Emerging markets hard currency bond trader

Overview

We are looking for an experienced Emerging Markets Hard Currency Bond Trader to join our Emerging Markets Trading team in Milan.

What you'll be doing

• Trade and market‑make sovereign and quasi‑sovereign bonds denominated in USD and EUR across Emerging Markets.
• Manage market, credit and liquidity risk within the assigned risk framework and limits.
• Provide competitive pricing and liquidity for the EM hard‑currency bond universe.
• Actively manage trading positions and portfolio exposures, balancing client flows, market opportunities and risk‑reward considerations.
• Develop and implement relative‑value, directional and hedging strategies across EM credit markets.
• Work closely with Sales to deliver market views, pricing and trade ideas to institutional clients.
• Identify opportunities to expand client activity and enhance the bank’s product and market coverage.
• Collaborate with other trading desks and international hubs to optimise risk allocation, liquidity and market coverage.
• Contribute to the strategic development of the Emerging Markets trading franchise.
• Ensure all trading activities comply with internal policies, risk limits and regulatory requirements.

Who we are looking for

• 5‑10 years of experience in Emerging Markets hard‑currency bond trading at a leading investment bank or comparable institution.
• Strong expertise in sovereign and quasi‑sovereign credit, with responsibility for trading books and market risk.
• Deep knowledge of USD and EUR denominated EM debt across regions (LatAm, CEE, Middle East, Africa, Asia).
• Proven ability to manage sizeable positions and risk exposures under varying market and liquidity conditions.
• Experience in developing new trading and business opportunities.
• Proficiency with front‑office trading, pricing, risk‑management and position‑keeping systems.
• Degree in Economics, Finance, Engineering, Mathematics or related quantitative discipline.
• Strong understanding of sovereign credit analysis, macro fundamentals, debt sustainability and geopolitical risk.
• Expertise in credit spreads, yield curves, relative‑value analysis and fixed‑income risk metrics.
• Knowledge of hedging instruments used in EM trading (government bonds, interest‑rate, FX and credit derivatives).
• Excellent risk‑management and decision‑making capabilities.
• Fluency in English.

What we offer

• Gross annual salary starting from 100 000 €.
• Performance‑related variable component.
• Additional benefits in line with the national collective labour agreement for the banking sector.
• Professional development opportunities and a wide range of training programmes.
• Flexible working arrangements and a 4‑day workweek (4x9).
• Modern corporate welfare system, healthcare coverage and supplementary retirement plan.
• Benefits on the Group’s banking products and services.

About us

We are the leading banking group in Italy and a top‑tier European bank. With over 20 million customers in Italy and abroad, we are committed to sustainable growth, environmental responsibility and social impact. Our Corporate Investment Banking Division serves corporate, public‑finance and financial‑institution clients worldwide.