Emerging Markets Hard Currency Bond Trader

Overview

We are looking for an experienced Emerging Markets Bond Trader to join our Emerging Markets Trading team in Milan.
The successful candidate will take a senior role in trading, market making and risk management across Emerging Markets hard currency fixed income, with a primary focus on sovereign and quasi-sovereign bonds denominated in major currencies, particularly USD and EUR.
The candidate will play a key role in the continued development of the Emerging Markets franchise, working closely with Sales and other Trading teams across the international hubs.

What you'll be doing

As an EM Bond Trader, you will be responsible for:

• Trading and market making across Emerging Markets hard currency sovereign and quasi-sovereign bonds, primarily denominated in USD and EUR;
• Managing the market, credit and liquidity risks arising from market-making and trading activities, within the assigned risk framework and limits;
• Providing competitive pricing and liquidity across the assigned Emerging Markets perimeter;
• Actively managing trading positions and portfolio exposures, balancing client flows, market opportunities and and risk/reward considerations;
• Developing and implementing relative-value, directional and hedging strategies across EM credit markets;
• Working closely with Sales to provide market views, axes, pricing and trade ideas, supporting the development of the institutional client franchise;
• Identifying opportunities to expand client activity and enhance the Bank's product and market coverage across Emerging Markets;
• Working closely with other Trading desks and international hubs to optimize risk allocation, liquidity and market coverage;
• Providing senior market expertise and contributing to the broader strategic development of the Emerging Markets trading franchise;
• Ensuring that all trading activities are conducted in accordance with applicable internal policies, risk limits and regulatory requirements.

Who we are looking for

If you want to turn your passion into a career and you have the following characteristics, we are waiting for you:

• Approximately 5-10 years of significant experience in Emerging Markets Hard Currency bond trading, gained within a leading investment bank or a comparable financial institution;
• Extensive experience in sovereign and quasi-sovereign credit, with direct responsibility for managing trading books and market risk;
• Strong knowledge of both USD- and EUR-denominated Emerging Markets debt;
• Experience across multiple EM regions, such as LatAm, CEE, Middle East & Africa and/or Asia;
• Proven ability to manage sizeable positions and risk exposures across different market and liquidity conditions;
• A proven ability to identify and develop new trading and business opportunities;
• Extensive experience with front-office trading, pricing, risk-management and position-keeping systems;
• A degree in Economics, Finance, Engineering, Mathematics or another relevant quantitative discipline;
• Strong understanding of sovereign credit analysis, including macroeconomic fundamentals, debt sustainability and political and geopolitical risk;
• Strong knowledge of credit spreads, yield curves, relative-value analysis and fixed-income risk metrics;
• A thorough understanding of the main hedging instruments used in EM trading, including government bonds, interest-rate/Fx/credit derivatives;
• Excellent risk-management and decision-making capabilities;
• Fluency in English.

Preferred consideration will be given to candidates who have gained significant international professional or academic experience through studies undertaken abroad or at internationally recognized educational institutions.

What we offer

• Gross annual salary starting from €100,000 
• The Group provides a performance-related variable component in line with the Group’s Remuneration Policies available on the Group website
• Additional benefits set out by the National Collective Labour Agreement for the Banking sector and company-level agreements
• Opportunities for professional development to support your growth
• A wide range of training programes through our Corporate Academy, dedicated to the continuous development of professional, managerial and soft skills at all levels
• Possibility of flexible working and a 4-day workweek (4x9)
• A modern and integrated corporate welfare system (link)
• Healthcare coverage and supplementary retirement plan upon employment
• Benefits on the Group's banking products and services