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. This is because the underwriting spread is meant to compensate the investment banks for the risk they are taking on by purchasing the securities from the issuer and then selling them to investors. The higher the risk of the securities, the higher the underwriting spread will be to compensate for this risk. Factors that contribute to risk include the credit rating of the issuer, the industry the issuer operates in, and market conditions at the time of the offering.

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