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
C09901
CR9081
2025-08-24
Calm
79
403
4.1
2.7
1,436,577,164
RealEstate:20.7;Utilities:20.4;Energy:22.8;Materials:23.9;Healthcare:12.2
US:71.5;EU:9.9;APAC:12.2;EMEA:4.9;LATAM:1.6
AAA:19.0;BBB:10.3;AA:10.6;CCC:13.1;BB:25.2;B:21.8
1.32
46.7
277
264
6.4
2
25
55
35
false
true
true
true
0.93
0.09
-0.39
RealEstate:EW;Tech:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
24
DealerC
RFQ
8
94
134
-401
Sector>limit
Hedge
Sector concentration above limit
167
Tighten HY exposure bands
C09902
CR7954
2025-01-21
Stress
224
664
6.4
0.7
1,422,711,343
Consumer:26.3;Comm:18.1;Tech:35.7;Materials:19.9
US:74.3;EU:6.0;APAC:8.9;EMEA:6.7;LATAM:4.1
CCC:15.9;BBB:25.2;BB:18.0;AA:23.7;AAA:17.1
3.88
29.3
254
287
19.5
4
25
35
35
true
true
false
true
0.5
1.59
0.49
RealEstate:EW
Hedge
CDX_IG: +189bps notional
-17
-8
ECN2
DealerAxed
12
93
72
-201
HYCap>limit
Hedge
High-yield share above policy cap
191
Reviewed by risk; hedges staggered
C09903
CR9654
2025-07-09
Stress
155
810
6.5
0.3
884,303,786
RealEstate:21.5;Energy:28.2;Comm:9.3;Healthcare:11.8;Utilities:10.6;Consumer:18.6
US:74.0;EU:6.2;APAC:10.5;EMEA:4.0;LATAM:5.4
B:22.7;AAA:32.6;CCC:35.9;A:8.9
3.83
45.7
240
513
12.6
2
20
55
30
true
true
true
true
-0.01
1.09
-0.34
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
12
36
ECN1
All2All
0
96
321
-95
Region>limit
PauseAdds
Regional concentration above limit
219
Defer adds pending macro print
C09904
CR1103
2024-10-21
Stress
205
698
8
-0.4
1,270,963,456
Financials:23.1;Tech:8.8;Comm:10.0;Materials:9.8;Healthcare:23.0;Utilities:25.2
US:62.8;EU:8.9;APAC:12.0;EMEA:12.0;LATAM:4.3
AAA:35.7;A:21.3;B:22.7;BB:20.3
6.86
53.3
181
682
19.6
4
25
45
25
true
true
true
false
1.03
0.14
0.16
null
Hedge
iTraxx_XOVER: +188bps notional
-10
-8
ECN1
All2All
10
99
256
61
Region>limit
Reduce
Regional concentration above limit
160
Tighten HY exposure bands
C09905
CR4596
2025-11-17
Tightening
112
515
4.8
1.6
1,620,393,885
Comm:26.7;Consumer:32.9;Healthcare:21.8;Energy:18.6
US:76.0;EU:9.6;APAC:7.9;EMEA:3.6;LATAM:2.8
CCC:16.5;AAA:20.6;A:30.5;BB:32.3
3.89
32.7
145
486
13
3.5
25
35
30
true
true
true
false
0.43
0.58
-0.38
null
Rotate
From Energy -1.0% to Utilities +1.0%
-5
-16
ECN1
All2All
5
99
252
-141
HYCap>limit
Reduce
High-yield share above policy cap
132
Rotate into defensive sectors
C09906
CR0784
2025-07-31
Tightening
147
357
4.7
1.8
2,404,997,989
Healthcare:12.4;Energy:16.2;Financials:13.0;Industrials:22.1;Comm:25.3;Materials:10.9
US:62.5;EU:15.2;APAC:12.2;EMEA:4.6;LATAM:5.5
AAA:16.2;AA:38.2;A:36.1;BB:9.5
1.86
25.8
111
159
8.2
2
35
45
30
false
true
false
false
0.01
1.23
0.5
RealEstate:EW
Hedge
Options_Payer: +142bps notional
6
38
ECN1
Electronic
2
85
-109
-244
Region>limit
Reduce
Regional concentration above limit
258
Defer adds pending macro print
C09907
CR3221
2024-02-21
Calm
79
325
4.4
2.4
631,073,602
Tech:36.0;Comm:12.7;Financials:29.5;Energy:21.8
US:69.9;EU:10.8;APAC:10.9;EMEA:5.1;LATAM:3.3
AA:32.2;B:25.6;BBB:11.2;BB:31.0
6.21
37.8
214
484
8.1
3
30
55
35
true
true
true
true
2.43
0
0.11
Healthcare:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-9
39
ECN2
DealerAxed
3
89
49
34
HYCap>limit
Hedge
High-yield share above policy cap
234
Tighten HY exposure bands
C09908
CR4572
2025-03-10
Calm
104
294
4.3
2
2,759,223,544
Financials:17.5;Energy:16.4;Healthcare:29.7;Tech:26.8;Utilities:9.6
US:65.4;EU:6.6;APAC:10.5;EMEA:11.1;LATAM:6.4
AA:30.3;B:10.0;BBB:12.2;AAA:19.8;CCC:27.8
2.22
55.5
260
421
2.7
2.5
30
45
25
false
true
true
true
-0.16
0.57
0.2
Healthcare:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-23
-1
DealerB
All2All
2
93
27
-321
VAR>budget
Rotate
Portfolio VAR above budget
188
Defer adds pending macro print
C09909
CR2750
2025-06-22
Tightening
142
479
3.8
1.5
2,972,006,186
Utilities:22.9;Financials:32.4;Healthcare:31.9;Materials:12.9
US:72.0;EU:12.1;APAC:8.4;EMEA:7.1;LATAM:0.3
CCC:18.1;B:23.3;BBB:20.0;A:28.4;AA:10.2
4.43
62.5
128
218
5.6
2.5
35
45
35
false
true
true
false
1.28
1.7
0.3
Tech:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
-3
DealerB
All2All
10
86
-99
-290
Sector>limit
Reduce
Sector concentration above limit
194
Tighten HY exposure bands
C09910
CR4047
2025-11-11
Stress
194
587
8.2
-1.7
2,823,924,311
Utilities:17.3;Comm:24.4;Energy:23.6;Tech:8.4;Materials:26.3
US:63.9;EU:8.3;APAC:10.2;EMEA:10.9;LATAM:6.7
B:14.7;CCC:21.7;BBB:21.9;BB:25.5;AAA:16.2
1.96
28.2
296
544
15.4
2.5
20
35
35
true
true
true
true
0.24
-0.25
0.4
Utilities:EW
Hedge
iTraxx_XOVER: +144bps notional
0
23
DealerB
DealerAxed
8
85
257
-26
HYCap>limit
Hedge
High-yield share above policy cap
229
Tighten HY exposure bands
C09911
CR0486
2025-12-09
Recovery
152
646
5.9
1.4
2,739,667,465
Comm:11.0;Utilities:9.0;Consumer:21.5;Healthcare:17.1;Energy:15.4;Industrials:25.9
US:63.4;EU:11.9;APAC:11.0;EMEA:7.6;LATAM:6.1
A:22.7;BBB:26.4;BB:22.6;B:28.3
2.92
31.2
273
235
11.9
2.5
20
45
35
true
true
true
true
0.12
-0.1
-0.01
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
3
DealerB
RFQ
2
91
-106
-121
HYCap>limit
Hedge
High-yield share above policy cap
115
Escalate watchlist names
C09912
CR8422
2025-03-28
Calm
103
397
4.4
2.3
64,049,993
RealEstate:11.3;Comm:12.3;Energy:25.8;Financials:22.1;Tech:11.2;Utilities:17.2
US:64.1;EU:6.8;APAC:14.3;EMEA:7.6;LATAM:7.2
CCC:9.4;BB:33.0;AAA:14.8;AA:14.8;B:14.6;A:13.4
4.62
38.4
80
143
13.7
2.5
25
55
35
true
true
true
false
0.57
1.02
0.03
Energy:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
-17
DealerB
All2All
8
86
-143
-62
Sector>limit
Reduce
Sector concentration above limit
215
Reviewed by risk; hedges staggered
C09913
CR4116
2025-02-17
Recovery
120
594
5.1
1.6
1,635,366,440
Consumer:17.8;Materials:34.0;Energy:35.9;Industrials:12.2
