Not sure I necessarily agree with the point about making it easier for companies to raise money. I agree with it at face value but not based on what usually ha

Not sure I necessarily agree with the point about making it easier for companies to raise money. I agree with it at face value but not based on what usually happens in the market. Chances are, if there's liquid CDS for an issuer, they're not going to be issuing weird, illiquid bonds. On the other side, if all an issuer has are weird, illiquid bonds outstanding and without knowing anything about the issuer, I would say it is negative to have a liquid CDS market as that's probably a negative creditworthy signal. I'm sure some academic has done a study about how CDS has shaved a few bps off borrowing costs for large IG issuers though. Agree with everything else in there.