The Underwriting Spread Includes

The underwriting spread includes

A) all the direct costs associated with the underwriting, including the cost of obtaining a rating from a credit rating agency, if applicable.
B) only the fees paid to the underwriter, but not other direct and indirect costs incurred by the issuer.
C) all the costs associated with the issue, both direct and indirect.
D) all the direct costs associated with the underwriting, but none of the indirect costs.