Since its founding in 1985, PRAG has advised a wide variety of public sector entities, with particular focus on those issuers with large and complex financing needs for which the debt management function is critical. Our clients demand the attention of senior level personnel and our staffing meets those needs – over 50% of PRAG’s professionals are at the Managing Director level or above. This high ratio of senior personnel ensures that highly experienced personnel are involved in the day-to-day management of engagements for all the firm’s clients.

Quality of Advice

PRAG’s success is not due to the volume or number of financings for which it has acted as financial advisor, but rather is based on the quality of service provided, resulting from our knowledge of the financial markets, our analytic capabilities and our credit experience as well as the involvement of senior personnel in each engagement.

Ongoing Engagements

PRAG has a large number of repeat engagements, indicating ongoing client satisfaction. PRAG personnel have provided financial advisory services to the Northeast Maryland Waste Disposal Authority since 1980, Baltimore County since 1981, the Comptroller of the State of New York since 1982, the State of New Hampshire since 1983, the City of Los Angeles since 1985, the Commonwealth of Virginia since 1986, the City of San Diego since 1989, the City of New York since 1990 and the State of California since 1991. Clients that retain PRAG for periods of more than 15 years clearly indicate their appreciation of the firm's analytical and quantitative skills, credit experience and market knowledge.

Client Base

Another indicator of the level of service provided by PRAG is our client base. PRAG serves as financial advisor to some of the largest, most sophisticated issuers in the country as well as smaller issuers that demand top quality advice. Two of the largest issuers in the municipal market with the most complex debt management programs are PRAG clients - the State of California and the City of New York.

Independence

The independent nature of PRAG differentiates its approach to advisory duties and responsibilities from those of other financial service companies that sell securities to investors in addition to providing ancillary financial advisory services. PRAG does not engage in any form of underwriting, trading or marketing of securities. This focus only on advice eliminates the possibility that a conflict could ever exist within PRAG between marketing a client’s bonds to investors and advising a client on how to obtain the lowest cost of capital.

With the savings produced through our analytical skills, knowledge of credit and advice on pricing, our services pay for themselves many times over.  Most importantly, clients are assured that their financial objectives are accomplished at a minimal degree of risk and that their interests are always protected.