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
C09701
CR0708
2025-12-23
Recovery
157
616
5
0.2
1,130,343,672
Tech:29.4;Financials:34.1;Comm:8.3;Utilities:28.3
US:61.4;EU:18.5;APAC:7.4;EMEA:8.6;LATAM:4.1
BB:16.5;CCC:13.9;A:16.7;B:26.4;AAA:7.9;BBB:18.6
5.9
54.2
271
128
7.7
3.5
25
55
25
true
true
true
true
2.37
0.78
-0.33
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
34
DealerA
Electronic
4
92
277
-129
Sector>limit
Reduce
Sector concentration above limit
241
Escalate watchlist names
C09702
CR2413
2024-11-05
Calm
81
337
4.5
1.6
206,509,970
Materials:26.5;RealEstate:60.4;Utilities:13.2
US:75.1;EU:6.5;APAC:12.8;EMEA:4.7;LATAM:0.9
AAA:25.2;CCC:33.0;BB:12.2;AA:12.2;A:17.5
4.12
50.9
223
430
8.9
3.5
30
55
25
true
true
true
true
0.38
1.64
0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
7
DealerA
All2All
0
87
336
-95
Region>limit
Hedge
Regional concentration above limit
256
Rotate into defensive sectors
C09703
CR4100
2025-07-20
Tightening
143
351
5
1.9
56,044,115
Financials:27.7;Healthcare:14.2;Utilities:11.3;Consumer:19.3;Industrials:27.5
US:68.9;EU:5.7;APAC:11.0;EMEA:10.7;LATAM:3.7
A:29.2;BB:30.4;AA:15.0;BBB:25.4
0.52
58.9
121
274
8.9
3.5
30
45
25
false
true
true
false
1.28
1.47
-0.18
RealEstate:EW;Tech:EW
Hedge
SingleName_CDS: +183bps notional
7
-9
ECN1
RFQ
12
87
341
-383
Region>limit
Hedge
Regional concentration above limit
124
Tighten HY exposure bands
C09704
CR6160
2024-12-01
Calm
96
340
3.6
2.6
1,938,946,823
Financials:42.2;Tech:44.9;Comm:12.9
US:69.8;EU:5.8;APAC:13.7;EMEA:3.7;LATAM:7.0
AAA:24.7;AA:17.6;A:13.7;BBB:12.4;BB:11.6;CCC:19.9
3.58
57.8
107
520
16.6
2.5
30
45
30
true
true
true
false
1.73
1.34
0.38
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-27
-8
DealerC
All2All
1
86
371
-339
Region>limit
Hedge
Regional concentration above limit
105
Rotate into defensive sectors
C09705
CR8895
2025-01-23
Tightening
98
393
4.6
1
1,678,691,920
Comm:47.0;Healthcare:30.8;Energy:22.2
US:70.3;EU:13.9;APAC:9.8;EMEA:3.7;LATAM:2.2
AAA:13.3;BBB:23.0;BB:9.4;CCC:12.8;B:17.9;AA:23.6
3.5
25.1
122
174
17.1
2.5
30
45
35
true
true
true
false
0.77
1.32
0.57
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
30
DealerB
RFQ
3
94
102
148
HYCap>limit
Hedge
High-yield share above policy cap
149
Rotate into defensive sectors
C09706
CR0874
2024-07-18
Tightening
137
421
4
1.3
2,390,123,425
Materials:19.0;Consumer:37.4;Financials:11.1;Comm:32.4
US:67.1;EU:16.4;APAC:7.6;EMEA:8.8;LATAM:0.1
A:14.6;B:6.8;BB:13.6;AA:42.9;CCC:22.1
2.11
42.2
207
457
10.1
3
30
45
30
true
true
true
true
1.99
1.01
-0.34
Energy:EW
Hedge
iTraxx_MAIN: +128bps notional
-45
-18
ECN1
DealerAxed
0
90
-181
-229
HYCap>limit
Rotate
High-yield share above policy cap
151
Rotate into defensive sectors
C09707
CR6213
2024-12-14
Tightening
155
454
4
1.2
2,164,514,549
Industrials:29.0;Materials:35.9;RealEstate:10.6;Healthcare:24.5
US:68.9;EU:15.3;APAC:4.9;EMEA:7.6;LATAM:3.4
A:35.8;BB:16.9;CCC:19.3;AAA:12.9;AA:15.0
5.04
56
195
381
5.2
2
30
55
20
true
true
true
false
0.63
1.42
-0.25
null
Hedge
Options_Payer: +54bps notional
-9
39
ECN2
DealerAxed
4
95
25
-75
HYCap>limit
Hedge
High-yield share above policy cap
153
Rotate into defensive sectors
C09708
CR4494
2025-12-13
Calm
91
412
3.7
3
1,022,999,115
Materials:41.1;Healthcare:19.7;Tech:39.2
US:67.5;EU:6.0;APAC:10.2;EMEA:11.1;LATAM:5.3
A:20.2;B:11.7;AA:39.5;CCC:28.6
3.63
58.9
257
449
13.3
4
35
35
20
true
true
true
true
0.61
0.72
0.44
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-32
8
DealerB
DealerAxed
6
85
335
-306
Sector>limit
Hedge
Sector concentration above limit
191
Rotate into defensive sectors
C09709
CR2115
2024-02-20
Tightening
139
374
3.8
0.7
2,317,798,728
Industrials:28.1;Energy:18.3;RealEstate:25.1;Utilities:28.5
US:67.1;EU:8.7;APAC:11.7;EMEA:6.9;LATAM:5.5
B:14.2;BB:12.5;A:34.0;BBB:39.3
7.07
53.1
175
284
9.7
2
20
45
30
true
true
false
false
0.6
0.92
0.33
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
-18
DealerA
Electronic
12
85
120
-346
Region>limit
Reduce
Regional concentration above limit
107
Rotate into defensive sectors
C09710
CR6838
2024-02-26
Calm
68
385
3.7
3
209,779,398
RealEstate:36.8;Energy:15.9;Industrials:20.2;Consumer:27.1
US:66.0;EU:8.1;APAC:14.9;EMEA:3.8;LATAM:7.2
AA:52.3;AAA:29.5;B:5.9;CCC:12.3
4.52
35.7
113
509
12.6
2
20
45
35
true
true
false
false
2.19
0.64
0.45
Energy:EW;Consumer:EW
Hedge
Options_Payer: +135bps notional
-43
-13
ECN2
RFQ
11
91
169
13
Sector>limit
Reduce
Sector concentration above limit
176
Reviewed by risk; hedges staggered
C09711
CR7062
2024-05-25
Tightening
115
375
4.6
1
800,289,073
Healthcare:22.4;Comm:18.0;Materials:31.4;Tech:13.7;Energy:14.5
US:59.7;EU:12.7;APAC:9.4;EMEA:13.2;LATAM:5.1
A:10.6;AAA:27.6;BB:17.0;AA:20.4;B:17.0;CCC:7.4
5.52
59.5
160
337
11.6
2
25
35
20
true
true
true
false
-0.03
1.64
0.56
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
-5
DealerB
Electronic
3
92
-106
-452
VAR>budget
Hedge
Portfolio VAR above budget
113
Rotate into defensive sectors
C09712
CR0791
2025-06-05
Calm
93
304
3.5
1.9
2,258,937,289
Energy:36.2;Utilities:28.6;Tech:35.2
US:64.5;EU:11.3;APAC:8.7;EMEA:10.9;LATAM:4.5
CCC:44.3;BBB:21.2;AA:19.0;BB:15.4
6.74
63.3
108
499
15.3
3
25
55
20
true
true
true
false
0.74
0.92
-0.33
Industrials:EW
Hedge
iTraxx_MAIN: +136bps notional
-23
41
ECN2
RFQ
1
89
66
-100
Region>limit
Rotate
Regional concentration above limit
175
Rotate into defensive sectors
C09713
CR8637
2024-06-01
Tightening
132
459
5.1
0.5
910,759,296
Consumer:38.7;Industrials:20.4;RealEstate:16.1;Healthcare:24.8
US:70.3;EU:14.3;APAC:5.4;EMEA:8.0;LATAM:2.1
AAA:15.9;A:37.3;B:30.0;BB:16.8
2.39
36.5
188
339
3.7
3.5
35
55
20
true
true
true
false
2.21
1.53
0.33
Industrials:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
