Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 53

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 53
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 will be determined using the alternative methods described under “Description of the Notes—Interest—Benchmark Transition Provisions.” In particular, if we
(in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) determine that a Benchmark Transition Event and related Benchmark Replacement Date have occurred, we (in consultation, to the extent
practicable, with the calculation agent) or our designee (in consultation with us) will use the Benchmark Replacement for the purposes of determining the floating interest rates, as well as to make certain changes to the manner in which floating
interest rates are calculated or determined (in consultation with the calculation agent).

This Benchmark Replacement may result in
interest payments that are lower than, or that do not otherwise correlate over time with, the payments that would have been made on the Notes if SOFR was available in its current form. Additionally, if SOFR is no longer calculated or administered
and no Benchmark Replacement is calculated (including because the same costs and risks that may lead to the discontinuation or unavailability of SOFR make the Benchmark Replacement impossible or impracticable to determine), the floating interest
rate on the Notes may accrue at the same rate as the immediately preceding Floating Rate Interest Period (or, in the case of the initial Floating Rate Interest Period, in respect of the Fixed/Floating Rate Notes, the applicable Initial Interest Rate
and, in respect of the Floating Rate Notes, the initial rate of interest which would have been applicable to the Floating Rate Notes for the first Floating Rate Notes Interest Period had the Floating Rate Notes been outstanding for a period equal in
duration to the scheduled first Floating Rate Notes Interest Period but ending on (and excluding) the Issue Date (and applying the Floating Rate Notes Margin)), effectively converting the Fixed/Floating Rate Notes, during the relevant Floating Rate
Period, and the Floating Rate Notes into fixed rate instruments. Due to the uncertainty concerning the availability of benchmark replacements, the relevant fallback provisions may not operate as intended at the relevant time. Any of the foregoing
may have an adverse effect on the value of the Notes.

The rate of interest on the Fixed/Floating Rate Notes during the applicable Floating Rate Period and on the Floating Rate Notes may be determined by reference to a Benchmark Replacement even if SOFR continues to be published.

If a Benchmark Transition Event and related Benchmark Replacement Date occur with respect to SOFR, the rate of interest on the Fixed/Floating
Rate Notes during the applicable Floating Rate Period and on the Floating Rate Notes will