US:64.2;EU:16.9;APAC:7.0;EMEA:7.0;LATAM:4.9
BBB:22.3;AA:24.4;BB:17.0;CCC:36.3
7.33
41.5
216
456
14.5
4
35
35
25
true
true
true
true
0.65
1.62
-0.36
null
Rotate
From Energy -1.0% to Utilities +1.0%
7
-14
DealerA
Electronic
5
95
45
123
Sector>limit
Hedge
Sector concentration above limit
125
Defer adds pending macro print
C09914
CR5254
2025-02-01
Recovery
180
510
5.6
1.1
2,106,014,931
Comm:22.0;Financials:28.7;Healthcare:17.3;Materials:23.6;Utilities:8.3
US:68.5;EU:9.1;APAC:11.2;EMEA:8.6;LATAM:2.6
B:21.0;BB:20.0;CCC:41.4;BBB:17.6
2.34
38.2
118
473
8.7
2
35
35
25
false
true
true
false
1.91
0.53
0.21
null
Hedge
Options_Payer: +54bps notional
-11
14
DealerA
RFQ
9
99
201
-63
VAR>budget
Hedge
Portfolio VAR above budget
231
Tighten HY exposure bands
C09915
CR9593
2024-04-22
Calm
93
367
3.9
2.5
967,132,771
Healthcare:12.8;Consumer:27.1;Utilities:23.2;Financials:29.8;Energy:7.1
US:69.4;EU:14.6;APAC:6.9;EMEA:4.8;LATAM:4.3
AAA:16.8;BBB:22.2;BB:18.0;B:7.1;A:23.6;CCC:12.3
5.25
61.4
92
183
4.5
2
25
55
25
true
true
true
false
0.34
-0.03
0.32
RealEstate:EW
Hedge
SingleName_CDS: +146bps notional
-20
44
DealerB
Electronic
3
91
242
-321
VAR>budget
Hedge
Portfolio VAR above budget
174
Rotate into defensive sectors
C09916
CR9575
2025-10-15
Recovery
110
557
5.3
-0
2,443,851,571
Materials:23.0;Industrials:9.8;Tech:26.0;RealEstate:17.8;Utilities:23.5
US:66.9;EU:11.6;APAC:9.8;EMEA:7.7;LATAM:3.9
AA:21.6;AAA:23.1;BB:12.3;B:32.7;BBB:10.3
1.55
31
148
263
11.7
2
35
35
35
false
true
true
false
-0.27
0.59
0.27
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
4
19
DealerC
RFQ
7
87
-134
-262
Region>limit
Reduce
Regional concentration above limit
145
Tighten HY exposure bands
C09917
CR2273
2024-06-09
Tightening
114
476
4.6
0.9
2,836,996,436
Comm:7.4;Healthcare:12.1;Materials:29.1;RealEstate:20.4;Utilities:20.8;Financials:10.1
US:77.4;EU:8.5;APAC:6.0;EMEA:7.6;LATAM:0.5
AA:26.9;BB:18.2;CCC:9.5;A:25.2;BBB:20.3
5.3
60
87
310
9.6
4
35
55
30
false
true
false
false
2.05
0.21
-0.12
Financials:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
16
29
DealerA
DealerAxed
1
95
-114
110
Region>limit
Hedge
Regional concentration above limit
132
Rotate into defensive sectors
C09918
CR6315
2024-07-27
Stress
172
601
6.1
-1.6
165,107,692
Utilities:43.3;Industrials:12.5;Tech:14.5;Comm:14.8;Financials:14.9
US:61.9;EU:15.4;APAC:9.7;EMEA:8.5;LATAM:4.6
B:8.4;BBB:27.0;CCC:8.3;BB:2.7;AAA:23.0;A:30.7
0.92
26.8
164
537
9.3
2.5
35
45
25
true
true
false
false
2.4
1.26
0.28
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
38
DealerA
All2All
11
100
265
168
Region>limit
Reduce
Regional concentration above limit
185
Tighten HY exposure bands
C09919
CR1549
2025-01-15
Recovery
169
561
5.5
0.6
523,421,307
Tech:20.1;Financials:21.8;Materials:22.5;Utilities:12.5;Industrials:23.2
US:64.2;EU:16.0;APAC:12.9;EMEA:6.0;LATAM:0.9
CCC:8.2;B:17.9;BBB:40.1;AA:33.8
4.51
45.3
234
189
6.9
3.5
20
35
30
true
true
false
true
-0.49
1.64
0.19
Financials:EW;Materials:EW
Hedge
Treasury_Futures: +129bps notional
-17
3
DealerC
DealerAxed
10
97
-123
184
Sector>limit
Hedge
Sector concentration above limit
122
Rotate into defensive sectors
C09920
CR3083
2024-06-02
Stress
254
689
7.7
0.7
1,029,414,805
Comm:26.2;Industrials:17.8;Financials:7.0;Materials:25.4;Energy:12.3;Consumer:11.5
US:72.3;EU:5.6;APAC:11.2;EMEA:6.8;LATAM:4.2
AAA:10.8;BBB:16.2;A:13.9;AA:19.8;BB:39.2
1.06
61.9
299
430
11.2
2
25
45
20
true
true
true
true
0.99
0.93
-0.25
RealEstate:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
-11
ECN1
DealerAxed
4
87
-116
-229
HYCap>limit
Reduce
High-yield share above policy cap
166
Escalate watchlist names
C09921
CR6977
2024-01-20
Tightening
127
518
3.9
1.8
379,356,447
RealEstate:30.9;Healthcare:31.5;Tech:11.5;Utilities:26.0
US:73.0;EU:10.6;APAC:6.5;EMEA:8.0;LATAM:1.9
B:20.4;AAA:18.5;BBB:23.6;A:13.9;BB:23.6
3.65
56.6
238
480
5.5
3.5
30
45
20
true
true
true
true
2.34
0.2
0.35
Comm:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
-1
ECN1
RFQ
11
86
241
-258
Region>limit
Reduce
Regional concentration above limit
159
Reviewed by risk; hedges staggered
C09922
CR0724
2024-05-23
Calm
109
414
3.4
2.7
600,868,296
Consumer:26.2;Comm:16.1;Tech:26.6;Energy:10.4;Industrials:20.7
US:58.6;EU:22.5;APAC:6.8;EMEA:6.5;LATAM:5.7
AA:23.6;BB:22.5;CCC:9.1;BBB:16.9;A:27.9
6.95
62.2
248
308
10.1
2.5
20
35
35
true
true
false
true
0.44
0.74
-0.26
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
18
41
DealerB
Electronic
10
100
94
-78
HYCap>limit
Hedge
High-yield share above policy cap
154
Defer adds pending macro print
C09923
CR2562
2025-05-03
Tightening
153
505
4.8
1.8
2,456,331,338
Energy:34.3;Utilities:21.4;Comm:44.3
US:71.0;EU:11.0;APAC:6.8;EMEA:4.4;LATAM:6.9
BBB:26.0;AAA:30.4;AA:18.7;CCC:24.9
3.12
20.1
260
212
2.2
2
25
55
30
true
true
false
true
2.48
0.74
-0.27
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
-13
ECN1
Electronic
4
85
-28
-44
HYCap>limit
Reduce
High-yield share above policy cap
253
Rotate into defensive sectors
C09924
CR8717
2024-09-26
Calm
95
379
3.5
2
1,646,894,242
Industrials:22.7;Energy:33.0;Financials:32.4;Materials:11.9
US:63.0;EU:11.2;APAC:12.8;EMEA:8.2;LATAM:4.7
AAA:31.0;BBB:19.1;BB:16.7;A:33.2
5.59
59
266
295
12.5
4
30
55
20
true
true
false
true
1.36
0.82
0.57
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
36
DealerA
DealerAxed
11
97
-168
-302
VAR>budget
Rotate
Portfolio VAR above budget
258
Tighten HY exposure bands
C09925
CR2110
2024-04-10
Calm
98
374
4.1
2.7
2,373,360,275
Energy:22.2;Consumer:28.1;Comm:7.7;Industrials:26.3;Utilities:15.7
US:68.6;EU:12.1;APAC:9.7;EMEA:3.2;LATAM:6.4
A:18.5;AAA:6.9;BBB:20.0;BB:25.9;B:28.7
6.53
38.6
99
512
9.2
2.5
20
55
30
true
true
true
false
0.37
0.04
-0.36
Financials:EW
Hedge
CDX_HY: +94bps notional
-33
-14
ECN2
