5. Consider the following two syndication strategies for a $3.3 billion loan: Structure 1 Number Underwritten amount Individual S/U Amount Individual Allocation 1 $3,300 Lead Bank Sub-Underwriters Participants $660 $660 4 9 $300 $300 $200 Structure 2 Number Underwritten amount Individual S/U Amount Individual Allocation 1 $3,300 $300 Lead Bank Sub-Underwriters Participants 0 20 $150 Which of the following is correct? a) The credit risk is higher with Structure 2. b) The credit risk is lower with Structure 1. c) The underwriting risk is higher with Structure 2. d) The underwriting reward is higher with Structure 1. e) None of the above