The current term structure of Treasury Bonds looks like this:

2y: 2.25%

5y: 3.10%

10y: 3.75%

30y: 4.25%

Your entire outstanding debt looks like the following:

$400mm 30-year callable (in one month), fixed rate notes (6% coupon)

$750mm in 2year Bullet Fixed rate notes (2% coupon)

$500mm in 10-year floating-rate notes (3m adjustable coupon)

If you feel interest rates will rise in the next year; what would a rational trade be to reduce overall debt costs? Assume you would perform the trade/strategy in the next week. (check all that apply)

Enter into a pay fixed, receive floating 10-year swap

Leave the callable bonds outstanding

Enter into a 2-year, receive fixed, pay floating rate note

Issue puttable notes to your investors