Public Finance > Analyst

Business Description

What is Public Finance?
The Public Finance Department's objective is to work with municipal governments, universities, transportation authorities, not-for-profit entities and major corporations (who are permitted to issue tax-exempt obligations) to finance their current and future project needs. Our experience in developing capital formation strategies for health care systems, utilities, highways, schools and more is unmatched: Since 1997, we've been ranked #1 in managing both negotiated and competitive U.S. Long-Term Municipals.

Impressive figures, especially when you stop to consider that these projects often involve complex public/private partnerships, such as stadiums, airports, and developer-related project financings, in addition to mergers and acquisition (M&A) advisory work, securitizations, fixed- and variable-rate debt and derivatives transactions.

The United States still represents a bulk of our business, but we continue to extend our reach by assisting our clients and other Citi locations on public financing projects in Europe, Canada and South America.

Wherever we operate, the scope of our work includes:

• Optimizing financial transactions and developing financial models based on the client's financing needs using an array of available financial products.
• Participating in the analysis and formulation of major capital programs.
• Drafting responses to formal solicitations (Request For Proposals or RFPs) by public entities.
• Preparing presentations for formal interviews and rating agency or investor briefings.

Examples of Public Finance projects include the following:

• Financing a start-up toll road with bonds secured solely by toll revenues.
• Funding the acquisition and construction of a state-of-the-art monorail system secured by farebox and other revenues of the system.
• Securitizing tobacco settlement revenues to finance capital projects.
• Developing re-capitalization programs for health care systems.
• Negotiating the sale of a sports team or the merger of hospitals or health care systems.

What services do we provide to our clients?
Our goals are to provide (1) financing plans that meet our client's financing goals while (2) financing the plan using a diversified assortment of financial products to create the cheapest cost of borrowing. To help keep financing costs down we (1) work with rating agencies to confirm or improve client's market ratings, (2) work with potential buyers of our clients debt to help them better understand our client's credit and (3) work with bond insurance companies to acquire insurance where financially applicable.

What products/groups do we cover?
Public Finance is organized into functional groups—Regional, Industry and Product Groups—in which specialists work as a team to meet client needs. These groups include:

Regional Groups

• Central
• Northeast
• Southeast
• West
• Mid-Atlantic

Industry Groups

• Airports
• Health Care
• Higher Education
• Housing Infrastructure (Including Sports, Transportation, Hotel and Convention Facilities and Project Financings)
• Public Power and Utilities

Product Groups

• Short-term Finance

Roles of an Analyst

Roles an Analyst may undertake:

Client Coverage: Analysts are assigned to teams of 3 to 5 professionals responsible for covering a specific client. Analysts work in specialized teams within the municipal department including public power financing, not-for-profit healthcare, low-income family housing, airports, infrastructure financing, technical structuring, local and state specific municipalities, and tobacco securitization financing. Tasks include but are not limited to:

• Learn client’s historical financing trends. Research the past uses of debt or derivatives to finance projects and provide bankers with overview of client’s debt position.
• Participate with the bankers in meetings and conference calls with the client to review current market conditions and formulate future capital programs.
• Applying new financing, optimization and hedging strategies to financial transactions based on the client’s financing needs. Model transactions in EXCEL and DBC (debt modeling database) using an array of available financial products including but not limited to bonds, notes, variable rate debt and derivative products. Work in tandem with the Credit and Financial Products Group to obtain live pricing and structure hedging strategies to optimize the client's plan of finance Learn federal tax laws that must be meet to issue tax free municipal debt.
• Assist in the execution of transactions including documentation, pricing, presentations to investors and rating agencies, credit and internal approvals, policy compliance, client entertainment and deal closing coordination. Schedule calls and meetings among the transaction team and interact with lawyers, accountants, verification agents, rating agencies and insurers to coordinate the deal process.
• Research market, credit, tax, regulatory, accounting, legal, policy and issuer-specific issues relating to prior or future transactions.

Drafting responses to solicitations (RFPs) by public entities: Participate in a competitive process to respond to proposals for an investment banker from existing or targeted clients. Involves drafting proposals based upon financial analyses or new market opportunities. Responses include assessment of client’s current market position, new market opportunities, competitor analysis and future financing goals and recommendations best suited for the client’s needs.

