Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 89

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 89
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 described in the accompanying prospectus under “Description of Ordinary Shares.” You can read the Indenture and the form of Securities
at the location listed under “Where You Can Find More Information About Us.”

The Indenture and the Securities will be
governed by, and construed in accordance with, the laws of the State of New York, except that the subordination provisions of the Indenture and of the Securities (see “—Subordination”) and the waiver of set-off provisions of the Indenture and the Securities (see “Description of Contingent Capital Securities—No Right of Set-Offby Holders” in the
accompanying prospectus) will be governed by, and construed in accordance with, the laws of England and Wales.

The Securities will be
issued in an aggregate principal amount of $2,000,000,000. The Securities will have no fixed maturity or fixed redemption date.

The
Securities will be issued only in registered form in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof.

Interest

General

From (and
including) the Issue Date to (but excluding) December 5, 2030, the interest rate on the Securities will be 7.050% per annum (the “Initial Interest Rate”). From (and including) each Reset Date (as defined below) to (but excluding) the
next following Reset Date, the applicable per annum interest rate will be equal to the sum of the applicable Reference Rate on the relevant Reset Determination Date and 2.987% (the “Margin”).

Interest will reset on December 5, 2030 and each fifth anniversary date thereafter (each such date, a “Reset Date”).

S-55

A “Reset Determination Date” is the second business day immediately preceding a
Reset Date.

Each period from (and including) a Reset Date to (but excluding) the following Reset Date will be a “Reset Period.”

“Reference Rate” means, with respect to any Reset Period for which such rate applies:

(1) the rate per annum (expressed as a decimal) equal to the yield which represents the average for the week immediately prior to the related
Reset Determination Date in the most recent H.15, (a) under the caption “Treasury Constant Maturities” and (b) for the maturity of five years;

(2) if such release (or any successor release) is not published during the week