Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 25

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 25
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 payment to claims of all our other creditors, other than claims which are by their terms, or are expressed to be, subordinated to or pari passu with the Notes as further described under “Description of the                                   
 Notes—Ranking—Ranking of the Subordinated Notes” in this prospectus supplement and “Description of Debt Securities—Subordinated Debt Securities—Subordination, Defaults and Events of Default” in                                               
 the accompanying prospectus.                                                                                                                                                                                                                    |

| Governing Law | The Indenture and the Notes will be governed by, and construed in accordance with, the laws of the State of New York, except that the waiver of set-off provisions of the Indenture and the Notes (see                  
 “Description of Debt Securities—No Right of Set-Off by Holders” in the accompanying prospectus) and the subordination provisions of the Indenture and of the Notes (see                                                 
 “Description of the Notes—Ranking—Ranking of the Subordinated Notes” in this prospectus supplement) will be governed by, and construed in accordance with, the laws of England and Wales. Any legal proceedings arising 
 out of, or based upon, the Indenture or the Notes may be instituted in any state or federal court in the City of New York, United States.                                                                               |

| Trading through DTC, Clearstream Luxembourg and Euroclear | Initial settlement for the Notes will be made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC’s rules and will be settled in immediately available 
 funds using DTC’s Same-Day Funds Settlement System. Secondary market trading between Clearstream Banking S.A. (“Clearstream Luxembourg”) customers and/or Euroclear Bank SA/NV                                                             
 (“Euroclear”) participants will occur in the ordinary way in accordance with the applicable rules and operating procedures of Clearstream Luxembourg and Euroclear and will be settled using the procedures applicable to conventional     
 eurobonds in immediately available funds.                                                                                                                                                                                                  |

| Listing | Application will be made to list the Notes on the New York Stock Exchange in accordance with its rules. |

S-18

| Sinking Fund | There will be no sinking fund for the Notes. |

| Paying Agent | HSBC Bank USA, National Association, or its successor appointed by us pursuant to the Indenture. |

| Calculation Agent | HSBC Bank USA, National Association, or its successor appointed by us, pursuant to a calculation agent agreement expected to be entered into on the Issue Date