Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 30

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 30
---
 that a Benchmark                                                                                                     
 Transition Event and related Benchmark Replacement Date have occurred prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark 
 for all purposes relating to (i) the Fixed/Floating Rate Notes during the applicable Floating Rate Period and (ii) the Floating Rate Notes, as applicable, in respect of such determination on such date and all determinations on all                  
 subsequent dates; provided that, if we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) are unable to or do not determine a Benchmark Replacement in accordance with the              
 provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related Floating                                                                                                             |

S-19

| Rate Interest Period will be equal to the interest rate in effect for the immediately preceding Floating Rate Interest Period or (i) in the case of the Interest Determination Date prior to                                                        
 the first Floating Rate Period Interest Payment Date, the applicable Initial Interest Rate and (ii) in the case of the Interest Determination Date prior to the first Floating Rate Notes Interest Payment Date, the initial rate of interest which 
 would have been applicable to the Floating Rate Notes for the first Floating Rate Notes Interest Period had such Floating Rate Notes been outstanding for a period equal in duration to the applicable scheduled first Floating Rate Notes Interest 
 Period but ending on (and excluding) the Issue Date (and applying the applicable Floating Rate Notes Margin).                                                                                                                                       |

| Benchmark Replacement | “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by us (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) as of the 
 Benchmark Replacement Date:                                                                                                                                                                                                                |

| (1) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor 
 (if any) and (b) the Benchmark Replacement Adjustment;                                                                                                                                                              |

| (2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and |

| (3) the sum of: (a) the alternate rate of interest that has been selected by us (in consultation, to the extent practicable, with the calculation agent) or our design