When private equity firm Hellman & Friedman proposed a $3.4 billion refinancing for Kronos Inc., a workforce management company, you might think much of Wall Street would line up to handle the deal.

Except it didn't.

The job instead went to Nomura Holdings Inc., the biggest loan deal that the Japanese bank has snared in the U.S. as it tries to muscle into the market. It marked a significant coup for a bank that just six months ago purged some senior members of its leveraged finance team in an effort to stem losses.

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