Over 50 years of investing in fixed income


When T. Rowe Price founded its fixed income division in 1971, the world was a very different place. The term “emerging markets” had not yet been coined, the first junk bond boom was a decade away, and for most investors the only tools in the fixed income toolkit were domestic government bonds. In the five decades that followed, our bond expertise evolved as fast as the markets did.

Over the years, we have navigated multiple market crises and followed new asset classes as they grew from infancy. When we talk about T. Rowe Price’s “deep expertise”, we’re referring to that institutional memory, and the sound judgment born of long experience. 


Everything we've learned goes into your portfolio

All data as of 31 March 2023, unless otherwise stated. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory.

How do you measure 50 years?

The milestones of our fixed income journey – watch the video

What is inspiration in fixed income?

For illustrative purposes only. This document is provided for historical purposes only.

Take a trip to 1975

Our first fixed income brochure

The world in 1971

As we were setting up our first fixed income team in Baltimore, the world was a rapidly changing place and far reaching events were underway, including... 

  • Apollo 14 Moon landing
  • Suspension of Gold Standard
  • Nasdaq opened
  • China admitted to United Nations
  • First single-chip microprocessor introduced by Intel
  • Monetary Authority of Singapore was established