  We prove a version of First Fundamental Theorem of Asset Pricing under
transaction costs for discrete-time markets with dividend-paying securities.
Specifically, we show that the no-arbitrage condition under the efficient
friction assumption is equivalent to the existence of a risk-neutral measure.
We derive dual representations for the superhedging ask and subhedging bid
price processes of a derivative contract. Our results are illustrated with a
vanilla credit default swap contract.
