Pegged planned order for requirements &1 / &2 does not exist

What causes this issue?

Planned order &V3& is to be procured by direct production. The pegged
requirement is dependent requirement &V1&/&V2&. This dependent
requirement includes planned order &V4& as the pegged requirement, but
planned order &V4& could not be found.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Check the pegged requirement explosion level of planned order &V3&.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.