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

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 25
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 “2036                        
 Fixed/Floating Rate Notes Make-Whole Redemption”).                                                                                                                                                                                                    |

| Following the 2036 Fixed/Floating Rate Notes Make-Whole Redemption Period, we may, in our sole discretion, redeem the 2036 
 Fixed/Floating Rate Notes on the 2036 Fixed/Floating Rate Notes Par                                                        |

S-14

| Redemption Date, in whole but not in part, at 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the 2036 Fixed/Floating Rate Notes Par Redemption Date (a 
 “2036 Fixed/Floating Rate Notes Par Redemption”).                                                                                                                                              |

| If we determine, in our sole discretion, that the inclusion of the 2036 Fixed/Floating Rate Notes Make-Whole Redemption provisions in the terms of the Indenture and the 2036 Fixed/Floating Rate Notes could reasonably be                               
 expected to prejudice the qualification of the 2036 Fixed/Floating Rate Notes as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations (as defined under “Description of the                    
 Notes—Definitions”), then the provisions relating to the 2036 Fixed/Floating Rate Notes Make-Whole Redemption shall be deemed not to apply for all purposes relating to the 2036 Fixed/Floating Rate Notes and we shall not have any right                
 to redeem the 2036 Fixed/Floating Rate Notes pursuant to a 2036 Fixed/Floating Rate Notes 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 2036 Fixed/Floating Rate Notes 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 under Section 9.02 of the Base Indenture.                                                                                                                         |

| The definition and the terms of each of the 2036 Fixed/Floating Rate Notes Make-Whole Redemption and the 2036 Fixed/Floating Rate Notes Par Redemption are set forth below under “Description of the 
 Notes—Redemption” and the sub-headings thereunder. See “Risk Factors—Risks Relating to the Notes—We may redeem the Notes at our option in certain situations.”                                       |

Terms Specific to the 2029 Floating Rate Notes:

| Interest | From (and including) the Issue Date to (but excluding