Parent was talking about parking spare cash, so buying up bonds and selling them as an alternative to something like a money market account. Although for Tesla,

Parent was talking about parking spare cash, so buying up bonds and selling them as an alternative to something like a money market account. Although for Tesla, it would be an alternative to paying down their ABL. A company that is cash flow positive and is looking for investment opportunities simply does not have bonds that yield 9%. Not in this millennium. In any case, I don't think you really hit on the reason not to do this. If you park your working capital in your own bonds, they're going to take a haircut when times get even worse, which is exactly when you'd be liquidating more of them. This could trivially turn in to an outright death spiral unless further funds can be raised from elsewhere. Probably not the bond market!