Deutsche Bank and UBS have worked with four US investment banks to lead-manage a $1.6bn (€1.4bn) dual-currency bond to finance the leveraged buy-out of Ondeo Nalco, the US water treatment company. It is among the largest high-yield transactions this year.

The two European banks joined Citigroup, Bank of America, Goldman Sachs and JP Morgan as bookrunners for the deal, which comprised $665m and €200m ($233m) eight-year senior bonds and $465m and €200m 10-year subordinated bonds.