5 yr: Registration: Reg S Only; Comments: GBP100m expected tap of 4.5% May 2022. Baa1. G+220bp area vs 4% March 2022. HSBC/Investec/JPM. Current outstanding GBP300m. Guidance G+210-215 WPIR, orders c.150m. Launched at G+210bp, orders c235m. New total size 400m. PP: No. XD: No. Tax Call: No;