Emerging Markets Fixed Income Trader

troweprice; Baltimore (MD); On-site; USD 120,000 - 160,000; Full time

Job summary

T. Rowe Price in the United States seeks an Emerging Markets Fixed Income Trader to execute sovereign and corporate credit, local currency rates, and FX for EM strategies within global portfolios.

You will build counterparty relationships and contribute market insight to portfolio construction discussions. Liquidity in EMs varies, so your decisions carry weight and you will work with the investment team to optimize trade execution across markets and time zones.

Qualifications

• Required: At least 3 years of experience in emerging markets fixed income trading, portfolio implementation.

Responsibilities

• Execute across EM instrument set: sovereign/quasi-sovereign bonds, EM corporate credit, local currency bonds, FX, swaps, CDSs.
• Select execution approach per order: voice, RFQ, all-to-all, list/portfolio trades, based on size and liquidity.
• Manage execution across time zones, local hours, access routes, documentation, holidays, settlement conventions.
• Exercise judgment on order timing, risk sourcing, and advisement to PM when trade not achievable at acceptable cost.
• Partner with PMs and analysts to translate views into trade structures across rates, credit, and currency.
• Manage cash and currency positioning, subscription/redemption flows, hedges, and settlement mismatches.
• Allocate trades across accounts per policy, maintain target exposures, and resolve settlement issues.
• Provide market color on positioning, dealer inventory, new issues, index events, and liquidity shifts.

Job description

At T. Rowe Price, we identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, and multi-asset capabilities to individuals, advisors, institutions, and retirement plan sponsors. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership so our clients can feel more confident.

We believe doing the right thing for our clients and our associates is good business . With a career at the firm, y ou can expect opportunities to create real impact at work and in your community. Y ou'll enjoy resources to support your career path, a s well as compensation , benefits , and flexibility to enrich your life. Here, you'll find a collaborative culture that respect s and valu e s differences and colleagues who share a spirit of generosity .

Join us for the opportunity to g row and make a difference in ways that matter to you .

Role Summary

The Emerging Markets Fixed Income Trader executes sovereign and corporate credit, local currency rates, and foreign exchange transactions for dedicated emerging markets strategies and for the emerging markets allocations within global and multi-sector portfolios. The trader will build counterparty relationships and contributes market insight to portfolio construction discussions. Traders here work as members of the investment team. Liquidity in emerging markets is uneven across countries and instruments, and market access rules vary by jurisdiction, so implementation decisions carry more weight than in developed markets.

Responsibilities

Execution:

• Execute across the emerging markets instrument set, including hard currency sovereign and quasi-sovereign bonds, emerging markets corporate credit in investment grade and high yield, local currency government bonds and bills, foreign exchange in spot, forwards and non-deliverable forwards, interest rate and cross-currency swaps, and credit default swaps in single name and index form.
• Select the execution approach for each order from voice negotiation, request for quote, all-to-all protocols, and list or portfolio trades, based on size, liquidity conditions, and the portfolio manager's urgency and price constraints.
• Manage execution across time zones and local market hours, including onshore and offshore access routes, restricted market documentation, holiday calendars, and settlement conventions that differ by market.
• Exercise judgment on when to work an order over time, when to source risk in size, and when to advise the portfolio manager that the intended trade is not achievable at an acceptable cost.

Portfolio implementation:

• Partner with portfolio managers and research analysts to translate country, curve, and issuer views into implementable trade structures across rates, credit, and currency.
• Manage cash and currency positioning for emerging markets strategies, including subscription and redemption flows, coupon and maturity proceeds, currency hedges, and settlement mismatches between local bond markets and fund-level cash.
• Allocate trades across accounts in line with firm policy, maintain target exposures consistent with portfolio guidelines, and resolve settlement and documentation issues with operations and counterparties.

Market intelligence and counterparty coverage:

• Provide portfolio managers and analysts with market color on positioning, dealer inventory, new issue supply and concessions, index events, and shifts in liquidity by country and instrument.
• Identify relative value across curves, currencies, and capital structures where execution conditions create opportunity, and participate in country, sector, and strategy discussions.
• Own dealer relationships across a defined set of counterparties, including regional and local banks, and hold them accountable for pricing, axe quality, and responsiveness.
• Monitor execution outcomes using transaction cost analysis, completion rates, dealer response quality, and the cost of orders left unworked or partially executed, and direct order flow accordingly.

Technology and workflow:

• Use the desk's execution and analytics platforms as a core part of daily workflow and improve the efficiency with which orders move from portfolio manager instruction to completed trade.
• Define and refine the rules governing low touch and automated execution in emerging markets, including the size, liquidity, and volatility conditions under which an order should be handled without trader intervention.
• Represent emerging markets requirements to the firm's trading technology and data teams, specify what the tools need to do, test them before release, and assess new capabilities including AI-assisted tools for research synthesis and market monitoring.

Qualifications

Required:At least 3 years of experience in emerging markets fixed income trading, portfolio implemen