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

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 25
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 then-current Benchmark.                                                                                                                                                                                        |

S-17

| “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of New York (“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve and/or 
 the NY Federal Reserve or any successor thereto.                                                                                                                                                        |

| Benchmark Replacement Adjustment | “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by us (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) 
 as of the Benchmark Replacement Date:                                                                                                                                                                                                       |

| (1) the spread adjustment (which may be a positive or negative value or zero) that has been (i) selected or recommended by the Relevant Governmental Body or (ii) determined by us (in consultation, to the                                               
 extent practicable, with the calculation agent) or our designee (in consultation with us) in accordance with the method for calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in 
 each case for the applicable Unadjusted Benchmark Replacement;                                                                                                                                                                                            |

| (2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; |

| (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by us (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with                              
 us) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement 
 for U.S. dollar-denominated floating rate notes at such time.                                                                                                                                                                                          |

| “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. |

| Benchmark Replacement Conforming Changes | In connection with the implementation of a Benchmark Replacement, we (in consultation, to the extent practicable, with the calculation agent) or our                                                                                             
 designee (in consultation with us) will have the right to make changes to (1) any Interest Determination Date, Floating Rate Period Interest Payment Date, Floating Rate Notes Interest Payment Date, Reference Time, business day convention or 
 Floating Rate Interest Period, (2) the manner, timing and frequency of determining the rate and amounts of interest that are payable on (i) the Fixed/Floating Rate Notes during the applicable