Municipal Bond Trader

troweprice; Baltimore (MD); Hybrid; USD 120,000 - 205,000; Full time

Job summary

T. Rowe Price is seeking a Municipal Bond Trader with 3+ years of experience to join the Municipal Bond Investments team within the Fixed Income platform.

The trader will execute municipal bond transactions and work with portfolio managers and research analysts to implement investment views, manage risk, and support performance across municipal strategies. The role requires an investment-oriented trader who can add value immediately through market insight, disciplined execution, and strong

Qualifications

• Bachelor's degree required.
• 3+ years in municipal bond trading or related fixed income role.
• Strong understanding of municipal market dynamics and liquidity.
• Proven ability to execute across market environments using dealer relationships and trading platforms.

Responsibilities

• Execute primary and secondary municipal bond trades with focus on best execution and liquidity.
• Collaborate with portfolio managers and analysts to express views across curve, sectors, structures, and credits.
• Provide timely market color, including dealer activity, flows, new issue calendars, and relative value.
• Identify relative value opportunities, dislocations, and liquidity conditions informing portfolio construction.
• Maintain relationships with dealers and trading platforms to enhance liquidity and idea flow.
• Support modernization of municipal trading through data, analytics, and scalable workflows.
• Share views on trading levels, liquidity, and market structure with the Fixed Income team.

Skills

Municipal trading

Market knowledge

Dealer relationships

Data analysis

Communication skills

Education

Bachelor's degree

Tools

Investor tools

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

T. Rowe Price is seeking a Municipal Bond Trader with 3+ years of experience to join the Municipal Bond Investments team within the Fixed Income platform. The trader will execute municipal bond transactions and work with portfolio managers and research analysts to implement investment views, manage risk, and support performance across municipal strategies. The role requires an investment-oriented trader who can add value immediately through market insight, disciplined execution, and strong dealer connectivity. The position sits within a research-driven platform where trading is a core part of the investment process.

The successful candidate will be an innovative municipal bond professional with deep knowledge of market structure, liquidity, and relative value, along with strong market intuition and disciplined execution. This individual will value strong dealer relationships while embracing data, technology, and the continued evolution of the municipal market. With a clear passion for the asset class and a strong commitment to client outcomes, the trader will be prepared to contribute from day one and help advance a high-performing Municipal Bond Investments team within the broader fixed income platform.

Responsibilities

• Execute primary and secondary municipal bond trades with a focus on best execution, liquidity, and transaction cost.
• Work with portfolio managers and analysts to express views across the curve, sectors, structures, and credits in municipal portfolios.
• Provide timely market color, including dealer axes, flows, bid-wanted activity, new issue calendars, and relative value across sectors and issuers.
• Identify and communicate relative value opportunities, dislocations, and liquidity conditions that inform portfolio construction and alpha generation.
• Build and maintain relationships with dealers, trading platforms, and other counter parties to enhance liquidity and idea flow.
• Support modernization of the municipal trading function through use of electronic trading, data and analytics, and scalable workflows.
• Share views on trading levels, technicals, liquidity, and market structure with the broader Fixed Income team.
• Trade within established risk limits, portfolio guidelines, and regulatory requirements, maintaining strong control and discipline.

Qualifications

Required:

• At least 3+ years of experience in municipal bond trading, municipal investing, or a related fixed income investment role.
• Strong understanding of the municipal market, including sector and structure dynamics, liquidity, relative value, and credit.
• Proven ability to execute in different market environments using both dealer relations in and m trading platforms.
• Established relationships in the dealer community and the credibility to act as an effective counterparty.
• Investment mindset and ability to engage in portfolio discussions, translate research into trades and support risk‑aware implementation.
• Demonstrated passion for the municipal bond market and an innovative approach to market structure, trading technology and process improvement.
• Strong analytical and quantitative skills, with comfort using data and market information for execution and relative value work.
• Clear written and verbal communication skills and the ability to collaborate across investment teams.
• Bachelor´s degree required

Preferred:

• Investor Tools Perform competency a plus
• Advanced degree or progress toward the CFA

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for hybrid work, with up to one day per week from home.

Base Salary Ranges

Please review the job posting for the location of this specific opportunity.

• $120,000.00-$205,000.00 for the location of: Maryland, Colorado, Washington and remote workers
• $120,000.00-$205,000.00 for the location of: Washington, D.C.
• $120,000.00-$205,000.00 for the lo