Which of the following does NOT contribute to the fact that the yields on loan sales are higher than on commercial paper issues for similar maturity and issue size?

a$)$ Commercial paper issuers generally are blue chip corporations that have the best credit ratings, while loan sold by the banks are in general of less creditworthy borrowers

b$)$ Information, monitoring, and credit assessment costs are lower for commercial paper issues than for loan sales, because commercial paper issuers tend to be well$-$known companies.

c$)$ There is an active secondary market in commercial paper, but not for loan sales.

d$)$ The issuance of commercial paper does not require collateral, while collateral is required for loans sold by banks.

e$)$ None of the above,