3
ECN2
All2All
9
87
305
-31
VAR>budget
Rotate
Portfolio VAR above budget
243
Rotate into defensive sectors
C09714
CR5860
2024-02-18
Stress
233
690
7.9
-1.8
97,979,354
Utilities:11.7;Tech:13.4;Energy:8.9;Industrials:12.0;Consumer:24.2;Healthcare:29.7
US:67.2;EU:18.7;APAC:7.5;EMEA:4.6;LATAM:2.0
A:15.8;AAA:24.4;B:19.5;CCC:4.3;BBB:23.4;AA:12.6
0.7
39.8
345
626
10.7
4
25
55
25
true
true
false
true
-0.27
0.3
-0.21
Industrials:EW
Hedge
CDX_IG: +108bps notional
3
28
DealerA
RFQ
2
95
235
6
HYCap>limit
Reduce
High-yield share above policy cap
147
Defer adds pending macro print
C09715
CR3668
2024-09-24
Stress
231
777
6.9
0.1
555,197,084
RealEstate:36.7;Consumer:16.0;Materials:17.3;Utilities:30.0
US:60.4;EU:16.4;APAC:7.9;EMEA:9.6;LATAM:5.7
CCC:22.6;B:22.8;BBB:18.2;A:10.6;AAA:25.8
6.28
37.2
165
453
6.7
2.5
35
55
20
true
true
true
false
0.57
-0.02
0.16
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-54
3
ECN2
DealerAxed
5
98
198
79
Sector>limit
Hedge
Sector concentration above limit
246
Rotate into defensive sectors
C09716
CR5280
2024-04-03
Stress
231
757
6.4
0.2
1,036,466,179
Utilities:40.0;Healthcare:14.2;Comm:24.5;Industrials:21.4
US:65.4;EU:15.9;APAC:9.0;EMEA:4.5;LATAM:5.2
A:12.8;CCC:30.2;BB:6.4;B:28.1;BBB:22.5
1.77
41.9
226
591
5.2
3
35
55
25
true
true
true
true
0.43
0.33
0.14
Healthcare:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
10
ECN1
DealerAxed
8
91
409
44
Sector>limit
Reduce
Sector concentration above limit
155
Tighten HY exposure bands
C09717
CR1794
2025-05-19
Tightening
158
480
5.1
1.6
2,264,307,037
Tech:34.2;Financials:19.3;RealEstate:14.8;Materials:31.6
US:59.0;EU:12.3;APAC:10.4;EMEA:10.4;LATAM:7.8
B:11.1;CCC:21.7;A:42.1;BB:25.1
2.26
33
225
420
10.1
2
20
55
30
true
true
true
true
0.1
1.13
0.47
Comm:EW
Hedge
CDX_IG: +107bps notional
-18
-24
DealerC
Electronic
9
98
-66
-130
HYCap>limit
Reduce
High-yield share above policy cap
211
Escalate watchlist names
C09718
CR3681
2024-08-11
Tightening
160
473
5
1.2
2,822,241,769
Tech:22.0;Utilities:33.7;Consumer:24.5;Healthcare:19.8
US:69.1;EU:10.8;APAC:10.2;EMEA:8.9;LATAM:1.0
BB:27.0;AAA:17.9;B:26.1;BBB:29.0
1.73
40.9
115
212
13.5
4
20
45
35
true
true
true
false
0.01
0.79
-0.16
Consumer:EW;Comm:EW
Hedge
Options_Payer: +100bps notional
-10
36
DealerB
All2All
3
95
342
-234
Region>limit
Hedge
Regional concentration above limit
120
Tighten HY exposure bands
C09719
CR9452
2025-08-25
Recovery
155
605
5.5
0.3
900,034,512
Industrials:33.9;Materials:15.1;Energy:34.4;Tech:16.6
US:66.4;EU:14.9;APAC:8.6;EMEA:8.1;LATAM:2.0
AA:24.6;CCC:22.4;BBB:10.8;AAA:13.9;B:28.3
6.76
40.8
233
151
11.6
3.5
20
45
25
true
true
true
true
0.53
0.13
0.18
null
Hedge
SingleName_CDS: +170bps notional
-6
21
DealerA
RFQ
0
91
-162
-25
HYCap>limit
Reduce
High-yield share above policy cap
129
Tighten HY exposure bands
C09720
CR2643
2025-05-11
Recovery
115
639
5.1
0.2
1,848,459,839
Comm:32.7;RealEstate:43.4;Industrials:23.9
US:66.1;EU:15.5;APAC:10.9;EMEA:5.5;LATAM:2.0
A:25.4;BB:10.8;CCC:26.2;B:37.5
6.36
59.5
97
266
13.6
3.5
20
55
20
true
true
true
false
1.66
0.51
0.59
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-23
18
ECN2
All2All
9
89
132
-335
Sector>limit
Hedge
Sector concentration above limit
112
Defer adds pending macro print
C09721
CR8156
2024-05-09
Calm
65
305
4.4
2.3
126,355,047
Industrials:21.8;Comm:17.4;Materials:12.5;Utilities:13.8;Healthcare:21.1;Consumer:13.4
US:59.5;EU:16.8;APAC:12.8;EMEA:5.9;LATAM:5.0
AAA:22.0;AA:34.0;BB:13.5;BBB:30.6
4.66
20.1
239
193
12.9
3
25
45
20
false
true
false
true
1.92
1.44
0.4
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
28
DealerA
All2All
2
92
122
-325
Sector>limit
Rotate
Sector concentration above limit
135
Defer adds pending macro print
C09722
CR3375
2025-01-03
Recovery
156
584
6.2
-0.1
1,856,001,497
Healthcare:12.4;Energy:14.6;Comm:10.1;RealEstate:18.1;Financials:22.4;Utilities:22.3
US:64.9;EU:13.8;APAC:11.8;EMEA:9.2;LATAM:0.2
CCC:25.2;AAA:22.3;BBB:13.2;B:24.0;A:15.4
3.54
29.4
152
343
11.6
4
25
55
30
false
true
true
false
2.49
0.71
-0.03
null
Hedge
Options_Payer: +67bps notional
-56
5
DealerA
RFQ
2
100
157
63
HYCap>limit
Rotate
High-yield share above policy cap
110
Defer adds pending macro print
C09723
CR5134
2024-05-28
Tightening
119
459
4.3
0.5
2,533,207,101
Utilities:22.9;Healthcare:8.8;Comm:15.3;Energy:30.6;Financials:22.4
US:67.3;EU:15.2;APAC:5.4;EMEA:9.9;LATAM:2.2
AA:27.1;B:18.0;A:44.6;BB:10.2
0.74
52.4
198
238
11.4
3
25
45
20
true
true
true
false
0.88
1.53
0.12
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-49
-11
ECN2
All2All
8
100
-112
52
Region>limit
Hedge
Regional concentration above limit
159
Escalate watchlist names
C09724
CR3472
2024-03-31
Calm
79
416
4.4
2.4
853,465,245
Financials:18.1;Utilities:15.7;Healthcare:9.5;Materials:21.2;Comm:15.9;Consumer:19.6
US:73.2;EU:9.8;APAC:10.9;EMEA:3.8;LATAM:2.3
AA:35.8;BB:17.1;BBB:26.3;CCC:20.9
7.12
26.8
135
246
12.4
3.5
20
55
20
true
true
true
false
0.88
0.07
-0.34
null
Hedge
Treasury_Futures: +152bps notional
9
34
ECN2
DealerAxed
2
99
407
-52
HYCap>limit
PauseAdds
High-yield share above policy cap
144
Defer adds pending macro print
C09725
CR6427
2024-03-27
Calm
105
406
4.3
1.6
1,326,732,312
Utilities:11.7;Materials:40.7;Healthcare:32.9;Comm:14.7
US:64.1;EU:9.3;APAC:9.5;EMEA:9.4;LATAM:7.6
A:9.2;CCC:14.5;BB:19.4;AAA:22.6;BBB:18.8;B:15.5
3.31
57
240
368
3.4
3
20
35
25
true
true
true
true
0.39
0.43
-0.17
Tech:EW
Hedge
CDX_HY: +94bps notional
-60
-9
DealerB
All2All
5
94
-1
103
Region>limit
Reduce
Regional concentration above limit
116
Escalate watchlist names
C09726
CR3912
2024-12-16
Stress
203
558
8.1
0.6
1,751,673,528
RealEstate:27.0;Materials:40.5;Tech:32.5
