Company A is a AAA$-$rated firm desiring to issue five$-$year FRNs$.$ It finds that it can issue FRNs at six$-$month CME Term SOFR $+0\mathrm{.}685$ percent or at three$-$month CME Term SOFR $+0\mathrm{.}685$ percent. Given its asset structure, three$-$month SOFR is the preferred index. Company B is an A$-$rated firm that also desires to issue five$-$year FRNs$.$ It finds it can issue at six$-$month CME Term SOFR $+1\mathrm{.}475$ percent or at three$-$month CME Term SOFR $+1\mathrm{.}185$ percent. Given its asset structure, six$-$month SOFR is the preferred index. Assume a notional principal of $$15,000,000.$

Required:

Determine the QSD$.$

Set up a floating$-$for$-$floating rate swap where the swap bank receives $0\mathrm{.}125$ percent and the two counterparties share the remaining savings equally. Calculate the all$-$in$-$cost of borrowing for company A and B$.$