Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 19

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 19
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 to the 2031 Fixed/Floating Rate Notes:

| During the 2031 Fixed/Floating Rate Notes Floating Rate Period, interest on the 2031 Fixed/Floating Rate Notes will be payable |

S-9

2031 Fixed/Floating Rate Notes Floating

| Optional Redemption | We may, in our sole discretion, redeem the 2031 Fixed/Floating Rate Notes during the 2031 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 their principal amount and (ii) a make-whole price calculated as set forth under               
 “Description of the Notes––Redemption,” in each case, plus any accrued and unpaid interest on the 2031 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date (any such redemption, a                             
 “2031 Fixed/Floating Rate Notes Make-Whole Redemption”).                                                                                                                                                                                              |

| Following the 2031 Fixed/Floating Rate Notes Make-Whole Redemption Period, we may, in our sole discretion, redeem the 2031 Fixed/Floating Rate Notes on the 2031 Fixed/Floating Rate Notes Par Redemption Date, in whole 
 but not in part, at 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the 2031 Fixed/Floating Rate Notes Par Redemption Date (a “2031 Fixed/Floating Rate Notes Par Redemption”).   |

| If we determine, in our sole discretion, that the inclusion of the 2031 Fixed/Floating Rate Notes Make-Whole Redemption 
 provisions in the                                                                                                       |

S-10

| terms of the Indenture and the 2031 Fixed/Floating Rate Notes could reasonably be expected to prejudice the eligibility of the 2031 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 2031 Fixed/Floating Rate Notes Make-Whole Redemption shall be deemed not to apply for all purposes relating to the 2031 Fixed/Floating Rate Notes and we shall not have any           
 right to redeem the 2031 Fixed/Floating