US:62.3;EU:9.8;APAC:11.8;EMEA:10.6;LATAM:5.4
BBB:13.2;A:38.2;B:21.0;AAA:27.5
1.8
51.8
340
576
9.7
3.5
25
35
35
true
true
false
true
1.67
1.48
-0.31
Energy:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
19
ECN2
RFQ
2
96
7
78
VAR>budget
Reduce
Portfolio VAR above budget
116
Escalate watchlist names
C09727
CR8165
2024-09-03
Calm
111
397
3.4
1.9
2,950,773,450
Financials:19.6;Materials:34.8;Energy:45.6
US:64.3;EU:5.5;APAC:12.4;EMEA:12.1;LATAM:5.8
AAA:16.5;B:8.0;AA:13.3;BBB:24.1;A:23.9;BB:14.2
6.83
58.9
100
159
10
4
25
45
20
true
true
true
false
2.35
0.08
0.48
Comm:EW;Utilities:EW
Hedge
Options_Payer: +157bps notional
-48
10
ECN1
Electronic
4
85
-156
-234
HYCap>limit
Hedge
High-yield share above policy cap
196
Defer adds pending macro print
C09728
CR2650
2024-08-29
Calm
96
385
4
2.7
129,932,172
Tech:45.6;Healthcare:27.3;Materials:12.2;Comm:15.0
US:61.0;EU:16.7;APAC:10.4;EMEA:5.0;LATAM:6.8
CCC:7.8;BB:14.7;B:25.5;A:51.9
7
63.9
112
428
17.3
3.5
20
45
30
true
true
true
false
0.69
-0.27
0.45
Comm:EW;Materials:EW;Financials:EW
Hedge
CDX_IG: +173bps notional
3
-9
ECN1
Electronic
8
94
-54
92
HYCap>limit
Rotate
High-yield share above policy cap
128
Defer adds pending macro print
C09729
CR6335
2024-10-08
Tightening
156
457
4.7
0.6
957,570,444
Utilities:12.9;Financials:32.0;Consumer:21.2;RealEstate:33.8
US:58.3;EU:11.9;APAC:11.8;EMEA:11.3;LATAM:6.7
AAA:14.4;BB:13.1;B:50.1;AA:22.4
3.69
21.5
190
299
11.3
3.5
20
45
20
true
true
true
false
1.28
1.17
-0.06
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
-11
ECN1
RFQ
10
90
-44
-12
Sector>limit
Reduce
Sector concentration above limit
232
Tighten HY exposure bands
C09730
CR5436
2024-05-07
Recovery
100
511
4.7
1.1
1,923,050,167
Comm:14.8;Energy:31.8;Utilities:16.1;Industrials:37.3
US:64.5;EU:7.1;APAC:13.8;EMEA:11.0;LATAM:3.6
AAA:15.5;A:10.1;CCC:24.8;B:29.1;BB:13.0;BBB:7.6
6.77
24.3
88
371
7.4
2
30
45
25
true
true
true
false
0.1
0.56
0.13
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
-1
DealerB
DealerAxed
5
87
171
-208
Sector>limit
Reduce
Sector concentration above limit
258
Defer adds pending macro print
C09731
CR3660
2024-10-18
Tightening
118
492
4.7
1.3
2,760,355,147
Healthcare:25.5;Consumer:31.1;Comm:8.6;RealEstate:18.4;Utilities:16.4
US:58.9;EU:13.2;APAC:16.6;EMEA:11.1;LATAM:0.1
CCC:45.2;BBB:14.6;B:28.7;AA:11.5
0.91
61.3
225
447
3.3
3
20
45
30
true
true
true
true
2.33
1.22
0.14
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
4
DealerC
Electronic
7
91
177
32
Sector>limit
Hedge
Sector concentration above limit
199
Reviewed by risk; hedges staggered
C09732
CR1236
2024-12-05
Recovery
124
561
6.2
0.5
342,260,582
Materials:19.9;Energy:15.1;Comm:21.0;Financials:10.8;Industrials:20.0;Utilities:13.1
US:65.8;EU:10.8;APAC:8.1;EMEA:13.7;LATAM:1.6
AAA:28.3;AA:13.0;A:20.9;BBB:26.9;B:7.9;CCC:2.9
2.47
59.4
278
396
5.6
4
20
45
35
true
true
false
true
0.39
0.13
-0.22
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
9
5
DealerA
All2All
2
90
-66
-302
Region>limit
Reduce
Regional concentration above limit
162
Defer adds pending macro print
C09733
CR3495
2024-07-10
Tightening
120
459
5.1
1.8
1,403,121,845
RealEstate:10.4;Industrials:7.7;Comm:13.7;Utilities:23.3;Materials:19.3;Financials:25.6
US:61.6;EU:16.5;APAC:9.2;EMEA:6.8;LATAM:5.8
A:8.4;BBB:23.3;B:18.9;AA:25.8;BB:23.7
0.73
53.3
127
395
13.9
3
20
45
25
true
true
true
false
0.53
1.33
-0.18
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
14
29
DealerC
All2All
1
97
189
3
Sector>limit
Hedge
Sector concentration above limit
151
Reviewed by risk; hedges staggered
C09734
CR6016
2025-05-30
Tightening
94
360
3.9
0.8
2,072,896,054
Financials:43.2;Materials:21.8;Tech:35.0
US:67.9;EU:13.1;APAC:9.1;EMEA:4.2;LATAM:5.7
AAA:45.7;BB:5.4;B:7.8;CCC:8.7;A:32.4
3.2
46.2
157
397
2.3
2
35
55
20
true
true
true
false
1.46
1.3
0.45
Tech:EW;Utilities:EW
Hedge
CDX_IG: +89bps notional
-30
-21
ECN2
Electronic
5
88
153
96
VAR>budget
Hedge
Portfolio VAR above budget
149
Defer adds pending macro print
C09735
CR5732
2025-12-04
Recovery
109
581
5.7
0.7
67,272,696
Financials:14.2;Healthcare:20.8;Consumer:24.0;Comm:19.9;Materials:21.1
US:75.5;EU:9.3;APAC:7.9;EMEA:7.0;LATAM:0.3
CCC:32.6;AA:13.1;A:26.0;BB:17.6;BBB:10.9
3.47
61.6
118
309
6.3
2.5
30
55
35
false
true
true
false
2.48
1.66
0.43
Industrials:EW
Hedge
iTraxx_MAIN: +91bps notional
18
-6
ECN2
DealerAxed
6
93
-78
78
VAR>budget
Reduce
Portfolio VAR above budget
135
Escalate watchlist names
C09736
CR0118
2025-08-22
Calm
112
317
4
1.9
277,574,354
Utilities:36.3;RealEstate:16.9;Materials:46.8
US:60.1;EU:19.3;APAC:9.9;EMEA:3.7;LATAM:7.0
BB:20.4;B:19.5;AA:19.9;CCC:10.4;AAA:19.7;A:10.2
4.97
59.2
195
138
4.4
4
25
55
30
true
true
true
false
1.43
-0.12
-0.12
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
9
DealerC
Electronic
4
96
117
-382
Region>limit
Hedge
Regional concentration above limit
222
Escalate watchlist names
C09737
CR4599
2025-02-27
Stress
164
826
8.2
-1.8
130,136,789
Consumer:16.2;Energy:43.1;Comm:19.9;RealEstate:20.8
US:63.1;EU:14.7;APAC:12.4;EMEA:5.9;LATAM:3.9
AAA:32.3;A:21.7;B:21.2;BB:24.8
2.99
58.2
336
665
18.3
3
20
45
20
true
true
true
true
-0.01
0
0.28
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
-22
ECN2
Electronic
11
90
218
-421
HYCap>limit
Rotate
High-yield share above policy cap
173
Defer adds pending macro print
C09738
CR9718
2025-09-01
Tightening
126
425
5.1
1.1
2,592,463,179
Utilities:12.5;Industrials:14.5;Tech:16.7;Financials:19.3;Consumer:22.2;Energy:14.8
US:65.3;EU:14.0;APAC:10.9;EMEA:8.0;LATAM:1.9
AA:25.1;B:31.1;BB:13.9;CCC:11.1;A:18.8
5.98
32.8
128
397
17
4
25
45
35
false
true
true
false
-0.45
0.92
0.21
RealEstate:EW
Hedge
CDX_IG: +75bps notional
-18
30
ECN2
Electronic
5
92
310
15
HYCap>limit
Reduce
