5 yr: Book size: 2200; Registration: Reg S Only; Comments: USD500m 5yr snr unsec RegS. A3/BBB+/A. MS(GC/B&D/DM)/ANZ/BofA/Citi/Miz/QNB/StCh. IPTs MS+215 area, guidance MS+190 area, set MS+175 for 500m, bk >2.3bn (ex-JLM, pre rec). Vs T 0.25% 8/25. FTT 8am Weds;