RFQ
6
91
158
140
HYCap>limit
Hedge
High-yield share above policy cap
239
Rotate into defensive sectors
C09926
CR1267
2025-10-20
Calm
109
392
3.2
1.9
567,492,643
Utilities:28.0;Comm:15.4;Financials:15.9;Materials:25.6;Healthcare:15.1
US:66.8;EU:7.3;APAC:10.4;EMEA:11.8;LATAM:3.7
AAA:27.2;AA:13.8;BB:6.3;A:18.4;BBB:9.0;B:25.2
0.89
48.6
182
467
12.9
2
30
45
20
false
true
true
false
1.06
1.78
0.56
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
44
DealerC
Electronic
5
98
-7
-54
Sector>limit
Reduce
Sector concentration above limit
227
Defer adds pending macro print
C09927
CR8220
2025-07-16
Calm
112
383
3.8
1.9
2,096,577,335
RealEstate:35.0;Financials:40.2;Energy:24.8
US:62.7;EU:11.9;APAC:9.4;EMEA:9.5;LATAM:6.4
B:14.4;BBB:16.0;AAA:53.8;BB:10.5;CCC:5.3
1.38
47.1
118
487
12.9
3
20
35
20
true
true
true
false
0
0.9
0.05
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
-18
ECN1
Electronic
0
95
119
-225
Region>limit
Hedge
Regional concentration above limit
259
Tighten HY exposure bands
C09928
CR3146
2024-11-17
Tightening
122
444
4.8
1.2
90,878,855
Materials:29.5;Comm:22.2;Financials:25.4;Industrials:11.3;Energy:11.5
US:61.5;EU:17.7;APAC:8.2;EMEA:7.2;LATAM:5.5
AAA:18.4;CCC:25.0;A:13.2;BBB:17.5;BB:17.9;AA:8.1
1.87
24.3
103
394
11.6
3
20
35
20
true
true
true
false
-0.16
-0.24
0.47
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
16
34
DealerC
DealerAxed
9
91
361
-403
HYCap>limit
Hedge
High-yield share above policy cap
142
Defer adds pending macro print
C09929
CR3079
2024-11-07
Calm
71
392
3.9
1.7
2,828,342,553
Healthcare:16.7;Materials:54.2;Tech:29.0
US:65.5;EU:8.9;APAC:8.9;EMEA:12.2;LATAM:4.5
BBB:15.1;AA:37.6;AAA:26.5;CCC:10.5;BB:3.8;B:6.6
3.77
60.8
92
414
13.8
3.5
20
55
30
true
true
false
false
1.2
-0.26
0.38
null
Hedge
Options_Payer: +170bps notional
-27
30
DealerA
RFQ
8
87
190
-399
Region>limit
Hedge
Regional concentration above limit
182
Defer adds pending macro print
C09930
CR8980
2025-06-13
Recovery
170
576
6.1
-0.4
2,561,302,832
Materials:18.7;Financials:31.9;Utilities:20.2;Tech:29.2
US:67.4;EU:6.8;APAC:9.2;EMEA:10.7;LATAM:5.9
A:13.2;AAA:14.4;BBB:12.7;BB:27.0;B:22.1;AA:10.7
4.7
24.5
108
398
3.7
3
20
35
30
true
true
true
false
0.99
1.68
0.28
Energy:EW
Hedge
SingleName_CDS: +160bps notional
-30
28
DealerB
All2All
1
95
257
-192
HYCap>limit
Rotate
High-yield share above policy cap
118
Reviewed by risk; hedges staggered
C09931
CR9987
2025-10-29
Tightening
112
418
4.8
1.9
340,184,246
Tech:37.6;Financials:45.1;Comm:17.2
US:69.3;EU:10.0;APAC:7.8;EMEA:6.4;LATAM:6.4
AAA:20.9;B:7.1;AA:11.2;BB:27.5;CCC:11.9;A:21.4
0.56
44.1
103
286
9
2
30
35
20
true
true
true
false
0.28
1.1
-0.01
Financials:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
31
ECN1
All2All
3
98
134
172
HYCap>limit
Hedge
High-yield share above policy cap
184
Rotate into defensive sectors
C09932
CR0393
2025-10-25
Calm
98
420
3.6
2.2
2,483,698,886
Industrials:24.8;Materials:25.7;Consumer:19.4;Financials:11.6;Healthcare:18.5
US:66.4;EU:8.6;APAC:10.9;EMEA:12.5;LATAM:1.6
CCC:13.4;AAA:17.7;B:6.8;AA:22.0;BB:9.6;BBB:30.5
4.1
35.3
268
423
5.2
4
25
55
35
true
true
false
true
0.21
0.91
-0.27
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
17
27
DealerB
Electronic
2
92
78
-23
VAR>budget
Hedge
Portfolio VAR above budget
180
Defer adds pending macro print
C09933
CR2726
2025-10-20
Recovery
147
497
4.6
0.8
1,006,745,850
Tech:46.0;Financials:29.9;Energy:24.1
US:61.5;EU:18.0;APAC:8.2;EMEA:6.0;LATAM:6.3
BBB:43.9;CCC:8.6;B:14.9;BB:32.6
1.98
49.7
156
158
15.8
3.5
30
55
35
true
true
true
false
0.84
1.76
-0.16
Industrials:EW
Hedge
iTraxx_XOVER: +100bps notional
-57
22
DealerC
RFQ
6
96
181
-411
VAR>budget
Hedge
Portfolio VAR above budget
194
Escalate watchlist names
C09934
CR8816
2024-01-13
Tightening
117
434
4.4
2
2,682,649,143
Materials:26.7;Industrials:13.5;Consumer:10.7;Financials:10.1;Energy:21.6;Tech:17.4
US:64.3;EU:20.9;APAC:6.8;EMEA:7.8;LATAM:0.2
AAA:33.5;BB:20.8;CCC:13.0;BBB:32.7
2.56
23.2
261
289
15.2
4
25
45
30
true
true
true
true
0.95
0.76
-0.05
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-31
-5
DealerA
DealerAxed
4
86
407
82
HYCap>limit
Hedge
High-yield share above policy cap
183
Defer adds pending macro print
C09935
CR4581
2024-12-16
Tightening
120
409
5.1
1
1,014,579,656
Industrials:14.3;Tech:34.3;Healthcare:26.1;Comm:25.3
US:68.7;EU:8.4;APAC:13.3;EMEA:9.1;LATAM:0.5
BBB:20.8;BB:15.8;A:16.5;AAA:21.1;CCC:12.6;AA:13.2
3.97
38.4
233
212
11.4
4
20
35
25
true
true
true
true
0.57
1.54
-0.16
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
20
10
ECN1
Electronic
0
96
48
-425
HYCap>limit
Hedge
High-yield share above policy cap
163
Escalate watchlist names
C09936
CR7100
2025-12-04
Tightening
143
452
5.1
0.9
552,875,700
Industrials:20.7;Comm:19.8;RealEstate:17.3;Consumer:16.9;Tech:15.8;Healthcare:9.5
US:66.4;EU:14.2;APAC:11.3;EMEA:4.9;LATAM:3.3
CCC:25.6;AA:11.4;AAA:12.3;BBB:5.4;A:16.8;BB:28.4
5.88
61.5
159
357
12.2
4
25
35
20
false
true
true
false
0.52
0.48
0.17
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
11
DealerA
DealerAxed
0
96
-52
-421
Sector>limit
Hedge
Sector concentration above limit
117
Tighten HY exposure bands
C09937
CR3468
2025-09-10
Stress
218
776
8.1
-0.5
290,988,108
Energy:15.0;Utilities:19.1;Financials:25.2;Tech:9.1;Consumer:11.2;Materials:20.3
US:64.4;EU:16.0;APAC:8.6;EMEA:8.2;LATAM:2.8
B:13.9;BB:21.2;CCC:16.9;AAA:25.1;BBB:22.8
2.09
45.1
212
379
19.4
2
35
55
30
false
true
true
true
1.96
0.37
0.21
null
Hedge
CDX_IG: +159bps notional
-41
4
DealerC
Electronic
1
90
-49
8
HYCap>limit
Hedge
High-yield share above policy cap
124
Escalate watchlist names
C09938
CR1910
2024-04-29
Tightening
115
371
4.1
1.4
791,810,715
Materials:30.1;Industrials:20.4;Tech:35.1;Utilities:14.4
US:73.2;EU:9.1;APAC:7.6;EMEA:7.3;LATAM:2.8
