Usd Rates Relative Value Portfolio Manager

Role Overview

We are seeking a USD Rates Relative Value Portfolio Manager with deep expertise in linear RV trading across the U.S. Treasury curve and its derivatives. The role sits beneath a Senior Global Bond RV PM and combines full autonomy over a dedicated sleeve of capital with active idea generation for a larger, highly scaled global rates RV book.

This role is about extracting alpha from curve structure, term premia, and technical dislocations-not macro storytelling and not long-vol heroics. You will run risk independently, trade actively, and contribute scalable, repeatable RV ideas to the core portfolio.

Key Responsibilities

Independent Portfolio Management

Manage an autonomousUSD rates RV sleeve with defined risk limits and direct P&Laccountability Construct and manage linearrelative value positions across: U.S. Treasury cashbonds Treasury futures Interest rate swaps andswap spreads OIS vs Treasuries Focus on curve,butterfly, spread, and roll-down driven strategies rather than outrightdirectional exposure

Curve & Structure-Based Alpha Generation

Identify mispricingsalong and between Treasury curves, driven by: Supply/demandimbalances and issuance dynamics Dealer balance sheetconstraints Central bank policyexpectations and communication Funding, collateral,and basis effects Design trades thatexploit: Curve shape distortions Forward mispricing Sectorrichness/cheapness On-the-run vsoff-the-run dynamics Maintain tightdiscipline around carry, roll, and convexity bleed

Derivatives & Implementation

Use derivativesintelligently to express RV views, including: Futures vs cash Swap vs Treasuryspreads IMM andforward-starting structures Optimize tradeconstruction for: Capital efficiency Liquidity Execution cost Manage basis riskbetween instruments rigorously-no hand-waving allowed

Contribution to the Main Book

Generate scalablelinear RV ideas suitable for deployment on the Senior PM's core GlobalBond RV portfolio Provide structured traderecommendations with: Clear entry points Risk limits Expected carry/rollprofile Scenario outcomes Actively engage inportfolio-level discussions around curve positioning, net duration, andcross-market alignment

Risk Management & Discipline

Maintain strict controlsaround: Duration neutrality Curve exposure Concentration by tenoror structure Actively monitor regimeshifts (QT/QE, volatility changes, policy uncertainty) and adjustpositioning accordingly Conduct rigorouspost-trade analysis and drawdown reviews

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