A fixed-for-fixed currency swap is equivalent to: I. A series of consecutive long-dated forward foreign exchange contracts, where the forward rate for each maturity is the current spot rate II. The simultaneous issuing of a fixed-coupon bond to a counterparty in one currency with the purchase of a fixed coupon bond of equivalent maturity from that same counterparty in a second currency III. A currency option, with the exercise price equal to the current spot rate IV. An interest rate swap, where the basis is the differential between the fixed and floating interest rates a. I and IV b. I and II c. I and III d. II e