BBB:27.7;CCC:10.1;AA:24.7;AAA:28.4;B:9.1
0.66
40.1
211
224
7.4
3.5
20
35
35
true
true
false
true
0.96
0.43
0.18
RealEstate:EW;Financials:EW
Hedge
Options_Payer: +105bps notional
-8
24
ECN2
Electronic
12
86
-205
-186
HYCap>limit
Reduce
High-yield share above policy cap
212
Reviewed by risk; hedges staggered
C09939
CR7051
2024-11-24
Tightening
155
456
4.3
1.1
2,626,164,670
Consumer:10.2;Utilities:17.3;Tech:8.9;Energy:29.6;Industrials:18.7;RealEstate:15.4
US:77.3;EU:8.3;APAC:10.5;EMEA:3.0;LATAM:0.9
B:24.4;CCC:26.0;A:11.8;BB:15.9;AAA:11.5;AA:10.3
4.65
27
162
519
10.9
4
25
45
20
true
true
true
false
1.02
1.06
0.54
Financials:EW;Energy:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
43
DealerB
Electronic
5
87
38
-423
Sector>limit
Reduce
Sector concentration above limit
214
Defer adds pending macro print
C09940
CR4846
2024-11-14
Recovery
169
478
5.1
1.6
2,870,064,825
Healthcare:42.1;Energy:28.7;Industrials:29.2
US:71.5;EU:7.5;APAC:7.8;EMEA:10.3;LATAM:2.9
A:28.7;BBB:23.8;CCC:29.4;BB:18.1
2.02
25.7
252
378
11.4
2.5
35
55
35
true
true
true
true
1.49
0.76
-0.06
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-17
33
DealerB
DealerAxed
6
86
-39
80
Region>limit
Reduce
Regional concentration above limit
208
Defer adds pending macro print
C09941
CR6844
2025-04-23
Recovery
113
482
5.9
0.9
2,600,403,569
RealEstate:15.5;Comm:12.3;Healthcare:17.0;Industrials:17.5;Materials:15.6;Energy:22.2
US:63.3;EU:14.4;APAC:8.4;EMEA:10.6;LATAM:3.3
CCC:30.7;A:13.7;AA:25.5;BBB:19.1;BB:10.9
0.74
50.7
214
386
3.2
4
30
35
20
false
true
true
true
1
0.18
0.47
null
Hedge
iTraxx_MAIN: +110bps notional
-32
-13
DealerA
Electronic
6
92
448
-31
Sector>limit
Rotate
Sector concentration above limit
123
Rotate into defensive sectors
C09942
CR8313
2024-07-04
Tightening
150
481
5.2
1.5
803,582,503
Industrials:33.9;Tech:13.3;Materials:10.1;Energy:8.7;Comm:34.0
US:59.1;EU:15.5;APAC:12.2;EMEA:7.0;LATAM:6.1
B:13.5;CCC:8.8;AA:36.9;BB:8.5;AAA:32.4
6.88
52.6
199
492
10.7
4
20
45
20
true
true
true
false
0.36
0.74
0.32
null
Hedge
Treasury_Futures: +128bps notional
-53
-7
DealerC
All2All
10
88
180
-123
HYCap>limit
Reduce
High-yield share above policy cap
193
Reviewed by risk; hedges staggered
C09943
CR0283
2024-08-09
Tightening
160
367
5.1
1.2
253,518,297
Materials:32.3;Healthcare:38.0;Energy:12.9;Financials:16.8
US:55.9;EU:19.3;APAC:12.7;EMEA:9.5;LATAM:2.6
AA:23.4;A:28.5;AAA:19.3;B:11.8;BB:5.2;CCC:11.8
3.45
61.6
98
247
7.2
2.5
35
45
30
true
true
false
false
1.42
0.33
0.52
null
Rotate
From Energy -1.0% to Utilities +1.0%
-45
13
ECN2
Electronic
4
86
73
-83
HYCap>limit
Reduce
High-yield share above policy cap
95
Rotate into defensive sectors
C09944
CR2892
2024-02-06
Calm
119
390
3.9
2.9
897,228,612
Healthcare:10.5;Energy:37.1;Financials:18.1;Industrials:34.3
US:65.8;EU:15.2;APAC:10.1;EMEA:3.5;LATAM:5.3
BB:19.3;CCC:25.0;AA:14.6;AAA:11.4;B:17.3;A:12.4
7.12
27.5
241
224
6.9
2.5
25
55
30
true
true
true
true
1.92
0.72
-0.31
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-10
-15
ECN2
DealerAxed
1
93
40
-135
Sector>limit
Hedge
Sector concentration above limit
250
Escalate watchlist names
C09945
CR4745
2025-11-19
Recovery
131
551
4.6
0.2
1,440,779,629
Industrials:14.5;Financials:29.1;Utilities:21.1;RealEstate:23.9;Materials:11.4
US:62.0;EU:10.8;APAC:12.6;EMEA:9.0;LATAM:5.5
A:28.4;AA:15.4;CCC:9.2;AAA:26.5;BB:20.5
5.23
40.2
243
412
17.7
3
20
35
35
true
true
false
true
1
0.73
0.06
Industrials:EW;Utilities:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-13
21
DealerB
DealerAxed
0
89
-198
29
HYCap>limit
Hedge
High-yield share above policy cap
116
Reviewed by risk; hedges staggered
C09946
CR3260
2025-07-10
Calm
112
394
3.6
2.9
2,139,743,340
Utilities:17.1;Tech:19.5;RealEstate:23.5;Financials:8.8;Consumer:10.6;Energy:20.5
US:58.3;EU:11.6;APAC:14.4;EMEA:10.9;LATAM:4.8
CCC:31.9;AAA:23.0;BBB:24.0;B:21.1
4.24
64.2
115
342
17.5
2.5
30
35
35
false
true
true
false
2.14
1.12
0.31
Healthcare:EW
Hedge
CDX_IG: +179bps notional
-32
3
DealerB
All2All
5
91
364
120
Region>limit
Hedge
Regional concentration above limit
192
Escalate watchlist names
C09947
CR5823
2024-12-01
Calm
66
393
3.7
2.2
1,889,334,757
Consumer:18.2;Healthcare:9.8;Materials:18.5;Industrials:18.4;Comm:16.7;Financials:18.3
US:61.0;EU:15.8;APAC:13.2;EMEA:4.6;LATAM:5.5
AAA:16.6;AA:11.3;A:25.0;BBB:24.7;BB:22.4
2.75
52.3
251
228
12.3
3
35
45
20
false
true
true
true
1.95
0.29
0.34
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
18
25
ECN1
DealerAxed
8
93
27
180
VAR>budget
Hedge
Portfolio VAR above budget
254
Reviewed by risk; hedges staggered
C09948
CR8946
2025-12-05
Recovery
113
429
4.5
1
460,130,273
Comm:17.7;Consumer:19.0;Materials:24.7;Utilities:8.4;RealEstate:14.7;Industrials:15.5
US:65.4;EU:11.5;APAC:10.6;EMEA:5.1;LATAM:7.4
A:32.4;BB:18.2;CCC:17.9;AAA:31.5
2.34
60.8
168
436
14.4
3.5
25
45
20
false
true
true
false
1.88
0.15
-0.22
Healthcare:EW
Hedge
SingleName_CDS: +133bps notional
-42
21
ECN1
Electronic
10
91
232
-245
HYCap>limit
Hedge
High-yield share above policy cap
168
Rotate into defensive sectors
C09949
CR7548
2025-09-08
Stress
199
662
7.2
0.4
976,888,945
Industrials:22.8;Energy:39.2;Tech:37.9
US:64.1;EU:13.3;APAC:11.4;EMEA:9.2;LATAM:2.0
BB:38.2;AAA:17.3;BBB:10.5;B:14.4;AA:19.7
3.27
20.3
291
379
18.1
2.5
25
35
30
true
true
true
true
1.22
1.41
0.43
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-55
34
DealerA
All2All
8
96
297
78
VAR>budget
Hedge
Portfolio VAR above budget
161
Reviewed by risk; hedges staggered
C09950
CR8087
2024-03-01
Stress
212
585
7.9
-0.7
2,767,845,914
Energy:19.2;Comm:38.6;Healthcare:13.5;Materials:28.7
US:56.0;EU:16.2;APAC:13.1;EMEA:7.7;LATAM:7.1
CCC:8.8;BBB:29.8;AA:21.1;B:40.2
1.56
22.8
359
348
20.2
3
30
45
30
true
