Commentary & Deal Flow

Eaton Corp (ETN) exp A3/A- (s/s) US$8.5bn 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. First Pay: 9/6/26. Day Count: 30/360. 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#.

LAUNCHED: $1.5bn 2y at T+35, $1.5bn 3y at T+43, $1.5bn 5y at T+58, $1bn 7y at T+65, $2bn 10y at T+75, $1bn 30y at T+78.

PRICED:
$1.5bn 3.85% 3/6/28 99.926 3.889% T+35. MW+10.
$1.5bn 3.95% 3/6/29 99.916 3.980% T+43. MW+10.
$1.5bn 4.20% 3/6/31 99.781 4.249% T+58. MW+10.
$1bn 4.50% 3/6/33 99.929 4.512% T+65. MW+10.
$2bn 4.80% 3/6/36 99.788 4.827% T+75. MW+15.
$1bn 5.45% 3/6/56 99.357 5.494% T+78 MW+15.

OTHER: