EMFC
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Departments

Find your desk

Six departments and fifteen desks, run by 66 members. Choose a department to see what it produces, where it aims and who is on it.

Department

Fixed Income

A research-led desk covering public and private debt markets. Members produce a monthly Fixed Income Market Monitor, analysing market developments, trends and investment opportunities across asset classes. They also work through debt capital markets case studies and engage with industry professionals through speaker sessions.

Public credit, led by Luka Thomson
Rates & Government BondsGovernment bond markets, central bank policy and the shape of the yield curve.Investment Grade CreditInvestment grade corporate bonds: spreads, new issuance and the credit quality of large issuers.High Yield CreditHigh yield bonds and leveraged credit: spreads, defaults and the riskier end of corporate debt.Mortgage-Backed SecuritiesMortgage-backed securities and the housing and securitisation markets behind them.
Private credit, led by Tim Constantin Ziegler
Private CreditPrivate credit funds and the lending they do outside the public bond markets.Led by Tim Constantin ZieglerDirect LendingDirect lending to mid-market companies, often alongside private equity buyouts.Led by Tim Constantin Ziegler
What Associates do

Contribute to the monthly Fixed Income Market Monitor, analyse developments in their assigned markets, work through debt capital markets case studies, and present their findings in desk meetings.

The work

What the desk produces

I.

Monthly Research

Each month, associates publish spread moves and rating actions in their assigned market to the desk.

II.

Debt Capital Markets Case Studies

Work through real-world transactions across public and private debt markets, examining financing structures, pricing, investor demand and the factors influencing funding decisions.

III.

Associate-Led Lessons

Each associate teaches a session on their corner of the credit market, building both depth and presentation reps.

IV.

Private Credit Recruitment

CV reviews, mock interviews and case practice for private credit and fixed income roles.

Where the desk aims

Target firms

  • PIMCO
  • RBC BlueBay Asset Management
  • TwentyFour Asset Management
  • Loomis Sayles
  • PGIM Fixed Income
  • Ares Management
  • Arcmont Asset Management
  • Hayfin Capital Management
  • Golub Capital
  • Pemberton Asset Management
  • Apollo
  • Oaktree Capital Management
Published work

Research

  • Fixed IncomeFixed Income Market Monitor, October 2026Fixed Income Market Monitor, October 2026, 15 pagesBy Joan Brugada, Nin Sacristan, Paul Emil Manner, Jules Coppens, Hugo Heise, Giulia Weber Colussi, Liam Thiele, Luka Thomson
    Read PDF
  • Fixed IncomeFixed Income Market Monitor, week ending 4 September 2026Fixed Income Market Monitor, 4 September 2026, 9 pagesBy Fixed Income department, Luka Thomson
    Read PDF
The people

On the desk

Meet the whole team
Public credit
Private credit
Applications closed

Recruiting reopens next term.

Associate applications are closed for now. Follow us on LinkedIn for the next intake.

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