How Does the Size of an Issue Affect the Fees

How does the size of an issue affect the fees charged by underwriters?

A) Large issues generally have a similar spread to small issues and thus attract much greater fees.
B) Large issues have substantially larger direct costs and, thus, must charge a larger spread in order to be profitable for the underwriter.
C) Large issues have a reduced spread, which means that the total fees are generally the same as for smaller issues.
D) Although large issues generally have a smaller spread, the large number of shares released means that the total fees are somewhat larger than for smaller issues.