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Knock-In Call cost more than Vanilla?

Joined
4/18/23
Messages
11
Points
3
Hi Guys,
I'm just starting to get into trading exotics for my fund and reached out to my deriv sales person today to get pricing on a SPX 6M 102/106 KI Call. They came back with the following

Priced in $10mm notional:
SPX 17Nov23 102%/106% Knock-In Calls @ 5.082% offer
SPX 17Nov23 102%/108% Knock-In Calls @ 4.916% offer
SPX 17Nov23 102% Vanilla Calls @ 5.08% offer

Now this seems nonsensical to me, but is there some friction that would cause this? Am I completely off the mark?
 
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