Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 66

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 66
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 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 or around the Reference Time for such day (and a
Benchmark Transition Event and its related Benchmark Replacement Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was published on the NY Federal Reserve’s
Website;

“SOFR” means, in relation to any USGS Business Day
“i” in the relevant Observation Period, SOFR in respect of such USGS Business Day; and

“USGS Business Day” means
any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets 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

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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 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