Which one of the following statements conceming issue costs is correct? O a. IPOs are less costly to issue than SEOs O b.It costs more to issue debt securities than to issue equity securities. Oc Straight bonds are more costly to issue than convertible bonds O d. Total direct costs as a percentage of gross proceeds for IPOs averaged about 7 percent overall for the period 1990-2003 O e.Economies of scale exist for the direct costs associated with both debt and equity issues