Rangers CR in context, page-6

Yes, a preference for a deeper discount on a straight raise definitely. It potentially ameliorates the trade warping between preferentially dumping the heads for a hold on options. While the entire oil/gas space has slumped & it's impossible to quantify the impact of the structure of the raise, I feel despite BRK shooting the lights out operationally it could well have had some effect on the trading pattern we've seen since the raise which then in turn ameliorates sentiment. In effect it has potential for a self perpetuating negative price feedback loop. Again I can't prove it or quantify it but anecdotally it makes sense i think