Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 21

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 21
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S-12

| If we determine, in our sole discretion, that the inclusion of the 2036 Fixed/Floating Rate Notes Make-Whole Redemption provisions in the terms of the Indenture and the 2036 Fixed/Floating Rate Notes could reasonably be                             
 expected to prejudice the eligibility of the 2036 Fixed/Floating Rate Notes to count towards the minimum requirements for own funds and eligible liabilities or loss absorbing capacity of HSBC Holdings and/or the HSBC Group for the purposes of the  
 Loss Absorption Regulations (as defined under “Description of the Notes—Definitions”), then the provisions relating to the 2036 Fixed/Floating Rate Notes Make-Whole Redemption shall be deemed not to apply for all purposes                           
 relating to the 2036 Fixed/Floating Rate Notes and we shall not have any right to redeem the 2036 Fixed/Floating Rate Notes pursuant to a 2036 Fixed/Floating Rate Notes Make-Whole Redemption. In such circumstances, we shall promptly provide notice 
 to the trustee, the paying agent, the calculation agent and the noteholders that the 2036 Fixed/Floating Rate Notes Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness         
 of, or otherwise invalidate, any such determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of holders under Section 9.02 of the Base Indenture.                                    |

| The definition and the terms of each of the 2036 Fixed/Floating Rate Notes Make-Whole Redemption and the 2036 Fixed/Floating Rate Notes Par Redemption are set forth below under “Description of the 
 Notes—Redemption” and the sub-headings thereunder. See “Risk Factors—Risks Relating to the Notes—We may redeem the Notes at our option in certain situations.”                                       |

Terms Specific to the Floating Rate Notes:

| Interest | From (and including) the Issue Date to (but excluding) the Floating Rate Notes Maturity Date, the interest rate on the Floating Rate Notes will be equal to the Benchmark (as defined below) plus 1.190% per annum (the “Floating Rate Notes 
 Margin”). The interest rate on the Floating Rate Notes will be calculated quarterly on each applicable Interest Determination Date.                                                                                                          |

| Floating Rate Notes Interest Periods | The period beginning on (and including) a Floating Rate Notes Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Notes Interest Payment Date (each,