Abans Group - Fixed Income Trader - G-Sec & Rates Derivatives

Job Description:

Position: Fixed Income Trader G-Sec & Rates Derivatives

Department: Treasury / Fixed Income & Derivatives

Experience: 5 - 12 years

Location: Mumbai

Employment Type: Full-time

About the Role:

We are looking for an experienced Fixed Income / Rates Trader to join our trading desk and actively manage an existing Indian Government Securities (G-Sec) portfolio, along with positions in Fixed Income Derivatives.

The role requires a strong understanding of the Indian interest-rate market, G-Sec yield curve dynamics, term spreads, monetary policy, liquidity conditions, macroeconomics and geopolitical developments.

The ideal candidate should be more than an execution-oriented dealer. We are looking for someone who can form independent views on the yield curve and identify trading opportunities across maturities and instruments, particularly through 10Y30Y and 10Y40Y spread strategies.

The candidate will be expected to convert macro and market views into actionable portfolio positioning and actively manage risk.

Key Responsibilities:

G-Sec Portfolio Management:

- Actively manage and optimize an existing Indian G-Sec portfolio.

- Develop views on the yield curve, duration, term premium and relative value across maturities.

Yield Curve & Spread Trading:

- A key responsibility will be to develop and execute curve-spread trading strategies.

- For example:

1. When the 10Y40Y or 10Y30Y curve flattens, assess whether the portfolio should be repositioned towards 10Y G-Secs.

2. When the curve steepens, assess opportunities to increase exposure towards 30Y and 40Y G-Secs.

Macro, Economic & Geopolitical Analysis:

- Monitor and interpret developments that can materially impact Indian rates and the G-Sec curve, including:

1. RBI monetary policy

2. RBI liquidity operations

3. Repo / SDF / VRR / VRRR operations

4. OMO purchases and sales

5. Government borrowing programme

6. G-Sec and SDL supply

7. Inflation and growth data

8. Fiscal deficit and government borrowing

9. Oil prices and commodity movements

Fixed Income Derivatives:

- The desk actively trades Fixed Income Derivatives, including:

1. OIS Overnight Indexed Swaps

2. IRS Interest Rate Swaps

3. Other interest-rate derivative structures as applicable

- Identifying dislocations between cash and derivative markets.

- Using derivatives for hedging, duration management and alpha generation.

Interest Rate Futures:

- We currently do not have an active Interest Rate Futures (IRF) trading strategy, but we are open to developing this capability.

- The candidate will have the opportunity to:

1. Evaluate IRFs as an additional trading and hedging instrument.

2. Develop strategies involving:

i. IRF vs G-Sec relative value