X will pay the swap bank annual payments on $10,000,000 with the coupon rate of 9.80%; in exchange the swap bank will pay to company X interest payments on 5,000,000 at a fixed rate of 10.5%. Y will pay the swap bank interest payments on 5,000,000 at a fixed rate of 12.80% and the swap bank will pay Y annual payments on $10,000,000 with the coupon rate of 12%. What is the value to the swap bank? Company X? Company Y? Borrowing Cost Borrowing Cost Company X Company Y $10% 10.5% $12% 13% What is the value to Company X?