Municipal Bond Trader

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 counterparties 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 relationships and 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.

Placement within the range provided above is based on the individual’s relevant experience and skills for the role. Base salary is only one component of our total compensation package. Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.

Commitment to Diversity, Equity, and Inclusion

At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all.

Benefits

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.

About Us

T. Rowe Price is an asset management firm focused on delivering global investment management excellence and retirement services that investors can rely on–now, and over the long term.

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