Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 73

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 73
---
          
 (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System) on the Price Determination Date based upon the yield or yields for the most recent day that appear after such time 
 on such day in the most recent H.15 statistical release.                                                                                                                                                                                                 |

| (ii) | In determining the Reference Treasury Rate, the Determination Agent shall select, as applicable: (i) the                                                                                                                                           
 yield for the Reference Treasury constant maturity on H.15 exactly equal to the period from the applicable redemption date to the applicable Fixed/Floating Rate Notes Par Redemption Date (the “Remaining Life”); or (ii) if there is             
 no such Reference Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Reference Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the 
 Reference Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the applicable Fixed/Floating Rate Notes Par Redemption Date on a straight-line basis (using the actual number of days) using   
 such yields and rounding the result to three decimal places; or (iii) if there is no such Reference Treasury constant maturity on H.15 shorter than or longer than the Remaining                                                                   |

S-49

| Life, the yield for the single Reference Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Reference Treasury constant maturity or            
 maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Reference Treasury constant maturity from the applicable redemption date. |

If on the Price Determination Date H.15 is no longer published, or does not contain such yields, the Determination Agent shall calculate the Reference Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding the applicable redemption date of the U.S. Treasury security maturing on, or with a maturity that is closest to, the applicable Fixed/Floating Rate Notes Par Redemption Date, as applicable. If there is no U.S. Treasury security maturing on the applicable Fixed/Floating Rate Notes Par Redemption Date, but there are two or more U.S. Treasury securities with a maturity date equally distant from the applicable Fixed/Floating Rate Notes Par Redemption Date, one with a maturity date preceding