The Total Direct Costs of a Debt Issue, When Expressed

The total direct costs of a debt issue, when expressed as a percentage of gross proceeds, tends to:

A) increase as the quality of the debt increases.
B) decrease as the size of the issue decreases.
C) decrease when the bonds are convertible rather than straight.
D) decrease as the proceeds of the bond issue increase.
E) be relatively the same regardless of the type or quality of the debt issue.