Suppose firm ABC had access to fixed rate 8%, and floating rate LIBOR + .5%, while XYZ had access to fixed rate 10% and floating rate LIBOR + 1.5%. For these two firms:

A swap would help if ABC wants fixed and XYZ wants the floating rate
		A swap would be useful in either case
		A swap would never be useful under these
		A swap would help if ABC wants floating and XYZ wants the fixed rate