Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 27

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 27
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 applicable Unadjusted Benchmark Replacement 
 for U.S. dollar-denominated floating rate notes at such time.                                                                                                                                                                                          |

| “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. |

| Benchmark Replacement Conforming Changes | In connection with the implementation of a Benchmark Replacement, we (in consultation, to the extent practicable, with the calculation agent) or our                                                                                                    
 designee (in consultation with us) will have the right to make changes to (1) any Interest Determination Date, Floating Rate Period Interest Payment Date, Floating Rate Notes Interest Payment Date, Reference Time, business day convention or        
 Floating Rate Interest Period, (2) the manner, timing and frequency of determining the rate and amounts of interest that are payable on (i) the Fixed/Floating Rate Notes during the applicable Floating Rate Period or (ii) the Floating               
 Rate Notes and the conventions relating to such determination and calculations with respect to interest, (3) rounding conventions, (4) tenors and (5) any other terms or provisions of the Fixed/Floating Rate Notes during the applicable              
 Floating Rate Period, or of the Floating Rate Notes, in each case that we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) determine, from time to time, to be appropriate to reflect 
 the determination and implementation of such Benchmark Replacement in a manner substantially consistent with market                                                                                                                                     |

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| practice (or, if we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) decide that implementation of any portion of such market                                                     
 practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as we (in consultation, to the extent practicable, with the calculation agent) or our designee (in 
 consultation with us) determine is appropriate (acting in good faith)) (the “Benchmark Replacement Conforming Changes”). Any Benchmark Replacement Conforming Changes will apply to the Notes for all future Floating Rate Interest Periods.        |

| Benchmark Transition Event | “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark: |

| (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or 
 indefinitely, provided that, at the time of such statement or publication