Capital markets can often be broken down into teams. The first of these teams is equity capital markets, often abbreviated to ECM. This team helps companies to raise money by issuing equity or shares to the general public. Secondly, we have debt capital markets or DCM. This team helps companies to raise money by issuing debt. For both equity capital markets and debt capital markets, the investment bank may decide to buy the shares or buy the debt itself. It may simply help to find investors for the company who want to buy the equity or buy the debt. Or we may go somewhere in the middle called underwriting where if the equity and debt cannot be sold, then the bank agrees to buy it themselves. A third group is leverage finance. This is where a company may be wanting to buy another company, but using a large amount of debt. Using lots of debts by companies is quite a specialism so they're given their own team. These three are typically the biggest team within capital markets, but there are other teams as well. These can include derivatives, structured finance where bespoke funding products are put together, maybe a bit of equity, a bit of debt, maybe some derivatives as well. Municipal finance aims to help governments raise debt, typically local authorities, cities, states, that kind of thing. Lastly, there's the high yield team. The high yield team helps companies that can't access very cheap debt. Maybe they're a slightly risky company, maybe their cash flows are not very stable, in which case investors for that sort of debt, they want a higher return and thus, it's called high yield debt.