Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 70

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 70
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 basis points less an amount equal to any accrued and unpaid interest to (but                                                                               
 excluding) the applicable redemption date, if any, on the principal amount of the 2036 Fixed/Floating Rate Notes to be redeemed,                                                                                                                   |

in each case, plus any accrued and unpaid interest on the 2036 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date (each, a “2036 Fixed/Floating Rate Notes Make-Whole Redemption”). The “2036 Fixed/Floating Rate Notes Make-Whole Redemption Period” means the period beginning on (and including) November 13, 2025 (six months following the Issue Date) to (but excluding) May 13, 2035 (the “2036 Fixed/Floating Rate Notes Par Redemption Date”); providedthat if any additional notes of the same series are issued after the Issue Date, the 2036 Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes. “Fixed/Floating Rate Notes Par Redemption Date” means either the 2031 Fixed/Floating Rate Notes Par Redemption Date or the 2036 Fixed/Floating Rate Notes Par Redemption Date, as applicable. “Make-Whole Redemption” means either the 2031 Fixed/Floating Rate Notes Make-Whole Redemption or the 2036 Fixed/Floating Rate Notes Make-Whole Redemption, as applicable. “Make-Whole Redemption Period” means either the 2031 Fixed/Floating Rate Notes Make-Whole Redemption Period or the 2036 Fixed/Floating Rate Notes Make-Whole Redemption Period, as applicable. “Reference Treasury Rate” means, with respect to any Price Determination Date, the rate per annum selected by the Determination Agent in accordance with the following two paragraphs:

| (i) | The Reference Treasury Rate shall be calculated by the Determination Agent after 4:15 p.m. (New York City time)                                                                                                                                          
 (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System) on the Price Determination Date based upon the yield or yields for the most recent day that appear after such time 
 on such day in the most recent H.15 statistical release.                                                                                                                                                                                                 |

| (ii) | In determining the Reference Treasury Rate, the Determination Agent shall select, as applicable: (i) the                                                                                                                                        
 yield for the Reference Treasury constant maturity on H