P NC 2.7: Redemption: 2020-05-22; Registration: Reg S Only; Comments: GBP300m (as exp) perp NC2.7. Barc(B&D)/GS/HSBC/MS/NatWest. Follows rshow. With tender. IPTs 3.25% area, guidance 2.875%/3% WPIR, launched at 2.875% on bks closed >1.3bn pre rec. Init Spread MS + 201.8, Gilt 4t20+245.3 (mid 110.61);