true
true
true
0.94
0.43
-0.07
Financials:EW;Utilities:EW
Hedge
Options_Payer: +174bps notional
-44
35
ECN2
All2All
7
98
410
8
VAR>budget
Hedge
Portfolio VAR above budget
173
Rotate into defensive sectors
C09951
CR6788
2025-05-23
Calm
78
339
4
2.5
652,405,767
Healthcare:22.8;Tech:34.2;Comm:15.8;Utilities:13.6;RealEstate:13.6
US:60.4;EU:14.7;APAC:12.2;EMEA:6.1;LATAM:6.6
A:18.5;AAA:28.9;CCC:31.5;BBB:21.1
5.9
31.4
200
384
4
2.5
20
55
30
true
true
true
false
1.39
-0.29
0.5
Energy:EW
Hedge
SingleName_CDS: +196bps notional
-23
34
DealerC
All2All
9
87
-60
-112
VAR>budget
Hedge
Portfolio VAR above budget
211
Escalate watchlist names
C09952
CR7195
2024-05-02
Calm
110
327
3.3
1.7
2,147,392,582
Utilities:31.7;RealEstate:44.1;Comm:14.3;Materials:9.9
US:69.4;EU:7.8;APAC:7.2;EMEA:9.1;LATAM:6.5
CCC:38.6;AA:14.7;B:14.8;BBB:31.9
2.93
58.8
109
120
16
3.5
30
55
30
true
true
true
false
0.28
0.72
0.39
null
Rotate
From Energy -1.0% to Utilities +1.0%
1
-15
DealerC
All2All
3
88
193
100
Region>limit
Rotate
Regional concentration above limit
171
Tighten HY exposure bands
C09953
CR5892
2024-10-27
Stress
232
745
7.1
0.1
2,035,746,082
Healthcare:14.2;Consumer:17.3;Energy:16.3;Utilities:17.3;Industrials:34.9
US:68.2;EU:5.3;APAC:8.4;EMEA:9.7;LATAM:8.4
BB:13.4;B:26.2;AAA:26.6;AA:16.5;BBB:17.3
3.11
38.3
207
358
15.1
3.5
20
35
35
true
true
true
true
0.24
0.67
0.03
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
-3
ECN2
All2All
9
89
48
-158
HYCap>limit
Hedge
High-yield share above policy cap
185
Tighten HY exposure bands
C09954
CR3551
2024-04-24
Tightening
103
357
4.6
1.9
183,437,958
Industrials:13.5;Consumer:23.8;Utilities:52.0;Financials:10.7
US:60.6;EU:14.5;APAC:11.3;EMEA:10.2;LATAM:3.4
B:4.0;BBB:19.2;A:13.0;AA:31.9;BB:5.1;AAA:26.7
7.06
43.8
124
227
15.8
3.5
35
55
30
true
true
false
false
1.37
0.82
-0.17
RealEstate:EW
Hedge
iTraxx_MAIN: +135bps notional
20
-5
ECN1
DealerAxed
0
92
219
59
Sector>limit
Hedge
Sector concentration above limit
117
Tighten HY exposure bands
C09955
CR9981
2025-05-26
Tightening
139
425
4.6
0.6
1,371,276,533
Comm:13.7;Tech:25.2;Utilities:32.2;Materials:29.0
US:61.2;EU:16.3;APAC:11.1;EMEA:5.8;LATAM:5.7
BB:6.8;CCC:22.1;AAA:11.2;A:25.6;B:5.6;AA:28.7
5.13
63
168
166
9.8
3.5
30
45
30
true
true
true
false
-0.27
0.07
-0.21
null
Hedge
CDX_IG: +100bps notional
-32
32
DealerC
Electronic
5
94
56
76
VAR>budget
Hedge
Portfolio VAR above budget
177
Tighten HY exposure bands
C09956
CR2421
2024-10-27
Calm
97
382
3.6
2.1
2,956,949,990
Healthcare:42.5;Industrials:33.1;RealEstate:24.3
US:65.8;EU:8.0;APAC:11.3;EMEA:7.8;LATAM:7.1
AA:23.2;CCC:11.3;B:14.9;BBB:27.1;A:23.4
5.67
30.2
138
237
17.3
2.5
20
45
30
true
true
false
false
2.36
1.01
-0.14
Comm:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
39
DealerB
Electronic
9
90
257
-202
HYCap>limit
Reduce
High-yield share above policy cap
99
Reviewed by risk; hedges staggered
C09957
CR2985
2024-01-21
Tightening
131
426
4.6
1.7
1,111,897,007
Industrials:32.1;Healthcare:23.4;RealEstate:9.3;Utilities:35.2
US:70.6;EU:10.0;APAC:9.8;EMEA:6.5;LATAM:3.1
AA:19.6;BBB:16.2;B:38.6;AAA:19.4;A:6.3
5.41
61
164
435
3.8
2
25
45
30
true
true
true
false
1.71
1.31
0.28
Materials:EW
Hedge
SingleName_CDS: +189bps notional
-40
21
ECN1
RFQ
0
99
199
112
Region>limit
Rotate
Regional concentration above limit
111
Reviewed by risk; hedges staggered
C09958
CR1463
2025-10-30
Calm
85
329
4.3
2.9
367,018,799
Utilities:27.8;RealEstate:39.4;Healthcare:18.0;Energy:14.7
US:71.8;EU:11.8;APAC:12.4;EMEA:3.3;LATAM:0.8
A:16.2;AAA:19.2;BBB:28.8;AA:27.5;B:8.3
6.1
47.7
125
493
15.8
4
25
35
20
true
true
false
false
0.01
0.36
0.48
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
4
8
DealerA
All2All
3
100
394
-110
Sector>limit
Rotate
Sector concentration above limit
92
Reviewed by risk; hedges staggered
C09959
CR3292
2024-01-21
Calm
66
298
4
1.6
499,106,693
Industrials:25.6;Tech:19.0;Materials:27.4;Utilities:28.0
US:74.5;EU:4.8;APAC:12.0;EMEA:6.6;LATAM:2.1
BBB:24.6;B:9.9;BB:31.8;A:17.0;CCC:16.7
2.11
39.1
167
324
14.1
3.5
20
35
20
true
true
true
false
1.54
0.01
-0.08
RealEstate:EW
Hedge
CDX_HY: +106bps notional
14
4
DealerA
Electronic
11
87
257
-392
Sector>limit
PauseAdds
Sector concentration above limit
113
Rotate into defensive sectors
C09960
CR9488
2025-06-17
Tightening
146
406
4.8
1.7
608,248,215
Comm:12.4;Consumer:12.3;Industrials:16.6;Tech:36.3;Energy:22.4
US:63.9;EU:17.2;APAC:12.3;EMEA:5.1;LATAM:1.5
AA:11.0;AAA:18.9;A:10.2;CCC:25.7;BBB:34.2
2.75
46.5
95
364
3.3
3.5
35
35
25
true
true
true
false
1.38
0.26
0.19
Utilities:EW
Hedge
iTraxx_XOVER: +111bps notional
-4
43
DealerC
All2All
4
87
-2
141
HYCap>limit
Hedge
High-yield share above policy cap
97
Tighten HY exposure bands
C09961
CR5955
2025-10-09
Stress
248
730
6.1
-0.4
2,003,509,645
Industrials:19.2;Energy:31.7;Healthcare:26.0;Financials:23.0
US:64.2;EU:11.1;APAC:11.6;EMEA:10.4;LATAM:2.6
AA:31.6;BB:13.2;B:5.5;A:35.6;CCC:14.1
1.33
37.1
315
479
12.7
2
30
45
20
true
true
true
true
2.29
0.35
-0.07
Materials:EW;Consumer:EW
Hedge
iTraxx_XOVER: +158bps notional
-30
7
ECN2
DealerAxed
7
85
-14
53
VAR>budget
Reduce
Portfolio VAR above budget
146
Reviewed by risk; hedges staggered
C09962
CR4092
2024-09-04
Stress
193
771
5.9
-0.1
1,736,650,805
Utilities:20.8;RealEstate:29.8;Consumer:16.3;Energy:16.4;Tech:16.7
US:68.7;EU:7.6;APAC:11.2;EMEA:9.2;LATAM:3.3
A:28.1;B:17.5;CCC:22.9;BBB:31.5
4.36
38.9
230
649
21
3
35
45
20
false
true
true
true
2.22
0.52
-0.35
null
Rotate
From Energy -1.0% to Utilities +1.0%
-3
9
DealerA
DealerAxed
5
98
349
-76
VAR>budget
Rotate
Portfolio VAR above budget
210
Reviewed by risk; hedges staggered
C09963
CR6806
2025-06-05
Recovery
177
471
5.6
0.2
2,766,381,780
Healthcare:23.8;Tech:9.7;Energy:29.3;RealEstate:25.4;Industrials:11.7
