Hedge funds eye European corporate credit with caution
The European corporate credit market had a strong start in 2012 but with the eurozone heading into recession and the sovereign debt crisis continuing, hedge fund managers remain apprehensive.
A credit rally at the start of this year coupled with the first high-yield deals in months have provided a boost to the European corporate credit market.
The HFRI RV: Fixed Income Corporate Index gained 2.14% in January following a rather lacklustre yearly performance of only 0.78% for 2011.
The good January numbers have bolstered sentiment as the cost of protection against default has fallen. The Markit iTraxx Europe Crossover Index, a tradable CDS index which measures companies on the brink of
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