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Position Summary: The Sovereign Markets Analyst is responsible for the coverage of economies, primarily in Developed Europe, at a macro level. The Analyst will conduct investment-oriented research for our Global Fixed Income teams, providing thought leadership and generating strong, risk-adjusted investment returns in sovereign debt, local rates, and currencies for countries under coverage.

Key Responsibilities:

• Conduct comprehensive analysis of macroeconomic, political, and fiscal factors affecting sovereign debt in developed markets and potentially some emerging market, focused primarily in Europe.
• Conduct fundamental research of the key drivers of each sovereign nation’s fixed income securities and currency. Develop well-researched short and long-term views, resulting in the assignment of TRP credit ratings and actionable investment recommendations.
• Develop frameworks and models to analyze key macro and financial variables. Identify potential spillovers between markets, sources of vulnerability and/or strength in country-level balance sheets and flows and evaluate external factors (including market technicals) that contribute to the issuer’s fundamental credit profile and asset price/investment performance.
• Produce and communicate regular forecasts of fixed income and currency performance. Develop and apply relative value metrics, seeking investments that generate above-average risk-adjusted returns.
• Collaborate with the Corporate Analyst, Equity Analyst, and Responsible Investment Analyst teams to collectively generate more informed investment views, factoring in both macro, micro, and ESG considerations.
• Maintain solid relationships with government officials, local analysts, rating agencies, sell-side analysts, and other TRP investment professionals, including Fixed Income and Equity analysts. Assimilate and filter various sources of information to develop a long-term, well-researched investment thesis. Communicate investment recommendations orally and in writing across the investment platform to Portfolio Managers, other TRP analysts, traders, internal committees, and external clients.

Qualifications:

• Bachelor’s degree; master’s degree and/or CFA preferred.
• 3-5 years of macroeconomic, financial market, investment, and/or public policy experience gained on the buy-side, sell-side, or in the public/official sector.
• Good understanding of macroeconomic and financial market analysis; some experience using econometrics would be a plus.
• Some experience or willingness to develop skills in sovereign credit ratings and evaluating the fundamentals of sovereign debt, local rates, and currencies.
• Some experience or willingness to develop skills in analyzing and investing in various fixed income securities (hard currency and local currency denominated bonds), derivatives (interest rate swaps, credit default swaps), and currencies (spot and forwards).
• Strong intellectual curiosity, inquisitive nature, driven to excel in all aspects of the analytical process.
• Proactive, responsive, and flexible personality with keen attention to detail.
• Sound judgment and ability to make good decisions under pressure.
• Embraces collaboration and keen to engage across the investment platform.
• Willingness to pursue and explore ideas and potential investment opportunities, supporting one’s ideas to questioning by Portfolio Managers, other analysts, and traders.
• Strong communication skills, written and verbal.
• Regional language skills a strong plus though not required.

Commitment to Diversity, Equity, and Inclusion:

We strive for equity, equality, and opportunity for all associates. When we embrace the power of diversity and create an environment where people can bring their authentic and best selves to work, our firm is stronger, and we create greater value for our clients. Our commitment and inclusive programming aim to lift the experience for each associate and builds allies for our global associate community. We know that a sense of belonging is key not only to your success at the firm, but also to your ability to bring your best each day.

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, colour, 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.