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
C09801
CR4412
2025-01-07
Recovery
122
491
5.1
1.9
2,984,215,676
Financials:18.4;Comm:39.0;Energy:21.4;Materials:21.3
US:73.2;EU:7.7;APAC:11.9;EMEA:4.3;LATAM:2.8
AAA:25.7;AA:24.9;A:23.0;CCC:8.8;BBB:17.7
4.99
41.3
188
395
15.2
2.5
25
55
30
true
true
false
false
0.95
0.73
-0.36
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-41
-8
ECN1
RFQ
3
95
352
141
VAR>budget
Hedge
Portfolio VAR above budget
226
Escalate watchlist names
C09802
CR5450
2025-10-03
Stress
185
735
7.7
-0.9
1,137,307,283
Utilities:12.7;RealEstate:10.2;Consumer:23.5;Industrials:11.2;Tech:17.2;Energy:25.2
US:67.3;EU:15.4;APAC:5.9;EMEA:5.3;LATAM:6.1
CCC:22.7;BBB:23.5;AAA:17.3;AA:36.6
6.62
59.7
305
495
14.8
2.5
25
55
30
true
true
false
true
1.38
0.45
0.15
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-3
-14
ECN1
DealerAxed
4
100
236
60
VAR>budget
Hedge
Portfolio VAR above budget
154
Rotate into defensive sectors
C09803
CR7152
2025-08-13
Recovery
116
609
5.4
0.6
1,093,971,913
Tech:22.8;Utilities:15.1;Industrials:21.8;Consumer:16.2;Materials:24.0
US:64.7;EU:8.4;APAC:14.5;EMEA:6.7;LATAM:5.6
CCC:33.4;AA:16.5;A:33.0;AAA:17.2
5.12
33.7
235
393
11.6
3
20
45
35
true
true
false
true
2.48
1.14
-0.3
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
20
-23
ECN1
RFQ
4
96
333
-290
Sector>limit
Hedge
Sector concentration above limit
243
Tighten HY exposure bands
C09804
CR0757
2025-05-25
Calm
107
416
4.4
2.8
1,729,354,386
Comm:39.7;Materials:30.0;Financials:15.0;Industrials:15.3
US:65.5;EU:12.0;APAC:6.5;EMEA:10.0;LATAM:5.9
AAA:19.6;BB:6.6;BBB:26.4;B:21.5;A:25.9
2.24
51
255
487
7.8
2.5
35
35
35
true
true
false
true
0.91
1.55
0.12
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
22
ECN2
All2All
11
95
243
-120
Sector>limit
Hedge
Sector concentration above limit
236
Reviewed by risk; hedges staggered
C09805
CR6485
2024-07-14
Calm
93
327
3.6
2
2,482,977,623
Industrials:8.5;Energy:12.2;RealEstate:13.5;Financials:12.8;Healthcare:25.5;Comm:27.5
US:54.0;EU:17.4;APAC:12.8;EMEA:10.8;LATAM:4.9
BB:20.0;B:29.0;AAA:19.1;A:32.0
4.61
35.5
222
487
6.5
2.5
35
55
25
false
false
true
true
2.05
1.53
0.27
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
24
ECN1
All2All
8
89
239
-115
Sector>limit
Hedge
Sector concentration above limit
186
Reviewed by risk; hedges staggered
C09806
CR1367
2025-02-27
Calm
73
398
3.4
2.5
1,340,331,588
Comm:11.0;RealEstate:13.9;Industrials:17.8;Utilities:20.5;Consumer:19.8;Healthcare:17.0
US:68.8;EU:9.0;APAC:10.1;EMEA:6.2;LATAM:5.9
BBB:11.0;BB:13.5;AAA:11.7;AA:16.4;B:25.2;CCC:22.1
5.36
59.3
157
453
3.3
2
20
55
35
true
true
true
false
0.14
1.69
-0.13
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
9
ECN2
DealerAxed
5
92
15
-198
Sector>limit
Rotate
Sector concentration above limit
189
Escalate watchlist names
C09807
CR1934
2024-09-04
Calm
98
297
3.4
2.8
1,932,077,125
RealEstate:18.3;Industrials:51.5;Tech:30.1
US:77.3;EU:7.8;APAC:6.7;EMEA:7.5;LATAM:0.9
BB:7.4;A:34.6;AA:21.9;CCC:12.5;BBB:23.6
3.8
59.9
91
349
15
4
30
35
25
true
true
false
false
2.37
0.67
0.59
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-34
41
DealerC
DealerAxed
6
91
103
-118
HYCap>limit
Hedge
High-yield share above policy cap
167
Tighten HY exposure bands
C09808
CR4715
2025-10-27
Stress
227
838
6.2
-1
1,906,884,430
Consumer:27.0;Comm:37.7;Tech:10.8;Materials:24.6
US:60.9;EU:15.8;APAC:7.5;EMEA:9.3;LATAM:6.6
CCC:28.7;BB:23.7;BBB:28.5;B:19.1
2.09
35.5
332
464
14.5
3
20
45
35
true
true
true
true
0.45
0.33
0.13
null
Hedge
SingleName_CDS: +61bps notional
10
37
DealerC
DealerAxed
2
94
259
-405
Region>limit
Reduce
Regional concentration above limit
225
Defer adds pending macro print
C09809
CR7640
2024-02-07
Calm
84
397
4.2
2.3
257,342,145
Energy:10.9;Utilities:17.7;Industrials:32.1;Materials:27.6;RealEstate:11.7
US:66.6;EU:11.9;APAC:5.9;EMEA:9.8;LATAM:5.9
AAA:7.9;CCC:13.0;A:19.8;BBB:19.5;BB:39.8
1.67
32.4
170
256
3.2
3
25
55
25
true
true
true
false
0.79
1.63
-0.23
Industrials:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
-1
DealerC
All2All
4
89
185
-480
Sector>limit
Hedge
Sector concentration above limit
195
Rotate into defensive sectors
C09810
CR1348
2024-09-08
Recovery
119
550
5
-0.2
2,642,005,235
Energy:7.2;Financials:29.5;Healthcare:12.2;Industrials:27.7;Materials:10.3;Utilities:13.2
US:61.2;EU:18.3;APAC:9.6;EMEA:4.7;LATAM:6.2
AA:15.8;B:22.9;BBB:19.0;AAA:16.8;CCC:25.4
7.05
31.5
92
142
11
4
20
55
35
true
true
true
false
0.23
0.28
-0.07
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
4
DealerC
RFQ
12
100
263
-40
VAR>budget
Reduce
Portfolio VAR above budget
173
Reviewed by risk; hedges staggered
C09811
CR4957
2025-02-27
Recovery
160
573
6.1
0.6
1,600,453,598
Industrials:23.0;Financials:8.4;RealEstate:12.7;Tech:16.7;Utilities:26.6;Energy:12.5
US:65.6;EU:9.6;APAC:10.6;EMEA:7.5;LATAM:6.7
BB:32.9;AA:28.1;CCC:17.1;BBB:21.8
4.1
37
269
371
13
3.5
20
35
20
true
true
true
true
1.03
0.81
-0.25
Consumer:EW
Hedge
SingleName_CDS: +70bps notional
-49
-13
DealerA
RFQ
2
87
356
175
Sector>limit
Rotate
Sector concentration above limit
194
Rotate into defensive sectors
C09812
CR7084
2024-10-04
Calm
94
311
3.5
2.1
2,160,458,161
Industrials:14.1;Tech:38.6;Energy:34.0;Healthcare:13.4
US:57.7;EU:16.5;APAC:13.1;EMEA:5.3;LATAM:7.5
BBB:12.9;CCC:19.0;AAA:20.7;A:18.6;AA:14.4;B:14.4
0.9
48.2
221
217
7.3
2
25
35
30
true
true
true
true
0.91
0.12
-0.02
Healthcare:EW;Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-21
41
DealerA
RFQ
2
87
338
-196
HYCap>limit
Hedge
High-yield share above policy cap
240
Tighten HY exposure bands
C09813
CR3228
2024-12-20
Stress
225
726
6.1
-1.5
1,673,614,501
Healthcare:12.7;Financials:22.8;Tech:23.1;Materials:24.0;Consumer:17.4
