“With the grand exception of Visa Inc.’s IPO, March was a month filled with misery for the U.S. IPO market,” reports The Wall Journal.

Turns out March will be the slowest month for IPOs since August 2003, with a measly three IPOs.

Like the broader market, which experienced wild mood swings during the month, IPOs suffered from investor panic in March as the credit crisis enveloped more firms and economists began to speak more assuredly of a recession ahead.

Bankers say that issuers and investors alike are hanging back from taking the plunge into IPOs until there is more clarity and stability in the stock market.

Read the full story here.

The financing spigot for private-equity funds has also been largely turned off by the credit crisis, says Jason Simpkins in the Takeover Trader.

“Recent data from Thomson Financial suggests that worldwide M&A deals slumped by nearly one third in the first quarter of 2008. But that doesn’t mean the M&A market is dead in the water. Instead, it means that cash-laden corporations will be taking the baton from the private-equity firms and will re-ignite the buyout binge.

“The one caveat: Companies, buyout firms and banks are being more selective about picking partners, and are looking for comprehensive, ‘perfect-fit’ deals.”