A London-based investor owns a five-year ₤100 million FRN that pays three-month MRR + 1.75% on a quarterly basis. The current MRR of 0.50% is assumed to remain constant over time. If the issuer’s credit risk deteriorates and the DM rises to 2.25%, explain whether the FRN is trading at a discount or premium, and calculate the price difference from par.