Apollo Global Management Inc.’s co-head of private equity says even the successful financing of a big debt package for Citrix Systems Inc. won’t be enough to convince banks to commit to funding buyouts again — at least not soon.

Banks are unlikely to fund big deals until at least the fourth quarter as economic uncertainty hangs over financing, David Sambur said in an interview with Bloomberg TV’s Sonali Basak at the SuperReturn North America conference in New York.

“I don’t think the spigot reopens,” Sambur said.

Wall Street banks are now selling bonds and loans as part of a $15 billion debt financing for the buyout of software company Citrix by Vista Equity Partners and Elliott Investment Management. Demand for the offerings is widely seen as a barometer of how easily banks will be able to offload billions of dollars of other debt commitments for buyouts that are festering on their books.

There’s a “reckoning” coming in both equity and debt markets because valuations were built on the shaky foundation of low interest rates, Sambur said. It’s “early in the hangover” of rising rates, he said.

Debt commitments from banks are where the market is the most gummed up, but that should improve as banks need to make money, he said. Getting the commitment is the hard part and pricing the risk isn’t the issue.

Apollo is looking for opportunities for strategic acquisitions among former venture capital-backed companies whose valuations have collapsed this year, Sambur said.