High-yield share above policy cap
250
Reviewed by risk; hedges staggered
C09739
CR1114
2025-06-26
Calm
101
348
3.3
2.4
731,920,711
Energy:11.3;Industrials:25.7;Consumer:23.9;Financials:13.9;Comm:25.2
US:62.3;EU:16.6;APAC:9.5;EMEA:4.7;LATAM:6.9
CCC:27.6;AAA:14.9;BBB:20.6;A:16.4;B:11.7;BB:8.9
2.06
26.2
148
324
14.8
3
30
45
25
false
true
true
false
0.12
-0.12
0.26
Financials:EW
Hedge
CDX_IG: +152bps notional
-1
23
DealerC
Electronic
6
100
-14
-290
HYCap>limit
Rotate
High-yield share above policy cap
172
Reviewed by risk; hedges staggered
C09740
CR0428
2025-11-17
Tightening
131
509
4
1.1
205,009,392
RealEstate:20.8;Healthcare:20.0;Utilities:19.1;Energy:14.0;Tech:26.1
US:55.0;EU:17.6;APAC:10.3;EMEA:9.5;LATAM:7.6
B:32.0;A:25.6;AAA:10.9;CCC:31.5
2.12
30.2
236
377
10.4
4
20
45
30
true
true
true
true
-0.04
1.23
-0.31
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
10
DealerA
Electronic
11
86
-33
-354
HYCap>limit
Rotate
High-yield share above policy cap
208
Reviewed by risk; hedges staggered
C09741
CR0183
2024-09-02
Stress
204
672
7.1
0.2
574,966,791
Financials:32.0;Energy:33.7;RealEstate:12.7;Healthcare:21.6
US:57.7;EU:18.0;APAC:9.7;EMEA:8.7;LATAM:6.0
BB:22.2;AA:10.1;BBB:16.7;A:18.8;B:32.1
5.46
59.7
279
276
12
4
30
35
30
true
true
true
true
1.15
0.82
0.29
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
45
ECN1
DealerAxed
11
89
182
-475
Sector>limit
Reduce
Sector concentration above limit
102
Rotate into defensive sectors
C09742
CR0327
2024-06-21
Tightening
120
379
4.3
0.9
1,614,663,917
Industrials:14.9;Comm:47.1;Tech:38.0
US:70.8;EU:11.9;APAC:10.8;EMEA:3.0;LATAM:3.6
BB:6.6;CCC:7.3;AA:12.7;BBB:18.0;A:39.1;B:16.3
2.6
51.1
194
507
3.4
3
20
55
30
true
true
true
false
0.52
1.79
0.1
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
0
DealerA
Electronic
2
98
358
-268
Region>limit
Hedge
Regional concentration above limit
119
Tighten HY exposure bands
C09743
CR5752
2024-07-21
Tightening
122
487
5
0.7
2,619,061,954
Healthcare:10.1;Tech:26.3;Materials:9.1;Comm:29.7;Energy:24.8
US:73.5;EU:10.1;APAC:7.7;EMEA:8.7;LATAM:0.0
CCC:38.7;B:11.8;BB:16.0;AAA:33.5
7.26
27.9
139
503
8.8
3.5
35
45
20
false
true
true
false
0.85
-0.21
0.14
Financials:EW;Materials:EW
Hedge
Options_Payer: +191bps notional
-48
-14
DealerA
DealerAxed
2
99
434
-14
Sector>limit
Hedge
Sector concentration above limit
178
Defer adds pending macro print
C09744
CR8206
2024-03-06
Recovery
152
594
4.7
1.4
1,773,374,868
Industrials:15.7;Utilities:37.2;Materials:23.5;Comm:23.6
US:69.3;EU:16.2;APAC:8.2;EMEA:5.3;LATAM:0.9
BB:7.6;BBB:26.7;A:17.3;B:8.7;CCC:9.3;AAA:30.4
2.32
31.6
159
330
3.1
2.5
25
45
30
true
true
false
false
1.32
1.49
0.58
null
Hedge
Treasury_Futures: +137bps notional
3
-2
DealerB
Electronic
0
87
-103
-17
Region>limit
Reduce
Regional concentration above limit
191
Rotate into defensive sectors
C09745
CR8527
2024-07-30
Tightening
116
408
4.8
1.4
218,070,214
Materials:55.5;Utilities:23.2;Industrials:21.3
US:71.0;EU:5.2;APAC:13.4;EMEA:5.6;LATAM:4.7
B:8.1;BB:6.7;BBB:39.3;A:46.0
4.9
60.6
162
477
7.4
4
30
45
30
true
true
false
false
-0.11
1.4
0.27
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
10
DealerB
RFQ
11
96
331
179
HYCap>limit
Reduce
High-yield share above policy cap
117
Escalate watchlist names
C09746
CR7860
2025-10-08
Tightening
123
400
4.9
1
2,705,328,269
RealEstate:12.1;Utilities:31.1;Materials:10.8;Comm:30.1;Energy:15.8
US:67.1;EU:11.0;APAC:14.8;EMEA:6.7;LATAM:0.4
CCC:17.0;BBB:14.1;A:10.3;AA:32.3;B:4.7;BB:21.6
0.88
27.7
221
317
14.3
2.5
20
55
25
true
true
true
true
-0.46
-0.14
-0.38
Healthcare:EW;RealEstate:EW
Hedge
Treasury_Futures: +127bps notional
-6
30
DealerA
DealerAxed
8
97
-119
99
HYCap>limit
Hedge
High-yield share above policy cap
90
Rotate into defensive sectors
C09747
CR6081
2024-11-07
Recovery
116
491
5.9
-0.5
2,907,899,810
Materials:7.1;Industrials:27.1;Energy:15.9;Comm:21.3;Utilities:6.0;RealEstate:22.7
US:63.1;EU:9.9;APAC:12.0;EMEA:7.8;LATAM:7.2
AAA:13.5;BBB:31.2;AA:23.9;A:31.4
3.75
31
85
394
4.9
2
35
35
20
false
true
false
false
2.1
1.09
0.53
RealEstate:EW;Financials:EW
Hedge
iTraxx_MAIN: +69bps notional
19
42
ECN2
RFQ
8
85
259
-170
Region>limit
Reduce
Regional concentration above limit
108
Reviewed by risk; hedges staggered
C09748
CR8641
2025-01-09
Tightening
121
379
4.6
1.5
1,704,574,492
Tech:23.2;Consumer:20.8;Industrials:9.3;Comm:7.9;RealEstate:18.5;Energy:20.3
US:64.0;EU:10.5;APAC:10.7;EMEA:13.4;LATAM:1.4
AAA:16.6;AA:28.9;A:28.0;CCC:15.1;BB:11.4
4.61
63.6
217
337
7.3
3.5
35
35
35
false
true
false
true
-0.24
0.19
0.04
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
12
ECN1
All2All
1
97
338
87
Sector>limit
PauseAdds
Sector concentration above limit
159
Reviewed by risk; hedges staggered
C09749
CR2810
2024-10-06
Recovery
149
535
6.4
1.9
1,964,435,004
Energy:32.5;RealEstate:28.4;Tech:39.1
US:69.1;EU:13.6;APAC:6.4;EMEA:10.2;LATAM:0.8
A:25.4;BB:8.5;CCC:10.0;B:3.9;AA:21.1;BBB:31.2
3.6
20.8
214
355
2.6
3
25
35
20
true
true
true
true
0.52
0.48
-0.35
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-54
42
ECN1
DealerAxed
1
97
265
11
Sector>limit
Rotate
Sector concentration above limit
238
Escalate watchlist names
C09750
CR9690
2025-07-16
Stress
253
848
6.9
-0.1
875,117,449
Energy:7.7;Financials:6.2;Industrials:25.7;Comm:29.1;RealEstate:22.2;Tech:9.1
US:72.5;EU:6.5;APAC:6.3;EMEA:7.4;LATAM:7.3
CCC:9.0;AA:36.7;BB:2.5;AAA:18.2;B:6.7;A:26.9
0.72
44.2
270
456
7.4
3.5
20
35
35
true
true
false
true
0.66
1.27
-0.34
Industrials:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
5
22
DealerB
Electronic
3
91
-143
-260
Sector>limit
Hedge
Sector concentration above limit
231
Tighten HY exposure bands
C09751
CR3452
2024-01-22
Calm
75
284
4.2
2.7
1,045,545,192
