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

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 27
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S-16

| Risks Relating to the Notes—We may redeem the Notes at our option in certain situations.” |

Terms Applicable to each Series of Notes:

| Interest Determination Dates | The third business day preceding the applicable Interest Payment Date (each, an “Interest Determination Date”). |

| Redemption upon Loss Absorption Disqualification Event | Following the occurrence of a Loss Absorption Disqualification Event, we may, on the terms and subject to the provisions set forth under “Description of the Notes—Redemption,” in our sole discretion, redeem the Notes in                     
 whole, but not in part (such option to redeem being referred to herein as a “Loss Absorption Disqualification Event Redemption Option”), at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest to 
 (but excluding) the applicable redemption date.                                                                                                                                                                                                 |

| Tax Event Redemption | We may redeem the Notes in whole (but not in part) in our sole discretion upon the occurrence of certain tax events. See “Risk Factors—Risks Relating to the Notes—We may redeem the Notes at our option in certain      
 situations.” The redemption price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption. See “Description of Debt Securities—Redemption” in the 
 accompanying prospectus.                                                                                                                                                                                                 |

| Redemption by Noteholders | The Notes are not redeemable at the option of the noteholders at any time. |

| Redemption or Repurchase Conditions | Any redemption or repurchase of the Notes is subject, where applicable, to the regulatory consent as described under “Description of the Notes—Redemption” and “Description of the Notes—Repurchases.” 
 Any redemption of the Notes is subject to our giving prior notice to the noteholders as described under “Description of the Notes—Redemption.”                                                         |

| Calculation of the Benchmark | The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a Benchmark Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then 
 “Benchmark” means the applicable Benchmark Replacement.                                                                                                                                                              |

| “Compounded Daily SOFR” means, in relation to a Floating Rate Interest Period, the rate of return of a daily compound interest investment (with SOFR as reference rate for the calculation of interest) during 
 the related Observation Period and will be calculated by the calculation agent on the related Interest Determination Date