Credit Analysis: Analyst prepares presentations for formal interviews and rating agency or investor briefings. Presentations include historical debt analysis, competitor debt analysis and future client issuance plans. Analyst works directly with client to create a well-structured presentation based on the client’s financial statements and the projected financial impact of future capital projects.

Our Programs

Our professionals work hand-in-hand with city, state and local governments and municipal authorities, providing capital formulation strategies on an array of public projects, including health care systems, utilities, highways, and schools. The work can involve complex public/private partnerships, such as stadiums, airports or developer-related project financings as well as M&A advisory work, securitizations and derivative transactions. 

Full Time Analyst

An Analyst's work involves many facets of the investment banking business including: developing financial models utilized to structure project financings, participating in the analyses and formulation of major capital programs, drafting responses to formal solicitations (RFPs) by public entities, drafting unsolicited proposals to existing or targeted clients, based upon financial analyses or new market opportunities, preparing presentations for formal interviews and rating agency or investor briefings, optimizing financial transactions based on the client's financing needs and the array of available financial products, preparing credit and debt capacity analyses for various public entities.

Public Finance Analysts can be placed in the following product groups:

• Airports
• Derivative Products
• Health Care
• Higher Education
• Housing
• Infrastructure
• Utilities
• Resource Recovery
• Short-Term Finance
• Student Loan Finance

Credit & Financial Products:
Citi’s Credit & Financial Products Department is a separate group within the Public Finance Department, which is recruiting a small number of exceptionally talented and accomplished college graduates for its full-time two-year analyst program, which begins July, 2008 in New York City. Credit & Financial Products works closely with investment bankers in Public Finance to provide tailored derivative product and innovative financing solutions to state and local governments, health care systems and affordable housing developers.

The Public Finance Full Time Analyst Program begins in July. Our Analyst Program is a two-year program, with the potential of a third year. We offer a seven-week classroom-training program conducted by public finance professionals, attorneys and industry experts. The program covers bond math, financial modeling, credit analysis, tax and legal issues. Following training, Analysts have a basic knowledge of finance, modeling, transaction execution, the products we sell and the clients we work with. Projects and case studies involving actual transactions are assigned to give new Analysts hands-on experience as well as the opportunity to work in teams.

Summer Analyst

Summer Analyst responsibilities include creating spreadsheets, graphics, databases and other software to complete research assignments, new business presentations and proposals, and financial analyses. The summer Analysts will get a preview of the full-time Analyst position in many aspects including the long hours and demanding projects. In addition, summer Analysts will be given the opportunity to spend time on the trading/underwriting desk to observe pricing, sales and trading activities as well as potentially having the opportunity to attend client meetings as deals allow. Our summer Analysts will have mentors to guide them through procedures, to answer questions and to provide overall insight to career opportunities and industry developments.

Summer Analysts will begin with a two day abbreviated training program, which provides them with an introduction to the Public Finance Department and provides them with the skills that will allow them to perform some Analyst functions. Summer Analysts will receive hands-on experience working on projects in teams within a product group.

Summer Diaries

Name: Alan Dockeray Jr.
Group: Infrastructure
School: Wesleyan University

Week 1 & 2

At first I felt a little overwhelmed because I felt like the other interns knew more then me because of my liberal arts background but because everyone in my group was so willing to help me I quickly caught up.  Working in Tribeca was very nice because there are a lot of nice restaurants so I would often end up going out to lunch with members of my group or other interns.

Week 3 & 4

My group tried to give me work I would really be interested in so I mainly focused on Stadium Financings and OPEB. I really appreciated this because it made work more enjoyable and made me eager to get new assignments.

Teamwork was strongly emphasized within my group. No matter what people were actually working on they would always be willing to stop and help someone else if they felt their prior experience could be beneficial. The same could be said for the other interns who were also very willing to help each other get work done.

I have nothing but positive things to say about my mentor. More than just guiding me through my internship he always took time to put the work I was receiving in context which really gave me a higher understanding of the work I was getting and really allowed my knowledge of Public Finance to grow exponentially.

I looked forward to all our events because they allowed us to meet the other interns from Capital Markets and also allowed us to interact with our mentors in a non-business setting. This is as valuable as the internship itself because it allows us to build relationships and this truly is a business of relationships.

