RH Donnelley, the US telephone directories business, is to launch the second sizable junk bond in a month using a deal structure designed to appeal to cautious investors.

RH Donnelley, which bought US long distance carrier Sprint's directories business in September for $2.2bn (€2.2bn), is to start marketing a $750m bond issue next week, $300m of which will be bonds designed to entice investors who have become weary of the poor performance of high-yield bonds in the past few year.