Financials:10.8;Healthcare:33.4;Consumer:14.5;Comm:16.2;Industrials:25.1
US:70.0;EU:9.9;APAC:7.9;EMEA:8.9;LATAM:3.3
BB:29.6;AA:16.4;AAA:13.8;CCC:15.9;A:8.3;B:16.2
3.93
32.1
178
166
9.3
2
35
35
30
false
true
true
false
0.35
1.06
0.13
Energy:EW
Hedge
CDX_HY: +109bps notional
17
-1
DealerA
Electronic
4
89
244
-431
HYCap>limit
Reduce
High-yield share above policy cap
180
Escalate watchlist names
C09752
CR8843
2025-08-23
Recovery
140
561
5.8
1.6
2,354,734,619
Utilities:28.8;Consumer:20.0;Comm:19.0;Healthcare:32.2
US:56.8;EU:18.5;APAC:11.8;EMEA:12.6;LATAM:0.2
A:14.9;BBB:21.2;AA:29.9;CCC:22.4;AAA:11.6
6.24
51.4
207
127
10.5
4
20
55
30
true
true
false
true
1.4
0.77
0.43
Utilities:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
37
ECN2
RFQ
0
98
220
-190
Region>limit
Reduce
Regional concentration above limit
152
Rotate into defensive sectors
C09753
CR3929
2025-04-25
Tightening
93
424
5.1
1.4
85,101,995
Energy:25.6;Financials:32.3;RealEstate:16.0;Utilities:26.1
US:74.3;EU:5.8;APAC:12.6;EMEA:3.0;LATAM:4.3
AA:26.1;A:26.0;CCC:16.9;BB:12.0;B:19.1
0.61
28.3
220
452
6.4
2
20
55
25
true
true
true
true
-0.3
0.05
0.39
RealEstate:EW
Hedge
CDX_IG: +132bps notional
-20
41
DealerA
Electronic
1
96
153
-421
VAR>budget
Reduce
Portfolio VAR above budget
231
Rotate into defensive sectors
C09754
CR7740
2025-10-04
Tightening
142
424
4.3
0.5
1,782,521,334
Healthcare:15.4;Utilities:26.5;RealEstate:22.6;Comm:6.4;Tech:11.1;Materials:18.1
US:65.2;EU:6.6;APAC:14.6;EMEA:5.6;LATAM:8.0
CCC:6.7;BBB:24.0;AAA:12.4;B:8.5;AA:22.5;A:25.9
2.97
40.1
192
490
15.7
3
25
35
30
true
true
false
false
1.69
0.77
-0.19
RealEstate:EW
Hedge
iTraxx_XOVER: +145bps notional
3
9
DealerA
All2All
4
95
-10
-90
VAR>budget
PauseAdds
Portfolio VAR above budget
206
Tighten HY exposure bands
C09755
CR6561
2025-10-03
Calm
108
296
4
2.2
860,260,858
Comm:36.8;Energy:21.9;Industrials:41.3
US:64.8;EU:9.0;APAC:9.9;EMEA:10.6;LATAM:5.7
BB:29.5;CCC:6.6;AAA:12.2;B:28.2;A:8.0;BBB:15.5
2.78
51.4
261
121
4.8
3.5
20
45
35
true
true
true
true
0.9
0.15
-0.17
Financials:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
-21
DealerB
RFQ
0
90
21
-378
HYCap>limit
Reduce
High-yield share above policy cap
258
Defer adds pending macro print
C09756
CR3764
2025-06-06
Stress
246
742
7.9
-1.5
1,206,708,915
RealEstate:17.0;Energy:17.8;Tech:13.8;Utilities:27.2;Materials:24.3
US:68.8;EU:9.4;APAC:7.7;EMEA:7.2;LATAM:6.9
A:22.2;B:13.8;AAA:22.4;BB:9.5;CCC:15.6;BBB:16.4
5.45
62
241
411
18.8
3.5
20
45
35
true
true
true
true
0.7
0.73
0.21
null
Hedge
iTraxx_XOVER: +153bps notional
-44
-22
DealerC
RFQ
10
85
368
-257
VAR>budget
Rotate
Portfolio VAR above budget
136
Rotate into defensive sectors
C09757
CR0040
2024-05-05
Tightening
136
427
4.7
0.6
2,943,432,790
Tech:22.9;Industrials:30.9;Materials:20.3;Consumer:25.9
US:60.6;EU:10.4;APAC:11.5;EMEA:11.4;LATAM:6.1
BBB:28.0;AAA:11.6;A:17.6;CCC:16.7;B:7.1;BB:19.1
5.52
58.7
259
446
17.9
4
20
55
35
true
true
true
true
-0.21
0.77
-0.13
RealEstate:EW;Energy:EW
Hedge
CDX_IG: +179bps notional
-25
41
DealerA
DealerAxed
1
86
171
-40
Sector>limit
Hedge
Sector concentration above limit
180
Defer adds pending macro print
C09758
CR7680
2025-12-08
Calm
80
364
3.5
2.5
1,013,681,309
Consumer:46.0;Energy:34.9;Materials:19.1
US:70.4;EU:7.3;APAC:12.2;EMEA:5.6;LATAM:4.5
BBB:28.0;AAA:26.3;BB:9.7;A:26.1;CCC:9.8
6.81
37.8
96
510
10.6
3
35
35
30
true
true
false
false
1.92
1.77
0.18
Materials:EW;Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-10
14
ECN1
All2All
11
85
87
-15
Region>limit
Hedge
Regional concentration above limit
138
Defer adds pending macro print
C09759
CR3543
2024-03-18
Stress
257
757
6
-1.8
2,084,271,984
Industrials:23.1;Healthcare:17.3;Consumer:21.8;RealEstate:12.2;Comm:9.9;Tech:15.7
US:71.2;EU:10.7;APAC:10.0;EMEA:6.4;LATAM:1.6
B:18.5;BB:22.0;AA:12.7;CCC:22.6;AAA:7.4;BBB:16.7
4.9
26.7
164
413
8.5
2
25
55
25
false
true
true
false
0.65
1.6
0.56
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
39
DealerB
All2All
9
92
160
-156
HYCap>limit
Reduce
High-yield share above policy cap
112
Tighten HY exposure bands
C09760
CR0417
2025-11-02
Recovery
145
509
5.7
1.4
2,923,614,928
Materials:23.5;Energy:9.0;Financials:22.5;Tech:14.7;RealEstate:13.5;Comm:16.7
US:68.7;EU:12.9;APAC:12.1;EMEA:5.9;LATAM:0.4
AA:20.3;A:13.9;BB:21.4;CCC:16.9;BBB:12.8;AAA:14.8
2.48
60.7
264
470
10.3
3.5
25
55
30
false
true
true
true
0.11
0.03
0.24
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
7
37
DealerB
DealerAxed
12
87
310
-376
HYCap>limit
Reduce
High-yield share above policy cap
95
Rotate into defensive sectors
C09761
CR6031
2024-06-23
Calm
73
413
3.4
1.6
2,787,065,410
Tech:31.9;Financials:20.5;Healthcare:27.5;Industrials:20.2
US:63.1;EU:17.6;APAC:8.0;EMEA:10.0;LATAM:1.3
BB:6.9;CCC:19.7;AAA:34.8;B:10.6;BBB:28.1
4.3
20.8
239
327
15.9
2.5
20
45
25
true
true
true
true
2.31
1.52
0.57
RealEstate:EW
Hedge
Treasury_Futures: +130bps notional
-32
-25
DealerC
Electronic
1
93
380
-93
HYCap>limit
PauseAdds
High-yield share above policy cap
192
Rotate into defensive sectors
C09762
CR5357
2025-06-04
Calm
96
322
3.5
2.9
616,161,478
Tech:19.8;Comm:7.5;Materials:17.0;Utilities:20.3;RealEstate:12.6;Healthcare:22.8
US:64.7;EU:12.4;APAC:9.8;EMEA:11.9;LATAM:1.2
B:30.4;AAA:26.5;AA:14.6;CCC:28.5
1.54
41.6
139
398
5.6
4
20
35
30
true
true
true
false
0.52
0.99
-0.4
Utilities:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
11
40
DealerC
DealerAxed
11
98
80
90
Sector>limit
Rotate
Sector concentration above limit
96
Escalate watchlist names
C09763
CR6680
2025-06-16
Recovery
155
577
5.3
-0.3
1,004,983,740
Industrials:26.9;RealEstate:46.1;Consumer:27.1
US:67.2;EU:13.3;APAC:10.2;EMEA:7.4;LATAM:1.9
BB:5.9;AA:16.9;B:15.5;AAA:43.3;BBB:13.4;CCC:5.0
