British entertainment company Merlin Entertainments upsized and tightened pricing on its €700m 2030 SSNs this week in what some on the buyside hope is a sign of renewed market health, but some are still left guessing how it plans to address substantial 2026 maturities.

“There’s clearly a lot of appetite out there for paper at the moment,” said one buyside source. “It helps that this is such a steady eddie of the market, but we can only hope this encourages other issuers to come.”

The credit’s own post-pandemic reopening story won over investors, despite concerns on the consumer discretionary space, but still three buyside sources were put off by pricing. The seven-year senior secured notes (B2/B) ultimately priced with a 7.375% coupon at par to yield 7.375%, 12.5 bps in from IPTs.