13 Nov 2015
Bloomberg by Alex longley
“At this point it is difficult to price in further growth, and so markets are taking a pause,” said Nicola Marinelli, a portfolio manager at Pentalpha Capital Ltd. in London.
15 Mar 2015
Observador by Edgar Caetano
50 dias de Syriza. Das promessas ao mundo real
Nicola Marinelli, um gestor de investimentos da Pentalpha Capital, com larga experiência nos mercados da periferia da zona euro, diz que a avaliação “depende de qual era o objetivo do Syriza e se estavam a fazer bluff com as ameaças” que fizeram antes e logo após as eleições. ...
WSJ by Tommy Stubbington and Laurence Fletcher
An Intrepid Few Continue Trading in Greece
Nicola Marinelli, a portfolio manager at Pentalpha Capital, which manages €120 million, bought the new Greek bond, launched to red-hot demand in April, but sold his holdings in the third-quarter last year after a strong run. He said that for the firm to buy again there would have to be a definitive decision that Greece is staying in the euro and that the probability of Greece exiting had increased significantly in recent weeks.
If a deal is reached, the outstanding bonds will rally hard, he added. “But it’s such a binary outcome: it’s a 50% chance you lose everything or a 50% chance of a very big upside.”
12 Jan 2015
Bloomberg by Inyoung Hwang
Greek Contagion Concerns Attract Bears to Spain, Italy: Options
Italian and Spanish equities have the potential to rebound after rising less than the Stoxx Europe 600 Index last year, according to Nicola Marinelli ... '' Do not sell on the weakness,'' said Marinelli ...
30 Dec 2014
The Huffington Post UK by Asa Bennett
How Will The Global Economy Do In 2015? Here's What You Should Know
Nicola Marinelli, portfolio Manager at Sturgeon Capital, says: "China, like it or not, has been the main engine behind global growth for many years and it is now facing a real risk of a hard landing, driven by the property slump and the related increase in bad debts in its financial institutions."
08 Dec 2014
Bloomberg by Nikos Chrysoloras, Marcus Bensasson and Antonis Galanopoulos
Tsipras May Become Next Greek Leader, Mixing Mao With Bond Yield
“If Syriza wins the elections then there might be maybe a short-term repricing in Greek assets, but I don’t think it’s going to be a long-lived weakness,” said Nicola Marinelli, who helps manage 110 million euros ($135 million) of assets at Pentalpha Capital Ltd in London. “It might even be an opportunity to buy.”
14 Nov 2014
Bloomberg by Inyoung Hwang
U.S. Stock Futures Fluctuate Near Records as Retail Sales Gains
“U.S. has room to go even higher,” Nicola Marinelli, who helps manage $190 million at Sturgeon Capital Ltd. in London, said by phone. “You can see from the amount of deals in M&A going through, there is still confidence in buying assets and paying a premium for them. We’ve had reasonably good numbers out of the U.S. economy. They’ve weathered the storm.”
14 Oct 2014
Wall Street Journal by Tommy Stubbington
Investors Are Thinking Twice About Greek Bonds
“The economy is on the mend,” says Nicola Marinelli, a portfolio manager at Sturgeon Capital, which bought Greek bonds at the April sale. But the firm sold them in mid-summer, profiting from the brisk rally ...
14 Aug 2014
Bloomberg by
Fiat Shorts Surge on Concern Over Chrysler Transaction
'' This is self-fulfilling: When you see more people shorting Fiat, then you are more inclined to short it yourself,'' Nicola Marinelli ... The Italian carmaker slumped 17 percent in the eight days through Aug. 6 on concern too many shareholders opposed the transaction, according to Marinelli ...
04 Aug 2014
Bloomberg by Neal Armstrong
Portugal’s Bonds Advance After Banco Espirito Santo Rescue Deal
“We’re seeing this as an idiosyncratic event,” Nicola Marinelli, who helps manage around $190 million of assets at Sturgeon Capital Ltd. in London, said in an interview on Bloomberg Television’s “On The Move” with Jonathan Ferro. “If it spreads then yes, we could see definitely a spillover into the government bonds of peripheral countries but that’s not the case so far. It’s actually going to be good.”
12 Jun 2014
Bloomberg by Inyoung Hwang and Oliver Renick
U.S. Stocks Decline on Economic Data Amid Rising Tension in Iraq
“We’re following the situation in Iraq closely,” Nicola Marinelli, who helps oversee about $190 million at Sturgeon
Capital Ltd. in London, said by telephone. “Overall it’s not positive, but it’s a very fluid situation and can change very quickly.”
Bloomberg by
Draghi Is Bonds’ Best Friend as Yields Fall to Records
'' We are happy because in our view the ECB delivered,'' said Nicola Marinelli, who helps oversee about $190 million at Sturgeon Capital Ltd. in London.'' This year a lot of.."
17 Apr 2014
Bloomberg by Lorenzo Totaro
Italian Jobless No Obstacle as Bond Yields Hit Lows: Euro Credit
“At a time of structural reforms and spending cuts, a rise in Italy’s unemployment has been clearly priced in,” said Nicola Marinelli, who helps oversee $180 million at Sturgeon Capital Ltd. in London. “Whether a jobless recovery is sustainable is more a question for economists.”
15 Apr 2014
thewealthnet.com by Sophie Lanning
'The ship is beginning to turn,' says Sturgeon Capital
14 Apr 2014
Bloomberg by Andrew Frye and Esteban Duarte
Italian Bank Probe Said Likely to End After Renzi’s First Vote
'' A formal investigation “would be embarrassing,” said Nicola Marinelli, who helps oversee $200 million at Sturgeon Capital Ltd. in London."
11 Apr 2014
Bloomberg by Inyoung Hwang
U.S. Stock-Index Futures Decline as JPMorgan Retreats
'' We can still get decent earnings, but all in all, the total level of earnings will probably not grow as much as expected,'' Nicola Marinelli, who helps oversee $200..."
