Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 23

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 23
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 SOFR or the then-current Benchmark, then 
 “Benchmark” means the applicable Benchmark Replacement.                                                                                                                                                              |

S-14

| “Compounded Daily SOFR” means, in relation to a Floating Rate Interest Period, the rate of return of a daily compound interest investment (with SOFR as reference rate for the calculation of interest) during 
 the related Observation Period and will be calculated by the calculation agent on the related Interest Determination Date as follows:                                                                          |

| Where: |

| “d” means, in relation to any Observation Period, the number of calendar days in such Observation Period; |

| “d0” means, in relation to any Observation Period, the number of USGS Business Days in such Observation Period; |

| “i” means, in relation to any Observation Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in 
 chronological order from (and including) the first USGS Business Day in such Observation Period;                                                |

| “ni” means, in relation to any USGS Business Day “i” in the relevant Observation Period, the number of calendar days from (and including) 
 such USGS Business Day “i” up to (but excluding) the following USGS Business Day;                                                         |

| “Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including) the date which is five USGS Business Days prior to the first day of such Floating Rate Interest                                    
 Period to (but excluding) the date which is five USGS Business Days prior to the Interest Payment Date for such Floating Rate Interest Period; provided that the first Observation Period shall commence on (and include) the date which is five 
 USGS Business Days prior to (i) with respect to the 2031 Fixed/Floating Rate Notes, the 2031 Fixed/Floating Rate Notes Par Redemption Date, (ii) with respect to the 2036 Fixed/Floating Rate Notes, the 2036 Fixed/Floating Rate Notes Par      
 Redemption Date and (iii) with respect to the Floating Rate Notes, the Issue Date;                                                                                                                                                               |

| “SOFR” means, in relation to any day, the rate determined by the calculation agent in accordance with the following provisions: |

| (1) the daily Secured Overnight Financing Rate for trades made on such day available at or around the Reference Time on the NY Federal Reserve’s Website; |

| (2) if the rate specified in (1) above is not available at