US:65.2;EU:12.3;APAC:13.2;EMEA:8.7;LATAM:0.6
AA:21.9;A:27.3;BBB:25.0;B:25.8
3.61
35.4
287
414
13
4
30
45
35
false
true
false
true
0.43
1.77
0.21
null
Rotate
From Energy -1.0% to Utilities +1.0%
-28
45
ECN2
Electronic
2
93
-154
-105
Sector>limit
Reduce
Sector concentration above limit
238
Defer adds pending macro print
C09814
CR5469
2024-05-24
Stress
205
728
5
-2
2,361,309,394
Materials:22.2;RealEstate:27.0;Utilities:24.0;Tech:9.5;Consumer:17.2
US:53.8;EU:19.9;APAC:14.2;EMEA:8.9;LATAM:3.2
AAA:11.0;A:15.8;BBB:23.4;CCC:13.4;AA:11.9;B:24.5
1.01
60.6
198
303
18.3
3.5
20
55
35
true
false
true
false
1.66
1.22
-0.39
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
32
ECN1
RFQ
9
98
10
-135
Sector>limit
Reduce
Sector concentration above limit
142
Rotate into defensive sectors
C09815
CR5790
2025-06-13
Recovery
127
517
5.9
0.8
887,814,317
Energy:18.0;Tech:25.0;Materials:11.5;Utilities:9.8;Industrials:15.8;Consumer:20.0
US:66.2;EU:5.9;APAC:16.2;EMEA:6.2;LATAM:5.5
AAA:13.6;B:5.7;A:15.6;BBB:11.1;BB:25.4;CCC:28.6
1.43
29.4
234
266
5.2
2.5
25
45
20
false
true
true
true
1.18
0.41
0.56
null
Hedge
iTraxx_MAIN: +72bps notional
-47
-11
DealerC
All2All
7
87
-176
-322
Sector>limit
Reduce
Sector concentration above limit
186
Tighten HY exposure bands
C09816
CR6611
2025-11-15
Stress
186
831
6.6
0.7
621,284,601
Industrials:23.5;Energy:14.4;Financials:18.2;Utilities:14.4;Tech:15.7;Materials:13.8
US:65.7;EU:11.7;APAC:7.9;EMEA:8.7;LATAM:5.9
AAA:24.1;B:12.9;BB:13.6;A:16.7;BBB:16.1;AA:16.6
5.46
52.2
217
520
8.4
2
20
55
30
true
true
false
true
0.84
1.35
0.09
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
10
DealerB
DealerAxed
0
87
229
-293
Sector>limit
Reduce
Sector concentration above limit
95
Escalate watchlist names
C09817
CR2506
2025-04-02
Stress
247
590
5.7
-0.2
2,536,729,545
Comm:37.0;Financials:34.1;Industrials:28.9
US:61.9;EU:17.5;APAC:9.9;EMEA:5.5;LATAM:5.2
AA:26.6;A:31.4;B:23.3;BBB:18.7
6.73
39
378
527
6.1
3.5
30
55
35
true
true
false
true
2.18
1.55
-0.31
Consumer:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-40
-3
DealerC
DealerAxed
11
99
315
-295
Sector>limit
Rotate
Sector concentration above limit
212
Escalate watchlist names
C09818
CR9499
2024-05-22
Tightening
155
355
4.1
1.8
2,872,901,212
Materials:17.5;Industrials:17.7;Consumer:14.3;RealEstate:15.3;Healthcare:27.5;Utilities:7.7
US:67.4;EU:6.1;APAC:8.1;EMEA:10.0;LATAM:8.5
AA:26.0;AAA:22.2;CCC:27.5;B:24.2
5.27
45.7
217
486
2.3
2
25
45
20
true
true
true
true
2.24
0
0.11
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
20
ECN1
DealerAxed
9
93
431
-141
HYCap>limit
Reduce
High-yield share above policy cap
245
Defer adds pending macro print
C09819
CR0804
2025-09-05
Tightening
97
400
4.7
1
590,969,752
Healthcare:26.2;Financials:13.4;Materials:9.6;Consumer:24.3;Tech:16.0;Comm:10.5
US:62.7;EU:13.5;APAC:6.3;EMEA:9.7;LATAM:7.8
A:22.5;CCC:48.0;AAA:9.0;BBB:20.5
1.87
54.5
240
231
16.4
3.5
35
45
35
false
true
true
true
-0.37
-0.3
0.53
Industrials:EW
Hedge
iTraxx_MAIN: +156bps notional
-18
27
ECN1
All2All
0
95
306
44
HYCap>limit
Hedge
High-yield share above policy cap
98
Tighten HY exposure bands
C09820
CR1888
2024-02-16
Recovery
159
466
6.4
1.5
2,949,464,453
Tech:16.0;Financials:35.5;RealEstate:24.4;Comm:24.1
US:61.8;EU:11.4;APAC:14.0;EMEA:10.3;LATAM:2.5
A:29.3;CCC:25.3;B:27.8;BB:17.6
3.02
34.8
121
289
8
2.5
25
35
25
true
true
true
false
1.77
0.93
0.27
Utilities:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-31
14
DealerC
All2All
7
88
320
-428
Sector>limit
Hedge
Sector concentration above limit
158
Tighten HY exposure bands
C09821
CR3183
2024-09-05
Recovery
112
583
4.9
1
1,846,890,541
Consumer:14.2;Healthcare:16.5;Materials:28.1;RealEstate:15.0;Energy:26.3
US:67.4;EU:11.6;APAC:6.9;EMEA:12.0;LATAM:2.1
CCC:20.9;AAA:24.2;BB:6.6;BBB:48.3
6.03
56.8
117
153
10.7
4
35
35
20
false
true
true
false
0.81
0.13
-0.27
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
-10
ECN2
All2All
6
96
95
7
VAR>budget
Hedge
Portfolio VAR above budget
111
Tighten HY exposure bands
C09822
CR2292
2025-04-09
Recovery
139
596
6
0.7
750,951,002
Tech:10.5;Energy:34.9;Consumer:30.6;Utilities:24.0
US:64.8;EU:15.3;APAC:11.7;EMEA:5.5;LATAM:2.7
A:30.5;BBB:22.4;CCC:14.1;AAA:19.5;B:13.6
6.94
52.1
202
381
2.1
2.5
35
45
20
false
true
true
true
0.02
0.6
0.55
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-24
20
DealerC
RFQ
10
99
405
-11
HYCap>limit
Hedge
High-yield share above policy cap
133
Rotate into defensive sectors
C09823
CR6271
2025-11-10
Recovery
161
532
5.7
-0.5
1,743,614,012
Materials:28.3;Healthcare:39.7;Consumer:32.0
US:66.7;EU:12.3;APAC:6.8;EMEA:8.2;LATAM:5.9
AAA:34.1;B:7.8;BB:5.9;AA:22.7;A:23.8;CCC:5.7
1.28
53.4
190
483
10.5
2.5
25
35
35
true
true
false
false
0.96
1.17
-0.21
null
Rotate
From Energy -1.0% to Utilities +1.0%
11
10
DealerA
DealerAxed
12
85
56
82
HYCap>limit
Hedge
High-yield share above policy cap
172
Defer adds pending macro print
C09824
CR3443
2024-09-04
Calm
86
299
3.6
2.1
2,863,205,328
RealEstate:30.9;Comm:9.0;Healthcare:28.9;Industrials:22.3;Consumer:8.8
US:67.8;EU:8.1;APAC:11.3;EMEA:7.7;LATAM:5.1
B:23.1;BB:13.9;BBB:6.6;A:16.4;AA:17.4;CCC:22.5
6.4
63.9
268
181
6.4
2
20
35
30
true
true
true
true
1.16
0.55
0.25
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-18
-6
DealerA
RFQ
4
91
-74
-8
Region>limit
Hedge
Regional concentration above limit
227
Defer adds pending macro print
C09825
CR4500
2024-11-21
Recovery
122
647
5.7
1.3
369,781,236
Energy:17.3;Healthcare:10.6;RealEstate:12.5;Consumer:16.3;Comm:18.9;Materials:24.3
US:70.8;EU:10.3;APAC:6.2;EMEA:5.9;LATAM:6.9
B:6.0;BB:13.5;BBB:29.2;AAA:36.7;AA:14.5
3.69
56.2
92
144
15.3
2
35
55
20
false
true
false
false
2.27
0.48
-0.11
