Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 42

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 42
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 that one or more regulatory or legislative changes, including those described under “—Risks Relating to the Notes—The circumstances under which the relevant UK resolution authority would exercise its UK bail-inpower or other resolution tools under the Banking Act or future legislative or regulatory proposals are uncertain, which may affect the value of your Notes,” could have on the Notes.

We may redeem the Notes at our option in certain situations.

We may, in our sole discretion, redeem the Notes pursuant to a Par Redemption (as defined below), in whole but not in part, on the applicable
Par Redemption Date at a redemption price equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the applicable Par Redemption Date, in

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each case on the terms and subject to the provisions set forth under “Description of the Notes––Redemption.” We may also, in our sole discretion, redeem the
Fixed/Floating Rate Notes during the applicable Make-Whole Redemption Period, in whole at any time during such period or in part from time to time during such period, at a redemption price (expressed as a percentage of principal amount and rounded
to three decimal places) equal to the greater of (i) 100% of their principal amount and (ii) a make-whole price calculated as set forth under “Description of the Notes––Redemption––Make-Whole Redemption” (in each case, plus any accrued and unpaid interest on the Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date). In addition, following the occurrence of a Loss Absorption Disqualification
Event, we may, in our sole discretion, redeem the Notes in whole, but not in part, at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest to (but excluding) the applicable redemption date (on the terms
and subject to the provisions set forth under “Description of the Notes—Redemption”). Moreover, we may redeem the Notes at any time in whole (but not in part) in our sole discretion upon the occurrence of certain tax events,
as more particularly described under “Description of the Notes—Redemption” and “Description of Debt Securities— Redemption” in the accompanying prospectus. Certain of such tax events may occur at any
time after the Issue Date and it is therefore possible that we would be able to redeem the Notes at any time after the Issue Date.

Our
optional redemption may limit the market value of the Notes to the