Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 75

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 75
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 to the Exercise of UK Bail-inPower.”

“SOFR” has the meaning given to that term under “—Calculation of the Benchmark.”

“SOFR” has the meaning given to that term under “—Calculation of the Benchmark.”

“Tax Event Redemption” has the meaning given to that term under
“—Redemption—Tax Event Redemption.”

“tier 2 capital” has the meaning given to it by the
Relevant Regulator from time to time.

“Trust Indenture Act” has the meaning given to that term in the third paragraph of this
“Description of the Notes.”

“UK bail-in power” has the meaning
given to that term under “—Agreement with Respect to the Exercise of UK Bail-inPower.”

“UK CRR” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms of the
European Parliament and of the Council of 26 June 2013, as amended or supplemented, as it forms part of domestic law in the UK by virtue of the EUWA.

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

“USGS Business Day” has the meaning given to that term under “—Calculation of the Benchmark.”

S-53

FORM, SETTLEMENT AND CLEARANCE

The Notes will be issued in the form of one or more global securities registered in the name of the nominee for, and deposited with, DTC. For
a discussion of the form, settlement and clearance of the Notes, see the section titled “Description of Debt Securities—Form, Settlement and Clearance” beginning on page 12 of the accompanying prospectus.

S-54

TAXATION

We intend to treat the Notes as “variable rate debt instruments” for U.S. federal income tax purposes.

For a discussion of certain U.S. and UK tax consequences of the ownership of the Notes, see the discussion applicable to debt securities in
the section titled “Taxation” beginning on page 50 of the accompanying prospectus.

Special considerations may be
relevant to prospective purchasers who are holders of Tender Notes who participate in the Tender Offers. Such prospective purchasers should consult their own tax advisers concerning the U.S. federal income tax consequences to them of the acquisition
of Notes hereby and the sale of their Tender Notes pursuant to the Tender Offers, including the potential for the transactions to be characterized as an exchange. HSBC Holdings intends for the sale of Tender Notes pursuant to the Tender Offers to be