Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 20

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 20
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 right to redeem the 2036 Fixed/Floating Rate Notes pursuant to a 2036 Fixed/Floating Rate Notes Make-Whole Redemption. In such circumstances, we shall promptly provide notice to the trustee, the paying agent, the calculation agent and the 
 noteholders that the 2036 Fixed/Floating Rate Notes Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination. No action 
 taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of holders under Section 9.02 of the Base Indenture.                                                                                          |

| The definition and the terms of each of the 2036 Fixed/Floating Rate Notes Make-Whole Redemption and the 2036 Fixed/Floating Rate Notes Par Redemption are set forth below under “Description of the 
 Notes—Redemption” and the sub-headings thereunder. See “Risk Factors—Risks Relating to the Notes—We may redeem the Notes at our option in certain situations.”                                       |

Terms Specific to the Floating Rate Notes:

| Interest | From (and including) the Issue Date to (but excluding) the Floating Rate Notes Maturity Date, the interest rate on the Floating Rate Notes will be equal to the Benchmark (as defined below) plus 1.570% per annum (the “Floating Rate Notes 
 Margin”). The interest rate on the Floating Rate Notes will be calculated quarterly on each applicable Interest Determination Date.                                                                                                          |

| Floating Rate Notes Interest Periods | The period beginning on (and including) a Floating Rate Notes Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Notes Interest Payment Date (each, a “Floating Rate Notes Interest Period”); 
 provided that the first Floating Rate Notes Interest Period will begin on (and include) the Issue Date and will end on (but exclude) the first Floating Rate Notes Interest Payment Date.                                        |

S-13

| The definition and the terms of the Floating Rate Notes Par Redemption are set forth below under “Description of the Notes—Redemption” and the sub-headings 
 thereunder. See “Risk Factors—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