Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 26

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 26
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 Floating Rate Period or (ii) the Floating        
 Rate Notes and the conventions relating to such determination and calculations with respect to interest, (3) rounding conventions, (4) tenors and (5) any other terms or provisions of the Fixed/Floating Rate Notes during the applicable       
 Floating Rate Period, or of the Floating Rate Notes, in each case that we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) determine, from time to time, to be appropriate     |

S-18

| to reflect the determination and implementation of such Benchmark Replacement in a manner substantially consistent with market practice (or, if we (in consultation, to the extent practicable,                                                    
 with the calculation agent) or our designee (in consultation with us) decide that implementation of any portion of such market practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement 
 exists, in such other manner as we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) determine is appropriate (acting in good faith)) (the “Benchmark Replacement Conforming      
 Changes”). Any Benchmark Replacement Conforming Changes will apply to the Notes for all future Floating Rate Interest Periods.                                                                                                                     |

| Benchmark Transition Event | “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark: |

| (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or 
 indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;                                                     |

| (2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over                               
 the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states     
 that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the 
 Benchmark; or                                                                                                                                                                                                                                             |

| (3) a public statement or publication of information by the regulatory supervisor for the