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-43
17
ECN1
DealerAxed
12
87
-5
110
Region>limit
Hedge
Regional concentration above limit
134
Escalate watchlist names
C09826
CR0545
2025-12-14
Calm
107
382
3.7
3
2,032,065,455
RealEstate:24.7;Tech:38.2;Comm:37.1
US:68.5;EU:16.7;APAC:6.6;EMEA:5.6;LATAM:2.6
B:21.2;A:35.5;BB:27.5;BBB:15.9
6.88
54
257
187
13.2
4
20
45
35
true
true
true
true
2.45
1.34
0.07
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
17
DealerB
All2All
10
100
-41
-64
Region>limit
Reduce
Regional concentration above limit
193
Rotate into defensive sectors
C09827
CR9999
2025-02-25
Recovery
121
498
6
1.4
548,524,794
Comm:34.1;RealEstate:47.7;Industrials:18.2
US:61.3;EU:11.0;APAC:13.4;EMEA:9.8;LATAM:4.5
CCC:22.1;BB:44.6;AAA:15.6;A:17.6
4.68
51.9
268
305
13.8
2
30
55
35
true
true
true
true
1.86
0.47
-0.3
null
Hedge
iTraxx_MAIN: +165bps notional
9
-15
DealerB
RFQ
10
96
432
-94
HYCap>limit
Hedge
High-yield share above policy cap
249
Defer adds pending macro print
C09828
CR1810
2025-08-03
Stress
198
835
7.4
0.4
981,745,471
RealEstate:14.1;Utilities:29.2;Energy:8.2;Materials:18.1;Tech:30.5
US:71.6;EU:11.4;APAC:9.4;EMEA:6.3;LATAM:1.4
BBB:28.5;BB:28.8;B:16.6;CCC:26.1
1.83
20.5
348
414
22.8
3.5
35
45
35
false
true
true
true
1.98
1.61
-0.06
Industrials:EW;Consumer:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-6
42
DealerB
RFQ
10
95
-103
-3
VAR>budget
Rotate
Portfolio VAR above budget
114
Defer adds pending macro print
C09829
CR7976
2024-07-25
Recovery
128
520
6
-0.1
861,742,966
Industrials:9.1;Financials:16.3;Materials:23.9;Utilities:10.5;Tech:20.5;Energy:19.6
US:57.9;EU:15.3;APAC:8.0;EMEA:11.1;LATAM:7.8
AA:15.2;B:27.8;AAA:22.0;CCC:8.4;BB:26.6
1.37
21.8
207
253
9.6
3
25
45
25
false
true
true
true
0.24
0.72
0.2
Comm:EW;Financials:EW
Hedge
Options_Payer: +194bps notional
4
30
DealerB
All2All
4
92
49
95
VAR>budget
Hedge
Portfolio VAR above budget
182
Escalate watchlist names
C09830
CR2202
2024-11-03
Recovery
123
432
4.5
1.2
860,664,418
Consumer:18.9;Utilities:24.1;Healthcare:20.7;RealEstate:11.8;Financials:17.4;Comm:7.1
US:70.4;EU:12.9;APAC:5.6;EMEA:6.8;LATAM:4.3
A:43.9;AAA:13.7;BB:13.3;BBB:29.1
2.51
46.9
152
420
12.4
2.5
20
35
30
true
true
false
false
0.44
-0.1
0.56
null
Hedge
Treasury_Futures: +172bps notional
2
-12
DealerA
All2All
11
87
68
76
HYCap>limit
Hedge
High-yield share above policy cap
107
Reviewed by risk; hedges staggered
C09831
CR9374
2024-10-29
Tightening
124
399
4.6
1.8
2,698,790,486
Tech:19.8;Industrials:15.3;Materials:19.5;Financials:17.4;Healthcare:17.0;RealEstate:11.0
US:66.1;EU:13.5;APAC:11.9;EMEA:6.0;LATAM:2.5
AAA:29.7;A:42.8;B:11.6;BB:15.8
1.57
52.3
236
365
8.1
3
20
55
25
false
true
true
true
1.1
0.11
-0.3
null
Rotate
From Energy -1.0% to Utilities +1.0%
-54
31
DealerC
DealerAxed
6
89
65
-327
Region>limit
Hedge
Regional concentration above limit
113
Tighten HY exposure bands
C09832
CR5402
2025-08-29
Tightening
137
471
4.3
1.6
1,263,368,751
Financials:10.7;Comm:20.2;RealEstate:12.0;Materials:25.6;Healthcare:6.3;Tech:25.1
US:60.9;EU:17.3;APAC:8.1;EMEA:8.0;LATAM:5.7
BB:35.8;A:14.2;B:31.7;CCC:18.3
2.26
53
135
176
4
2
25
35
30
true
true
true
false
1.89
0.21
-0.03
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
15
DealerA
Electronic
0
98
27
-124
Region>limit
Reduce
Regional concentration above limit
105
Defer adds pending macro print
C09833
CR8705
2024-10-27
Calm
98
304
3.7
2.2
566,161,249
Utilities:33.8;Healthcare:39.4;Industrials:26.8
US:70.3;EU:5.4;APAC:13.5;EMEA:6.7;LATAM:4.1
B:8.8;BBB:20.2;AAA:29.0;AA:24.5;CCC:17.6
0.48
23.7
139
268
8.1
3.5
20
55
30
true
true
false
false
2.07
1.46
0.36
Consumer:EW;Healthcare:EW;RealEstate:EW
Hedge
iTraxx_XOVER: +57bps notional
-19
-25
DealerB
Electronic
11
96
108
19
HYCap>limit
Reduce
High-yield share above policy cap
141
Rotate into defensive sectors
C09834
CR3771
2025-01-09
Stress
189
770
7.2
-0.7
412,311,814
Comm:44.8;Healthcare:34.9;Financials:20.3
US:56.6;EU:13.7;APAC:13.5;EMEA:10.5;LATAM:5.7
A:10.8;AA:29.2;BBB:40.6;CCC:19.3
4.38
30.8
228
568
23
3
20
55
25
true
true
false
true
1.32
1.67
-0.38
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
15
ECN2
All2All
1
94
200
-390
HYCap>limit
Reduce
High-yield share above policy cap
91
Rotate into defensive sectors
C09835
CR8445
2025-11-26
Tightening
112
500
4.8
1.1
2,718,344,277
Materials:16.9;Financials:10.3;Industrials:49.2;Utilities:23.7
US:64.6;EU:17.2;APAC:11.9;EMEA:3.5;LATAM:2.8
BB:34.7;A:23.3;B:28.0;AA:14.0
7.2
57.5
175
471
2.9
4
20
35
30
true
true
true
false
1.82
-0.16
-0.29
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
22
ECN1
Electronic
9
99
106
-37
HYCap>limit
Hedge
High-yield share above policy cap
181
Rotate into defensive sectors
C09836
CR0307
2024-09-21
Calm
72
351
3.6
2.6
237,443,435
Consumer:27.9;Materials:18.9;Energy:32.0;Financials:21.1
US:66.1;EU:16.1;APAC:6.0;EMEA:11.6;LATAM:0.2
A:20.1;AA:24.9;B:8.7;BB:20.9;BBB:25.5
6.64
28.3
267
421
14.7
3.5
35
35
35
false
true
false
true
1.56
0.64
0.22
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
22
ECN2
DealerAxed
0
88
-52
-297
HYCap>limit
Reduce
High-yield share above policy cap
121
Tighten HY exposure bands
C09837
CR9532
2025-06-17
Calm
112
329
3.2
1.8
1,100,327,221
Utilities:37.3;Comm:33.0;Healthcare:17.1;Industrials:12.6
US:66.4;EU:9.4;APAC:6.7;EMEA:10.3;LATAM:7.2
CCC:7.4;B:8.8;A:22.4;BB:8.3;AAA:31.7;BBB:21.2
5.43
34.1
252
391
4.6
2.5
35
45
35
true
true
false
true
1.26
1.68
0.34
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
35
ECN1
RFQ
6
98
-53
-29
Sector>limit
Reduce
Sector concentration above limit
90
Defer adds pending macro print
C09838
CR1376
2025-02-12
Tightening
137
504
4.3
1.9
1,897,201,485
Materials:24.9;Healthcare:21.8;Utilities:14.9;Consumer:11.2;Tech:27.2
