Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 74

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 74
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eholders at any time.

The Notes will not be subject to any sinking fund or mandatory
redemption.

S-50

Notwithstanding anything to the contrary in the accompanying prospectus, the Indenture or the Notes, we may only redeem or repurchase the Notes prior to the Maturity Date if we have obtained any Relevant Supervisory Consent, if and to the extent then required by the Loss Absorption Regulations. Any redemption of the Notes will also be subject to our giving not less than 10 days’, nor more than 60 days’, prior notice to each noteholder. Unless we default on payment of the redemption price, interest will cease to accrue on the applicable redemption date for the Notes, or portions thereof, called for redemption. Make-Whole Redemption 2029 Fixed/Floating Rate Notes Make-Whole Redemption We may, in our sole discretion, redeem the 2029 Fixed/Floating Rate Notes during the 2029 Fixed/Floating Rate Notes Make-Whole Redemption Period (as defined below), 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 the principal amount of the 2029 Fixed/Floating Rate Notes to be redeemed; and |

| (ii) | as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the                                                                                                                                         
 2029 Fixed/Floating Rate Notes to be redeemed (discounted from the 2029 Fixed/Floating Rate Notes Par Redemption Date) and (b) the remaining payments of interest to be made on any scheduled 2029 Fixed/Floating Rate Notes Interest Payment Date 
 to (and including) the 2029 Fixed/Floating Rate Notes Par Redemption Date for the 2029 Fixed/Floating Rate Notes to be redeemed, discounted to the applicable redemption date on a semiannual basis (assuming a                                    
 360-day year consisting of twelve 30-day months) at the Reference Treasury Rate plus 15 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 2029 Fixed/Floating Rate Notes to be redeemed,                                                                                                                   |

in each case, plus any accrued and unpaid interest on the 2029 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date (each