ex vs Short SX3P Index Ronan Carr 22/01/2041 28/11/2016 Long June V2X call spread collar Abhinandan Deb 01/04/20 18/04/2016 Long Kospi fwd vol 6M/18M William Chan 22/01/201 28/11/2016 Short June V2X put Abhinandan Deb 01/04/20 Expired Long (30-35) V2X Jul call spreads Abhinandan Deb 18/06/20 Expired Long 2050-

t MLI (UK) +44 20 7996 7062 aguptal [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong

LAND,DAVID S HENDERSON,GUY L LICKLE,WILLIAM C PICOTTE,MICHAEL HALLAC,ALBERT

own stock should consider hedging a [email protected] pullback using a Sep17 collar (+17put/-18 call for 46bps) to hedge losses greater than William Chan, CFA >> 2.9% while retaining upside to 18 (stock’s ~15yr high is 18.05). Extending our EU equity Ste iene vs credit theme to single names, we find

OUSE_OVERSIGHT_026003 --- PAGE BREAK --- Research Analysts Benjamin Bowler Equity-Linked Analyst MLPF&S +1 415 676 3595 [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong Kong) +852 3508 3921 [email protected] Clovis Couasnon >> Equity-Linked Analyst MLI (UK) +