US:65.2;EU:8.9;APAC:14.2;EMEA:3.5;LATAM:8.2
AA:20.6;BBB:27.3;BB:12.6;A:15.2;AAA:24.3
2.38
22.4
177
302
5.2
2.5
35
45
35
false
true
false
false
1.57
0.85
0.03
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
18
16
ECN1
All2All
8
97
331
-421
Sector>limit
Reduce
Sector concentration above limit
151
Tighten HY exposure bands
C09839
CR5118
2024-11-07
Calm
114
417
4.3
1.6
2,269,683,890
Materials:11.6;Utilities:20.5;Comm:24.9;Energy:19.7;Industrials:23.3
US:68.6;EU:8.9;APAC:8.4;EMEA:7.2;LATAM:6.8
BB:20.9;CCC:25.5;BBB:21.2;AA:32.4
7.44
62.8
221
382
12.1
2
25
55
35
false
true
true
true
2.21
1.62
-0.02
Financials:EW;Healthcare:EW
Hedge
Treasury_Futures: +139bps notional
-19
-16
ECN2
All2All
11
88
124
-167
VAR>budget
Rotate
Portfolio VAR above budget
243
Tighten HY exposure bands
C09840
CR6350
2024-04-11
Calm
87
363
3.3
2.2
961,894,021
Energy:16.4;Utilities:26.1;RealEstate:28.8;Consumer:28.7
US:59.8;EU:15.5;APAC:13.7;EMEA:9.5;LATAM:1.5
BBB:21.7;B:8.3;A:21.5;AAA:25.7;AA:22.9
0.71
45.8
154
252
3.3
3.5
30
45
25
false
true
false
false
0.52
0.87
0.31
Consumer:EW;Industrials:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
4
DealerA
DealerAxed
5
88
432
-201
VAR>budget
PauseAdds
Portfolio VAR above budget
135
Escalate watchlist names
C09841
CR9125
2025-04-26
Stress
225
777
6.6
0
836,945,996
Energy:15.8;Comm:16.2;Tech:43.2;Healthcare:24.8
US:62.8;EU:12.9;APAC:8.5;EMEA:8.5;LATAM:7.2
CCC:22.8;A:25.1;AA:29.1;BB:23.0
2.04
62.8
286
675
13.9
4
35
45
25
true
true
true
true
0.15
0.04
0.26
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
22
DealerA
All2All
11
85
-32
-397
VAR>budget
Rotate
Portfolio VAR above budget
240
Reviewed by risk; hedges staggered
C09842
CR5363
2025-02-22
Stress
185
706
6.8
-1.7
1,555,337,155
Healthcare:25.2;Tech:10.1;Comm:20.9;Financials:22.5;Industrials:21.3
US:52.9;EU:19.9;APAC:11.8;EMEA:7.6;LATAM:7.9
CCC:13.0;AA:16.1;BBB:46.5;BB:24.5
5.12
39.4
163
569
14.9
2.5
25
55
20
true
false
true
false
1.09
1.38
-0.4
Healthcare:EW;Tech:EW
Hedge
SingleName_CDS: +105bps notional
-19
28
ECN1
RFQ
10
97
211
6
HYCap>limit
Reduce
High-yield share above policy cap
145
Rotate into defensive sectors
C09843
CR3253
2024-01-23
Calm
75
342
4.3
2.9
447,365,507
Utilities:23.0;Consumer:18.2;RealEstate:27.3;Comm:10.6;Materials:20.8
US:65.4;EU:10.1;APAC:10.0;EMEA:9.0;LATAM:5.4
AA:44.2;BBB:29.9;BB:13.2;CCC:12.7
2.78
35.2
268
368
10.1
2
30
45
30
false
true
false
true
1.35
-0.22
0.17
Materials:EW
Hedge
CDX_IG: +58bps notional
-21
8
ECN2
Electronic
5
92
50
-182
HYCap>limit
Hedge
High-yield share above policy cap
190
Tighten HY exposure bands
C09844
CR3531
2025-04-17
Calm
92
334
3.9
2.7
2,410,518,740
RealEstate:15.8;Tech:19.8;Financials:27.9;Utilities:15.8;Materials:20.7
US:64.3;EU:15.2;APAC:10.8;EMEA:3.6;LATAM:6.1
BBB:12.7;A:33.7;AA:17.5;B:5.2;AAA:30.9
7.22
30.7
176
480
14
2.5
35
55
20
false
true
false
false
1.26
1.04
0.19
Energy:EW
Hedge
CDX_HY: +125bps notional
14
20
ECN1
Electronic
3
85
135
109
VAR>budget
Reduce
Portfolio VAR above budget
220
Tighten HY exposure bands
C09845
CR3211
2024-02-06
Tightening
130
436
4.6
1.8
532,706,095
Materials:21.6;Consumer:8.3;Healthcare:23.5;Energy:8.2;Tech:14.2;Comm:24.2
US:69.7;EU:6.0;APAC:13.8;EMEA:10.4;LATAM:0.2
A:19.8;CCC:15.2;BB:7.6;AAA:27.9;AA:19.5;B:9.9
4.91
64.1
110
430
2.1
3
20
45
35
true
true
false
false
0.3
0.62
0.32
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
-22
DealerB
All2All
9
95
125
-64
HYCap>limit
Reduce
High-yield share above policy cap
199
Tighten HY exposure bands
C09846
CR7395
2025-03-24
Calm
105
332
3.4
1.9
1,708,014,428
Industrials:21.2;Healthcare:53.3;Utilities:25.6
US:64.1;EU:12.9;APAC:6.2;EMEA:11.0;LATAM:5.8
A:11.3;BBB:22.4;AAA:17.7;B:13.3;BB:11.8;AA:23.6
5.33
29.7
235
417
13.3
2.5
35
35
20
true
true
true
true
0.87
1.34
0.09
null
Rotate
From Energy -1.0% to Utilities +1.0%
5
6
ECN1
RFQ
2
93
-83
-32
Sector>limit
Reduce
Sector concentration above limit
102
Rotate into defensive sectors
C09847
CR4730
2024-07-05
Calm
70
335
3.6
2.5
2,288,435,466
RealEstate:11.3;Healthcare:14.1;Utilities:17.9;Energy:23.5;Tech:16.4;Financials:16.9
US:67.9;EU:10.4;APAC:6.7;EMEA:7.9;LATAM:7.1
AA:26.6;CCC:17.2;B:30.0;AAA:26.2
5.55
45.2
130
291
4.1
3
35
45
25
false
true
true
false
-0.28
1.56
-0.27
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-39
31
DealerC
Electronic
5
97
-107
-91
HYCap>limit
Reduce
High-yield share above policy cap
108
Rotate into defensive sectors
C09848
CR7770
2024-09-12
Tightening
112
405
4.2
0.7
2,272,631,823
Tech:17.0;Comm:13.0;Healthcare:14.4;Consumer:15.1;Materials:18.6;Financials:22.0
US:64.1;EU:17.7;APAC:6.4;EMEA:9.2;LATAM:2.6
BBB:15.6;AAA:16.2;BB:31.8;CCC:12.5;AA:23.9
5.69
24.3
82
219
13.2
2.5
25
45
35
false
true
true
false
0.63
0.29
-0.36
Energy:EW
Hedge
iTraxx_MAIN: +102bps notional
-45
-8
ECN2
All2All
5
87
264
71
HYCap>limit
Reduce
High-yield share above policy cap
233
Defer adds pending macro print
C09849
CR2850
2024-10-27
Calm
88
409
4.3
3
2,476,545,617
Consumer:25.8;Tech:23.5;RealEstate:9.3;Comm:7.7;Financials:33.7
US:62.2;EU:10.9;APAC:14.1;EMEA:6.9;LATAM:5.9
CCC:35.9;AAA:20.2;B:25.3;BBB:18.6
5.42
42.4
269
433
7.3
4
35
45
20
false
true
true
true
0.66
0.53
0.36
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
18
21
ECN2
DealerAxed
9
86
-124
-131
HYCap>limit
Hedge
High-yield share above policy cap
202
Rotate into defensive sectors
C09850
CR9513
2025-04-23
Recovery
162
506
5.3
1.2
2,375,724,297
Comm:9.4;Financials:25.4;Tech:31.5;Healthcare:33.8
US:67.2;EU:13.3;APAC:6.3;EMEA:7.1;LATAM:6.1
BBB:13.0;CCC:4.7;AA:27.8;A:27.2;AAA:27.2
6.78
46.6
105
230
13.9
2
35
55
30
false
true
false
false
1.04
0.21
0.57
Comm:EW;Industrials:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-43
