Interview Preparation

Project Advisory & Structured Finance Interview Guide at SBI Capital Markets (SBICAPS)

SBI Capital Markets (SBICAPS) is India’s premier investment bank and a wholly owned subsidiary of State Bank of India. With over 38 years of experience, SBICAPS delivers end-to-end investment banking solutions across debt, equity, advisory, and structured finance to governments, public sector undertakings, corporates, financial institutions, and global investors. Its deep sector expertise and pan-India presence make it a trusted advisor for complex, high-impact transactions that shape India’s infrastructure and corporate landscape.

This comprehensive guide provides essential insights into the Project Advisory & Structured Finance at SBI Capital Markets (SBICAPS), covering required skills, responsibilities, interview questions, and preparation strategies to help aspiring candidates succeed.

1. About the Project Advisory & Structured Finance Role

The Project Advisory & Structured Finance team at SBICAPS partners with private and government clients to deliver bankable solutions for large and mid-sized projects across core infrastructure and allied sectors. The role spans project appraisal, feasibility and market studies, capex/opex assessments, capital structuring, and end-to-end transaction execution from origination through closure. Professionals build detailed financial models, prepare Information Memorandums (IMs), support syndication, and advise on valuation and acquisitions while critically evaluating business plans and risks.

Positioned within SBICAPS’s advisory and investment banking franchise, the team is instrumental in mobilizing capital, structuring innovative financing solutions, and enabling timely financial closure. By aligning sponsor objectives with lender/investor requirements, the function drives transaction bankability and risk mitigation, contributing directly to SBICAPS’s mandate delivery, client impact, and reputation for thought leadership in project and infrastructure finance.

2. Required Skills and Qualifications

The role demands strong fundamentals in project and corporate finance, hands-on financial modelling, market and feasibility analysis, and high-quality documentation. Candidates should demonstrate analytical rigor, structured problem-solving, and the ability to work across stakeholders to deliver transactions on time and to standard.

Educational Qualifications

Bachelor’s or Master’s degree in finance, economics, business, engineering, or related quantitative fields
Preferred credentials may include CA, CFA, MBA (Finance), or equivalent finance-focused qualifications

Key Competencies

Project Finance Acumen: Ability to assess project viability, analyze cash flows, and structure financing aligned with risk allocation and lender requirements.
Analytical Rigor: Comfort with feasibility, market, and cost analyses; translating data into assumptions and defendable conclusions.
Transaction Execution: Managing workflows from origination to closure, coordinating with clients, lenders, legal, and internal teams.
Documentation Excellence: Drafting IMs and supporting financing documentation with clarity, accuracy, and investor focus.
Risk Assessment: Identifying commercial, technical, and regulatory risks and proposing mitigation strategies.

Technical Skills

Financial Modelling in Excel: Building integrated project finance models with operational, capex/opex, debt schedules, covenants, and sensitivity/scenario analysis.
Valuation Techniques: Applying DCF, comparables, and transaction benchmarking for project and acquisition advisory assignments.
Deal Collateral Preparation: Preparing IMs, presentations, and analytical exhibits that communicate investment rationale and risk mitigants.

3. Day-to-Day Responsibilities

Below are the typical daily and weekly responsibilities aligned to the Project Advisory & Structured Finance function at SBICAPS. The emphasis is on rigorous analysis, clear communication, and disciplined execution to ensure timely and successful transaction outcomes.

Project Appraisal and Feasibility: Build and refine assumptions for demand, pricing, capex/opex, and operating parameters to evaluate project viability.
Financial Modelling: Develop detailed, auditable models covering cash flows, debt sizing, covenants, and sensitivity/scenario analysis to inform structuring.
Capital Structuring and Syndication Support: Propose optimal debt/equity mix, identify potential lenders/investors, and support outreach and queries.
Information Memorandum (IM) and Documentation: Draft IMs and contribute to financing documents, ensuring accuracy, completeness, and clarity.
End-to-End Transaction Management: Coordinate with clients, technical/legal advisors, lenders, and internal teams to progress mandates to closure.

4. Key Competencies for Success

Beyond baseline qualifications, high performers blend technical depth with stakeholder management and execution discipline. The following competencies consistently distinguish successful professionals in this role.

Structured Thinking: Breaks complex problems into solvable components, enabling clear modelling logic and defendable recommendations.
Stakeholder Management: Aligns sponsors, lenders, and advisors by communicating risks, mitigants, and timelines effectively.
Detail Orientation with Speed: Maintains high quality in models and documents while meeting aggressive transaction deadlines.
Regulatory and Sector Awareness: Anticipates policy and market shifts that affect bankability and financing terms.
Resilience and Ownership: Navigates iterations, diligence findings, and negotiations while driving closure.

