Hedge funds eye European corporate credit with caution

Cautious credit stance

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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 t

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