Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 38

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 38
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 set forth under
“Description of the Notes—Redemption.”

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 may only grant permission to redeem the Notes if the relevant requirements therefor in the Applicable Rules are satisfied, if applicable (see
“Description of the Notes—Redemption—Redemption or Purchase Conditions”).

S-26

We may issue securities senior to, or pari passu with, the Notes.

There is no restriction on the amount of securities that we may issue, incur or guarantee, that rank senior to, or 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 MREL in June 2018,
which was updated in December 2021 (and a further updated version will come into effect from January 1, 2026, see “—Other changes in law may adversely affect your rights as a noteholder” above). 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