-2
DealerB
DealerAxed
6
88
396
-112
Region>limit
Rotate
Regional concentration above limit
165
Escalate watchlist names
C09851
CR0819
2025-01-18
Calm
117
315
4.3
1.6
2,646,880,897
Financials:23.3;Tech:11.3;Materials:16.6;Comm:23.6;Healthcare:11.8;RealEstate:13.3
US:63.8;EU:7.9;APAC:10.3;EMEA:8.6;LATAM:9.4
A:24.5;AA:14.8;B:12.4;CCC:24.8;BBB:23.5
6.24
25.5
212
163
7.5
2.5
25
35
20
false
true
true
true
0.06
-0.08
-0.36
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
18
DealerA
All2All
0
97
-69
173
Sector>limit
Hedge
Sector concentration above limit
139
Escalate watchlist names
C09852
CR0844
2025-03-19
Stress
166
553
7.1
-0.8
1,071,393,474
Comm:18.5;Healthcare:31.8;RealEstate:31.0;Materials:18.7
US:64.0;EU:15.9;APAC:12.6;EMEA:4.2;LATAM:3.2
CCC:10.1;A:42.2;AAA:22.5;BB:19.1;B:6.0
0.57
22.7
294
549
15.8
3
20
35
20
true
true
true
true
-0.24
0.13
0.38
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
19
DealerA
All2All
9
96
65
-283
Region>limit
Hedge
Regional concentration above limit
107
Rotate into defensive sectors
C09853
CR5104
2025-09-09
Tightening
95
487
4.5
0.9
586,315,959
Comm:10.6;Utilities:27.2;Healthcare:19.8;Consumer:25.8;Tech:16.6
US:69.8;EU:9.1;APAC:9.2;EMEA:6.9;LATAM:5.0
B:7.5;BBB:32.9;BB:5.0;AAA:18.9;CCC:7.0;AA:28.7
1.2
48.4
216
220
2.2
3
20
55
20
true
true
false
true
2.34
-0
0.31
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
3
ECN2
RFQ
4
100
-43
110
Region>limit
Hedge
Regional concentration above limit
127
Defer adds pending macro print
C09854
CR7551
2025-06-11
Recovery
112
552
5.6
1.5
1,530,080,835
Utilities:36.1;Healthcare:26.2;Tech:37.8
US:61.0;EU:6.3;APAC:14.4;EMEA:10.0;LATAM:8.3
BBB:32.8;AA:22.5;A:34.0;BB:10.7
6.26
44.4
108
207
9
3.5
20
45
35
true
true
false
false
0.45
0.6
0.03
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
18
DealerA
DealerAxed
7
94
161
160
Sector>limit
Reduce
Sector concentration above limit
178
Defer adds pending macro print
C09855
CR6478
2025-12-18
Stress
160
655
5.1
-0.6
1,434,669,110
Energy:38.0;Materials:33.1;Industrials:28.9
US:72.4;EU:6.4;APAC:8.0;EMEA:9.3;LATAM:3.9
AA:34.8;AAA:35.7;B:17.5;A:12.0
7.45
30.6
259
426
12
2.5
30
45
20
true
true
false
true
-0.16
0.32
0.01
null
Hedge
Options_Payer: +96bps notional
15
39
DealerA
DealerAxed
4
99
241
110
VAR>budget
Hedge
Portfolio VAR above budget
245
Tighten HY exposure bands
C09856
CR3558
2024-02-08
Calm
100
327
3.4
1.8
2,090,517,197
Consumer:7.9;Energy:22.2;Financials:7.2;Healthcare:21.1;Comm:20.7;Industrials:20.8
US:71.1;EU:13.2;APAC:5.4;EMEA:7.7;LATAM:2.6
AAA:17.0;AA:23.9;BBB:20.2;A:25.2;CCC:13.8
2.87
49.6
150
403
5.4
3.5
20
55
25
true
true
false
false
1.42
0.36
0.04
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
31
ECN1
Electronic
6
100
362
-452
HYCap>limit
Reduce
High-yield share above policy cap
215
Reviewed by risk; hedges staggered
C09857
CR0162
2024-02-12
Stress
205
794
6
-1.3
201,975,772
Comm:22.9;RealEstate:15.0;Materials:20.2;Financials:22.7;Consumer:11.1;Utilities:8.0
US:71.2;EU:13.5;APAC:9.4;EMEA:4.9;LATAM:1.0
B:7.8;AA:31.4;BB:25.9;CCC:34.8
2.71
47.7
143
395
16.6
4
20
55
20
true
true
true
false
2.14
1.74
-0.21
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
39
ECN2
All2All
12
96
225
-198
VAR>budget
Rotate
Portfolio VAR above budget
208
Rotate into defensive sectors
C09858
CR1989
2024-02-20
Tightening
95
398
4.2
1.4
1,078,562,508
Comm:31.5;Utilities:55.0;Energy:13.5
US:59.1;EU:20.4;APAC:6.2;EMEA:9.6;LATAM:4.8
BB:25.9;AAA:24.7;B:23.3;AA:26.1
5.65
26.6
225
485
4.3
2
20
35
20
true
true
true
true
0.98
0.55
0.49
Financials:EW
Hedge
CDX_IG: +148bps notional
-39
9
DealerA
DealerAxed
5
87
-83
194
HYCap>limit
PauseAdds
High-yield share above policy cap
171
Reviewed by risk; hedges staggered
C09859
CR1044
2025-10-23
Stress
166
833
6.3
0
317,801,315
Energy:34.3;Financials:36.6;Industrials:29.1
US:67.1;EU:8.0;APAC:13.2;EMEA:5.5;LATAM:6.1
AAA:25.3;A:25.3;BB:9.2;CCC:13.0;BBB:27.2
4.35
35.8
190
343
8.7
3.5
20
35
20
true
true
true
false
0.75
0.74
-0.31
Industrials:EW
Hedge
CDX_HY: +180bps notional
-10
4
DealerB
DealerAxed
10
100
136
-169
HYCap>limit
Hedge
High-yield share above policy cap
256
Defer adds pending macro print
C09860
CR7081
2024-04-07
Recovery
155
487
6.2
1.4
2,394,127,074
Industrials:30.1;Utilities:25.7;Comm:44.2
US:65.5;EU:15.5;APAC:6.5;EMEA:7.7;LATAM:4.8
A:16.7;AAA:22.7;CCC:32.0;BB:13.6;B:15.0
4.72
48.5
181
444
14.5
3
25
45
20
true
true
true
false
0.16
0.36
0.19
Industrials:EW;Materials:EW
Hedge
iTraxx_MAIN: +153bps notional
-16
-22
DealerA
RFQ
4
97
330
-243
Sector>limit
Hedge
Sector concentration above limit
178
Defer adds pending macro print
C09861
CR0420
2025-08-15
Stress
185
824
7.7
-0.3
928,624,882
Utilities:13.1;Comm:16.6;Materials:16.1;Industrials:12.7;Healthcare:18.4;RealEstate:23.2
US:66.4;EU:15.4;APAC:10.9;EMEA:6.0;LATAM:1.3
BBB:15.5;CCC:27.0;AAA:17.2;B:14.0;BB:17.0;AA:9.4
2.66
54.4
279
492
18.3
3.5
20
55
20
true
true
true
true
1.62
1.6
-0.35
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
-6
ECN2
RFQ
1
100
190
-274
Region>limit
Hedge
Regional concentration above limit
155
Rotate into defensive sectors
C09862
CR5426
2024-07-30
Stress
176
832
6.4
0.2
998,238,966
Comm:21.8;Utilities:26.6;Financials:35.9;Consumer:15.6
US:65.7;EU:14.5;APAC:5.6;EMEA:9.6;LATAM:4.5
BB:25.4;B:26.1;AA:38.3;CCC:10.2
2.98
54.6
200
265
9.7
3.5
20
45
25
true
true
true
false
0.73
0.63
0.42
null
Hedge
Treasury_Futures: +166bps notional
-1
41
DealerA
RFQ
10
85
286
-171
Sector>limit
Hedge
Sector concentration above limit
163
Defer adds pending macro print
C09863
CR2941
2025-11-23
Recovery
168
573
6.2
0.1
1,360,729,983
Tech:22.2;Industrials:7.9;Financials:31.3;Comm:8.7;Materials:29.9
US:57.8;EU:18.0;APAC:11.8;EMEA:10.8;LATAM:1.7
