HSBC is working on its second sterling-denominated telecoms bond in a week after being hired with Royal Bank of Scotland to arrange the first benchmark deal this year for France Télécom, one of the five biggest corporate bond issuers in the world.

The bond, which is expected to be worth at least £250m (€367m) when it is launched this week, will be France Télécom's biggest bond so far this year, according to investment banking research company Dealogic.