Commentary & Deal Flow

Eaton Corp (ETN) exp A3/A- (s/s) US$ benchmark SEC registered 6-part sr notes (2y FXD due 3/6/28, 3y FXD due 3/6/29, 5y FXD due 3/6/31, 7y FXD due 3/6/33, 10y FXD due 3/6/36 and 30y FXD due 3/6/56). 2y FRN tranche dropped at guidance. MWC FXD tranches. 1mo par call on 3y (2/6/29), 1mo on 5y (2/6/31), 2mos on 7y (1/6/33), 3mos on 10y (12/6/36) and 6mos on 30y (9/6/55). 101 CoC. Citi (B&D 2y/3y/5y and 30y)/MS (B&D on 7y and 10y)/Barc/BofA/JPM joint active books. Passive: BNP/DB/GS. Co-mgrs: Loop, BNY, Academy, HSBC, Key, PNC, TD, TSI. Denoms: 200,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: General corporate purposes, including to consummate the previously disclosed acquisition of Boyd Thermal. Pricing 3/4. Settle 3/6 (T+2).
IPTs: 2y T+70 area and SOFR equiv, 3y T+80 area, 5y T+95 area, 7y T+105 area, 10y T+110 area, 30y T+120 area.
GUIDANCE: 2y FXD T+35#, 2y FRN dropped, 3y FXD T+43#, 5y T+58#, 7y T+65#, 10y T+75#, 30y T+78#.

OTHER: