Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 75

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 75
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loating Rate Notes Par Redemption Date but there are two or more U.S. Treasury securities with a maturity date equally distant from the applicable Fixed/Floating Rate Notes Par Redemption Date, one with a maturity date preceding the applicable Fixed/Floating Rate Notes Par Redemption Date and one with a maturity date following the applicable Fixed/Floating Rate Notes Par Redemption Date, the Determination Agent shall select the U.S. Treasury security with a maturity date preceding the applicable Fixed/Floating Rate Notes Par Redemption Date. If there are two or more U.S. Treasury securities maturing on the applicable Fixed/Floating Rate Notes Par Redemption Date or two or more U.S. Treasury securities meeting the criteria of the preceding sentence, the Determination Agent shall select from among these two or more U.S. Treasury securities the U.S. Treasury security that is trading closest to par based upon the S-50

average of the bid and asked prices for such U.S. Treasury securities at 11:00 a.m., New York City time. In determining the Reference Treasury in accordance with the terms of this paragraph, the
semi-annual yield to maturity of the applicable U.S. Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such U.S. Treasury security, and
rounded to three decimal places.

If we determine, in our sole discretion, that the inclusion of the Make-Whole Redemption provisions in
the terms of the Indenture and the Fixed/Floating Rate Notes could reasonably be expected to prejudice the eligibility of the Fixed/Floating Rate Notes to count towards the minimum requirements for own funds and eligible liabilities or loss
absorbing capacity of HSBC Holdings and/or the HSBC Group for the purposes of the Loss Absorption Regulations, then the provisions relating to the Make-Whole Redemption shall be deemed not to apply for all purposes relating to such Fixed/Floating
Rate Notes and we shall not have any right to redeem such Fixed/Floating Rate Notes pursuant to a 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 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 of Fixed/Floating Rate Notes, under Section