Municipal Bond Trader

T. Rowe Price • Baltimore, MD

4d • Hybrid

About The Position

T. Rowe Price is seeking a Municipal Bond Trader with at least 3 years of experience to join the Municipal Bond Investments team within its Fixed Income platform. The trader executes municipal bond transactions and works with portfolio managers and research analysts to implement investment views, manage risk, and support performance across municipal strategies. The role calls for an investment-oriented trader who can contribute through market insight, disciplined execution, and strong dealer connectivity.

The position is part of a research-driven platform where trading is a core part of the investment process. The successful candidate will bring knowledge of municipal market structure, liquidity, and relative value, together with market intuition and disciplined execution. The trader will value dealer relationships while using data and technology and contributing to the continued evolution of the municipal market. The role is eligible for hybrid work, with up to one day per week from home.

Requirements

• 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 dealer relationships and trading platforms.
• Established dealer-community relationships and credibility as an effective counterparty.
• Investment mindset and ability to engage in portfolio discussions, translate research into trades, and support risk-aware implementation.
• 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 ability to collaborate across investment teams.
• Bachelor’s degree required.

Nice To Haves

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

Responsibilities

• Execute primary and secondary municipal bond trades, focusing on best execution, liquidity, and transaction cost.
• Work with portfolio managers and analysts to express views across curves, 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 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.

Benefits

• Competitive compensation
• Annual bonus eligibility
• Generous retirement plan
• Hybrid work schedule
• Health and wellness benefits, including online therapy
• Paid time off for vacation, illness, medical appointments, and volunteering days
• Family care resources, including fertility and adoption benefits

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level