US:65.4;EU:8.1;APAC:18.1;EMEA:5.6;LATAM:2.9
A:16.4;AA:18.0;BBB:16.4;AAA:17.3;B:20.8;BB:11.2
6.41
64.5
171
318
10.6
3
20
35
35
true
true
false
false
-0.29
1.71
0.32
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
-23
ECN2
RFQ
3
95
69
-349
VAR>budget
PauseAdds
Portfolio VAR above budget
94
Rotate into defensive sectors
C09964
CR7443
2024-12-11
Stress
248
730
7.4
-0.5
694,517,247
Energy:30.0;Financials:25.5;Healthcare:16.3;Industrials:17.0;Comm:11.1
US:57.2;EU:14.7;APAC:12.9;EMEA:10.0;LATAM:5.3
B:13.7;AAA:47.4;BBB:22.3;BB:16.6
6.32
36
331
378
8.6
2.5
20
45
30
true
true
true
true
-0.49
1.1
0.23
Healthcare:EW
Hedge
SingleName_CDS: +91bps notional
20
-15
DealerA
All2All
7
99
-35
-159
Sector>limit
Rotate
Sector concentration above limit
208
Rotate into defensive sectors
C09965
CR4108
2024-04-02
Calm
97
315
3.6
2.9
2,555,831,329
RealEstate:17.4;Materials:9.6;Comm:38.4;Consumer:11.1;Financials:23.5
US:63.0;EU:12.7;APAC:9.8;EMEA:8.6;LATAM:5.9
AA:36.3;CCC:5.0;BBB:36.9;A:12.9;BB:9.0
6.88
29.6
136
192
12.7
4
30
45
35
true
true
false
false
-0.03
0.15
0.14
null
Hedge
Treasury_Futures: +169bps notional
8
-13
ECN1
RFQ
3
88
419
67
HYCap>limit
Hedge
High-yield share above policy cap
230
Reviewed by risk; hedges staggered
C09966
CR5096
2025-12-12
Stress
213
724
5.2
0.3
2,859,861,694
Comm:17.7;Healthcare:25.2;Industrials:20.0;Consumer:12.9;Utilities:24.2
US:69.6;EU:7.4;APAC:10.3;EMEA:10.1;LATAM:2.6
CCC:5.6;A:23.8;AAA:25.8;B:11.8;AA:20.7;BB:12.2
4.93
23.9
363
469
17.5
2.5
35
45
20
false
true
true
true
1.41
-0.01
0.32
null
Rotate
From Energy -1.0% to Utilities +1.0%
-40
23
ECN1
RFQ
11
96
215
92
HYCap>limit
Rotate
High-yield share above policy cap
129
Tighten HY exposure bands
C09967
CR8922
2024-10-25
Calm
108
340
3.7
2.7
177,344,410
Comm:29.8;Tech:14.1;Industrials:13.0;Financials:21.8;Healthcare:21.3
US:60.2;EU:13.1;APAC:14.2;EMEA:11.2;LATAM:1.2
CCC:28.4;BB:20.5;AA:18.8;B:15.5;BBB:16.8
2.44
50
162
365
13.8
3
30
45
35
false
true
true
false
2.08
0.11
-0.05
Industrials:EW;Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
2
ECN2
Electronic
2
95
-165
-360
VAR>budget
Rotate
Portfolio VAR above budget
259
Rotate into defensive sectors
C09968
CR7303
2025-11-10
Calm
100
360
4.2
2.7
1,053,847,569
Industrials:33.2;Consumer:14.8;Energy:8.8;Tech:19.7;Materials:12.3;Utilities:11.3
US:69.1;EU:6.6;APAC:12.9;EMEA:7.1;LATAM:4.3
B:7.4;AAA:36.3;BBB:30.5;BB:16.3;CCC:9.5
0.59
20.7
135
187
2.6
2
20
45
25
true
true
true
false
0.81
0.82
0.39
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
5
38
DealerB
DealerAxed
6
89
84
-393
HYCap>limit
Hedge
High-yield share above policy cap
202
Reviewed by risk; hedges staggered
C09969
CR3146
2024-10-16
Stress
217
751
5.6
-1.8
59,939,732
Materials:24.1;Energy:22.0;RealEstate:17.6;Comm:36.2
US:62.2;EU:15.2;APAC:8.6;EMEA:10.8;LATAM:3.2
B:11.4;A:25.0;BB:11.9;AA:33.4;CCC:4.5;BBB:14.0
5.8
35.6
199
373
20.1
3
35
45
20
true
true
true
false
1.19
1.02
0.43
Healthcare:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-5
-13
ECN1
DealerAxed
3
89
-150
-218
HYCap>limit
Reduce
High-yield share above policy cap
201
Rotate into defensive sectors
C09970
CR0512
2025-05-19
Stress
150
592
6.1
-0.5
1,160,607,802
Tech:21.7;RealEstate:19.6;Consumer:11.0;Utilities:19.5;Materials:20.7;Financials:7.5
US:64.5;EU:9.5;APAC:14.6;EMEA:6.8;LATAM:4.6
BBB:15.4;A:9.9;AA:14.4;CCC:19.2;BB:15.5;AAA:25.7
3.31
63.4
268
553
19.4
3
30
45
35
false
true
false
true
-0.34
0.66
0.23
Tech:EW
Hedge
Treasury_Futures: +62bps notional
-5
15
ECN2
DealerAxed
5
88
154
-101
Sector>limit
Hedge
Sector concentration above limit
187
Rotate into defensive sectors
C09971
CR1996
2024-07-27
Stress
175
782
8.5
-1.9
568,497,273
Industrials:10.8;Financials:27.8;Healthcare:15.4;Utilities:19.9;Comm:14.1;RealEstate:12.1
US:62.9;EU:10.4;APAC:14.4;EMEA:6.4;LATAM:6.0
CCC:10.1;AA:20.9;AAA:31.4;A:28.5;BB:9.1
6.75
25.1
277
361
15.6
3.5
25
45
30
true
true
false
true
1.04
1.03
0.07
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-18
42
ECN2
DealerAxed
7
92
83
-299
Region>limit
Hedge
Regional concentration above limit
169
Rotate into defensive sectors
C09972
CR3477
2024-05-14
Recovery
155
588
5.5
1.7
518,106,700
Consumer:20.0;Materials:17.5;Comm:21.0;Energy:9.8;Utilities:16.8;Healthcare:14.8
US:61.2;EU:14.1;APAC:9.5;EMEA:9.9;LATAM:5.4
AAA:18.2;AA:34.8;BB:14.7;BBB:32.2
2.55
32.8
97
308
12.9
4
25
35
20
false
true
false
false
0.79
0.86
0.03
RealEstate:EW
Hedge
iTraxx_XOVER: +110bps notional
2
-17
DealerB
Electronic
5
98
374
-175
HYCap>limit
Hedge
High-yield share above policy cap
251
Escalate watchlist names
C09973
CR2176
2024-06-14
Calm
99
287
3.3
1.5
1,123,025,260
Financials:18.2;Materials:29.6;Utilities:12.6;Consumer:28.5;Tech:11.0
US:70.8;EU:6.6;APAC:6.1;EMEA:13.8;LATAM:2.6
AAA:25.1;BBB:19.2;CCC:12.2;BB:15.1;AA:13.8;A:14.6
5.1
49.3
82
425
8.9
4
35
55
30
false
true
false
false
1.69
0.74
-0.07
RealEstate:EW
Hedge
iTraxx_MAIN: +178bps notional
-8
9
DealerC
All2All
4
92
68
-54
VAR>budget
Reduce
Portfolio VAR above budget
193
Defer adds pending macro print
C09974
CR9839
2025-05-04
Calm
76
356
4.4
2.7
619,293,790
Consumer:55.3;Materials:28.2;RealEstate:16.5
US:75.8;EU:7.2;APAC:6.1;EMEA:9.5;LATAM:1.4
AA:8.9;CCC:17.5;A:12.6;B:16.1;BBB:22.7;AAA:22.2
0.69
46
219
166
8.4
2
30
55
30
true
true
true
true
1.36
1.58
0.32
Consumer:EW
Hedge
SingleName_CDS: +200bps notional
-52
13
DealerB
RFQ
1
89
282
-325
HYCap>limit
Hedge
High-yield share above policy cap
90
Reviewed by risk; hedges staggered
C09975
CR8407
2025-04-11
Stress
171
801
6.3
-0.2
2,146,090,138
Consumer:19.2;RealEstate:28.0;Healthcare:19.0;Financials:18.6;Materials:15.3
US:66.9;EU:18.9;APAC:6.8;EMEA:6.7;LATAM:0.8
BB:32.8;AAA:6.5;A:22.0;AA:23.1;CCC:15.5
7.33
41.2
368
627
9.2
2
30
35
35
false