5.91
50.8
213
376
15.4
3
25
55
30
true
true
false
true
1.63
1.31
0.49
RealEstate:EW
Hedge
Treasury_Futures: +138bps notional
-24
-2
DealerA
Electronic
9
86
214
29
Sector>limit
Hedge
Sector concentration above limit
242
Rotate into defensive sectors
C09764
CR1375
2025-12-22
Stress
200
781
5.9
-1.7
2,231,595,791
RealEstate:16.0;Comm:38.4;Utilities:13.4;Materials:32.1
US:69.6;EU:5.1;APAC:11.0;EMEA:8.3;LATAM:6.1
B:3.2;AA:24.9;BBB:24.2;A:21.5;AAA:11.9;CCC:14.4
6.06
63.9
284
560
16.3
3
30
45
20
true
true
false
true
1.81
1.68
-0.36
Financials:EW
Hedge
iTraxx_MAIN: +68bps notional
-26
32
DealerB
All2All
12
97
-199
-175
HYCap>limit
Hedge
High-yield share above policy cap
203
Escalate watchlist names
C09765
CR3303
2025-08-12
Stress
224
682
5.1
0.8
563,694,263
RealEstate:34.1;Energy:18.9;Utilities:31.3;Comm:15.6
US:63.7;EU:8.5;APAC:17.0;EMEA:5.7;LATAM:5.1
BB:9.8;AAA:26.6;BBB:14.7;AA:20.6;B:5.4;A:22.8
5.38
30
220
588
18.8
2
20
35
35
true
true
false
true
-0.06
0.83
0.36
Materials:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
24
ECN1
All2All
3
93
49
-202
Region>limit
Rotate
Regional concentration above limit
129
Rotate into defensive sectors
C09766
CR8670
2025-12-16
Tightening
110
363
4.4
1
2,114,334,075
Healthcare:9.8;Energy:38.5;RealEstate:18.7;Consumer:11.4;Industrials:10.3;Utilities:11.3
US:65.8;EU:8.4;APAC:13.5;EMEA:8.2;LATAM:4.0
AA:25.6;BBB:14.7;B:22.5;CCC:25.4;BB:11.9
2.64
41
124
458
14.2
3
25
45
30
true
true
true
false
2.44
0.62
0.45
Consumer:EW
Hedge
Treasury_Futures: +100bps notional
-25
24
DealerB
All2All
6
96
-24
-353
Region>limit
Reduce
Regional concentration above limit
154
Defer adds pending macro print
C09767
CR9150
2024-07-14
Recovery
117
554
6.3
1.8
1,667,805,231
Energy:26.3;Healthcare:22.5;Utilities:34.4;RealEstate:16.9
US:71.0;EU:5.4;APAC:10.5;EMEA:10.1;LATAM:3.0
B:28.0;BBB:28.0;BB:14.8;A:29.2
4.35
33
206
295
16.6
3
25
35
35
true
true
true
true
2.47
0.01
0.44
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-46
41
DealerA
All2All
3
92
21
-163
Sector>limit
Reduce
Sector concentration above limit
181
Tighten HY exposure bands
C09768
CR3701
2025-09-23
Calm
79
335
3.4
3
875,574,695
Financials:26.0;Materials:30.5;Tech:9.7;RealEstate:22.1;Comm:11.8
US:80.9;EU:7.6;APAC:7.0;EMEA:4.0;LATAM:0.4
BBB:15.8;A:26.2;B:24.6;BB:10.6;AAA:22.7
3.09
52.4
183
505
15.9
3
25
45
35
true
true
true
false
1.6
0.94
-0.3
null
Rotate
From Energy -1.0% to Utilities +1.0%
6
28
ECN2
All2All
4
97
122
-379
HYCap>limit
Hedge
High-yield share above policy cap
249
Reviewed by risk; hedges staggered
C09769
CR5618
2025-12-17
Calm
111
344
3.9
1.8
1,915,811,451
Materials:46.4;Industrials:42.1;Tech:11.5
US:62.3;EU:9.3;APAC:16.5;EMEA:10.9;LATAM:1.0
BBB:34.4;AAA:29.0;AA:21.0;A:15.7
3.09
22
124
473
16.3
3.5
20
35
35
true
true
false
false
0.83
1.12
-0.35
Utilities:EW
Hedge
iTraxx_MAIN: +151bps notional
-8
33
DealerB
Electronic
7
91
245
89
HYCap>limit
Reduce
High-yield share above policy cap
172
Tighten HY exposure bands
C09770
CR4983
2024-11-16
Recovery
159
628
5.9
0.6
836,668,433
Financials:11.2;Tech:40.0;Healthcare:20.7;Industrials:9.5;Comm:18.5
US:67.3;EU:18.0;APAC:10.0;EMEA:4.0;LATAM:0.6
B:15.8;AAA:26.2;AA:27.9;CCC:30.2
3.73
42.6
172
450
2.5
3.5
30
55
20
true
true
true
false
2.24
0.42
0.28
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
21
DealerC
All2All
3
94
373
-330
Sector>limit
Reduce
Sector concentration above limit
209
Rotate into defensive sectors
C09771
CR3199
2025-01-16
Tightening
135
392
3.9
1.3
160,395,036
Materials:45.5;Healthcare:22.0;Financials:19.7;Consumer:12.8
US:62.3;EU:8.8;APAC:8.9;EMEA:12.3;LATAM:7.7
BB:29.1;A:29.2;B:19.8;CCC:21.9
1.62
51.2
170
375
17.3
2
35
55
20
true
true
true
false
0.35
1.46
0.59
Tech:EW;Consumer:EW
Hedge
iTraxx_MAIN: +193bps notional
11
-19
ECN1
All2All
2
87
360
-82
Sector>limit
Reduce
Sector concentration above limit
196
Defer adds pending macro print
C09772
CR3069
2025-05-17
Recovery
106
440
5.7
-0.4
139,014,086
Industrials:22.4;Materials:21.3;Utilities:9.1;Comm:25.2;Tech:22.0
US:63.4;EU:15.4;APAC:9.0;EMEA:5.4;LATAM:6.9
CCC:48.4;AAA:12.2;A:14.5;BBB:24.9
6.67
24.3
155
125
12.8
3
35
45
25
false
true
true
false
-0.37
-0.01
0.16
Industrials:EW;Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-54
12
ECN1
RFQ
5
88
206
-274
Region>limit
Rotate
Regional concentration above limit
93
Reviewed by risk; hedges staggered
C09773
CR0978
2025-05-26
Calm
67
365
4
2.4
457,035,689
Consumer:26.3;Tech:7.2;Industrials:20.1;RealEstate:7.9;Energy:24.4;Utilities:14.1
US:55.8;EU:15.2;APAC:12.8;EMEA:10.4;LATAM:5.8
B:11.3;CCC:3.9;AAA:25.7;BB:12.1;A:29.5;BBB:17.4
2.58
52.7
120
141
13
4
30
55
25
false
true
true
false
0.21
1.06
-0.15
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-50
-20
DealerB
Electronic
8
99
136
-440
Sector>limit
Reduce
Sector concentration above limit
108
Tighten HY exposure bands
C09774
CR2216
2024-10-01
Tightening
138
417
5
0.9
1,480,539,984
Materials:12.3;Consumer:15.4;Tech:7.2;Industrials:23.4;RealEstate:21.5;Comm:20.2
US:64.3;EU:11.7;APAC:7.2;EMEA:10.0;LATAM:6.8
AA:14.5;B:24.6;BB:20.8;A:10.8;CCC:14.8;BBB:14.5
6.39
21.6
162
232
16.7
2
35
35
20
false
true
true
false
0.5
1.78
0.52
Industrials:EW;Financials:EW;Materials:EW
Hedge
SingleName_CDS: +116bps notional
-3
16
DealerC
DealerAxed
5
93
86
-39
HYCap>limit
Reduce
High-yield share above policy cap
209
Escalate watchlist names
C09775
CR9647
2025-04-19
Stress
225
665
5.2
-0.4
1,647,225,000
Industrials:18.9;Materials:17.4;Comm:16.0;Financials:10.3;Utilities:27.2;RealEstate:10.1
US:62.5;EU:8.8;APAC:14.4;EMEA:9.0;LATAM:5.4
BB:28.3;AA:23.7;CCC:23.2;A:24.8
5.28
24.3
277
466
15.8
3
25
35
30
true
true
true
true
1
-0.08
-0.26
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-48
