Evaluating opportunities in infrastructure; Citibank

Abstract

As an intern, I worked at the Debt desk in ICG-CMO and assisted my manager in structuring products as and when companies evinced interest in tapping the capital markets. This involved understanding the specific needs of a company, its assets and projected cashflows, preparing financial models and, creating and updating pitchbooks. I also required to understand aspects of the regulatory framework with respect to debt capital markets and debt products, which would aid while designing the products. Also, I continuously tracked macro financial indicators, in order that the desk could help companies make sense of the macroeconomic environment. I primarily assisted my desk in deals related to the infrastructure and telecom sectors. Within infrastructure, my focus was primarily on the roads sector which is witnessing significant investment, especially for the creationlupgradation of national highways. Companies in the telecom sector were primarily interested in issuing CP products, that would reduce the cost of capital raised from banks for bidding in the 3G Auction carried out by the Government of India in April and May. During the course of the internship, I worked on two projects within infrastructure, which will be described in the next section. Overall, the internship was a significant learning experience and has broadened my perspective on the workings of the capital markets and the syndicated loan market. Within a short timeframe of 2 months, I got the opportunity to work on a diverse set of things. The hands on experience I acquired by assisting on live deals was as beneficial as the experience acquired working on the two projects which I had been assigned. I also got the opportunity to interact regularly with key experienced people in the organization that further contributed to my learning.