Identify the one false statement about swap contracts.

$($A$)$ The first well$-$known swap contract was between IBM and the World Bank.

$($B$)$ In a fixed$-$for$-$fixed currency swap, the bank$$s risks in case of default are limited because of the right$-$of$-$offset clause.

$($C$)$ A fixed$-$for$-$fixed currency swap may allow one to borrow in a foreign currency at a lower in$-$terest rate compared to directly borrowing in the foreign currency.

$($D$)$ A benefit of a swap is that it is generally cheaper than its replicating portfolio.

$($E$)$ Swap rates are lower than risk$-$free rates.