Which of the following statements are true?

The value of a swap at initiation is 1.

If you are paying a fixed interest rate and receivinga stock's return in a swap,and the stock's return is negative,you have to pay more than the interest paymentto the other party.

Basis spread is the rate differential added to the lower of two floating rates in a swap.

If you are a borrower with a variable interest loan and you are worried about rising interest rates, entering into a plain vanilla swap in which you are paying fixed and receiving floating creates a hedge.

Swaps are standardized exchange traded instruments.

The present value of floating rate payments in a swap,at initiation,is always 1.