23 Feb 2014
Bloomberg by Andrew Frye
Renzi Wins Merkel’s Praise Before First Test in Italian Senate
“I don’t think he’s going to lose the confidence vote,” said Nicola Marinelli, who helps oversee $200 million at Sturgeon Capital Ltd. in London. If parliament were to refuse its support today, “they would look foolish. But it’s a risk down the road.”
14 Jan 2014
Financial Times by Guy Dinmore and Giulia Segreti (also on printed edition page 12)
Matteo Renzi, young man in a hurry to rescue Italy from crisis
...Renzi still has to convince doubters he can deliver change. “He is at risk of getting burnt too early,” says Nicola Marinelli, an asset manager at Sturgeon Capital, noting opposition in his own party, a fragmented parliament and his lack of popular...
04 Feb 2014
Bloomberg by Weiyi Lim and Inyoung Hwang
Goldman to Fidelity Call for Calm After Global Stock Wipeout
“We’ve become addicted to having one decent month after another,” said Nicola Marinelli, who helps oversee $180 million as a fund manager at Sturgeon Capital Ltd. in London. “If you look back at what happened in 2011, 2008, this correction is simply one of thousands. So if you speak with dealers, speak with other investors, this isn’t a feeling of panic.”
02 Jan 2014
Bloomberg by Emma Charlton
Glendevon King’s Marinelli, Naud Transfer to Sturgeon With Fund
18 Dec 2013
Bloomberg by By Sofia Horta e Costa
European Stocks Fall as Investors Consider U.S. Budget
“There isn’t anything new scaring the market, but most people have been long after the summer and that has paid well,” Nicola Marinelli, who helps invest $150 million as a portfolio manager at Glendevon King Ltd in London, said by telephone. “They’ve likely had a very good year and they don’t want to risk that performance in the last few week when there is usually less liquidity approaching Christmas and in the background, there can be a bearish announcement by the Fed regarding tapering.”
13 Dec 2013
Bloomberg by Inyoung Hwang and Liz Capo McCormick
Treasury ETF Bets Turn Most Bearish Since March 2009: Options
“There is probably pressure to put on conditional trades that pay off if yields go up,” Nicola Marinelli, who helps oversee $150 million as a portfolio manager at Glendevon King Ltd. in London, said by phone. “This wave of buying protection has pushed the price of puts up. If we keep seeing relatively good numbers out of the U.S., yields will have to go up and much more quickly than anybody is expecting.”
11 Dec 2013
Bloomberg by Sofia Horta e Costa
European Stocks Fall as Investors Consider U.S. Budget, Tapering
“There isn’t anything new scaring the market, but most people have been long after the summer and that has paid well,” Nicola Marinelli, who helps invest $150 million as a portfolio manager at Glendevon King Ltd in London, said by telephone. “They’ve likely had a very good year and they don’t want to risk that performance in the last few week when there is usually less liquidity approaching Christmas and in the background, there can be a bearish announcement by the Fed regarding tapering.”
30 Oct 2013
Bloomberg by Inyoung Hwang
U.K. Stocks Climb for Fifth Day as Data Fuels Fed Stimulus Bets
“Everything is super bullish,” Nicola Marinelli, who helps invest $150 million as a portfolio manager at Glendevon King Ltd in London, said by telephone. “Whether it’s good numbers or bad numbers, good news or bad news, they are all interpreted in the same way.”
11 Oct 2013
Bloomberg by Ben Sills and Esteban Duarte
Catalonia Wants ECB Seat After Referendum: Euro Credit
The risk is “a process that is mismanaged and you have social unrest and fighting and no one is able to decide anything,” said Nicola Marinelli, who helps invest $150 million as a portfolio manager at Glendevon King Ltd in London. “That would be very bad.”
02 Oct 2013
Bloomberg b
Shutdown Risks Obama’s Asia Trip With Trade Deals Waiting
Investors assessing the impact of the U.S. shutdown decided it “looks more like noise rather than something that makes a fundamental difference for growth,” Nicola Marinelli, who helps oversee $180 million as portfolio manager at Glendevon King Ltd. in London, said by phone.
01 Oct 2013
Bloomberg by Inyoung Hwang
European Stocks Advance as Investors Weigh U.S. Shutdown
“For the moment, the shutdown looks more like noise rather than something that makes a fundamental difference for growth,” Nicola Marinelli, who helps oversee $180 million as portfolio
manager at Glendevon King Ltd. in London, said by phone. “If you look at the historical performance of equity indices in previous cases of government shutdown and debt-ceiling standoffs, the data show no clear trend and that equity markets can actually rebound.”
01 Oct 2013
Bloomberg by Alessandra Migliaccio and Chiara Vasarri
Italy in Disarray as ECB Pledge Keeps Nation From Brink
Without Draghi “little would have stood in the way of catastrophe,” Nicola Marinelli, who helps oversee $180 million as portfolio manager at Glendevon King Ltd. in London, said in an e-mail. “Italy would be facing very high refinancing rates, difficulties in issuing bonds at auctions, and the clear prospect of going out of the euro or defaulting on its debt.”
29 Sep 2013
Reuters by David Brett
Italian politics weighs on European shares
"It is highly probable that this (Italian) government has a short life," Nicola Marinelli, fund manager at Glendevon King Asset Management, said.
"(However) I do not think that all this is going to have a major impact; so weakness on headline news could be used to add positions to Italian government bonds and Italian corporate bonds and equities."
09 Sep 2013
Bloomberg by Inyoung Hwang
Swiss Stocks Decline After Three-Day Rally for Benchmark
“The geopolitical problems and the selloff in emerging markets are clearly putting the breaks on risk assets,” Nicola Marinelli, who helps oversee $180 million as portfolio manager at Glendevon King Ltd. in London, said by telephone. “The apparent good news out of China is not enough because of Syria. There is the prospect of international relationships becoming more sour and it’s not clear what could happen to the equilibrium in the Middle East if there is an attack.”
