Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 77

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 77
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” means the period beginning on (and including) September 3, 2025 (six months following the Issue Date) to (but excluding) March 3, 2035, (the “2036 Fixed/Floating Rate Notes Par Redemption Date”); providedthat if any additional notes of the same series are issued after the Issue Date, the 2036 Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes. “Make-Whole Redemption” means any of the 2029 Fixed/Floating Rate Notes Make-Whole Redemption, the 2031 Fixed/Floating Rate Notes Make-Whole Redemption or the 2036 Fixed/Floating Rate Notes Make-Whole Redemption, as applicable. “Make-Whole Redemption Period” means any of the 2029 Fixed/Floating Rate Notes Make-Whole Redemption Period, the 2031 Fixed/Floating Rate Notes Make-Whole Redemption Period or the 2036 Fixed/Floating Rate Notes Make-Whole Redemption Period, as applicable. S-52

“Fixed/Floating Rate Notes Par Redemption Date” means any of the 2029 Fixed/Floating Rate Notes Par Redemption Date, the 2031 Fixed/Floating Rate Notes Par Redemption Date or the 2036 Fixed/Floating Rate Notes Par Redemption Date, as applicable. “Reference Treasury Rate” means, with respect to any Price Determination Date, the rate per annum selected by the Determination Agent in accordance with the following two paragraphs:

| (i) | The Reference Treasury Rate shall be calculated by the Determination Agent after 4:15 p.m. (New York City time)                                                                                                                                          
 (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 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