-20
ECN2
DealerAxed
3
85
-74
12
Sector>limit
Rotate
Sector concentration above limit
257
Escalate watchlist names
C09776
CR2803
2025-08-20
Recovery
110
503
5.6
1.8
986,591,030
Energy:24.4;Utilities:19.0;Materials:11.9;Consumer:20.6;Comm:24.1
US:65.2;EU:19.5;APAC:5.3;EMEA:9.6;LATAM:0.4
AAA:15.3;B:13.3;AA:12.7;BB:29.0;BBB:29.6
6.37
29.5
132
328
12.8
2.5
30
45
25
false
true
true
false
0.63
1.78
0.42
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-49
-17
DealerB
RFQ
0
99
28
-68
HYCap>limit
PauseAdds
High-yield share above policy cap
234
Rotate into defensive sectors
C09777
CR2481
2024-07-07
Calm
70
384
4.3
2.2
1,792,553,822
Financials:16.4;Energy:28.9;Tech:16.8;Healthcare:38.0
US:56.5;EU:15.5;APAC:14.2;EMEA:6.4;LATAM:7.4
BBB:27.6;AAA:23.3;BB:26.9;AA:22.2
1.46
61.3
130
371
5.5
2.5
25
35
35
true
true
false
false
0.51
0.65
-0.13
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
-20
ECN2
DealerAxed
10
92
105
27
HYCap>limit
Hedge
High-yield share above policy cap
204
Escalate watchlist names
C09778
CR8985
2024-12-27
Calm
85
291
4.4
1.9
866,561,689
RealEstate:20.2;Utilities:13.1;Comm:31.1;Tech:26.3;Materials:9.4
US:58.7;EU:19.4;APAC:15.2;EMEA:5.7;LATAM:0.9
B:29.0;BBB:19.3;CCC:9.9;BB:11.7;AA:13.1;AAA:17.0
5.33
41.8
244
430
15.7
3.5
25
35
20
true
true
true
true
1.36
1.54
0.45
Healthcare:EW
Hedge
iTraxx_XOVER: +98bps notional
-52
-20
ECN2
Electronic
0
91
133
106
Sector>limit
Rotate
Sector concentration above limit
243
Defer adds pending macro print
C09779
CR5465
2024-03-19
Stress
162
747
5.3
-1.5
1,382,277,598
Utilities:37.3;Financials:29.7;Healthcare:33.0
US:73.9;EU:8.3;APAC:13.0;EMEA:4.3;LATAM:0.4
BB:18.2;BBB:44.8;B:4.3;A:32.7
4.53
43.4
231
342
18.9
3
20
35
30
true
true
false
true
-0.24
1.48
-0.05
null
Hedge
CDX_HY: +182bps notional
8
30
DealerA
RFQ
4
85
-2
-334
Sector>limit
Reduce
Sector concentration above limit
256
Escalate watchlist names
C09780
CR3429
2025-11-02
Calm
109
344
4
1.6
2,361,407,423
Tech:12.7;Industrials:28.1;Healthcare:10.5;Utilities:27.7;RealEstate:21.1
US:73.7;EU:6.9;APAC:6.8;EMEA:7.6;LATAM:5.1
AA:15.9;BB:17.5;BBB:37.2;B:13.3;AAA:16.0
5.14
37.8
199
475
2.7
3
30
35
25
false
true
true
false
1.14
1.64
0.17
Healthcare:EW
Hedge
CDX_IG: +102bps notional
-27
29
ECN2
RFQ
0
87
52
-137
HYCap>limit
Hedge
High-yield share above policy cap
163
Escalate watchlist names
C09781
CR5109
2025-08-23
Stress
244
674
8.1
-0.3
140,385,000
Financials:12.4;Materials:9.9;Consumer:35.5;Utilities:33.0;Energy:9.2
US:61.6;EU:21.2;APAC:9.5;EMEA:5.2;LATAM:2.5
BB:22.2;BBB:38.0;AAA:23.0;CCC:16.8
2.7
38.3
312
299
10
3.5
35
35
20
true
true
true
true
2.27
0.45
0.1
Industrials:EW;Energy:EW
Hedge
Treasury_Futures: +82bps notional
5
20
ECN1
All2All
3
89
-42
57
VAR>budget
Reduce
Portfolio VAR above budget
200
Escalate watchlist names
C09782
CR9471
2024-02-19
Stress
228
759
8.1
-0.4
1,613,234,424
Energy:20.1;Comm:20.1;Financials:29.5;Tech:30.3
US:58.8;EU:21.1;APAC:11.9;EMEA:3.9;LATAM:4.3
AAA:14.8;AA:6.5;BB:20.0;B:32.6;CCC:6.7;BBB:19.4
2.17
39.7
212
616
18.1
3
20
35
35
true
true
true
true
2.41
0.65
0.47
Industrials:EW;Comm:EW
Hedge
CDX_HY: +107bps notional
-2
-4
ECN2
Electronic
2
96
269
-144
Sector>limit
Rotate
Sector concentration above limit
159
Tighten HY exposure bands
C09783
CR8863
2025-10-17
Recovery
139
521
6
0.4
2,875,314,391
Comm:32.2;Energy:17.0;Consumer:36.3;Tech:14.5
US:72.9;EU:8.8;APAC:13.8;EMEA:4.0;LATAM:0.4
BBB:38.6;BB:17.4;A:34.9;B:9.1
1.04
41.9
128
453
9.2
2.5
35
55
30
true
true
false
false
-0.12
0.93
-0.08
RealEstate:EW
Hedge
CDX_HY: +183bps notional
-41
13
DealerA
All2All
5
97
-96
134
VAR>budget
Reduce
Portfolio VAR above budget
198
Tighten HY exposure bands
C09784
CR9965
2025-08-06
Recovery
177
582
4.8
1.7
352,103,636
Materials:33.6;Healthcare:14.3;Utilities:18.3;Financials:12.8;Tech:21.0
US:69.9;EU:10.5;APAC:7.9;EMEA:6.0;LATAM:5.8
AAA:29.9;AA:27.2;A:17.6;B:25.3
1.73
55.8
228
226
4.7
3
25
35
20
true
true
true
true
1.53
1.03
0.29
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
6
ECN2
Electronic
7
86
98
-71
Region>limit
Reduce
Regional concentration above limit
256
Escalate watchlist names
C09785
CR2742
2025-04-18
Tightening
93
518
4.1
1.5
686,115,519
Consumer:16.9;Tech:25.7;Utilities:10.9;Financials:25.6;Comm:21.0
US:64.9;EU:14.3;APAC:9.4;EMEA:4.1;LATAM:7.2
A:32.7;B:6.8;AA:29.1;BB:6.9;BBB:24.5
3.29
57
131
319
4.9
2
20
35
30
true
true
false
false
1.14
1.4
0.32
Consumer:EW
Hedge
SingleName_CDS: +141bps notional
-41
25
ECN1
DealerAxed
11
89
-124
58
Sector>limit
PauseAdds
Sector concentration above limit
155
Reviewed by risk; hedges staggered
C09786
CR6356
2024-09-12
Calm
78
302
4.3
2.6
2,041,532,240
Financials:31.7;Industrials:32.6;Comm:35.6
US:70.9;EU:11.0;APAC:9.0;EMEA:7.7;LATAM:1.4
CCC:25.1;BBB:42.0;AAA:17.5;AA:15.4
4.08
20.3
149
402
7.9
4
20
45
20
true
true
true
false
1.81
0.88
-0.08
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
14
DealerB
DealerAxed
5
96
-15
152
HYCap>limit
PauseAdds
High-yield share above policy cap
116
Rotate into defensive sectors
C09787
CR2946
2025-12-20
Recovery
158
420
4.6
1.1
1,754,406,159
RealEstate:19.1;Financials:11.1;Utilities:32.4;Tech:7.6;Materials:12.0;Consumer:17.8
US:55.6;EU:16.2;APAC:15.3;EMEA:10.8;LATAM:2.2
AAA:32.6;BBB:33.3;B:26.2;BB:7.9
7.28
28
91
181
10.5
2.5
35
45
25
false
true
true
false
0.39
1.6
-0.07
Materials:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
39
DealerA
DealerAxed
12
91
290
17
VAR>budget
Hedge
Portfolio VAR above budget
253
Defer adds pending macro print
C09788
CR3191
2024-11-16
Stress
238
644
5.8
-0.4
2,583,794,259
Financials:18.6;RealEstate:24.8;Energy:17.8;Industrials:20.0;Materials:18.8
US:66.0;EU:10.0;APAC:10.6;EMEA:9.2;LATAM:4.3
