Which of the following has the highest issue costs, all else equal?

Question

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Initial public offerings typically have the highest issue costs because of the extensive legal and accounting work involved in the process. In addition, investment banking fees for underwriting and marketing the offering can also be substantial. Junk bonds and convertible debt may have high issue costs, but they are typically lower than those of an IPO. Seasoned equity offerings also have lower issue costs since the company is already publicly traded and has an established relationship with its investment bank. Initial public offerings typically have the highest issue costs due to the extensive legal and regulatory requirements involved in the process, such as underwriting fees, legal fees, and accounting fees.

Which of the Following Has the Highest Issue Costs, All