Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 28

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 28
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, there is no successor administrator that will continue to provide the Benchmark;                                                     |

| (2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over                               
 the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states     
 that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the 
 Benchmark; or                                                                                                                                                                                                                                             |

| (3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. |

| Benchmark Replacement Date | “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: |

| (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”, the later of (a) the date of the public statement or publication of information referenced therein and 
 (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or                                                                       |

| (2) in the case of clause (3) of the definition of “Benchmark Transition Event”, the date of the public statement or publication of information referenced therein. |

| For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier 
 than, the                                                                                                                     |

S-19

| Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. |

| ISDA Fallback Rate | “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor 
 excluding the applicable ISDA Fallback Adjustment.                                                                                                                                                                                       |

| “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time 
 to time, or any successor definitional booklet for interest rate derivatives published from time to time.                                                                                         |

| “ISDA Fallback Adjustment