18.7
US:64.4;EU:11.9;APAC:12.9;EMEA:8.0;LATAM:2.8
BB:25.2;B:15.8;AAA:36.5;CCC:22.5
3.24
42.1
196
394
8.6
2
25
45
20
false
true
true
false
1.28
0.25
0.05
Materials:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-60
35
DealerC
All2All
12
89
21
-103
Sector>limit
Reduce
Sector concentration above limit
238
Escalate watchlist names
C09699
CR2591
2025-12-12
Tightening
160
354
4.6
1
178,546,069
Consumer:21.2;Healthcare:30.0;Industrials:10.0;Materials:13.8;RealEstate:13.7;Comm:11.2
US:79.7;EU:6.5;APAC:6.7;EMEA:6.9;LATAM:0.2
A:46.2;B:12.5;BB:12.0;AA:23.6;CCC:5.7
0.64
52.4
203
477
9.4
4
25
35
35
true
true
false
true
-0.37
1
-0.39
Comm:EW;Materials:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
-13
ECN1
DealerAxed
4
88
212
-339
Region>limit
Hedge
Regional concentration above limit
123
Escalate watchlist names
C09700
CR1143
2024-03-12
Stress
170
666
7.6
-0.3
2,064,949,037
Industrials:24.1;Consumer:25.9;Energy:27.7;RealEstate:22.3
US:61.9;EU:13.3;APAC:12.3;EMEA:9.3;LATAM:3.3
AAA:22.4;A:13.9;B:9.7;CCC:18.4;BBB:25.0;AA:10.7
2.09
20.5
358
415
19.3
4
30
55
30
false
true
false
true
2.07
1.59
-0.36
Healthcare:EW
Hedge
SingleName_CDS: +195bps notional
6
-20
DealerC
DealerAxed
11
96
42
-18
HYCap>limit
Hedge
High-yield share above policy cap
177
Defer adds pending macro print