10 yr: Redemption: 2029-04-24; Registration: Reg S Only; Comments: EUR500m no-grow perp NC10 RT1. BBB- S&P. HSBC(struct/B&D)/MS/Natx. IPTs 5% area, guidance 4.5% area (+/-0.125% wpir), tbp 4.375%. Books closed >5bn (@reoffer, peaked >5.4bn+). MS+441.1. FTT 4.20pm. Cpn 4.375%, annualised interest rate 4.423% (Source: IFR);