Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 46

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 46
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 changes to legislation or regulatory
rulemaking or the ultimate consequences of any such changes to the HSBC Group or the noteholders, which could be material to the rights of noteholders and/or our ability to satisfy our obligations under the Notes.

Such legislative and regulatory uncertainty could also affect the liquidity of the Notes and/or your ability to accurately value them, and,
therefore, affect the trading price of the Notes given the extent and impact on the Notes that one or more regulatory or legislative changes, including those described under “—Risks Relating to the Notes—The circumstances under which the relevant UK resolution authority would exercise its UK bail-inpower or other resolution tools under the Banking Act or future legislative or regulatory proposals are uncertain, which may affect the value of your Notes,” could have on the Notes.

We may redeem the Notes at our option in certain situations.

We may, in our sole discretion, redeem the Notes pursuant to a Par Redemption (as defined below), in whole but not in part, on the applicable
Par Redemption Date at a redemption price equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the applicable Par Redemption Date, in each case on the terms and subject to the provisions set forth under
“Description of the Notes—Redemption.” We may also, in our sole discretion, redeem the Fixed/Floating Rate Notes during the applicable Make-Whole Redemption Period, in whole at any time during such period or in part from time
to time during such period, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i) 100% of their principal amount and (ii) a make-whole price calculated as set forth
under “Description of the Notes—Redemption” (in each case, plus any accrued and unpaid interest on the Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date). In addition, following the
occurrence of a Loss Absorption Disqualification Event, we may, in our sole discretion, redeem the Notes in whole, but not in part, at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest to (but
excluding) the applicable redemption date (on the terms and subject to the provisions set forth under “Description of the Notes—Redemption”). Moreover, we may redeem the Notes at any time in whole (but not in part) in our sole
discretion upon the