Which expense is typically NOT included in bond issue costs?

In the context of bond issue costs, trial period costs are typically not included. Bond issue costs generally consist of various fees and expenses directly associated with the issuance of bonds, which are necessary to ensure that the bonds are successfully sold and meet regulatory requirements.

Trustee fees are costs paid to the trustee who manages the bond's terms and ensures that all parties adhere to the bond’s conditions. Rating agency fees are incurred when a bond issuer seeks to have their bonds rated by agencies, providing investors with an assessment of credit risk, which is crucial for the bond’s acceptance in the market. The printing of disclosure documents is also a necessary expense, as these documents provide potential investors with critical information regarding the terms and risks associated with the bonds being issued.

Unlike these fees and costs, trial period costs are generally not associated with the direct issuance of bonds but may relate to preliminary phases of financial projects or assessments. Since they do not pertain to the formal issuance process of the bonds themselves, they are excluded from the bond issue costs.