FICC Focus ICG’s Saitowitz on Landscape, Outlook for CLOs: Credit Crunch
46 snips
Jul 21, 2025 David Saitowitz, the Head of US Liquid Credit for ICG, shares his extensive experience in finance and discusses the evolving landscape of CLOs. He highlights the frequent repricings seen in 2024 and the challenges posed by recent market volatility. Saitowitz delves into strategies for growing the US liquid-credit business and the dynamics of CLO performance amidst changing economic conditions. He also addresses the rising competition from private credit and the significance of discipline in navigating credit investments. Tune in for insights and projections!
AI Snips
Chapters
Transcript
Episode notes
David Saitowitz's Career Journey
- David Saitowitz started in finance via an internship leading to J.P. Morgan, focusing on credit analysis rather than sales.
- He progressed through startup Stone Tower Capital to Apollo and then joined ICG to lead U.S. Liquid Credit in 2024.
Growth Strategy in U.S. Liquid Credit
- ICG aims to double its U.S. liquid credit AUM from $6 billion over five years with strong parent company support.
- The focus is on disciplined business management rather than worrying about intense U.S. market competition.
CLO Market Resilience
- CLO markets paused briefly in April due to volatility but quickly recovered to near record origination levels.
- This resilience shows the health and durability of CLO markets despite short-term shocks.