The Key Differences Between a Negotiated Offer and a Competitive

The key differences between a negotiated offer and a competitive offer is that:

A) the underwriters can not set the spread in a negotiated bid but can in a competitive offer.
B) the issuing firm can offer its security to the highest bidder in a competitive bid but in a negotiated bid only one investment banker is used.
C) the issuing firm work the underwriter for the best spread in a negotiated bid which will be less than available in a competitive offer.
D) the underwriter will not do a full investigation in negotiated bid because the company is at their mercy while in a competitive bid the underwriter must be extra diligent.
E) None of the above.