Arranging a large leveraged loan doesn't always boost a bank's junk bond shop. Just ask BankAmerica Corp.

The banking company, along with J.P. Morgan & Co., Bank of New York Co. and Bank of Nova Scotia, recently arranged a $2.8 billion bank loan for Tenet Healthcare Corp. But when Tenet issued a related $2 billion of high- yield bonds last week-the largest junk offering in more than three years- BankAmerica was not involved.

Instead, Tenet tapped Donaldson, Lufkin & Jenrette Securities Corp. to lead the debt offering, with co-managers Goldman, Sachs & Co., Merrill Lynch & Co., J.P. Morgan, and Smith Barney Inc.

"We had proposals from a number of commercial banks that had a lot of merit," said T.P. McMullen, Tenet's treasurer. "We just have a limited number of people who can participate.

"We just hope there is another deal where we can acknowledge people we missed on this last one."

Mr. McMullen said that putting together lead groups for each of the two forms of debt is challenging, particularly in an era when banks are actively selling the entire menu of services.

"It's a very difficult decision to make," said Mr. McMullen. "You have to sit down and figure out who can do the best job and has done the best job. Unfortunately, some people who may be deserving don't get in on this deal."

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Two other commercial banks, meanwhile, continue to win mandates to lead high-yield deals for leveraged buyout sponsors-a group to which banks have always enjoyed strong ties.

Chase Manhattan Corp. is expected to launch today a $100 million high- yield offering for buyout firms McCown De Leeuw & Co., the Dartford Partnership, and Fenway Partners, supporting their acquisition of Mrs. Butterworth's, the pancake syrup company, according to market sources.

Next week, Chase, the nation's largest bank, is on tap to lead a $200 million bond issue for Kohlberg, Kravis Roberts & Co.'s acquisition of KinderCare Learning Centers, said market sources.

Bankers Trust New York Corp. brought to market last week a $100 million high-yield bond for Quad-C, a Charlottesville, Va.-based buyout firm. The firm, which is led by former W.R. Grace vice chairman Terry Daniels, is acquiring Collins & Aikman Floorcoverings Inc..

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