Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 29

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 29
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| “SOFRi” 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                          |

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| 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. |

| “designee” means an affiliate or any other agent of HSBC Holdings. |

| “NY Federal Reserve’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org (or any successor website). |

| “Reference Time” means (1) if the Benchmark is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York time) on the next succeeding USGS Business Day, and (2) if the Benchmark is not                                
 Compounded Daily SOFR, the time determined by us (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) in accordance with the Benchmark Replacement Conforming Changes. |

| Benchmark Transition Provisions | If we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) determine