Supposedly, they bought the bonds on their balance sheet before selling them because 1mdb wanted the money fast, giving them an order of magnitude more risk, he

Supposedly, they bought the bonds on their balance sheet before selling them because 1mdb wanted the money fast, giving them an order of magnitude more risk, hence the higher fees. Also, the average fees for a bond issuance might be $1m because most bond issuances are small. It's usually higher on a percentage basis.