The term primary markets refers to the initial issuance of securities where the issuer raises capital from the creation and selling of financial securities. The role of the ECM or DCM desk within the investment banking division of an investment bank is to support issuers that want to raise equity through issuing shares or debt capital through issuing bonds or other tradable debt products. The ECM and DCM desks will advise the issuer that wants to raise new securities on all aspects of the deal, such as the price, size, and any additional features. The ECM and DCM desks will also have a relationship with helping to find investors willing to pay cash to the issuer to buy the shares or bonds. These investors are often referred to as buy-side investors and include investment managers, pension funds, sovereign wealth funds, endowments, insurance companies, family offices, and hedge funds. The ECM or DCM desk will receive fees based on a percentage of the value of the deal.