P NC5.5: Book size: 2000; Registration: Reg S Only; Comments: USD850m PNC5.5 hybrid RegS. Baa2/BBB. CA-CIB/HSBC/JPM/StCh/UBS(B&D). IPTs 4.4% area, set 4.1%, launch 850m. Bk >2bn. Step-up: 25bp in 10.5yr, 75bp in 25.5yr. Elect Global Investments (Issuer). 3mPC. T 1.375% 1/25+288.7 @100-24.75;