05 Sep 2013
Jornal de Negócios by Edgar Caetano (hardcopy page 26)
Itália está a colocar á prova a paciéncia dos investidores
23 Aug 2013
Bloomberg by Namitha Jagadeesh
European Stocks Rise Before Euro-Area Consumer-Confidence Report
“With the latest numbers in Europe, politicians are very quick to jump on the glass is half full train,” Nicola Marinelli, who helps oversee $180 million as portfolio manager at Glendevon King Ltd. in London, told Francine Lacqua on Bloomberg Television. “Everyone is saying the worst is past us,
but it’s too early to say. A lot of European countries are still in recession. If there is one place in the world where interest rates can still go down, it’s Europe.”
19 Jul 2013
Bloomberg by Andrew Frye and Chiara Vasarri
Italy Rivalries Threaten to Undo Letta Coalition
“Should Renzi take the leadership within the PD, the left may decide to capitalize on his broad consensus and push for early elections,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London.
09 Jul 2013
Bloomberg by Andrew Frye and Chiara Vasarri
Letta’s 100 Hesitating Days Risk Italian Upheaval: Euro Credit
"Letta is taking decisions that have a low political impact,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London.
01 Jul 2013
Bloomberg by David Goodman
Spanish Market Rally Seen Over as M&G Fears Fed: Euro Credit
"We expect rates to go higher in the coming quarter,” said Nicola Marinelli, who helps oversee about $180 million at Glendevon King Ltd. in London. “Europe is less united than it was before the crisis, problems have not been solved in Spain and Italy, and economies are still in really deep recessions. The market is more likely to sell off than rally.”
15 May 2013
United Press International
Some investors return to Greece
Not everyone is enthused. "We're still avoiding Greece at the moment," said Nicola Marinelli, a portfolio manager at Glendevon King Asset Management. "If there was some weakness in the market, Greek bonds would struggle to perform."
15 May 2013
Bloomberg by Sofia Horta e Costa
German Stocks Little Changed Near Record; ThyssenKrupp Rallies
“Until up to one month ago, everyone was expecting growth to pick up in the second quarter or during the course of the year -- that may be true in the U.S., but it’s absolutely not true in Europe,” Nicola Marinelli, who helps oversee about $180 million at Glendevon King Ltd in London, told Francine Lacqua on Bloomberg Television. “The weakness in Germany can be good for the ECB as it gives them more leeway to do more monetary stimulus.”
15 May 2013
Wall Street Journal by Ben Edwards and Harriet Agnew (also printed edition page 19 & 26)
Greece Bulls Charge Into Corporate Bonds
"We're still avoiding Greece at the moment," said Nicola Marinelli, a portfolio manager at Glendevon King Asset Management in London. "If there was some weakness in the market, Greek bonds would struggle to perform."
27 Apr 2013
Bloomberg by Andrew Frye
Letta Appointed Prime Minister After Forming Italian Government
“You’re trying to form a government between two sides that have fought harshly forever,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London. “The government can last a long time, a year or more, if there is no pressure from the markets and it just kicks the can down the road.”
15 Apr 2013
Bloomberg by Andrew Frye
Prodi Faces First Hurdle Today in Race for Italian President
“They are radical and they don’t want to be de-radicalized,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London.
28 Mar 2013
Bloomberg by Andrew Frye and Chiara Vasarri
Monti Rushes to Exit, Bersani Seeks ‘Insane’ Person’s Job
“It’s clear that only those without the whiff of career ambitions can get ahead in this moment,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset.
26 Mar 2013
Bloomberg by Andrew Frye
Bersani Meets Berlusconi Deputy in Talks Aimed at Coalition
“Even if it starts, it will not last long,” Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London, said of the chances for an alliance. “They’ve been fighting for so long and the people behind them really hate each other.”
18 Mar 2013
Reuters by Toni Vorobyova and Nia Williams
European investors look beyond Cyprus storm
11 Mar 2013
Reuters
European shares fall as banks dip after Italy downgrade
25 Feb 2013
Financial Times by Guy Dinmore
Angry Italians deliver austerity warning
“If new elections are called, Grillo risks doing even better; [in any case], it means uncertainty for months,” said Nicola Marinelli, portfolio manager for Glendevon King Asset Management.
25 Feb 2013
Reuters by David Brett
European shares up as investors bet on clear win in Italy
25 Feb 2013
Bloomberg by Lucy Meakin and Emma Charlton
Italian Bonds Decline as Polls Indicate Hung Parliament
“The lower house is probably going to end in the center-left but the senate is a close call and what we are seeing in the latest polls is that Berlusconi is doing better,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London. “With no one having a majority there is going to be a lot of negotiations and it is not going to be a stable and strong government. When the first exit polls came out, Italian bonds pushed higher, but with the latest numbers everything is reversing rapidly.”
22 Feb 2013
Jornal de Negócios by Edgar Caetano (hardcopy page 5)
Mercados fazem figas para que Mario Monti continue no governo
22 Feb 2013
Bloomberg by Andrew Frye and Chiara Vasarri
Monti’s Austerity Pushes Italy Toward Parliamentary Upheaval
The push against EU-imposed austerity has animated the electorate in the campaign’s closing month and sapped strength from Monti and Bersani, who have emphasized its importance. Grillo, wrapping up a 73-stop tour of Italy today in Rome, has filled city squares. Berlusconi has garnered headlines with a pitch to turn back Monti’s policies. Monti has “annoyed a lot of people,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London.
19 Feb 2013
Bloomberg by Andrew Frye and Chiara Vasarri
Monti Fights for Relevance as Italy Voters Eye Entertainers
Monti’s “got no sex appeal as a leader,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London. “Most people see him as an intellectual and when he talks about the economy, 95 percent of them don’t understand what he’s saying.”
