In a swap arrangement, both parties may be able to receive more favourable funding rates than they would have done without the swap, and the swap dealer receives a spread as well. Where does the cost saving originate from? Select one: a. The bank swap dealer effectively guarantees payments of all obligations. b. The parties involved in the swap are able to borrow where each has a relative cost advantage. O c. The party paying floating cash flows always pays less than the party paying fixed cash flows. d. With the bank always acting as a swap counterparty, each party is able to reduce the risk profile