Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 85

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 85
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 the Securities (see “Description of Contingent Capital Securities—No Right of Set-Offby Holders” in the
accompanying prospectus) will be governed by, and construed in accordance with, the laws of England and Wales.

The Securities will be
issued in an aggregate principal amount of $1,500,000,000. The Securities will have no fixed maturity or fixed redemption date.

The
Securities will be issued only in registered form in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof.

Interest

General

From (and
including) the Issue Date to (but excluding) February 27, 2032, the interest rate on the Securities will be 6.950% per annum (the “Initial Interest Rate”). From (and including) each Reset Date (as defined below) to (but excluding) the next
following Reset Date, the applicable per annum interest rate will be equal to the sum of the applicable Reference Rate on the relevant Reset Determination Date and 2.635% (the “Margin”).

Interest will reset on February 27, 2032 and each fifth anniversary date thereafter (each such date, a “Reset Date”).

S-55

A “Reset Determination Date” is the second business day immediately preceding a
Reset Date.

Each period from (and including) a Reset Date to (but excluding) the following Reset Date will be a “Reset Period.”

“Reference Rate” means, with respect to any Reset Period for which such rate applies:

(1) the rate per annum (expressed as a decimal) equal to the yield which represents the average for the week immediately prior to the related
Reset Determination Date in the most recent H.15, (a) under the caption “Treasury Constant Maturities” and (b) for the maturity of five years;

(2) if such release (or any successor release) is not published during the week immediately prior to the related Reset Determination Date or
does not contain such yields, the Reference Treasury Rate for such Reset Period; or

(3) if the Reference Rate cannot be determined, for
whatever reason, as described under (1) or (2) above, “Reference Rate” means the rate per annum (expressed as a decimal) equal to the yield on U.S. Treasury securities having a maturity of five years as set forth in the most recent
H.15 under the caption “Treasury constant