BB:19.1;BBB:12.9;B:16.4;A:40.2;CCC:11.4
4.96
48.7
196
129
7.6
3
20
55
20
true
true
true
false
2.31
1.73
-0.04
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-32
-11
DealerC
All2All
2
98
-103
-385
HYCap>limit
Hedge
High-yield share above policy cap
216
Rotate into defensive sectors
C09864
CR7185
2025-01-09
Calm
105
347
4.4
2.3
272,664,824
Utilities:24.4;RealEstate:29.0;Healthcare:7.6;Energy:20.5;Materials:18.5
US:63.0;EU:10.4;APAC:10.9;EMEA:10.6;LATAM:5.1
AAA:24.0;B:18.3;BBB:28.2;A:25.8;CCC:3.7
3.37
56.2
89
256
3.3
3
30
45
35
false
true
false
false
0.15
0.75
-0.06
null
Rotate
From Energy -1.0% to Utilities +1.0%
-16
6
ECN1
DealerAxed
8
98
381
-79
Sector>limit
PauseAdds
Sector concentration above limit
159
Defer adds pending macro print
C09865
CR6925
2024-04-10
Stress
225
744
6.5
0.7
1,746,909,990
Materials:9.2;Healthcare:25.7;RealEstate:19.4;Tech:16.8;Comm:15.2;Energy:13.6
US:58.8;EU:14.3;APAC:10.1;EMEA:12.9;LATAM:3.9
AAA:23.7;A:17.1;AA:29.1;CCC:15.5;B:14.5
7.11
25.4
265
463
16.3
2.5
35
35
25
false
true
true
true
2.07
1.79
-0.18
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
-16
ECN2
All2All
7
97
-130
-234
Sector>limit
Reduce
Sector concentration above limit
105
Tighten HY exposure bands
C09866
CR8089
2025-06-28
Calm
110
338
4
1.7
241,442,785
Comm:37.7;Tech:28.1;Industrials:34.2
US:58.0;EU:21.3;APAC:11.9;EMEA:5.7;LATAM:3.1
B:15.0;AA:16.1;A:13.9;AAA:17.2;BB:4.7;BBB:33.2
5.25
23.2
206
372
3
4
20
35
20
true
true
false
true
1.66
1.13
0.17
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
-9
DealerB
All2All
1
93
80
-72
VAR>budget
Reduce
Portfolio VAR above budget
158
Tighten HY exposure bands
C09867
CR6111
2024-02-14
Calm
113
380
4.2
2.4
115,051,061
Utilities:12.2;Energy:9.8;Healthcare:18.4;Financials:8.7;Consumer:15.8;RealEstate:35.2
US:70.6;EU:7.7;APAC:8.2;EMEA:6.9;LATAM:6.5
AAA:15.7;BB:12.7;BBB:23.4;AA:10.1;A:9.6;CCC:28.5
1.61
56.5
122
272
5.3
3
20
55
30
true
true
true
false
1.56
0.57
0.32
Financials:EW
Hedge
CDX_IG: +55bps notional
-53
0
DealerC
Electronic
7
92
-82
-217
Region>limit
Rotate
Regional concentration above limit
182
Reviewed by risk; hedges staggered
C09868
CR1090
2025-01-31
Calm
95
408
3.4
1.5
2,752,004,411
Comm:35.4;Industrials:24.1;Healthcare:9.0;Tech:31.4
US:66.8;EU:12.5;APAC:11.9;EMEA:6.6;LATAM:2.2
BB:16.3;AAA:10.2;BBB:25.0;CCC:17.8;A:8.9;AA:21.9
3.38
53.6
102
303
3.3
2
30
35
25
true
true
true
false
2
1.32
-0
Financials:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
22
DealerA
Electronic
2
88
230
-410
HYCap>limit
Reduce
High-yield share above policy cap
194
Rotate into defensive sectors
C09869
CR1188
2025-02-27
Recovery
170
548
5.2
1.5
2,502,678,924
Tech:21.9;Materials:8.6;Energy:28.5;Utilities:25.9;Financials:15.1
US:61.7;EU:18.3;APAC:5.1;EMEA:8.2;LATAM:6.8
B:8.9;BB:23.2;BBB:7.7;AAA:19.3;CCC:28.0;AA:12.9
5.74
45.7
143
336
2.6
2
25
35
35
true
true
true
false
0.22
-0.05
0.45
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
-23
DealerB
All2All
3
88
302
-417
HYCap>limit
Reduce
High-yield share above policy cap
142
Escalate watchlist names
C09870
CR2870
2025-07-17
Stress
225
748
7.7
-1.8
1,170,380,861
Tech:18.6;Comm:25.9;RealEstate:31.1;Energy:15.7;Consumer:8.7
US:67.4;EU:9.6;APAC:6.7;EMEA:6.9;LATAM:9.4
A:15.9;B:20.4;BB:20.9;CCC:15.3;AAA:15.4;BBB:12.0
5.23
27.8
183
434
18.8
2.5
35
35
25
false
true
true
false
-0.03
0.97
0.46
Tech:EW
Hedge
Options_Payer: +183bps notional
-58
-9
DealerC
DealerAxed
11
90
294
-136
HYCap>limit
Hedge
High-yield share above policy cap
206
Escalate watchlist names
C09871
CR2893
2025-07-05
Stress
177
759
7.8
0.6
1,881,560,155
Healthcare:45.7;Energy:29.5;Materials:24.8
US:75.3;EU:9.2;APAC:5.2;EMEA:8.3;LATAM:1.9
BBB:33.2;BB:22.9;AA:32.9;B:11.1
0.97
34.9
225
573
15.2
4
20
35
20
true
true
true
true
0.88
0.56
-0.36
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
12
DealerA
Electronic
1
95
3
-382
Sector>limit
Reduce
Sector concentration above limit
141
Tighten HY exposure bands
C09872
CR0906
2024-09-07
Recovery
167
421
5
0.2
734,247,150
Comm:16.8;Utilities:15.4;Industrials:25.9;RealEstate:14.9;Healthcare:7.3;Consumer:19.7
US:50.1;EU:19.7;APAC:14.6;EMEA:10.8;LATAM:4.7
CCC:13.8;BB:31.5;BBB:11.8;A:15.6;AAA:9.2;B:18.1
6.06
44.2
165
421
12.1
2.5
25
35
25
true
true
true
false
1.27
-0.3
0.4
Industrials:EW;Financials:EW
Hedge
Treasury_Futures: +128bps notional
-16
36
ECN1
DealerAxed
1
91
-211
-6
Region>limit
Hedge
Regional concentration above limit
225
Tighten HY exposure bands
C09873
CR9271
2025-03-13
Stress
251
814
5.8
0.2
2,183,282,338
Healthcare:15.6;Utilities:35.8;Industrials:24.5;Tech:24.1
US:68.6;EU:10.8;APAC:10.5;EMEA:8.9;LATAM:1.2
B:11.5;BBB:27.5;AA:22.3;CCC:18.5;AAA:20.2
4.79
61.5
254
327
8.8
3.5
35
35
20
true
true
true
true
-0.07
1.11
0.15
null
Hedge
CDX_HY: +73bps notional
-24
44
ECN2
RFQ
6
89
-130
-410
Sector>limit
Reduce
Sector concentration above limit
205
Reviewed by risk; hedges staggered
C09874
CR5937
2024-11-29
Tightening
105
398
4.4
0.9
2,386,121,802
Industrials:17.9;RealEstate:15.8;Consumer:13.5;Financials:23.0;Tech:29.9
US:65.3;EU:12.2;APAC:11.8;EMEA:8.0;LATAM:2.6
AA:15.2;BB:17.2;A:19.3;CCC:20.2;AAA:12.4;BBB:15.7
7.38
43.4
189
391
3.8
2.5
35
55
20
false
true
true
false
-0.09
-0.19
-0.3
null
Hedge
CDX_HY: +153bps notional
-23
34
DealerB
RFQ
6
86
352
-308
VAR>budget
Reduce
Portfolio VAR above budget
164
Rotate into defensive sectors
C09875
CR7659
2025-10-27
Calm
114
359
3.3
1.8
727,213,759
Comm:31.5;Energy:32.2;Industrials:36.3
US:56.9;EU:22.2;APAC:8.5;EMEA:9.0;LATAM:3.4
BB:11.3;BBB:19.8;A:41.1;AAA:27.8
6.35
21.3
279
282
4.8
3.5
35
35
20
true
true
false
true
0.03
0.48
0.08
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
7
ECN2
RFQ
2
85
351
-270
HYCap>limit
Rotate