14 Feb 2013
Bloomberg by Lorenzo Totaro and Chiara Vasarri
Italy Tax Pledges Spook Investors as Economy Wilts: Euro Credit
“In an election campaign, you can promise pro-growth policies or tax cuts, but the truth is that the risk of rising borrowing costs has not disappeared,” Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London, said by phone yesterday.
28 Jan 2013
Bloomberg by Andrew Davis
Paschi Case Hits Campaign as Bersani Says He’ll ‘Shred’ Critics
“The risk that a new government will lack a strong majority is confirmed and it now appears to be almost a certainty,” Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London, said by e-mail.
11 Jan 2013
Bloomberg by Chiara Vasarri and Lorenzo Totaro
Bersani Aide Sees Monti Alliance If Democrats Fall Short
Fassina’s remarks “show once again that the lack of a strong majority will force parties to form some alliance,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London. “All the parties are leaving doors open to every possible solution.”
27 Dec 2012
Bloomberg by Chiara Vasarri
Italy Sells Bills as Rates Remain Near Two-Year Record Low
“At the moment markets are serene and are not putting pressure on Italy,” Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London, said by e-mail before the auction. “The idea is that Monti will play a role in the next administration and whatever the outcome of the elections will be, the next government will do the right things for the economy and the reforms.”
27 Dec 2012
Bloomberg by Andrew Davis
Italian Bonds Seen Weathering Political Confusion: Euro Credit
“The markets are too complacent and they don’t appreciate Italy’s long-term political sclerosis, the probable absence of a strong majority after the election, the tendency of Italian politicians to speak well but act badly, and a worsening of the actual recession that could bring Greek-like problems,” Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London, said in a Dec. 24 e-mail.
21 Dec 2012
Bloomberg by Gregory Viscusi
Monti Praised by Merkel Favored Less by Taxed Italians
“The market is complacent about the risks attached to the elections because it is buying into the idea that the ECB can do whatever it wants,” Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London, said in a phone interview on Dec. 18. A five-year government with strong backing for reforms is needed and “I don’t see how you can get that from a coalition.”
19 Dec 2012
Bloomberg by Chiara Vasarri
Monti Resignation May Be Delayed as Italy Budget Vote Stalls
“It’s just an electoral tactic, Berlusconi has probably realized that Monti is not playing his game,” said Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London. “Should the budget not be passed by the end of the year, concerns may return to financial markets, but this seems like a remote scenario to me.”
18 Dec 2012
Bloomberg by Andrew Frye and Chiara Vasarri
Italy’s Bersani Seeks Monti’s Job in Move From Unions to Center
“He’s a communist who won the primaries against Renzi thanks to the unions’ support,” Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London, said by phone. “He won’t do anything that could upset or even bother the unions.”
17 Dec 2012
Bloomberg by Patrick Donahue
Mario Monti’s Resignation May Slow Year of Euro Agreement
“While Monti has received a glowing endorsement from the international community, he’s struggling to convince people on main street,” Nicola Marinelli, who oversees $180 million at Glendevon King Asset Management in London, said in an interview.
13 Dec 2012
Bloomberg by Chiara Vasarri
Italy Yields Drop at Auction as ECB Pledge Offsets Concern
“Probably no clear winner will emerge from the elections,” Nicola Marinelli, who oversees $160 million at Glendevon King in London, said by phone, adding that Berlusconi’s party and the anti-austerity movement led by former comic Beppe Grillo may get more votes than expected. “While thel ower house would probably have a center-left majority, the upper house may remain in the hand of the right.”
11 Dec 2012
Financial Times by Guy Dinmore and Giulia Segreti (printed edition page 12)
Parties fear Monti's next move
Financial Times by Guy Dinmore and Giulia Segreti
Monti resignation catches rivals off-guard
...careful not to attack the prime minister in person even while condemning the “failure” of his economic policies. Nicola Marinelli, portfolio manager for London-based Glendevon King Asset Management, does not rate Mr Monti’s electoral chances highly...
10 Dec 2012
Reuters
European shares edge higher, led by STMicro
10 Dec 2012
Bloomberg by Lucy Meakin and John Glover
Common Debt Sales Exit Agenda as Germany Wins Day: Euro Credit
“Nobody at this point is looking to push the euro bonds more than they did over the last year,” said Nicola Marinelli,who oversees $160 million at Glendevon King in London. “The discussion is going towards if we have, and how to have, fiscal union. After that, issuing euro bonds would be super easy.”
01 Nov 2012
Bloomberg by Emma Charlton and Lukanyo Mnyanda
Italian, Spanish Bonds Rise After U.S. Jobless Claims Decline
“The U.S. data was better than expected,” said Nicola Marinelli, who oversees $160 million at Glendevon King in London. “Credit risk is continuing to be bought. The market is very quiet, looking ahead to tomorrow’s U.S. payrolls data. Expectations are not high so if we get a better number the
market may rally.”
25 Sep 2012
Bloomberg by David Goodman and Emma Charlton
Draghi Rally Lets Skeptics Dump Spain for Bunds
“By the end of the year things will have got a bit worse,” said Nicola Marinelli, who oversees $160 million at Glendevon King in London. “There will be another wave of flight to bunds and the rates may come back down to around 1.4 percent.”
24 Sep 2012
Bloomberg by Chiara Vasarri and Lorenzo Totaro
Monti Should Seek Aid to Straitjacket Successor: Euro Credit
“The ECB position has prompted a relief rally but if you want to capitalize on the good mood, you have to be forward-looking, do more than what the market is expecting.” said Nicola Marinelli, who oversees $160 million at Glendevon King Asset Management in London. “Tapping the European rescue fund now would be a smart strategy for Italy, because committing to specific targets and reforms would help reduce the political risk after elections.”