5. Common Interview Questions

This section provides a selection of common interview questions to help candidates prepare effectively for their Project Advisory & Structured Finance interview at SBI Capital Markets (SBICAPS).

General & Behavioral Questions ▾

Tell me about yourself.

Provide a concise narrative linking your education, experience, and skills to project advisory and structured finance.

Why do you want to work at SBICAPS?

Connect SBICAPS’s infrastructure advisory and financing leadership with your interest in impactful, complex transactions.

What attracts you to Project Advisory & Structured Finance?

Highlight end-to-end transaction exposure, modelling, risk allocation, and capital structuring.

Describe a time you handled multiple deadlines.

Explain prioritization, stakeholder updates, and how you protected quality under time pressure.

How do you approach teamwork on cross-functional mandates?

Reference clear role definition, information hygiene, and proactive issue escalation.

What is your biggest strength relevant to this role?

Choose a role-aligned strength (e.g., modelling rigor or documentation clarity) and support with evidence.

Share a failure and what you learned.

Demonstrate accountability, what changed in your process, and measurable improvement.

How do you communicate complex analysis to non-finance stakeholders?

Discuss simplifying assumptions, visuals, and decision-focused messaging.

How do you handle ambiguity in early-stage projects?

Explain building ranges, sensitivity scenarios, and phased diligence plans.

What motivates you in long, multi-stakeholder transactions?

Emphasize learning, impact, and satisfaction from achieving financial closure.

Use the STAR method to structure behavioral answers and tie each story to SBICAPS’s mandate requirements.

Technical and Industry-Specific Questions ▾

Walk me through a project finance cash flow waterfall.

Explain revenue to O&M, taxes, debt service (senior first), reserves, and distributions per financing documents.

How do you size debt and determine DSCR thresholds?

Discuss CFADS-based sizing, minimum/average DSCR, lenders’ base case vs. downside cases, and reserve requirements.

What sensitivities are essential in a project model?

Cover capex, operating costs, tariffs/prices, volumes, delays, interest rates, and their impact on DSCR/IRR/NAV.

Compare EPC, HAM, and BOT models.

Outline risk allocation, revenue certainty, capital needs, and lender appetite across procurement structures.

How do you approach risk allocation in PPPs?

Map construction, demand, regulatory, and O&M risks to the party best able to manage them; link to covenants/guarantees.

What are key sections of an Information Memorandum (IM)?

Include project overview, market, technicals, sponsors, financials, risk/mitigants, structure, and term sheet highlights.

Explain project valuation methods for brownfield vs. greenfield.

DCF on CFADS/equity cash flows; comps; for brownfield, use operating history and risk premia; for greenfield, scenario weighting.

How do you approach syndication for large transactions?

Discuss anchor lenders, information flow, diligence Q&A, allocations, and maintaining parity with agreed terms.

Which covenants and reserves matter most to lenders?

DSRA, MLR, distribution locks, additional indebtedness limits, and information covenants tied to performance triggers.

How do regulatory or tariff changes affect bankability?

Link to revenue stability, coverage metrics, and the need for pass-throughs, guarantees, or renegotiation mechanisms.

Anchor answers in first principles: CFADS, risk allocation, and covenants drive structure and lender confidence.

Problem-Solving and Situation-Based Questions ▾

DSCR dips below covenant in the downside case—what do you do?

Revisit assumptions, explore tenor extension, grace periods, cash sweeps, or sponsor support to restore coverage.

How would you address a capex overrun discovered late?

Quantify gap, reassess contingency, evaluate additional debt/equity, and update model and lender communications.

Off-taker downgrade impacts counterparty risk—next steps?

Run revised credit cases, consider guarantees, escrow, LC support, or reprice to reflect heightened risk.

Policy change alters tariff formula mid-process—how to respond?

Scenario-test new framework, engage regulators/sponsors, and adjust term sheet to protect lender returns.

Client needs an accelerated IM—how do you maintain quality?

Lock scope, parallelize workstreams, enforce version control, and escalate data gaps early.

Key data is missing for market sizing—your approach?

Use triangulation: proxies, benchmarks, and conservative ranges with clear caveats in assumptions.

Multiple lender queries conflict—how do you align stakeholders?

Centralize Q&A, document agreed positions, and update IM/model consistently to maintain a single source of truth.

Model error found close to IC—what’s your plan?

