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Make sure to post questions to Products (your post was just moved by a moderator).
Marketo Calendar tokens are are rendered as prebuilt <A> elements. You can set the inner HTML using the Hyperlink Text textbox, though there naturally are limitations if you have very complex and/or preexisting markup in mind.
Naturally I believe you'll find more flexibility and functionality (such as reminders and all-day events) using an Agical.io link instead, which can be placed in any markup, used in an Email Script token, etc.