Yell, the UK directory business sold by British Telecom earlier this month, is hoping to complete its record high-yield bond issue by late July, according to a debt markets banker close to the deal.

The company is expected to start marketing the £500m (€827m) deal, which Merrill Lynch and CIBC are managing, by mid-July. The timing is unusually quick. Bond issues backing a leveraged buy-out usually require six to nine months of work on complex documentation and financial discloure.