Company X wants to borrow $10,000,000 floating for 5 years; company Y wants to borrow $10,000,000 fixed for 5 years. Their external borrowing opportunities are shown below:

	Company X	Company Y
Fixed rate	6.5%	8.3%
Floating rate	LIBOR + 0.35%	LIBOR + 1.65%

A swap bank proposes the following interest only swap: X will pay the swap bank annual payments on $10,000,000 with the coupon rate of LIBOR + 0.3%; in exchange the swap bank will pay to company X interest payments on $10,000,000 at a fixed rate of 6.6%. Y will pay the swap bank interest payments on $10,000,000 at a fixed rate of 8.15% and the swap bank will pay Y annual payments on $10,000,000 with the coupon rate of LIBOR + 1.55%.

What is the value of this swap to X, Y, and the swap bank?