Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 41

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 41
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us.
Certain of such tax events may occur at any time after the Issue Date and it is therefore possible that we would be able to redeem the Notes at any time after the Issue Date.

Our optional redemption may limit the market value of the Notes to the redemption price during the period shortly before the relevant
redemption date. Additionally, if we redeem the Notes in any of the circumstances mentioned above, you may not be able to reinvest the redemption proceeds in securities offering a comparable yield.

In addition, any early redemption of the Notes may be subject to conditions imposed by the Relevant Regulator, regardless of whether such
redemption would be favorable to you. In particular, the Relevant Regulator or the relevant UK resolution authority (as applicable) may only grant permission to redeem the Notes if the requirements of Article 78a(1) of UK CRR are satisfied, if
applicable (see “Description of the Notes—Redemption”).

We may issue securities pari passu with the Notes and/or secured debt.

There is no restriction on the amount of securities that we may issue, incur or guarantee that rank pari passuwith
the Notes. In particular, the Financial Stability Board (the “FSB”) final standards for total loss absorbing capacity (“TLAC”) requirements for global systemically important banks
(“G-SIBs”) have now been implemented in the UK by the BoE using its existing powers under the Banking Act. The BoE published its statement of policy on its approach to setting minimum requirements
for own funds and eligible liabilities (“MREL”) in June 2018, which was updated in December 2021. The updated policy has not changed the MREL calibration framework applicable to G-SIBs which have
been subject to end-state MREL requirements from January 1, 2022. The policy also sets out internal MREL requirements that apply to some of our UK subsidiaries. Furthermore, revisions to Regulation (EU)
No. 575/2013 on prudential requirements for credit institutions and investment firms of the European Parliament and of the Council of 26 June 2013, as amended (“CRR II”), introduced a harmonized MREL requirement for global
systemically important institutions, applicable as of June 27, 2019, which has been retained in UK CRR, in addition to institution-specific requirements imposed by the BoE under the Banking Act. On November 30, 2022, HM Treasury launched a
consultation on the technical and legislative changes necessary to