Which of the Below Statements Is FALSE

Which of the below statements is FALSE?

A) The initial motivation for the interest rate swap market was borrower exploitation of what were perceived to be credit arbitrage opportunities.
B) A borrower cannot benefit from issuing securities in the market in which it has a comparative advantage and then swapping obligations for the desired type of financing.
C) Several observers have challenged the notion that credit arbitrage opportunities exist by arguing that the comparative advantage argument relies on assumptions of equilibrium in segmented markets.
D) Those who challenge the credit arbitrage notion argue that the differences in quality spreads in the fixed-rate and floating-rate markets represent differences in the risks that lenders face in these two markets.