true
true
true
0.57
1.24
0.4
Materials:EW
Hedge
iTraxx_MAIN: +124bps notional
16
16
DealerA
Electronic
8
93
-207
-328
HYCap>limit
Reduce
High-yield share above policy cap
244
Reviewed by risk; hedges staggered
C09976
CR2159
2025-06-28
Calm
66
386
4.1
2.2
406,404,702
Utilities:20.9;Comm:36.7;RealEstate:42.4
US:71.7;EU:8.2;APAC:6.9;EMEA:10.9;LATAM:2.4
AAA:22.4;A:43.5;CCC:21.3;BB:12.8
2.79
27.3
204
143
12.1
3.5
30
45
25
true
true
true
true
1.07
1.35
0.46
Energy:EW
Hedge
Treasury_Futures: +170bps notional
-40
38
ECN1
Electronic
0
92
-4
-339
HYCap>limit
Reduce
High-yield share above policy cap
260
Tighten HY exposure bands
C09977
CR1012
2025-10-27
Recovery
124
623
5.1
0.3
908,351,102
Industrials:17.0;Consumer:11.5;Tech:18.6;Energy:14.2;Healthcare:38.7
US:68.6;EU:5.8;APAC:8.0;EMEA:10.2;LATAM:7.4
AA:20.7;BB:36.4;A:12.7;BBB:30.1
1.57
61
173
215
15.2
4
25
45
20
true
true
true
false
-0.3
1.7
0.5
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-42
8
DealerC
RFQ
11
89
-184
-16
HYCap>limit
Reduce
High-yield share above policy cap
96
Escalate watchlist names
C09978
CR4520
2024-07-06
Calm
97
390
3.4
2.7
487,073,625
Tech:8.7;Consumer:15.7;RealEstate:24.9;Comm:13.7;Materials:25.5;Utilities:11.5
US:63.4;EU:12.9;APAC:9.5;EMEA:10.1;LATAM:4.2
BBB:23.0;A:20.9;B:10.8;BB:14.6;AAA:21.6;CCC:9.1
4.63
63.2
177
269
16.9
2.5
30
55
35
false
true
false
false
2.48
1.26
0.08
Healthcare:EW;Consumer:EW
Hedge
iTraxx_MAIN: +51bps notional
-42
13
ECN2
RFQ
11
85
1
-142
VAR>budget
Hedge
Portfolio VAR above budget
238
Escalate watchlist names
C09979
CR3694
2024-03-24
Recovery
136
523
4.8
0.6
2,939,588,429
Tech:18.5;Healthcare:34.9;Consumer:12.1;Energy:34.5
US:65.7;EU:21.7;APAC:6.1;EMEA:4.9;LATAM:1.6
A:14.3;AAA:36.1;BB:14.8;AA:25.1;BBB:9.7
1.92
23.8
140
165
6.3
3.5
35
45
30
false
true
false
false
2.28
-0.16
0.42
Tech:EW;RealEstate:EW;Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-34
35
ECN1
Electronic
10
99
-28
127
HYCap>limit
Rotate
High-yield share above policy cap
223
Tighten HY exposure bands
C09980
CR4797
2025-07-21
Recovery
180
607
5.4
0.3
2,654,978,293
Comm:9.8;Financials:15.1;Healthcare:20.9;Consumer:17.1;Materials:20.3;Utilities:16.7
US:70.3;EU:16.0;APAC:7.5;EMEA:3.9;LATAM:2.4
BB:7.5;B:20.1;A:19.3;BBB:53.1
5.87
56.5
119
167
15.3
3.5
35
55
25
false
true
true
false
1.33
0.69
0.47
null
Hedge
CDX_IG: +99bps notional
-4
9
DealerC
DealerAxed
5
100
379
-168
Sector>limit
Hedge
Sector concentration above limit
130
Rotate into defensive sectors
C09981
CR6630
2025-08-03
Calm
95
382
4.1
1.7
1,285,181,424
Comm:14.1;Financials:15.4;Industrials:27.1;Utilities:43.4
US:66.5;EU:9.3;APAC:11.3;EMEA:10.3;LATAM:2.6
BB:24.6;A:14.1;CCC:20.4;AA:40.9
4.67
57.8
147
271
13.5
2
30
35
20
true
true
true
false
1.18
0.13
-0.35
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
28
DealerA
RFQ
5
100
-37
-120
Sector>limit
Hedge
Sector concentration above limit
212
Escalate watchlist names
C09982
CR1824
2025-04-20
Recovery
135
433
5.1
0.6
2,816,912,308
Healthcare:38.0;Materials:31.7;Comm:30.3
US:60.0;EU:14.7;APAC:12.4;EMEA:9.4;LATAM:3.5
B:14.0;CCC:3.6;A:30.9;AA:18.9;AAA:24.2;BB:8.5
1.8
57.1
234
453
13.5
3
20
45
25
true
true
true
true
1.49
1.41
0.37
null
Hedge
Treasury_Futures: +78bps notional
-22
0
ECN2
RFQ
0
86
-104
-24
Sector>limit
Reduce
Sector concentration above limit
144
Rotate into defensive sectors
C09983
CR1194
2025-10-13
Recovery
121
494
5.1
0.8
2,339,172,472
RealEstate:22.2;Utilities:8.2;Healthcare:25.8;Tech:19.4;Financials:17.3;Consumer:7.1
US:57.1;EU:18.3;APAC:13.7;EMEA:10.6;LATAM:0.3
A:22.3;AAA:14.7;BBB:22.7;B:20.7;BB:19.5
7.46
61.9
219
146
8.1
4
25
35
25
true
true
true
true
0.91
0.44
0.36
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
-18
DealerB
DealerAxed
11
98
-16
-192
HYCap>limit
Hedge
High-yield share above policy cap
172
Defer adds pending macro print
C09984
CR3307
2024-01-28
Calm
119
362
4
2.1
693,775,594
Financials:41.1;RealEstate:27.1;Utilities:31.8
US:62.9;EU:12.4;APAC:12.4;EMEA:4.1;LATAM:8.1
AA:33.0;AAA:37.4;B:5.8;CCC:23.8
5.19
57.4
262
471
4.1
3
20
35
25
true
true
true
true
0.85
1.09
0.52
Consumer:EW
Hedge
SingleName_CDS: +94bps notional
-55
2
ECN2
Electronic
6
88
162
-211
HYCap>limit
Reduce
High-yield share above policy cap
130
Tighten HY exposure bands
C09985
CR0560
2024-10-24
Calm
81
376
3.9
1.8
651,910,035
Comm:29.9;Tech:32.7;Healthcare:37.4
US:66.8;EU:10.5;APAC:12.6;EMEA:5.9;LATAM:4.2
B:27.7;BBB:19.4;BB:13.7;A:22.7;AA:16.5
7.38
42.2
198
281
13.3
4
20
45
20
true
true
true
false
0.5
1.11
-0.01
null
Rotate
From Energy -1.0% to Utilities +1.0%
-18
6
ECN2
RFQ
3
88
56
-150
Sector>limit
Hedge
Sector concentration above limit
176
Tighten HY exposure bands
C09986
CR7545
2024-08-23
Tightening
158
402
4.4
1.6
1,279,031,762
Comm:20.2;Financials:11.0;Tech:26.9;Healthcare:33.4;Industrials:8.5
US:71.6;EU:9.6;APAC:6.4;EMEA:10.9;LATAM:1.5
BB:20.9;A:21.1;B:12.7;AAA:16.2;BBB:19.5;CCC:9.6
1.41
25.9
164
147
16.3
3
35
55
20
false
true
true
false
0.72
1.78
-0.05
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-59
-22
DealerA
All2All
9
98
317
-290
Sector>limit
Hedge
Sector concentration above limit
130
Escalate watchlist names
C09987
CR6558
2025-02-28
Recovery
164
521
5.7
-0.3
216,453,462
Energy:41.5;Comm:29.6;Materials:28.9
US:66.6;EU:7.2;APAC:13.5;EMEA:9.9;LATAM:2.8
AA:43.0;CCC:8.4;BBB:40.9;BB:7.7
6.17
35.6
280
337
17.5
3
20
55
20
true
true
false
true
0.48
1.33
-0.32
null
Hedge
iTraxx_MAIN: +102bps notional
-31
3
ECN1
All2All
1
100
332
-286
HYCap>limit
Reduce
High-yield share above policy cap
102
Rotate into defensive sectors
C09988
CR3829
2024-08-15
Tightening
96
450
4
0.9
125,222,602
Healthcare:28.9;Comm:47.1;Energy:24.0
US:65.2;EU:10.1;APAC:14.7;EMEA:6.0;LATAM:4.1
BBB:26.7;AAA:39.9;AA:25.4;B:8.1
5.8
57.2
