T. Rowe Price International Bond Fund (RPIBX)
Ticker Symbol:
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Fund Objective
Quick Stats
Fiscal Year End  December
Morningstar Category  World Bond
Inception Date 09/10/1986
Tax ID 52-1474854
Investment Objective
The fund's objective is to provide high current income and capital appreciation by investing primarily in high-quality, nondollar-denominated bonds outside the U.S.
Normally, the fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in foreign bonds and 65% of its net assets in non-U.S. dollar-denominated foreign bonds that are rated investment-grade (i.e., BBB- or equivalent, or better), as determined by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. The fund may invest up to 20% of its total assets in “junk” bonds that have received a below investment-grade rating (i.e., BB or equivalent, or lower) from each of the ratings agencies that has assigned a rating to the bond (or, if unrated, deemed to be below investment-grade quality by T. Rowe Price), including those in default or with the lowest rating. Up to 20% of total assets may be invested in U.S. dollar-denominated bonds.

Although the fund expects to maintain an intermediate- to long-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities.

The fund is likely to be heavily exposed to foreign currencies and will normally purchase bonds issued in foreign currencies.
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Risk/Reward Potential*
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By investing in foreign fixed-income markets, U.S. investors can benefit from potentially higher yields than those in the U.S. Foreign bond markets often move independently of one another and the U.S. markets.

The fund is subject to a variety of risks including the risk of investing in foreign markets, the types of bonds purchased, the degree of currency exposure, and whether the bonds are issued by countries in developed markets, emerging markets, or both. In addition, there are the interest rate and credit risks normally associated with investing in bonds.
* Annually we evaluate the standard deviation of each US mutual fund listed and its resulting placement within specific risk/return categories.

Methodology: If a fund is at least 5 year old, it is generally placed in risk/return categories based on the standard deviation of its performance for the longest period of its calendar year returns; the longest time period used for analysis is 10 years (regardless of the fund's inception). If a fund is less than 5 years old, we generally use the fund's primary benchmark disclosed in its prospectus as a proxy and follow the same process of using 10-year standard deviation of the benchmark, or longest time period available. The firm at its sole discretion may show a fund in a higher risk category based on qualitative or other factors that may differ from this methodology.
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