Isolate and fix, re-run key cases, disclose impact transparently, and implement a peer review checklist.

Bid advisory timeline compresses—how do you de-risk?

Prioritize critical diligence, adopt robust assumptions, and flag conditions precedent in the financing plan.

Negotiations stall on covenants—what compromises can work?

Propose step-downs tied to performance, additional security, or restricted distributions to balance risk.

State your framework first, then apply it to the scenario; quantify impact wherever possible.

Resume and Role-Specific Questions ▾

Which part of your resume best demonstrates fit for this role?

Pick a project/model/document you owned; quantify outcomes and link to JD responsibilities.

Describe a financial model you built end-to-end.

Cover structure, checks, scenarios, and how insights informed the financing structure.

Walk us through an IM or memo you drafted.

Explain narrative flow, risk/mitigants, and how you tailored it for lenders/investors.

How have you interacted with bankers, lenders, or regulators?

Show credibility, precision in communications, and timely follow-through.

Share an example of risk assessment you conducted.

Identify key risks, quantify impact, propose mitigants, and note stakeholder acceptance.

Have you supported origination or pitch development?

Discuss sector scans, comps, and how you shaped the value proposition.

What SBI Group synergies are relevant to this role?

Mention access to a broad lender network, sector insights, and execution capabilities.

What was the toughest feedback you received and how did you adapt?

Show growth mindset and changes in your workflow or quality checks.

How do you stay current on sector and policy developments?

Reference official releases, regulator updates, and reputable industry sources.

Are you comfortable with travel and variable workloads?

Demonstrate readiness for client meetings, site visits, and peak execution phases.

Tailor each example to the JD: project appraisal, modelling, IMs, syndication, and risk mitigation.

6. Common Topics and Areas of Focus for Interview Preparation

To excel in your Project Advisory & Structured Finance role at SBI Capital Markets (SBICAPS), it’s essential to focus on the following areas. These topics highlight the key responsibilities and expectations, preparing you to discuss your skills and experiences in a way that aligns with SBI Capital Markets (SBICAPS) objectives.

Project Finance Fundamentals: CFADS, DSCR/LLCR/PLCR, reserve mechanics, security packages, and typical covenants across greenfield and brownfield assets.
Financial Modelling Mastery: Assumption hygiene, audit checks, scenarios/sensitivities, debt sizing, and translating results into actionable term sheet inputs.
PPP and Procurement Structures: Compare EPC, HAM, and BOT/DBFOT models; understand risk allocation and implications for pricing and lender appetite.
Sector and Policy Awareness: Track government programs and regulatory updates in power, renewables, transport, and urban infrastructure from official sources.
Documentation and Communication: Best practices for IMs, credit notes, and lender Q&A; crafting clear risk–mitigant narratives.

7. Perks and Benefits of Working at SBI Capital Markets (SBICAPS)

SBI Capital Markets (SBICAPS) offers a comprehensive package of benefits to support the well-being, professional growth, and satisfaction of its employees. Here are some of the key perks you can expect

Exposure to Landmark Mandates: Work on complex, high-impact transactions across core infrastructure and corporate sectors.
End-to-End Deal Experience: Participate from origination to closure, gaining full-lifecycle transaction skills.
Collaboration within the SBI Ecosystem: Engage with a wide network of group relationships and market insights.
Learning and Mentorship: Strengthen finance, modelling, and documentation capabilities through hands-on advisory work.
Nation-Building Impact: Contribute to projects that support economic development and public outcomes.

8. Conclusion

The Project Advisory & Structured Finance role at SBICAPS demands a balance of analytical depth, strong documentation, and disciplined execution. By mastering project finance fundamentals, building robust models, and communicating clear risk–mitigant narratives, you can contribute meaningfully to bankable, high-impact transactions. SBICAPS’s leadership in advisory and structured finance offers unparalleled exposure to marquee mandates and multi-stakeholder execution. Prepare with first principles CFADS, coverage metrics, risk allocation and be ready to evidence your skills through concrete examples. Thoughtful preparation, sector awareness, and stakeholder alignment will set you apart.

Tips for Interview Success:

Lead with First Principles: Frame answers around CFADS, risk allocation, and lender protections before specifics.
Show Your Work: Bring a clean modelling approach assumptions, checks, and scenarios to every technical question.
Write Like a Banker: Practice crisp IM-style summaries that balance opportunity with risks and mitigants.
Quantify Outcomes: Use metrics (DSCR uplift, IRR change, cost savings) to evidence your impact on prior work.