231
479
9.9
2
30
35
25
true
true
false
true
2.48
1.02
0.43
Consumer:EW
Hedge
Treasury_Futures: +69bps notional
-6
23
DealerA
All2All
12
90
122
-298
Sector>limit
Hedge
Sector concentration above limit
242
Escalate watchlist names
C09989
CR9132
2025-10-07
Calm
82
286
3.7
1.7
1,723,512,793
Tech:13.1;Energy:26.9;Industrials:28.3;Utilities:31.7
US:70.9;EU:6.1;APAC:8.2;EMEA:8.3;LATAM:6.6
B:10.7;BB:29.2;CCC:37.2;A:12.5;AAA:10.4
2.21
45.8
258
361
2.2
2.5
25
35
35
true
true
true
true
-0.07
0.22
0.45
null
Hedge
SingleName_CDS: +120bps notional
16
26
DealerC
RFQ
1
95
-121
-83
HYCap>limit
Rotate
High-yield share above policy cap
148
Escalate watchlist names
C09990
CR9016
2024-11-28
Tightening
158
414
4.7
0.6
2,930,110,246
Tech:20.7;RealEstate:9.2;Healthcare:16.4;Utilities:32.3;Materials:21.3
US:62.5;EU:14.0;APAC:16.1;EMEA:3.7;LATAM:3.6
AA:17.3;CCC:10.0;BBB:34.9;BB:8.3;A:29.6
1.25
48.4
159
183
4.9
2
25
45
25
true
true
false
false
2.4
0.77
0.54
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
-6
ECN2
DealerAxed
12
95
380
-45
Sector>limit
Rotate
Sector concentration above limit
199
Tighten HY exposure bands
C09991
CR3512
2025-03-01
Tightening
94
492
5
1.3
2,419,856,855
Healthcare:27.4;Tech:28.3;Financials:25.5;Materials:18.8
US:61.4;EU:10.0;APAC:12.8;EMEA:9.0;LATAM:6.7
BB:17.2;A:27.6;CCC:16.0;B:39.2
6.12
34
128
484
17.3
3.5
25
35
20
true
true
true
false
-0.26
0.2
0.43
Tech:EW
Hedge
CDX_IG: +180bps notional
14
30
ECN1
DealerAxed
0
92
355
-252
HYCap>limit
Reduce
High-yield share above policy cap
183
Defer adds pending macro print
C09992
CR6183
2024-09-30
Calm
94
386
3.3
2.9
761,015,800
Industrials:31.9;RealEstate:9.8;Materials:15.9;Tech:24.7;Comm:17.6
US:65.9;EU:14.6;APAC:9.6;EMEA:7.4;LATAM:2.5
A:26.2;AA:35.2;BBB:12.9;AAA:25.7
0.71
50.5
128
454
5.1
2
20
45
30
true
true
false
false
1.81
1.18
0.11
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-35
16
DealerC
All2All
12
91
201
24
HYCap>limit
Hedge
High-yield share above policy cap
219
Escalate watchlist names
C09993
CR7556
2024-06-19
Recovery
134
438
6.3
0.5
1,779,354,243
Industrials:27.5;Consumer:21.0;Energy:22.2;Financials:9.5;Comm:19.8
US:54.9;EU:17.9;APAC:9.9;EMEA:10.0;LATAM:7.4
CCC:20.1;A:21.7;B:39.1;BB:19.0
2.93
29.9
220
407
12.2
4
30
35
35
false
true
true
true
0.91
0.71
-0.2
Industrials:EW
Hedge
Treasury_Futures: +81bps notional
-3
10
DealerA
DealerAxed
1
100
-72
-59
Region>limit
Reduce
Regional concentration above limit
125
Reviewed by risk; hedges staggered
C09994
CR7785
2024-06-09
Stress
249
737
7.1
0.2
1,760,300,189
Healthcare:6.7;Tech:25.8;Energy:23.7;Industrials:21.9;RealEstate:11.4;Financials:10.5
US:72.9;EU:6.9;APAC:12.3;EMEA:3.8;LATAM:4.1
BBB:9.2;AAA:9.7;A:14.1;B:10.0;BB:32.6;CCC:24.5
5.13
32.7
301
542
21.6
3
35
55
25
false
true
true
true
1.18
0.24
0.38
Tech:EW;Healthcare:EW
Hedge
CDX_HY: +74bps notional
-38
26
ECN2
DealerAxed
10
99
235
140
Region>limit
Hedge
Regional concentration above limit
221
Escalate watchlist names
C09995
CR9501
2024-04-24
Tightening
154
366
4.2
0.6
2,039,458,871
Energy:40.1;Industrials:32.9;Materials:26.9
US:67.7;EU:10.8;APAC:15.0;EMEA:4.5;LATAM:2.0
CCC:16.9;AAA:37.1;AA:33.3;A:12.8
2.58
35.4
247
505
9.1
3
25
45
25
true
true
false
true
0.16
0.87
0.12
RealEstate:EW
Hedge
iTraxx_XOVER: +162bps notional
-43
11
DealerB
Electronic
6
95
-133
-72
HYCap>limit
Hedge
High-yield share above policy cap
138
Defer adds pending macro print
C09996
CR6946
2024-10-17
Stress
209
569
8.4
-0.7
2,909,033,425
Materials:16.5;Industrials:16.2;Comm:18.7;Financials:28.3;Energy:20.3
US:64.0;EU:17.4;APAC:10.0;EMEA:7.7;LATAM:1.0
CCC:22.2;BBB:18.1;AAA:15.9;B:15.6;AA:12.5;BB:15.8
2.14
23.9
359
284
5.5
2
25
45
20
true
true
true
true
0.41
-0.17
0.51
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-25
-2
DealerC
DealerAxed
9
94
210
-99
Sector>limit
Hedge
Sector concentration above limit
113
Defer adds pending macro print
C09997
CR5661
2024-05-03
Recovery
172
519
4.8
-0.1
601,677,776
Tech:29.7;Industrials:32.4;Materials:37.9
US:61.4;EU:15.2;APAC:12.5;EMEA:5.8;LATAM:5.2
AA:20.0;BB:5.8;CCC:6.3;A:28.4;B:7.8;BBB:31.7
3.93
30
80
299
17
4
20
35
20
true
true
false
false
1.28
-0.23
0.39
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-51
35
ECN2
RFQ
9
99
236
27
HYCap>limit
Hedge
High-yield share above policy cap
244
Defer adds pending macro print
C09998
CR6865
2024-12-27
Tightening
157
501
4.1
1.4
2,615,976,677
Comm:8.7;Materials:19.2;Energy:27.7;Consumer:27.9;Utilities:16.5
US:68.0;EU:14.9;APAC:10.7;EMEA:3.3;LATAM:3.0
A:17.5;CCC:9.7;AAA:18.1;AA:49.5;B:5.2
3.31
45.2
162
496
4.2
3
35
55
35
false
true
false
false
1.04
0.03
0.45
Comm:EW
Hedge
iTraxx_MAIN: +168bps notional
-31
-21
ECN1
DealerAxed
10
94
-22
-401
Sector>limit
Reduce
Sector concentration above limit
183
Rotate into defensive sectors
C09999
CR0926
2024-02-29
Recovery
143
540
4.7
0.3
589,609,294
Consumer:25.2;Materials:27.1;RealEstate:18.0;Energy:7.0;Utilities:22.7
US:71.4;EU:5.3;APAC:11.4;EMEA:5.5;LATAM:6.3
AA:28.2;B:13.9;CCC:6.3;AAA:31.3;BBB:14.7;BB:5.7
5.01
48.3
176
232
8
3
30
35
35
false
true
false
false
1.45
0.39
-0.02
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
45
DealerC
All2All
1
97
267
106
Region>limit
Rotate
Regional concentration above limit
243
Defer adds pending macro print
C10000
CR0347
2024-03-29
Calm
115
418
3.9
1.5
184,060,755
Financials:11.5;Comm:14.8;Industrials:19.7;Energy:16.7;Consumer:26.8;Healthcare:10.5
US:68.0;EU:10.4;APAC:11.2;EMEA:9.8;LATAM:0.7
BB:6.4;AA:11.9;A:31.1;CCC:13.5;AAA:14.7;BBB:22.5
1.66
55.1
239
418
14.1
4
20
35
35
true
true
false
true
-0.17
0.64
-0.22
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-22
-1
ECN1
Electronic
7
87
368
22
Sector>limit
Rotate
Sector concentration above limit
156
Defer adds pending macro print