High-yield share above policy cap
129
Defer adds pending macro print
C09876
CR0368
2025-07-09
Calm
96
402
3.5
2.5
2,214,194,990
Energy:19.9;Utilities:17.3;Tech:14.2;Comm:8.2;Healthcare:22.1;Industrials:18.2
US:64.1;EU:16.0;APAC:11.4;EMEA:4.1;LATAM:4.4
AA:12.4;A:41.1;BBB:12.4;BB:12.2;B:5.6;CCC:16.2
3.19
54.7
140
383
2.8
2
30
35
35
false
true
false
false
1.33
1.7
0.26
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
-8
DealerC
All2All
0
92
-138
-430
VAR>budget
Rotate
Portfolio VAR above budget
142
Defer adds pending macro print
C09877
CR0421
2025-11-13
Recovery
156
636
5
1.3
2,735,156,673
Energy:31.1;Materials:19.9;Comm:16.6;Healthcare:21.8;Utilities:10.7
US:70.8;EU:13.7;APAC:6.8;EMEA:5.0;LATAM:3.7
BB:36.9;AA:19.4;B:15.1;CCC:28.7
4.83
31.6
228
280
4.8
3
25
45
25
true
true
true
true
1.61
0.13
0.2
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
-23
ECN1
Electronic
5
86
-11
191
HYCap>limit
Hedge
High-yield share above policy cap
174
Defer adds pending macro print
C09878
CR2430
2025-12-02
Recovery
144
584
4.7
-0.3
1,885,415,327
RealEstate:43.8;Financials:16.8;Healthcare:24.8;Consumer:14.6
US:66.6;EU:15.3;APAC:9.3;EMEA:8.2;LATAM:0.5
BBB:9.8;CCC:29.3;B:9.5;AAA:11.1;BB:27.1;AA:13.1
0.76
42.1
202
507
13.6
2
30
55
25
true
true
true
true
2.25
0.67
0.3
null
Rotate
From Energy -1.0% to Utilities +1.0%
18
36
DealerC
All2All
12
88
-14
149
HYCap>limit
Reduce
High-yield share above policy cap
238
Rotate into defensive sectors
C09879
CR1244
2025-11-28
Stress
195
746
5.7
-1.9
721,716,245
Financials:32.1;Tech:32.4;Materials:35.5
US:60.3;EU:16.3;APAC:12.1;EMEA:7.5;LATAM:3.8
AAA:14.7;CCC:11.9;BB:4.1;AA:17.3;BBB:21.0;A:31.0
6.77
20.4
158
304
21.9
2
30
45
30
true
true
false
false
0.21
1.32
-0
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
13
DealerA
DealerAxed
1
98
255
-423
Sector>limit
Hedge
Sector concentration above limit
127
Tighten HY exposure bands
C09880
CR2281
2024-12-04
Tightening
117
442
4.1
1
1,551,587,444
Tech:26.1;Financials:24.4;RealEstate:8.8;Materials:27.2;Industrials:13.6
US:56.7;EU:18.1;APAC:14.5;EMEA:8.6;LATAM:2.1
B:26.9;AA:14.9;BB:14.2;A:13.9;CCC:30.2
2.4
35.6
261
354
12.6
2
35
45
35
false
true
true
true
2.2
0.95
0.49
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
1
2
DealerA
Electronic
1
100
139
-350
Sector>limit
Hedge
Sector concentration above limit
109
Rotate into defensive sectors
C09881
CR4920
2025-02-01
Tightening
160
355
3.9
1.2
1,237,107,195
Utilities:19.1;Financials:22.3;Comm:14.4;Healthcare:7.9;Energy:22.2;Materials:14.1
US:57.1;EU:16.2;APAC:11.7;EMEA:8.9;LATAM:6.1
A:25.4;B:10.0;AAA:29.3;AA:35.3
6.32
61.3
191
382
6.3
3.5
25
45
25
false
true
false
false
-0.04
1.63
-0.37
Comm:EW;Financials:EW
Hedge
Options_Payer: +197bps notional
-44
-2
ECN1
All2All
10
87
68
44
VAR>budget
Hedge
Portfolio VAR above budget
204
Tighten HY exposure bands
C09882
CR1125
2024-09-12
Tightening
130
443
4.1
1.5
597,782,326
Tech:15.0;Healthcare:14.1;RealEstate:30.3;Comm:28.7;Utilities:11.9
US:67.7;EU:11.3;APAC:6.7;EMEA:9.3;LATAM:5.1
A:21.0;AAA:8.1;BBB:19.6;B:22.2;BB:29.0
3.95
26.8
177
298
11.7
2.5
25
35
30
true
true
true
false
2.27
0.33
0.35
Financials:EW;Tech:EW;Industrials:EW
Hedge
iTraxx_MAIN: +63bps notional
-1
-15
ECN2
RFQ
3
97
204
-58
HYCap>limit
Rotate
High-yield share above policy cap
254
Reviewed by risk; hedges staggered
C09883
CR3291
2025-08-30
Calm
84
407
4.2
1.9
386,026,805
Consumer:12.0;Materials:13.4;Comm:14.4;Tech:9.3;RealEstate:32.3;Energy:18.4
US:57.2;EU:17.6;APAC:14.3;EMEA:8.5;LATAM:2.4
AAA:34.2;A:31.7;B:16.7;BB:17.4
0.78
21.4
238
212
3.9
3
20
55
35
true
true
false
true
-0.06
1.63
0.15
RealEstate:EW
Hedge
iTraxx_MAIN: +162bps notional
-30
-3
DealerC
RFQ
7
93
3
69
HYCap>limit
Rotate
High-yield share above policy cap
111
Tighten HY exposure bands
C09884
CR7873
2025-06-26
Recovery
114
504
5.8
1.2
1,907,960,021
RealEstate:36.3;Industrials:19.1;Utilities:11.0;Materials:33.6
US:67.7;EU:10.4;APAC:8.0;EMEA:10.3;LATAM:3.7
CCC:16.6;A:8.7;BBB:11.6;AAA:19.7;B:13.6;BB:29.8
3.06
57.4
94
220
7.7
3.5
35
35
20
true
true
true
false
-0.12
0.3
0.25
Industrials:EW
Hedge
Treasury_Futures: +172bps notional
12
-18
DealerB
All2All
3
92
5
-144
Region>limit
Reduce
Regional concentration above limit
192
Defer adds pending macro print
C09885
CR2906
2024-08-21
Recovery
144
641
5
1.4
1,478,987,087
Healthcare:28.3;Energy:8.8;Industrials:20.4;Financials:9.9;RealEstate:32.6
US:61.5;EU:13.9;APAC:11.3;EMEA:9.7;LATAM:3.6
A:20.2;AAA:33.0;BB:19.4;AA:27.4
5.68
52.8
99
139
4.1
3
20
55
30
true
true
false
false
-0.23
1.68
0.08
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
14
DealerA
All2All
0
85
332
-307
Sector>limit
Hedge
Sector concentration above limit
186
Tighten HY exposure bands
C09886
CR4067
2025-01-15
Tightening
137
404
4
0.5
1,021,984,401
Utilities:17.4;RealEstate:23.7;Energy:25.0;Comm:10.9;Financials:23.0
US:64.5;EU:16.1;APAC:9.7;EMEA:8.9;LATAM:0.9
B:22.7;AA:15.0;A:15.6;BB:16.9;CCC:10.0;BBB:19.8
5.79
30
260
168
11.5
3.5
35
55
25
false
true
true
true
1.86
1.72
0.15
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
18
ECN1
RFQ
4
95
204
-382
VAR>budget
Reduce
Portfolio VAR above budget
139
Escalate watchlist names
C09887
CR4217
2024-12-27
Calm
109
327
3.7
1.8
371,688,950
Financials:42.8;Healthcare:10.8;Consumer:17.4;RealEstate:28.9
US:71.3;EU:6.6;APAC:8.1;EMEA:6.6;LATAM:7.4
AAA:14.1;CCC:34.8;BB:13.0;AA:14.4;A:23.8
2.75
27.7
132
157
11.5
2
35
55
30
true
true
true
false
2.22
0.16
0.27
null
Hedge
CDX_HY: +100bps notional
-33
-20
DealerB
DealerAxed
7
99
1
-111
HYCap>limit
Hedge
High-yield share above policy cap
215
Escalate watchlist names
C09888
CR0037
2024-05-03
Calm
87
325
4.5
2
416,868,241
Industrials:50.6;Consumer:23.5;Materials:25.9
