Walmart would like to borrow floating USD for 5 years. It could issue CP every three months. Does this deliver a floating rate? Why? What are the risks of CP? Alternatively, Walmart could issue a five-year FRN at L+0.75%. As a third alternative, it could issue in EUR fixed at 0.5%. Dealers quote five-year EUR swap rate at -0.35 bid / -0.32 ask and the USD swap rate at 1.0% bid/ 1.02% ask. What sort of financing do you recommend that Walmart issueCP, USD FRN or EUR fixed? Explain in detail. What is Walmart's cost of funds?

(Don't ask me for a reference; it's the Prof. own questions, no textbook, if you know finance you should have an opinion/answer)