BBB:31.4;AA:22.2;AAA:20.4;A:26.0
1.39
60.8
222
325
11.7
3.5
20
35
25
true
true
false
true
1
0.12
-0.15
RealEstate:EW
Hedge
CDX_IG: +196bps notional
0
1
ECN2
All2All
8
98
254
-412
HYCap>limit
Hedge
High-yield share above policy cap
136
Tighten HY exposure bands
C09789
CR1699
2025-07-23
Tightening
156
515
5.1
1
2,313,714,265
Consumer:45.2;Healthcare:42.2;Energy:12.6
US:60.0;EU:16.0;APAC:11.7;EMEA:9.2;LATAM:3.2
A:19.4;AA:26.4;CCC:20.5;BB:15.7;BBB:17.9
4.93
60.8
186
168
2.7
2.5
20
45
20
true
true
true
false
2.02
0.72
-0.07
Healthcare:EW
Hedge
Treasury_Futures: +123bps notional
9
39
DealerB
DealerAxed
3
90
267
-254
VAR>budget
Rotate
Portfolio VAR above budget
197
Tighten HY exposure bands
C09790
CR2097
2025-09-22
Stress
183
623
5.6
-0.3
1,802,424,669
Materials:29.3;Industrials:39.8;Energy:31.0
US:61.6;EU:17.5;APAC:10.1;EMEA:5.1;LATAM:5.7
AAA:36.9;BB:15.9;CCC:15.2;BBB:32.0
0.48
58.3
225
622
12.6
3
30
55
25
true
true
true
true
2.27
1.7
0.31
Materials:EW
Hedge
iTraxx_XOVER: +99bps notional
-24
7
DealerC
RFQ
9
96
-104
-217
Sector>limit
Reduce
Sector concentration above limit
214
Defer adds pending macro print
C09791
CR5797
2024-06-24
Recovery
171
566
4.7
0.2
1,961,426,198
Financials:30.2;Materials:30.3;Healthcare:15.6;Consumer:23.9
US:65.9;EU:17.2;APAC:7.6;EMEA:7.0;LATAM:2.2
AA:19.2;BBB:16.7;B:35.5;BB:28.6
3.7
42
136
362
11.4
4
35
55
35
false
true
true
false
1.98
1.29
-0.1
Healthcare:EW;Tech:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-18
40
DealerA
RFQ
3
99
425
14
Sector>limit
Reduce
Sector concentration above limit
114
Reviewed by risk; hedges staggered
C09792
CR2079
2025-12-25
Calm
115
376
4.1
2.1
2,516,319,830
Healthcare:9.3;Financials:31.4;Tech:26.1;Consumer:12.9;Utilities:20.3
US:67.3;EU:13.8;APAC:8.0;EMEA:8.8;LATAM:2.1
BBB:34.6;AA:24.6;AAA:12.9;A:27.9
1.03
39.4
157
327
9.5
2.5
30
45
35
true
true
false
false
0.29
0.27
0.43
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
11
6
ECN2
DealerAxed
9
98
-175
62
Sector>limit
Reduce
Sector concentration above limit
107
Defer adds pending macro print
C09793
CR4625
2025-02-16
Calm
119
295
3.3
3
127,720,087
Comm:18.5;Materials:37.4;Consumer:17.2;Utilities:26.8
US:61.5;EU:13.5;APAC:13.0;EMEA:9.8;LATAM:2.2
B:34.8;BB:12.4;AAA:14.5;AA:10.0;BBB:28.4
1.24
44.4
117
201
17.8
3.5
20
35
35
true
true
true
false
1.53
0.34
0.26
null
Rotate
From Energy -1.0% to Utilities +1.0%
-49
43
DealerB
RFQ
5
89
311
-307
Sector>limit
Rotate
Sector concentration above limit
257
Tighten HY exposure bands
C09794
CR6426
2024-11-15
Tightening
101
461
5.2
1.9
1,585,672,941
Materials:6.5;Financials:28.3;Healthcare:20.1;Comm:15.4;Consumer:19.9;Industrials:9.8
US:57.1;EU:15.1;APAC:15.0;EMEA:4.8;LATAM:8.0
AA:11.6;CCC:26.9;BBB:13.2;A:7.3;BB:30.7;B:10.3
4.08
58.3
193
290
11.9
4
20
45
20
true
true
true
false
-0.05
-0.28
0.15
null
Hedge
CDX_IG: +101bps notional
-17
4
DealerA
DealerAxed
8
99
119
179
VAR>budget
Hedge
Portfolio VAR above budget
196
Reviewed by risk; hedges staggered
C09795
CR5466
2025-10-15
Tightening
156
466
4.7
0.9
2,858,343,283
Consumer:14.5;Healthcare:17.0;Utilities:10.6;Energy:35.0;Financials:22.9
US:60.7;EU:19.2;APAC:9.6;EMEA:6.5;LATAM:3.9
B:17.2;CCC:19.1;A:28.4;AA:21.3;BB:14.0
6.03
29.7
254
300
16.5
4
25
35
30
true
true
true
true
1.09
1.74
0.19
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
29
DealerA
DealerAxed
6
86
154
-330
VAR>budget
Hedge
Portfolio VAR above budget
166
Defer adds pending macro print
C09796
CR8617
2025-06-02
Tightening
98
355
4.3
0.7
1,432,000,669
Utilities:20.3;Comm:23.8;Energy:15.6;Tech:40.3
US:52.9;EU:17.0;APAC:11.0;EMEA:11.5;LATAM:7.6
BB:12.2;BBB:17.3;B:14.5;CCC:47.7;AAA:8.2
3.11
59.5
248
461
5.9
2
20
35
35
true
true
true
true
1.83
0.53
-0.36
Healthcare:EW
Hedge
iTraxx_MAIN: +161bps notional
13
-16
DealerB
DealerAxed
4
86
299
-25
HYCap>limit
Hedge
High-yield share above policy cap
229
Rotate into defensive sectors
C09797
CR3097
2024-07-18
Stress
222
647
6.6
-0.6
1,005,386,023
Consumer:47.0;Industrials:24.7;Healthcare:28.2
US:72.4;EU:14.4;APAC:6.9;EMEA:3.5;LATAM:2.8
BBB:26.9;B:20.1;AA:12.6;BB:20.8;CCC:19.6
3.62
44.4
215
307
5.8
4
30
45
25
true
true
true
true
2.44
0.67
0.42
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
-22
ECN1
DealerAxed
4
93
-38
62
VAR>budget
Reduce
Portfolio VAR above budget
182
Rotate into defensive sectors
C09798
CR7821
2025-04-03
Tightening
144
443
4.2
1.8
2,988,150,600
Healthcare:23.3;Industrials:17.6;Comm:20.4;Energy:19.3;Consumer:19.3
US:60.4;EU:15.5;APAC:7.8;EMEA:10.4;LATAM:5.8
B:20.1;A:19.5;AA:14.7;BB:13.0;AAA:32.7
3.99
21.6
271
489
13
4
20
55
20
true
true
true
true
1.16
0.95
0.34
Energy:EW
Hedge
iTraxx_MAIN: +92bps notional
0
30
DealerB
RFQ
12
99
294
1
Sector>limit
Rotate
Sector concentration above limit
241
Escalate watchlist names
C09799
CR2236
2025-03-23
Tightening
95
414
4.5
1.9
200,268,091
Financials:8.9;Utilities:31.0;RealEstate:17.8;Healthcare:19.0;Materials:23.4
US:65.1;EU:18.0;APAC:10.1;EMEA:4.0;LATAM:2.8
B:13.9;AAA:22.2;BB:6.2;CCC:18.8;A:38.9
5.37
41.7
182
447
2.8
2.5
35
45
30
false
true
true
false
1.84
1.41
-0.26
Tech:EW
Hedge
CDX_IG: +141bps notional
-34
44
DealerA
DealerAxed
3
95
156
14
Sector>limit
Reduce
Sector concentration above limit
188
Reviewed by risk; hedges staggered
C09800
CR2468
2024-12-17
Tightening
113
400
4.4
1.4
2,114,974,618
RealEstate:16.0;Financials:17.6;Tech:16.3;Consumer:15.2;Energy:17.3;Materials:17.7
US:64.1;EU:16.4;APAC:6.8;EMEA:7.7;LATAM:5.1
AAA:22.1;A:27.7;AA:13.9;CCC:9.1;BB:27.2
1.39
30.2
228
288
7.3
3
25
55
25
false
true
true
true
-0.25
0.78
0.34
Healthcare:EW
Hedge
CDX_IG: +148bps notional
-18
-10
ECN1
RFQ
7
94
-125
55
HYCap>limit
Reduce
High-yield share above policy cap
114
Reviewed by risk; hedges staggered