The Emerging Markets Podcast by Tellimer

Phoenix Kalen, Global Head of Emerging Markets Research at Société Générale and former RBS and JP Morgan analyst. He discusses who wins and loses from higher oil and supply shocks. He explains why market reactions are more contained than in 2022. He covers the rise of local‑currency bond markets, diversification away from dollar assets, and why EMs are becoming standalone investment opportunities.

Hasnain Malik⁠, Head of Investment Strategy at ⁠Tellimer⁠, joins ⁠Tellimer⁠ Founder & CEO, ⁠Duncan Wales⁠, to discuss the rapidly escalating conflict between the US, Israel, and Iran, and the potential consequences for global markets. Drawing on Hasnain’s three decades of experience in MENA and analysing geopolitics and emerging market investment strategy, the conversation explores whether the war could expand across the region, what a destabilised Iran might mean for Middle East politics, and why a collapse of the Iranian regime could open the door to even greater instability. They also examine the risks to global energy supply through the Strait of Hormuz, the political pressures facing leaders in Washington and Tel Aviv, and how investors should think about positioning in emerging markets if oil prices and geopolitical risk remain elevated.The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer⁠⁠⁠⁠⁠⁠ – Emerging Markets, Connected. Check out the full Tellimer offering ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions.DISCLAIMERThis podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Technologies Limited does not offer or provide advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.For more information, please visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 

Dr. Lupin Rahman, sovereign debt expert and author with experience at PIMCO, the IMF and the World Bank. She discusses how sovereign credit risk now shapes global fixed income. Topics include rising debt in advanced economies, policy credibility and geopolitics, the EM playbook’s wider relevance, ESG in sovereign analysis, and how digitisation and tokenisation could change sovereign issuance.

Tanner Taddeo, CEO and co-founder of Stable Sea, joins Tellimer CEO, Duncan Wales, to discuss how stablecoins are moving from the crypto periphery into the core infrastructure of global payments. Drawing on Tanner’s background across humanitarian finance, investment banking and enterprise fintech, the conversation explores how stablecoins help businesses hedge currency volatility, bypass USD liquidity constraints and speed up cross-border settlement in emerging markets, particularly across Global South–to–Global South trade corridors. They also examine the geopolitics of digital financial rails, the rise of non-USD stablecoins and on-chain FX, the role of regulation and reserve transparency, and why stablecoins are shifting from SMB savings tools to mid-market trade solutions and, increasingly, Fortune 500 treasury operations as the market moves from 2025’s legitimacy moment into a broader adoption phase in 2026.The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer⁠⁠⁠⁠ – Emerging Markets, Connected. Check out the full Tellimer offering ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions.DISCLAIMERThis podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Technologies Limited does not offer or provide advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.For more information, please visit ⁠⁠⁠⁠⁠⁠⁠⁠Tellimer.com⁠⁠⁠⁠⁠⁠⁠⁠. 

Maria Jose Alvarez, Client Success Manager at Tellimer, joins CEO Duncan Wales for a special year-in-review episode, revisiting what the team got right — and less right — in their 2025 emerging markets outlook. They unpack the impact of Trump’s second term and “Liberation Day” tariffs, the weaker US dollar and its outsized boost to EM local debt, hard currency bonds and equities, and why frontier markets like Vietnam and Indonesia quietly benefited from trade re-routing. The conversation also covers a more complicated-than-expected geopolitical backdrop, the absence of new sovereign defaults, the role of elections in shaping policy credibility, and why local rates, idiosyncratic restructurings and selected high-yield stories remain central to the EM opportunity set going into 2026.The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer⁠⁠⁠ – Emerging Markets, Connected. Check out the full Tellimer offering ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. To get access to our top picks for 2026, please contact sales@tellimer.com.The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions.DISCLAIMERThis podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Technologies Limited does not offer or provide advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.For more information, please visit ⁠⁠⁠⁠⁠⁠⁠Tellimer.com⁠⁠⁠⁠⁠⁠⁠. 

Dominic Boker-Ingram, a seasoned Senior Portfolio Manager at Fiera Capital with over 30 years in emerging and frontier markets, shares invaluable insights. He discusses Saudi Arabia's rapid IPO boom, market saturation, and the dual impact of the Russia-Ukraine conflict on Central Asia, highlighting both growth prospects and inflation challenges. The conversation also covers Egypt's stabilizing strategies, particularly the Ras El Hekma deal, and why institutional reform, rather than political labels, drives equity market success across emerging regions.

Eric Fine, Head of Active Emerging Market Debt at VanEck, shares his 25-year journey navigating the complex world of emerging markets. He discusses how EMs have grown more resilient against shocks compared to developed markets facing increased volatility. Fine elaborates on fiscal dominance, the evolution of local-currency markets, and the implications of rising CNY usage in global reserves. He also warns about overcrowded trades in frontier markets, explores the interplay of gold purchases and currency effects, and predicts a shared future for the dollar's reserve status.

Esther Law, a Senior Portfolio Manager and Emerging Markets Sovereign Lead at Amundi, shares her insights on sustainable debt in emerging markets. She discusses the importance of blended finance and the role of multilateral development banks in mobilizing private capital. Esther dives into the growing outlook for green and blue bonds and highlights the balance between local and hard-currency markets. They also examine recent sovereign restructurings, the impact of geopolitical shifts, and emerging opportunities in the evolving landscape of EM fixed income.

Duncan Wales⁠, ⁠Tellimer⁠'s CEO, and his capital markets expert guest, ⁠Majd Nuri Shafiq,⁠ assess the investment case for the Middle East. They discuss the growing role of local debt markets, the potential for regional stock markets, the rise of Sukuk issuance and Islamic finance, and how post-conflict reconstruction across Gaza, Syria, and Lebanon could spark a new wave of regional growth. The conversation also explores the intersection of geopolitics, innovation, and finance shaping the Middle East’s economic future.The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠– Emerging Markets, Connected. Check out the full Tellimer offering ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions.DISCLAIMERThis podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Technologies Limited does not offer or provide advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.For more information, please visit ⁠⁠⁠Tellimer.com⁠⁠⁠. 

In this discussion, Nick Rohatyn, Founder and CEO of The Rohatyn Group and seasoned expert in emerging markets, shares his insights on the evolving landscape of global investing. He discusses the shift away from U.S.-heavy allocations due to rising geopolitical risks, highlighting the need for a multi-asset approach. Rohatyn also emphasizes the importance of local participation in EM markets and the potential for significant opportunities in reconstruction and private investments. His 'three-part' strategy for assessing countries adds depth to the conversation.