Which of the following has (have)transformed U.S.bond-issuance patterns?

Question

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Shelf registration, which allows companies to register a large amount of securities at once without selling them all at once, has transformed U.S. bond-issuance patterns, as it has made it easier and more efficient for companies to issue bonds. Rule 144A, on the other hand, allows companies to issue bonds to qualified institutional buyers without registering them with the SEC, enabling companies to issue bonds more quickly and inexpensively. Both of these regulations have transformed U.S. bond-issuance patterns, making (E) the best choice.

Which of the Following Has (Have)transformed U.S.bond-Issuance Patterns