Bloomberg reported that investors in funds that are the biggest buyers of leveraged loans are signaling concern that some managers may have taken on too much risk as the commodities slump persists.

Bloomberg noted, according to a Wells Fargo analyst, to own the BB rated portion of collateralized loan obligations in the secondary market, investors are demanding 7 percentage points to 9 percentage points more than a benchmark rate. The gap probably hasn’t been that wide since the financial crisis, the analyst said.

Bloomberg said the $411 billion U.S. CLO market’s exposure to commodities-related companies has risen this year, even as crude prices have dropped about 60% from last year’s high, increasing concerns about the potential for downgrades and defaults.