The current slowdown in the leveraged deals environment is starting to take on historic proportions. The Financial Times notes data from Thomson Financial showing that the announced deal volume in February was $827.7 million; that's the first time the monthly total has failed to pierce the $1 billion level since June 1998. You've got to wonder if all the announced deals will ever make it into the completed deals column. So far, institutional investors seem willing to stay the course. It will be a long time before returns return to the rates we've seen in recent years.

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