In general,what is the determining factor in the underwriting spread charged by investment banks?

Question

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The risk inherent in the security to be issued is the determining factor in the underwriting spread charged by investment banks. The underwriting spread is the difference between the price the investment bank pays to the issuer and the offering price to the public. Investment banks charge a higher underwriting spread for securities that are considered riskier, as they require more effort and expense to underwrite. The size of the issue and the name recognition of the underwriter may also play a role, but they are not the determining factor.

In General,what Is the Determining Factor in the Underwriting Spread