Microsoft hates a credible alternative. Build one.

What you will take away

• Bands open by 8 to 22 points. The EA discount band widens 8 to 22 points when leverage is on the table at the right time.
• Timing is the constraint. The leverage builds 90 days before the EA expiry. Inside 30 days the leverage is theatre.
• Vendor Shield runs the motion. Independent buyer side review keeps the leverage real and the evidence credible.