Bank of America/Merrill Lynch Strategy Memo Discusses Volatility Trades and European AT1 Yields

The passage is a routine investment strategy memo that mentions market volatility, derivative positions, and European AT1 yields. It contains no specific allegations, names of high‑profile individuals Mentions European AT1 (contingent convertible) bond yields as attractive for total‑return investors. Notes low realized volatility across major indices in 2016 despite Brexit and the U.S. election. D