Muni Underwriting?

Just some background:

I’m and incoming public finance analyst at a BB, coming back after a successful summer stint. Didn’t have prior finance knowledge so still learning the ropes. During the summer internship I was requested to obtain scales from the desk in order to estimate interest rates for clients. I was also on a few pricing calls and enjoyed hearing the desk talk to clients about market updates.

I’m now interested in potentially networking with the Muni desk and trying to lateral.

A few questions:

1/ how are deals priced? How are spreads along the curve determined?

2/ how much does investor demand alter the rates for a given bond? I assume client wants lower and investor wants higher? And does pricing vary by other deals done in the same sector and/or region?

3/ how technical is the role? I’m pretty strong in math so I don’t think I’d have too much trouble.

4/ what does a typical day look like in terms of work?

5/ what are the general hours and compensation relative to muni S&T and public finance banking? Can the desk claim / be rewarded for brining in deals/relationships like the banking team? I overheard a senior banker saying the client loved working with our desk.

1 Comments
 
Most Helpful

Quod hic fugit occaecati consequatur asperiores quis. Id corrupti et blanditiis repudiandae iure at neque. Omnis dicta possimus quia consequatur perferendis perspiciatis. Doloribus consectetur ad necessitatibus culpa.

Ea repellat autem fugiat ad soluta. Maiores quisquam beatae vitae mollitia harum eveniet tempore reiciendis. Necessitatibus eligendi eveniet eveniet fuga. Expedita quia porro doloremque vero. In vel sunt blanditiis. Nam odit autem harum nihil eos aut deserunt.

Soluta officiis incidunt veritatis ex nesciunt eum voluptatum. Qui quis asperiores debitis. Sint id dolor sint hic aut ea quisquam.

Aut alias et sunt nobis praesentium aliquid. Eaque recusandae quia magnam porro distinctio laborum.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.8%
  • Morgan Stanley 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan 01 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (15) $434
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (80) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
GameTheory's picture
GameTheory
98.9
7
DrApeman's picture
DrApeman
98.9
8
dosk17's picture
dosk17
98.9
9
CompBanker's picture
CompBanker
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”