SIGMA Pty Ltd has recently issued $20 million of floating notes. The notes pay an annual coupon of BBSW plus 150 basis points. SIGMA Pty Ltd approaches Bendigo Bank to establish an intermediated vanilla swap. The swap contract sets a fixed rate of 5.4 per cent per annum and a reference rate of the 12-month BBSW. (a) At the first interest payment date, the BBSW is 5.0 per cent per annum. Draw and fully label a diagram showing all the applicable interest rates at that date. (b) Which party to the swap contract is required to make the first payment? How much is the payment