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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
INDS
PRCD
ETN
Eaton Capital ULC€1,200
2EMEA
Mar 5, 2026
currency
EUR
size (m)
600.000
maturity
Mar 10, 2034
type
Fixed
tenor
8.000
call
-
registration
SEC Registered
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
-
size description
-
re-open/tap
No
ipt
MS+125 area
ipt-pxd
-42
guidance
MS+90 area
spread
83
coupon
3.55%
spread set
-
price
99.84900
yield
3.572%
book size (m)
3,100
peak book (m)
5,300
x-covered
5.17
book attrition
-41.51%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
co-managers
coordinating managers
-
book size (m)
3,100
peak book (m)
5,300
x-covered
5.17
book attrition
-41.51%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
co-managers
coordinating managers
-
currency
EUR
size (m)
600.000
maturity
Mar 10, 2038
type
Fixed
tenor
12.000
call
-
registration
SEC Registered
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
-
size description
-
re-open/tap
No
ipt
MS+145-150
ipt-pxd
-39.5
guidance
MS+115 area
spread
108
coupon
4.00%
spread set
-
price
99.92500
yield
4.008%
book size (m)
3,650
peak book (m)
4,400
x-covered
6.08
book attrition
-17.05%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
co-managers
coordinating managers
-
book size (m)
3,650
peak book (m)
4,400
x-covered
6.08
book attrition
-17.05%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
co-managers
coordinating managers
-
Tranche Comments
Book size: 3100; First Pay: 2027-03-10; Registration: SEC Registered; Comments: EUR600m, 8yr fxd cpn 3.550% at 99.849, yld 3.572% Spread: MS+83. DBR 2.2 02/15/34 (96.440)+86.8bps | HR 99%. MWC: B+15. Par Call: 3m. CoC: 101%. LEI: 549300OLS85LSODKAF64; Book size: 3650; First Pay: 2027-03-10; Registration: SEC Registered; Comments: EUR600m, 8yr fxd cpn 3.550% at 99.849, yld 3.572% Spread: MS+83. DBR 4 01/04/37 (110.080) +110.7bps | HR 96%. MWC: B+15. Par Call: 3m. CoC: 101%. LEI: 549300OLS85LSODKAF64;
Deal Comments
Reoffer: 8yr: MS+83bp / 99.849 / 3.572% 12yr: MS+108bp / 99.925 / 4.008% Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 96.440 / B+86.8bp / HR 99% 12yr: DBR 4 04-Jan-37 @ 110.080 / B+110.7bp / HR 96% Tranche 1 (8yr): Final Books >€3.10bn Tranche 2 (12yr): Final Books >€3.65bn Launched: 8yr: €600m @ MS+83bp 12yr: €600m @ MS+108bp Guidance: 8yr: MS+90bp area 12yr: MS+115bp area IPTs: 8yr: MS+125bp area 12yr: MS+145/150bp Issuer: Eaton Capital ULC Ticker: ETN Country: IE Guarantors: Eaton Corporation plc and other subsidiary guarantors Issuer LEI: 549300OLS85LSODKAF64 Current Issuer Rating: A3 (Stable) by Moody's / A- (Stable) by S&P Expected Issue Rating: A3 (Moody's) / A- (S&P) Format: SEC-Registered, Senior, Unsecured Size: 8yr: €600m 12yr: €600m Maturity: 8yr: 10-Mar-34 12yr: 10-Mar-38 Reoffer: 8yr: MS+83bp / 3.572% / 99.849 12yr: MS+108bp / 4.008% / 99.925 Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 96.440 / B+86.8bp / HR 99% 12yr: DBR 4 04-Jan-37 @ 110.080 / B+110.7bp / HR 96% Coupon: 8yr: 3.550% Fixed, Ann, Act/Act ICMA 12yr: 4.000% Fixed, Ann, Act/Act ICMA Optional Redemption: 8yr: 3 month par call, MWC (B+15) 12yr: 3 month par call, MWC (B+20) ISIN: 8yr: XS3309643594 12yr: XS3309644568 Docs: SEC Registered, NYSE Listing, New York Law Denominations: €100k and integral multiples of €1k in excess thereof Selling Restrictions: As per Prospectus Supplement UoP: For general corporate purposes, including to consummate the previously disclosed acquisition of Boyd Thermal. Stabilization: Relevant stabilization regulations including FCA/ICMA apply Settlement: Euroclear / Clearstream, Luxembourg Target Market/PRIIPs: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID or UK PRIIPs KID has been prepared as the notes are not available to retail investors in the European Economic Area or the UK. Joint Actives: Barclays (B&D), BofA, Citi, JPM, and MS Timing: ToE 15h22 (12-year) & 15h23 (8-year) / FTT 07h45 UKT on 06-Mar-26, subject to the final term-sheet Settle: 10-Mar-26 (T+3)
Guarantor(s)
Eaton Corporation Plc
Use of Proceeds
For general corporate purposes, including to consummate the previously disclosed acquisition of Boyd Thermal.

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