30 Oct 2025
Launching Emerging Markets Credit at Marex
Marex has launched its Emerging Markets (EM) Credit desk, designed to meet the demands of today’s liquidity conditions. The new team combines agency execution with selective principal risk-taking across sovereign and corporate debt, offering institutional clients a more agile, insight-led approach to EM credit.
The desk is led by Aaron Fernandes, Head of European and Asian Emerging Markets, with Matthew Vogel, Head of EM Strategy and Paul Timmons, Senior Trader, supported by a team of experienced professionals that will deliver a desk analyst strategy designed to turn ideas into actionable trades.
Where EM Credit meets Marex’s strength
EM credit remains one of the less electronified, more illiquid areas of fixed income. Liquidity is fragmented, jurisdictions are complex and windows to act can be short. This environment rewards experience, speed and judgement – exactly where Marex excels.
Key differentiators
- Hybrid liquidity: agency, execution and trading with selective use of balance sheet to provide liquidity and extend client credit where appropriate
- Content that moves: a concise analyst product focused on catalysts, trade path and implementation, shrinking time from idea to execution
- Global platform: an EM capability that plugs directly into Marex’s cross-asset reach and infrastructure
“Expanding in credit is central to building a full-service offering for our clients. EM credit rewards experience, speed and thoughtful use of balance sheet. Aaron’s team brings exactly that, plus an analyst product that adds tangible value across our network.”Paolo Tonucci Chief Strategist and CEO of Capital Markets, Marex
What clients can expect
Marex’s EM Credit desk is built around adaptive execution, combining the best of agency execution with the flexibility to take targeted risks in fast-moving or thin markets.
Core capabilities
- Execution that adapts: agency first, with the ability to take targeted risks when markets are thin or time-sensitive
- Actionable trade ideas: trade-focused notes from experienced sovereign and corporate analysts, with clear theses, levels and next steps
- Cycle-tested seniority: a team with deep experience navigating restructurings, sanctions, and pandemic dislocations
- Coordinated delivery: integrated with Marex’s growing global credit footprint, including the LATAM EM desk led by Mike Rowe
Coverage and focus
In its first phase, we are prioritising higher-yielding and special-situation opportunities across Emerging Europe, the Middle East, Africa and Asia. The strategy will be a content-leading, client-focused business providing quick and thoughtful desk analysis across the region.
The team will focus on a content-led, relationship-driven approach, delivered through:
- Targeted in-country investor trips
- Coordinated schedules around World Bank and IMF meetings
- Year-round topical discussions across multiple venues
- Small-group, high-touch conversations with strategic follow-through
“EM credit still benefits from a high-touch, content-led approach. Our hybrid model lets us act like a speedboat in a market of tankers pairing agency execution with targeted risk-taking and the ability to extend credit when it makes sense.”Aaron Fernandes Head of European and Asian Emerging Markets, Marex
How it connects across Marex
EM Credit extends our cross-asset toolkit so clients can act with one coordinated partner.
Integrated Capabilities:
- Pair EM credit trades with rates overlays and listed hedges
- Align execution with FX and cross-currency settlement where relevant
- Collaborate with relative-value and regional teams to structure opportunities
- Selectively engage private placements/DCM through established relationships
The result
A coherent journey from idea to price discovery, execution and post-trade, all delivered through one integrated Marex platform.
Looking for an execution that adapts to your strategy? Connect with Marex’s Emerging Markets Credit desk. Built for agility, powered by experience.
