With a recent spate of German corporations filing for insolvency, CLOs backed by loans to German companies may be at risk, analysts say.

In the space of just a few weeks there have been a number of high profile German insolvencies: one for KirchMedia, the latest insolvency; the construction company Phillip Holzmann; stationary firm Herlitz; jet maker Fairchild Dornier; and clothing company Wuensche.

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