Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 75

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 75
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, a “2029 Fixed/Floating Rate Notes Make-Whole Redemption”). The “2029 Fixed/Floating Rate Notes Make-Whole Redemption Period” means the period beginning on (and including) September 3, 2025 (six months following the Issue Date) to (but excluding) March 3, 2028, (the “2029 Fixed/Floating Rate Notes Par Redemption Date”); providedthat if any additional notes of the same series are issued after the Issue Date, the 2029 Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes. 2031 Fixed/Floating Rate Notes Make-Whole Redemption We may, in our sole discretion, redeem the 2031 Fixed/Floating Rate Notes during the 2031 Fixed/Floating Rate Notes Make-Whole Redemption Period (as defined below), in whole at any time during such period or in part from time to time during such period, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

| (i) | 100% of the principal amount of the 2031 Fixed/Floating Rate Notes to be redeemed; and |

| (ii) | as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the                                                                                                                                         
 2031 Fixed/Floating Rate Notes to be redeemed (discounted from the 2031 Fixed/Floating Rate Notes Par Redemption Date) and (b) the remaining payments of interest to be made on any scheduled 2031 Fixed/Floating Rate Notes Interest Payment Date 
 to (and including) the 2031 Fixed/Floating Rate                                                                                                                                                                                                    |

S-51

| Notes Par Redemption Date for the 2031 Fixed/Floating Rate Notes to be redeemed, discounted to the applicable redemption date on a semiannual basis (assuming a      
 360-day year consisting of twelve 30-day months) at the Reference Treasury Rate plus 20 basis points less an amount equal to any accrued and unpaid interest to (but 
 excluding) the applicable redemption date, if any, on the principal amount of the 2031 Fixed/Floating Rate Notes to be redeemed,                                     |

in each case, plus any accrued and unpaid interest on the 2031 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date (each, a “2031 Fixed/Floating Rate Notes Make