Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 49

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 49
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 to the Securities—Interest on the Securities will be due and payable on an interest payment date only if it is not cancelled or deemed to have been cancelled, and we may cancel interest (in whole or in part), in our absolute and sole discretion, at any time”), you will
not be entitled to that interest payment (in whole or in part, as applicable) on the relevant interest payment date. This may affect your ability to sell your Securities in the secondary market and, as a result, the value of your investment in the
Securities.

The interest rate on the Securities will reset on each Reset Date.

The interest rate on the Securities will initially be the Initial Interest Rate, from (and including) the Issue Date to (but excluding)
February 27, 2032, the initial Reset Date. However, the interest rate will be reset every five years on each Reset Date, such that the applicable per annum interest rate will be equal to the sum of the Margin and the applicable Reference Rate
on the relevant Reset Determination Date. As a result, the interest rate following any Reset Date may be less than the Initial Interest Rate and/or the interest rate that applies immediately prior to such Reset Date, which would affect the amount of
any interest payments under the Securities, and, by extension, could affect their market value.

We may redeem the Securities for certain tax or regulatory reasons or during any Optional Redemption Period.

We may redeem the Securities in whole (but not in part) upon the
occurrence of a Tax Event or a Capital Disqualification Event, as more particularly described under “Description of the Securities—Redemption— Special Event Redemption.” Certain of such events may occur at any time after
the Issue Date and it is therefore possible that we would be able to redeem the Securities at any time after the Issue Date. A Tax Event will include, among other things, a change in law (or in its application or official interpretation) after the
Issue Date whereby the deductibility for UK tax purposes of interest expense on the Securities is restricted or the Securities would no longer be treated as loan relationships for UK tax purposes or the Securities (or any part thereof) would become
treated as a derivative or an embedded derivative for UK tax purposes.

Moreover, we may redeem the Securities in whole (but not in part)
during any Optional Redemption Period, as more particularly described under “Description of the Securities—Redemption—Optional Redemption.”

Our Optional Redemption on any Optional Redemption Date may limit the market value of the Securities to the redemption