Consider the borrowing rates for Firms Alpha and Delta. Firm Alpha wants to finance a HK$375,000,000 project at fixed rate; Firm Delta wants to finance a HKS375,000,000 project at floating rate. Both firms want the same maturity of 5 years and can borrow externally at the following rates: Which firm has a comparative advantage in borrowing at fixed rate? Which firm has an absolute advantage in borrowing at floating rate? Calculate the Quality Spread Differential (QSD) for Firms Alpha and Delta. Both companies borrow externally according to their comparative advantage and then enter into an interest rate swap contract quoted by a swap bank. The total benefits from the swap are divided according to the allocation ratio of Alpha: Delta: Swap Bank = 3:2:1. What is the effective borrowing cost faced by Firm Alpha after entering into the swap contract? What is the effective borrowing cost faced by Firm Delta after entering into the swap contract? What are the swap bank's ask price and bid price on the three-year FK$ interest rate swap against HIBOR