Weeks 5 & 6

As trust in my work grew there were less checks on what I produced and they felt they could give me more time sensitive work because it wouldn’t need to be redone multiple times.  They were very helpful because I am a person who takes constructive criticism to heart. There were things that they said I needed improvement on that I didn’t even know I was doing wrong but getting the evaluation at the half-way point allowed me to have a stronger second half and show growth.

Weeks 7 & 8

My Managing Director was kind enough to take me on a client pitch. This was a very positive experience because it allowed me to see how the work I participated in was actually used which allowed me to improve the quality of the work I was producing. I was also invited to attend a group retreat. This was very positive because it allowed me to really interact with my entire group in a social setting and made me feel like less of an intern and more an overall part of the group.


I found the most interesting part of any day to be the unpredictability. You never knew what would be waiting on your desk in the morning or when new assignments would pop up and I really enjoyed that because it made everyday seem new and kept a level of excitement at all times.

Weeks 9 & 10

I feel that I took some of the burden of work off my Analysts and put it on myself. I really tried to be a team player and I never felt that any work was below me so I contributed in any capacity necessary and I feel that it was appreciated.

Going in to this internship I expected the stereotypical Wall Street environment filled with overly competitive individuals who were just worried about themselves. Leaving this summer I can tell you that this could not be farther from the truth. The office was filled with warm individuals who were always willing to help and that anybody would love to work with.

Keep things in perspective. There will often be times where you have more work then you think you can finish or you are given an assignment you have no idea how to do but there is always a way to get the work done and there are always people willing to help so don’t ever believe you can’t do it.

Who we are looking for

We are seeking candidates from all fields of study to apply. However, preference will be given to those applicants who demonstrate high skill levels in computers, quantitative/analytic skills, and problem solving. Candidates with an minimum G.P.A. of 3.5 and either their major in/or have shown an interest in any of the following areas: finance, economics, mathematics, engineering, and the sciences.

Qualified candidates will also possess the ability to work in teams, under pressure, demonstrate excellent communication skills, a high level of motivation, initiative and leadership potential.

Recruitment Process

Full Time Analyst 

Markets & Banking begins the formal full-time recruiting process in early September in the form of an on-campus presentation. All students are invited to attend to learn more about the culture, the business and the people at Citi. Following that, job descriptions are posted through university career centers. After all resumes have been collected, a closed, targeted list of first round candidates is compiled. First round interviews take place on campus in September/October, or in our New York offices. Successful interviewees are invited back for a Superday, at which they will meet with a number of business representatives. Offers are extended as soon thereafter as possible. Full Time offers are given into a Public Finance pool. After our Analyst complete the formal training program, based on skill-sets and candidate and business preferences, Full Time Analysts are placed in their business group.

Summer Analyst 

Markets & Banking begins the formal summer recruiting process in early September in the form of an on-campus presentation. Juniors are invited to attend to learn more about the culture, the business and the people at Citi. Following that, job descriptions are posted through university career centers. After all resumes have been collected, a closed, targeted list of first round candidates is compiled. First round interviews take place on campus in January, or in our New York offices. Successful interviewees are invited back for a Superday, at which they will meet with business representatives from a variety of Public Finance business groups. Offers are extended as soon thereafter as possible. Summer offers are group-specific. Based on skill-set and interests, candidates are extended offers directly from a specific Public Finance group.

Our People

Todd Spence University of Washington, Seattle; NYU Stern, MBA Director

How would you describe your team and the people you work with?

The people I work with at Citi are highly intelligent and dedicated to doing the best job they can for the client. I think that the best way to learn is to work with people who are experts at what they do and enjoy what they are doing.

What do you consider Citi's competitive edge?

Our department is the industry leader and our volume both in total number of issues as well as the quantity of transactions has allowed us to build a knowledge base that we draw upon to best serve our clients. We've been a part of many industry innovations over the years and understand how to use them to fit new situations. The structure of our department is also an advantage, as we have both regional and product group divisions. The local bankers keep abreast of local issues and the product bankers bring in specific product expertise. The two groups work together to meet the clients'; needs.

What do you enjoy doing outside work?

Life outside of work is fairly simple for me. I enjoy traveling when I can and I mainly spend time with family. A typical evening might include trying a new recipe and trying to find time to exercise.