There are some options on BBD (Banco Bradesco ADRs) that I'd like some opinions on. First off, BBD is excellent/well run Brasilian bank with no toxic assets and, in my mind, the only real risk in being long it is the real/usd risk. But I digress. There are regular F2010 $12.5 calls and there are F2010 $15.0 calls are for 150 shares and a tiny bit of cash (like $3.00 per cak). I don't understand why the premium for the $15 strike (for 150 shares) is so much higher than the premium for the $12.5 strike (for 100 shares ). The 12.5 is quoted 110@150 and the 15.0 is quoted 250@330. ( These are less quotes than the locals' wet dream, but again I digress.) BBD is trading around $9.00, so both strikes are otm. (Full disclosure -- I have a modest vertical bull spread, one-for-one, of the 12.5/15.0 strikes (100x150 shares) on. I'm also long enough shares so that even if the underlying flies straight up through all the strikes, I'm not naked short. Isn't the relative value a bit out of line?