In debt capital markets, there are a number of products that can be used for companies to access debt and for investors to access debt as well. These are split into two broad groups. The first of these is borrowing direct from banks or from finance companies, and the second one is issuing securities into the financial markets. These two are sometimes called private debt, dealing with a bank or a finance company, and public debt, issuing securities into financial markets. Those securities sold into the financial markets can often and easily be sold on by investors who maybe want to cash out, sell it to somebody else. We then split those products down into their time period, those that are going to exist for less than one year and those that exist for over one year. If we look at borrowing direct from banks for less than one year first, the products here include an overdraft and a revolving credit facility. An overdraft is often used by retail customers. Maybe their bank balance slips below zero just for a week or two, and then it comes back up again when that person gets paid their salary. A revolving credit facility, sometimes called an RCF or a revolver, is very similar, but an overdraft can often be withdrawn at very short notice by a bank to the customer. Companies can't deal with that. Companies need their overdraft to be in existence for much longer time. So revolvers are often guaranteed for a 364 day period. This means the company can dip below its zero bank balance, but it doesn't have to worry that the bank is suddenly going to withdraw that credit facility. Going over one year, we then go to term loans. These are traditional loans from banks where you may borrow for three years, five years, seven years, 10 years, maybe even longer. Capital finance leases are where instead of borrowing money from a bank and then buying an asset, maybe a plane, you decide you're gonna go to a plane leasing company and just deal with them direct. Instead of paying the bank back on a monthly basis, you now pay the finance lease company back on a monthly basis. It effectively becomes a debt obligation. Now moving on to the securities into financial markets, also called public debt, a couple of products we have here are commercial paper and notes payable. Commercial paper is an I owe you, a piece of paper that says I promise to pay you back the money that you've given to me maybe in a week's time. Commercial paper can go up to nine months in length, but the vast majority of commercial paper is in a very short term, some of it often overnight. Only the very best companies can sell commercial paper because it has no security. If the company selling the commercial paper went bust, the person buying the commercial paper unfortunately wouldn't be a senior creditor. So commercial paper, usually only sold by those companies with very, very good credit ratings. Notes payable refers to where a company has borrowed money from a bank and it's provided a promissory note, another I owe you to the bank saying I promise to pay you back. That note can then be sold onto others, hence why it's in the financial markets securities column. If we go up above one year, we now get into investment grade bonds. These are for companies with high credit ratings and where they'll be charged relatively low interest rates. And high yield bonds, those companies with slightly lower credit ratings and they'll have to pay a slightly higher interest rates. This is where companies sell these bonds to the public. The public then buy those bonds, but they can very quickly and easily sell them on. While large bonds are often split up into smaller denominations, and these denominations can be sometimes quite small, $50 or $100, often the smallest denomination is much larger, around $1000. So while they can be bought by the retail customer, the general public, it's not very common.