14 Sep 2012
Bloomberg by Lucy Meakin and Lukanyo Mnyanda
Italian Bonds Rise on Central Bank Plans
“For at least three, six months I think everything will be stable and calm, and positive and bullish,” said Nicola Marinelli, who oversees $160 million at Glendevon King Asset Management in London. “The only thorny issue that I see still in Europe is Greece, because it’s not yet clear if they need a third bailout. If they go out of the euro then some kind of negative situation can develop.” Marinelli spoke on Bloomberg Television’s “On The Move” with Francine Lacqua.
14 Sep 2012
Bloomberg by Will Hadfield
Stocks, Commodities Jump on Fed Stimulus Plan; Oil Rises to $100
“Everything is positive because now the big difference is that explicitly the Fed is targeting, basically, nominal GDP growth,” Nicola Marinelli, who oversees $160 million as a money manager at Glendevon King Asset Management in London, said in an interview on Bloomberg Television’s “On The Move” with Francine Lacqua. “For at least three, six months, I think everything will be stable and calm and positive and bullish. What can spoil the party is if inflation comes out to be worse than expected.”
29 Aug 2012
Bloomberg by Andrew Frye
Italian Bond Rally Weakens Monti’s Hand With Merkel: Euro Credit
“There is demand for Italian paper, but still on the very short-term part of the curve,” said Nicola Marinelli, who oversees sovereign and high-yield debt in a $160 million fund at Glendevon King Asset Management in London. “There is still the risk that the demand for bonds can collapse if we get the wrong kind of news out of Italy.” Marinelli doesn’t own Italian or Spanish government debt.
08 Aug 2012
Bloomberg by Emma Charlton
ECB’s Rescue Worsens Spain, Italy Maturity Crunch: Euro Credit
“In a way what the ECB has done is making the situation worse,” said Nicola Marinelli, who oversees $160 million at Glendevon King Asset Management in London. “Focusing on the short-end is very dangerous for a country because it means that every year after this they will have to roll over a much larger percentage of their debt.”
07 Aug 2012
Reuters
Oil Shares and Nokia Lift European Equities
01 Aug 2012
Bloomberg by Andrew Frye and Chiara Vasarri
Monti Calls French, Finns to Action as Italy Yields Rises
Expectations of an intervention by the ECB have been “inflated and now if something concrete and in line with the expectations of ’we will do whatever it takes’ doesn’t arrive, markets will react very badly,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London.
26 Jul 2012
Bloomberg BusinessWeek by Emma Ross-Thomas and Chiara Vasarri
Europe's Brutal Game of Dominoes
"A sovereign bailout of Spain would require at least €300 billion,” says Nicola Marinelli, a money manager at Glendevon King Asset Management in London. “This means there wouldn’t be enough to save Italy.” If Marinelli’s estimate of the cost of a Spanish bailout is correct, then only about €200 billion in rescue funds would be left in the hands of the European Stability Mechanism, the group that starts operating later this year to provide emergency funding to euro-area member states. For a bailout of Italy, the euro area’s third largest economy, that sum is not enough.
26 Jun 2012
Bloomberg BusinessWeek by Carol Matlack, Mark Deen and Lucy Meakin
French Bonds Suddenly Look Shaky
Some market-watchers warn that sentiment could quickly turn against Paris. Holders of long-term French debt are likely to suffer “if the deficit numbers and/or [gross domestic product] and unemployment in France are ugly in the next few months,” says Nicola Marinelli, who oversees $163 million at Glendevon King Asset Management in London.
26 Jun 2012
Bloomberg by Mark Deen and Lucy Meakin
Hollande Reality Makes French Debt Less Attractive
“If deficit numbers and/or GDP and unemployment in France are ugly in the next few months, nothing will save the OATs,” said Nicola Marinelli, who oversees $163 million at Glendevon King Asset Management in London.
15 Jun 2012
Jornal de Negócios by Edgar Caetano (hardcopy page 8 & 9)
"Estados Unidos da Europa seriam solução, mas é impossível nesta altura"
11 Jun 2012
Bloomberg by Andrew Davis and Nadine Skoczylas
Italy Moves Into Debt-Crisis Crosshairs After Spain
“The scrutiny of Italy is high and certainly will not dissipate after the deal with Spain,” Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London, said in an interview. “This bailout does not mean that Italy will be under attack, but it means that investors will pay attention to every bit of information before deciding to buy or to sell Italian bonds.”
11 Jun 2012
Reuters
Market euphoria over Spanish bank bailout fades
07 Jun 2012
Financial Adviser (hardcopy page 33)
In Depth - Fixed Income Strategies
28 May 2012
Bloomberg by Lorenzo Totaro and Chiara Vasarri
Italy Business Confidence Falls to Lowest in Almost 3 Years
“We are likely to see more drops going forward, also because some taxes introduced by Monti’s government will take effect in the second part of the year,” Nicola Marinelli, portfolio manager at Glendevon King Asset Management in London, said by phone.
10 May 2012
Bloomberg by Emma Charlton and Lukanyo Mnyanda
Finns at 1.90% Reveal Repression in Europe Flight to Quality
The protracted slowdown in parts of the region risks damaging the economies of the stronger nations and may drive their government bond yields higher, according to Nicola Marinelli at Glendevon King Asset Management in London. "The only reason to buy Finnish or German bonds is if you think that something bad is going to happen to Europe and you think that these countries aren’t going to be impacted by it, that isn’t realistic,” Marinelli said. Yields of about 3 percent would “make sense,” according to the money manager.
26 Apr 2012
Bloomberg by Emma Charlton and Lukanyo Mnyanda
Spain Yields at 6% Show Bank, Economy Risk: Euro Credit
Rajoy’s government has time to implement more austerity measures and gain market credibility, said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management. The nation can cope with bond yields at current levels, he said. “Spain will probably be given the benefit of the doubt” and retain its ability to borrow in financial markets, London-based Marinelli said by phone. “There is still time before things get to the worst. A lot of effort has been put in by the government and the banks and this takes time to work.”
