Which of the following is not an advantage of issuing bonds?

Question $2$ Select one:

a$.$

A bond can trade publicly and provides a market for the company's debt.

b$.$

Bonds can be lont$-$term in nature, as opposed to bank financing which usually has terms of five years or less.

c$.$

A bond enables the business to borrow directly from the investors and avoid the bank $($as a middleman that charges costs$).$

d$.$

A bond has smaller up$-$front costs so that smaller businesses can finance themselves more efficiently with bonds.