If cold enough that I am concerned about getting chilled, I use:
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• Breathable waterproof rain pants that have side zips on the sides that are high enough I can put them on with my shoes staying on.
• I use suspenders on my rain pants, the draw string never does it for me to keep them up high enough.
• And rain covers for my shoes, the rain pants go over the tops of the covers. The rain pants have to be long enough that when I bend my knees, the pants are still low enough to stay over the tops of my shoe covers.

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And if it is warm enough that I would sweat a lot with rain pants, something different. This past June I did a tour where I expected it to be warm enough that I might often want to go without rain pants. (Most of my tours have been in much cooler locales.) Tried something else to keep my shorts a bit dryer so I do not get skin problems from wet shorts.
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• Rain Legs. They worked well in light drizzle to moderate rain. I ordered them from Europe, they were much cheaper than USA sellers, but from this seller they have very slow shipping. I was very happy I had them. I can't say how they would work if you lacked fenders, I usually use fenders when touring. https://www.tradeinn.com/bikeinn/en/...s/137505420/p?
• My shoes are slow to dry out when wet. And I saw how a friend had wet shoes that stayed wet long enough we had to stop for a day so his feet could recover after several days of being soaked. Thus, I brought some sandals that have stiff enough soles to work well on the platform sides of my pedals.

I know I gave more detail above on other equipment than you asked, but I think of rain pants or lack of them as part of a clothing system. And other parts of that system have to be compatible with my choice.

Most cyclists skip the helmet cover, but I am sold on that. And yellow or clear glasses to keep rain out of my eyes.