17 Apr 2012
Bloomberg by Chiara Vasarri and Lorenzo Totaro
Italians Brace for More Austerity as Targets Dim: Euro Credit
"Unless Monti’s measures bring in more revenue than forecast, this government will be forced to pass a new package to respect its 2013 deficit target,” Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London, said by phone.
13 Apr 2012
Bloomberg by Flavia Rotondi and Lorenzo Totaro
Italians Rally in Rome Against Monti’s Pension-Revamp Gap
“An overhaul of the pension system was unavoidable because the old scheme was too generous compared to the country’s possibilities and the European standards,” Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London, said by phone. “That said, the protest of these workers may be a harbinger of future social tensions. I don’t think younger workers have really realized they will have starvation-level pensions.”
10 Apr 2012
Bloomberg by Chiara Vasarri and Angeline Benoit
Monti’s Overhaul Can’t Stop Pain From Spain: Euro Credit
“The draft law of the labor market reform proposed by Monti’s government doesn’t represent a revolution,” Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London, said in an interview by phone. “The real success of the government was knocking down a taboo, not changing things. The inflexibility of labor in Italy has only been scratched.”
05 Apr 2012
Bloomberg by Mark Deen
France Sells EU8.44 Billion in Debt, Maximum Amount Sought
“The market is giving France the benefit of the doubt,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. “They want to see who gets elected and what exactly they’re going to do. Even with a bad auction from Spain, we’re not back in panic mode.”
28 Mar 2012
Bloomberg by Chiara Vasarri
Italy Sells Bills at Lowest Since 2010 as Crisis Concerns Ease
“When Monti makes these remarks he’s clearly speaking as a politician and not as an economist,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. “He’s trying to spread his optimism to capitalize on the success of his reforms, but he’s aware that Italy can return to same situation seen last summer in less than two weeks if the government loses its political majority or these reforms are watered down in parliament.”
02 Mar 2012
Bloomberg by Lucy Meakin
Banks Miss Best of Bond Gains as Fear Trumps Greed: Euro Credit
Banks are more concerned with protecting their reputation than bolstering profitability after European officials’ failure to resolve the region’s debt crisis spooked investors, according to Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. “It is better to take the losses and tell the market your balance sheet is clean, because these are very dangerous times,” Marinelli said. “Even if those positions are not punishing you, the fact that you have them scares investors. It’s simply a matter of staying alive.”
02 Mar 2012
Bloomberg by Chiara Vasarri
Italy’s 2011 Budget Deficit Narrows More Than Forecast: Economy
Today’s data “show that Italy is on the right track to balance the budget in 2013,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. “But growth still represents a worry.”
17 Feb 2012
Financial Times by Guy Dinmore (printed edition)
Monti tackles Vatican over property taxes
16 Feb 2012
Financial Times by Guy Dinmore
Monti takes on Church over taxes
...just the right mix to push this through,” said Nicola Marinelli, of Glendevon King Asset Management in London. Stressing that...hard to judge the potential revenue impact for the state, Mr Marinelli said Mr Monti was sending an important signal in his efforts...
18 Jan 2012
Bloomberg by Chiara Vasarri and Flavia Rotondi
Italian Church Chased on Property Tax as Debt Crisis Leaves Nothing Sacred
A tax would send “the right signal,” Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London, said in an e-mail. “It’s unclear how much income it would generate for the state, but firstly, every little bit helps, and secondly, it would be easier for the rest of society to accept the sacrifices it is being asked to undertake.”
12 Jan 2012
Bloomberg by Mark Deen
French Resignation to Losing AAA Shifts Focus to Size of Cut: Euro Credit
“They’re preparing the ground for something they see as inevitable,” said Nicola Marinelli, who manages $150 million at Glendevon King Asset Management in London. “The market is expecting France to be a strong AA; expecting it to be AA+. If any rating change goes lower than that the spread with Germany can widen further.”
29 Dec 2011
The Telegraph by Szu Ping Chan
Italian Bond Auction Highlights Eurozone Nation's Woes
But Nicola Marinelli, fund manager at Glendevon King Asset Management, said that a bid-to-cover ratio of 1.36 for long-term debt was "nothing to be excited about". "We're still at a crossroads. We don't know if it's going to be a happy ending or a complete disaster. But I don't see this situation lasting forever," he said. "For the time being Italy is able to service its debts at quite high yields but it's not sustainable in the long term, so something has to change."
23 Dec 2011
Bloomberg by Chiara Vasarri and Lorenzo Totaro
‘Monti Effect’ Fizzles Before $574 Billion New Year
“Paradoxically, the only real lever that Monti has is the weakness of Italian government debt,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. “The more yields go up and the specter of a failed auction becomes real, the more he can push for leeway from the parties” that support the government in Parliament.
21 Dec 2011
Bloomberg by Chiara Vasarri and Lorenzo Totaro
Italian GDP Contracts in Third Quarter, Signaling New Recession
"The problem is not about the measures already decided; it is about the implementation of those measures and how many social hurdles the government will find from unions and people in general, and also how much economic growth will be lost,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London.
24 Nov 2011
Bloomberg by Mark Gilbert, Lukanyo Mnyanda and Emma Charlton
Germany Buys Itself First-Class Ticket on Titanic
“It seems as if international investors, mainly from Asia and the U.S., are selling out of euro-region assets all together,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. “In all this mess, the bund isn’t rallying, so that shows there may be a full blown divestment of euro-region assets.”
22 Nov 2011
Bloomberg by Mark Deen and Paul Dobson
France’s AAA Status in Tatters as Yields Surge
“France is not a AAA at all,” said Nicola Marinelli, who oversees $150 million at Glendevon King Asset Management in London. “French banks are very exposed to euro-zone periphery. If they were to mark to market these loans at current levels, there would be huge losses.”
