Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 70

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 70
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 Association or any successor thereto (“SIFMA”) recommends that the fixed income departments of its members be closed for
the entire day for purposes of trading in U.S. government securities.

Notwithstanding clauses (1) and (2) of the definition of
“SOFR” above, if we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) determine on or prior to the relevant Interest Determination Date that a Benchmark Transition Event and
related Benchmark Replacement Date have occurred with respect to SOFR, then the “Benchmark Transition Provisions” set forth below will thereafter apply to all determinations of the rate of interest payable on (a) the Fixed/Floating
Rate Notes during the applicable Floating Rate Period and (b) the Floating Rate Notes.

In accordance with and subject to the
Benchmark Transition Provisions, after a Benchmark Transition Event and related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each interest period on the Fixed/Floating Rate Notes during the applicable
Floating Rate Period and on the Floating Rate Notes will be determined by reference to a rate per annum equal to the Benchmark Replacement plus the applicable Margin.

Benchmark Transition Provisions

If we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) determine that a
Benchmark Transition Event and related Benchmark Replacement Date have occurred

S-48

prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Fixed/Floating Rate Notes during the applicable Floating Rate Period and to the Floating Rate Notes in respect of such determination on such date and all determinations on all subsequent dates; providedthat, if we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) are unable to or do not determine a Benchmark Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related Floating Rate Interest Period will be equal to the interest rate in effect for the immediately preceding Floating Rate Interest Period or (i) in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date, the applicable Initial Interest Rate, and (ii) in the case of the Interest Determination Date prior to the first Floating Rate Notes Interest Payment Date,