US:63.2;EU:11.9;APAC:9.6;EMEA:11.1;LATAM:4.3
BB:11.1;BBB:35.2;A:18.8;B:15.6;AA:19.2
5.67
31.3
166
482
15.8
3
20
45
35
true
true
false
false
-0.15
0.68
-0.12
Healthcare:EW
Hedge
iTraxx_XOVER: +64bps notional
-35
-4
DealerC
All2All
6
92
85
-134
HYCap>limit
Hedge
High-yield share above policy cap
147
Rotate into defensive sectors
C09889
CR1910
2025-08-21
Stress
192
730
8.3
-0.1
1,034,224,044
Industrials:32.5;Energy:38.5;RealEstate:29.0
US:67.8;EU:12.3;APAC:7.8;EMEA:7.6;LATAM:4.4
AA:22.3;B:14.1;AAA:22.1;BB:34.2;CCC:7.3
6.18
22
292
313
19.4
3
20
55
25
true
true
true
true
0.04
0.75
0.22
null
Hedge
CDX_HY: +63bps notional
17
29
DealerB
Electronic
1
95
-113
-315
Sector>limit
Hedge
Sector concentration above limit
211
Reviewed by risk; hedges staggered
C09890
CR5965
2024-03-28
Recovery
153
570
5.3
1.5
2,848,381,987
Tech:31.1;Utilities:23.9;Healthcare:16.6;Comm:11.3;Energy:17.1
US:61.4;EU:13.8;APAC:13.7;EMEA:3.4;LATAM:7.7
AAA:30.1;BB:3.6;A:23.6;AA:42.7
3.76
30.8
257
318
15.1
3
25
55
25
true
true
false
true
2.44
0.42
0.29
null
Rotate
From Energy -1.0% to Utilities +1.0%
-34
2
ECN2
Electronic
11
86
-131
75
Sector>limit
Reduce
Sector concentration above limit
219
Escalate watchlist names
C09891
CR4644
2024-04-09
Recovery
109
456
4.8
1.8
1,715,095,433
Industrials:23.8;Tech:25.0;Materials:16.0;Comm:15.1;Consumer:20.1
US:67.2;EU:12.7;APAC:6.5;EMEA:7.8;LATAM:5.8
BB:24.6;AA:18.4;B:24.3;A:15.8;BBB:16.8
5.52
53.4
136
390
4.9
3
30
45
20
false
true
true
false
-0.39
1.05
0.07
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-28
-16
DealerB
Electronic
11
90
-155
-462
VAR>budget
Reduce
Portfolio VAR above budget
109
Rotate into defensive sectors
C09892
CR9092
2025-12-06
Tightening
122
485
4.1
1.7
1,900,597,059
Financials:45.1;RealEstate:24.4;Energy:30.5
US:57.3;EU:17.0;APAC:11.3;EMEA:9.4;LATAM:5.0
BBB:22.0;BB:7.1;B:31.0;A:16.8;AA:23.1
3.99
63.8
208
244
5.8
2
20
45
35
true
true
true
true
-0.44
1.01
-0.28
Comm:EW
Hedge
Treasury_Futures: +125bps notional
7
4
DealerA
Electronic
1
91
52
-167
HYCap>limit
Reduce
High-yield share above policy cap
155
Escalate watchlist names
C09893
CR1689
2025-01-03
Recovery
127
507
6.2
1.5
88,771,803
Healthcare:29.8;Tech:15.5;Materials:7.7;Comm:28.3;RealEstate:18.8
US:59.4;EU:9.5;APAC:13.7;EMEA:9.9;LATAM:7.6
CCC:19.2;A:11.2;BB:7.3;B:20.6;AAA:24.6;AA:17.1
6.69
34.2
85
241
16.8
3.5
20
55
30
true
true
true
false
0.27
0.63
0.36
null
Hedge
CDX_HY: +117bps notional
10
0
DealerB
Electronic
10
90
31
-109
HYCap>limit
Rotate
High-yield share above policy cap
100
Defer adds pending macro print
C09894
CR6027
2025-05-18
Stress
184
578
8.2
-0.9
1,218,253,345
Financials:26.7;Comm:11.3;Energy:12.8;Healthcare:26.9;Tech:9.9;Utilities:12.4
US:62.4;EU:9.3;APAC:13.0;EMEA:8.4;LATAM:6.8
B:6.5;AA:20.6;BBB:30.9;A:30.2;BB:11.9
1.71
58.5
333
608
9.1
3
25
45
30
true
true
false
true
2.35
-0.24
0.3
null
Rotate
From Energy -1.0% to Utilities +1.0%
5
27
ECN1
DealerAxed
11
85
-12
104
HYCap>limit
Reduce
High-yield share above policy cap
179
Tighten HY exposure bands
C09895
CR0819
2024-03-01
Recovery
101
518
5.3
1.9
500,326,323
Consumer:21.3;Utilities:17.6;Materials:15.3;Tech:22.6;Comm:23.2
US:62.2;EU:8.0;APAC:11.3;EMEA:12.4;LATAM:6.1
B:11.7;A:25.0;BBB:11.9;CCC:28.6;BB:22.8
4.81
25.2
240
384
4.5
2
30
45
20
false
true
true
true
1.67
0.8
0.49
Utilities:EW
Hedge
Treasury_Futures: +75bps notional
-52
33
ECN1
Electronic
7
95
385
-193
HYCap>limit
Hedge
High-yield share above policy cap
115
Rotate into defensive sectors
C09896
CR4775
2025-08-02
Stress
150
787
6.3
-2
1,117,428,451
Industrials:40.3;RealEstate:46.8;Comm:12.9
US:59.1;EU:19.8;APAC:12.4;EMEA:8.2;LATAM:0.3
CCC:16.4;B:13.3;A:63.1;BB:7.2
5.85
33.8
329
565
20.8
4
35
45
20
true
true
true
true
1.38
0.34
0.01
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
3
DealerA
Electronic
7
90
-122
-441
HYCap>limit
Rotate
High-yield share above policy cap
222
Escalate watchlist names
C09897
CR8369
2025-06-25
Calm
107
375
4.3
2.9
2,386,309,654
Energy:15.2;Materials:44.2;Industrials:23.6;Consumer:17.1
US:61.6;EU:16.3;APAC:6.8;EMEA:9.5;LATAM:5.8
BB:16.9;BBB:24.9;AAA:16.9;AA:9.5;A:31.9
4.07
31.2
98
454
4.7
4
20
45
25
true
true
false
false
1.63
1.34
-0.22
Comm:EW;RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
4
DealerA
DealerAxed
2
96
-160
-300
Region>limit
PauseAdds
Regional concentration above limit
124
Rotate into defensive sectors
C09898
CR6318
2025-10-30
Calm
83
310
4.5
1.6
731,124,022
RealEstate:20.2;Healthcare:16.4;Industrials:11.8;Comm:28.5;Materials:23.1
US:66.9;EU:10.0;APAC:7.9;EMEA:11.8;LATAM:3.4
CCC:12.5;BB:12.7;A:28.4;BBB:24.3;AA:22.1
4
39
244
300
3.2
3.5
20
55
35
true
true
false
true
-0.24
1.3
0.58
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-3
38
ECN1
Electronic
5
87
-102
-420
VAR>budget
PauseAdds
Portfolio VAR above budget
118
Escalate watchlist names
C09899
CR4666
2025-06-28
Stress
234
840
6.5
-0.9
2,625,332,945
Comm:6.8;Utilities:21.8;RealEstate:21.5;Energy:17.6;Industrials:8.6;Healthcare:23.7
US:68.2;EU:7.6;APAC:12.0;EMEA:7.5;LATAM:4.7
B:8.3;BBB:26.8;BB:10.9;AAA:26.4;A:27.6
5.59
22.3
259
486
18
2
30
55
35
false
true
false
true
2.41
-0.06
-0.34
null
Hedge
CDX_HY: +182bps notional
7
9
ECN2
Electronic
5
100
326
10
Sector>limit
Reduce
Sector concentration above limit
216
Reviewed by risk; hedges staggered
C09900
CR9426
2024-02-27
Tightening
133
427
4
0.6
2,664,275,926
Financials:32.9;Tech:32.5;Healthcare:34.5
US:72.9;EU:9.9;APAC:6.7;EMEA:7.1;LATAM:3.4
AAA:17.2;BBB:10.8;A:21.9;AA:19.1;B:31.1
4.2
61.8
251
319
10.3
2
35
45
30
false
true
true
true
0.23
0.68
0.17
Materials:EW
Hedge
CDX_HY: +78bps notional
11
3
ECN2
All2All
12
100
-59
-230
HYCap>limit
Hedge
High-yield share above policy cap
150
Defer adds pending macro print