16 Nov 2011
Bloomberg by Lorenzo Totaro and Chiara Vasarri
Monti Sworn In as Prime Minister as He Attempts to Solve Italy Debt Crisis
16 Nov 2011
Bloomberg by Lorenzo Totaro and Chiara Vasarri
Monti Poised to Form New Italian Government
Mustering political backing may be vital to Monti’s success should Italians turn against austerity. The government may be forced to sell assets, introduce property and wealth taxes and cut spending on health care, pensions and education, said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. When all this is clear to the wider public, I think that the public backlash would be such that the parties that are backing him today, in a lukewarm and forced way, will change course quicker than Lady Gaga changes dresses,” Marinelli said.
11 Nov 2011
Bloomberg by Simon Kennedy
Merkel Greek Gambit May Backfire as Euro Exit Routes Mapped
“If they push out weaker countries and the euro stays, it would represent a smaller number of countries, so the currency should be stronger,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. “But we don’t know the knock-on effects that could come from a country leaving so there would be a period of great uncertainty and weakness.”
02 Nov 2011
Bloomberg by Mark Gilbert and Emma Charlton
Greece’s Gamble Adds Hint of Arab Spring to Crisis: Euro Credit
“This is jeopardizing all of Europe’s attempts to solve the situation in an orderly manner,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. “It could well be that the referendum says ‘no’ to the bail out and then it is game over for Greece and a disorderly default will come the next day. You would see big losses for Europe’s banks and a contagion effect to other countries.”
29 Oct 2011
Financial Times by Guy Dinmore, Mure Dickie and Rachel Sanderson (printed edition front page)
Italy spoils mood after EU deal
28 Oct 2011
Financial Times
Italy gives EU a post-party hangover
...130bn more. And what for “Clearly this does not look like a strong vote of confidence in the package,” said Nicola Marinelli, fund manager for Glendevon King Asset Management, commenting on the bond auction. “I think that after the euphoria of...
27 Oct 2011
HFM Week (hardcopy page 13)
60 Seconds with ...
21 Oct 2011
Financial Times by Guy Dinmore (printed edition)
Opposition parties risk turning snap election into missed opportunity
20 Oct 2011
Financial Times by Guy Dinmore
Italian opposition struggles to unite
...that can happen is for the government to stay until the end of its mandate and implement the austerity plan,” said Nicola Marinelli, a London-based fund manager at Glendevon King Asset Management. Should Italy launch into a premature election campaign...
26 Oct 2011
Bloomberg by Jeffrey Donovan
Joke Is on Europe as Sarkozy Laughs at Berlusconi: Euro Credit
“Berlusconi’s standing in international politics has been seriously damaged,” said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London. ... “Italy needs structural reforms in many areas, for example in taxes, pensions, judicial system, the cost of politics and the public sector in general,” Marinelli at Glendevon said. “I’m not convinced Berlusconi can do much within the current government in overhauling the situation.”
18 Oct 2011
Bloomberg by John Glover
France Risks AAA on Expanded EFSF Bailout Fund: Euro Credit
“Looking at the numbers, France is no longer a AAA credit,” said Nicola Marinelli, who oversees $153 million in funds at Glendevon King Asset Management in London. “They’re talking about guaranteeing trillions of euros of bonds but if France isn’t a AAA then even guaranteeing one more euro might not be sustainable.”
17 Oct 2011
Bloomberg by Emma Charlton
Italy Has Few Alternatives to ‘Berlusconi Premium’: Euro Credit
“The best thing that can happen is for the government to stay until the end of its mandate and implement the austerity plan,” said Nicola Marinelli, who oversees $153 million in funds at Glendevon King Asset Management in London. “At the moment, the market thinks there’s not enough commitment to the austerity plan.”
06 Oct 2011
HFM Week (hardcopy page 17-19)
Pitch Perfect
26 Sep 2011
Bloomberg by Emma Charlton
Tumbling Markets Make Quarterly Sales Harder for Italy, Spain: Euro Credit
“The next quarter will be very difficult for Italy and Spain -- every single auction will be scrutinized,” said Nicola Marinelli, a London-based fund manager at Glendevon King Asset Management, which oversees $153 million. “If the market knows you have to refinance in this kind of environment, then it is going to be tough. If there is any hint that the ECB isn’t standing behind the bonds, then the auctions will be disasters.”
16 Sep 2011
Euroweek (hardcopy page 110)
Italy adapts to life in the periphery
Sep 2011
FTSE Global Markets (hardcopy page 10 & 12)
Europe: Martialling Countries & Institutions to Save the Euro
05 Aug 2011
Global Pensions by David Walker
Stock markets plunge worldwide
Nicola Marinelli, portfolio manager at Britain's Glendevon King Asset Management, said: "There are only to possible general solutions to the current crisis that is enveloping Italy and Spain: the 'United States of Europe', that is fiscal and political union; and a buyer of last resort, namely ECB quantitative easing.
"The former would be a long-term fundamental solution but the social and political environment does not grant it currently. The latter would be a short-term patch that buys more time and it is more doable, even if the ECB has so far rejected it, and has on the opposite embarked on a tightening path.
"If no steps towards these policies are taken quickly then self-fulfilling spiral for Spain and Italy is likely to gather pace, leading to a major financial and economic crisis."
The Telegraph by Szu Ping Chan
Eurozone debt crisis resurfaces as markets punish Italy and Spain for Merkel delay on bailout package
Nicola Marinelli, fund manager at Glendevon King Asset Management, said German Chancellor Angela Merkel's failure to confirm the bail-out plansuntil "after the parliamentary summer break" had reignited fears that Europe’s aid package was not enough to prevent wider contagion.
"The market is trying to test the resolve of European governments to see if they deliver more of what they promised," he said.
"This means if they want to do something, they need to start buying government bonds at any price and do it quickly. If people keep selling because they don’t want the exposure then there is going to be a prolonged period of pain."
... "The problem is when you’re in a panic situation, you don’t want to be the last one to sell the bonds when things go bad. That’s how you enter into a self-fulfilling situation where if even fundamentally a country is solvent, it becomes insolvent, because the market is selling bonds and is not buying a new ones at auction," said Mr Marinelli.
19 Jul 2011
The Telegraph by Emma Rowley (printed edition)
Markets Tumble as Fears Mount Over Eurozone
18 Jul 2011
The Telegraph by Emma Rowley
Markets Tumble as Fears Mount Over Eurozone Debt Crisis Talks
"If we reach 7pc on Spain and Italy, we are probably approaching very quickly the point of no return," said Nicola Marinelli, a fund manager at Glendevon King Asset Management. "Once the market is shut, it is shut for good. The examples of Greece, Portugal and Ireland are clear."
18 Jul 2011
Bloomberg by Emma Charlton and Lukanyo Mnyanda
Italy, Spain Yields Near No-Return 7% Test Resolve: Euro Credit
“If we reach 7 percent on Spain and Italy, we are probably approaching very quickly the point of no return,” said Nicola Marinelli, a London-based fund manager at Glendevon King Asset Management, which oversees $153 million. “If you enter the self-fulfilling situation, even if so far you’re been considered solvent, then things can go from bad to worse very, very quickly. Once the market is shut, it is shut for good. The examples of Greece, Portugal and Ireland are clear.”
15 Jul 2011
Financial News
Stress Test II - the verdict: no stress, no test
Global Investor (hardcopy page 16)
Global Awards - Outstanding Performance
29 Jun 2011
Bloomberg by Emma Charlton
Traders Shun ‘Ireland Isn’t Greece’ T-Shirts: Chart of the Day
“The market is not putting any confidence in Ireland because it knows that if the worst happens in Greece, and it defaults, then the gates are open for Ireland to consider a default,” said Nicola Marinelli, a London-based fund manager at Glendevon King Asset Management, which oversees $153 million. “Noonan is saying these things even as Ireland has no access to the market.”
03 Jun 2011
Bloomberg by John Glover and Emma Charlton
Vienna Plan Redux Requires Investor Acquiescence: Euro Credit
A deal may not be possible because of the number of participants involved, according to Nicola Marinelli, a fund manager at Glendevon King Asset Management in London, which oversees $153 million. He doesn’t own Greek bonds. “I don’t think a Vienna-style initiative will work,” he said. “Eastern Europe was more of a niche. A few banks had 70 percent of the total exposure. There are many different groups, asset managers, banks and insurers involved in Greece. You are just postponing the problem. A haircut is the end-game.”
Jun 2011
Credit (hardcopy page 40 and 410
Glendevon King Asset Management
24 May 2011
Bloomberg by Paul Dobson
EU Euphemisms Can’t Stop Greek ‘Default’ Talk: Chart of the Day
“Reprofiling is just a nice word invented by the politicians when they mean restructuring,” said Nicola Marinelli, a money manager at Glendevon King Asset Management in London, which oversees more than $150 million. “Once it’s clear some kind of default can happen there will be knock-on effects for Portugal and Ireland. If you look at the numbers, it can happen there too.”
05 May 2011
Bloomberg by Emma Charlton
Greek Yields Signal Fiscal Crisis Policy Failure: Euro Credit
“For Portugal, Ireland and Greece, the bailouts have not helped them to go back to the market for financing,” said Nicola Marinelli, a fund manager at Glendevon King Asset Management in London, which oversees $153 million. “The market believes that, especially for Greece, but Portugal and Ireland are not far behind, there is a need to restructure the debt before any of the countries can solve their solvency issues.”
04 Apr 2011
Bloomberg by Emma Charlton
Greek Default May Condemn Irish, Portuguese Debt: Euro Credit
“What the market reaction is telling you is that it doesn’t think there’s going to be a solution to the problems in these countries,” said Nicola Marinelli, a fund manager at Glendevon King Asset Management in London, which oversees $153 million. “A choice between default and austerity measures is a lose-lose strategy. The Euro-region leaders think it is better to wait and see what happens, but the market hates the uncertainty.”
22 Mar 2011
Bloomberg by Emma Charlton
EU Debt Crisis Summit Fails to Comfort Investors: Euro Credit
“The bonds issued by those countries are not a buy, even at the current levels, and I don’t think the summit will change the situation dramatically,” said Nicola Marinelli, a portfolio manager at Glendevon King Asset Management, which oversees $153 million. “Everyone is looking at the same equation of debt sustainability. You can easily see that even with very optimistic assumptions, especially for Greece, the debt isn’t sustainable. That’s why even after all the announcements so far, the spreads and the cash price of these bonds don’t move much.”
20 Mar 2011
Financial Times by Steve Johnson
Investors fear default in Europe
...and maybe Ireland. They will attempt to draw a line in the sand on Spain, it is probably too big to fail.” Even Nicola Marinelli, portfolio manager at Glendevon King Asset Management, who earlier in the crisis bought Greek debt in the belief the EU would...
08 Nov 2010
Bloomberg by Paul Dobson
Merkel's Bond-Pain Plan Provokes Selloff Foreseen by Trichet: Euro Credit
“The German government is following what the market is telling it,” said Nicola Marinelli, a portfolio manager at Glendevon King Ltd. in London, which oversees $200 million in assts. “The Greek government, and probably the Irish and Portuguese, will need to be bailed out. If you sense that it’s inevitable then it’s better to have something to manage that than complete chaos.”
07 Feb 2010
Financial Times Fund Management by Steve Johnson
Bond fund managers brave ‘the ring of fire’
19 Jul 2009
Financial Times Fund Management
Movers and shakers: July 20