Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 62

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 62
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 to be bound by our or our designee’s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming
Changes, including as may occur without any prior notice from us and without the need for us to obtain any further consent from such noteholder, (ii) will waive any and all claims, in law and/or in equity, against the trustee, the paying agent
and the calculation agent or our designee for, agree not to initiate a suit against the trustee, the paying agent and the calculation agent or our designee in respect of, and agree that none of the trustee, the paying agent or the calculation agent
or our designee will be liable for, the determination of or the failure to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement
Conforming Changes, and any losses suffered in connection therewith and (iii) will agree that none of the trustee, the paying agent or the calculation agent or our designee will have any obligation to determine any Benchmark Transition Event,
any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure by us to determine any
Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes.

Redemption

We may redeem the Notes, in
our sole discretion, in a Par Redemption (as defined below) or upon the occurrence of certain tax events (as described below). In addition, we may redeem the Notes in a Capital Disqualification Event Redemption (as described below) or in connection
with a Residual Call (as defined below).

The Notes will not be redeemable at the option of the noteholders at any time.

The Notes will not be subject to any sinking fund or mandatory redemption.

Any redemption of the Notes is subject to the conditions described under “—Redemption—Redemption or Purchase Conditions.”

Any redemption of the Notes prior to the Maturity Date will also be subject to our giving not less than 10
days’, nor more than 60 days’, prior notice to the noteholders.

Unless we default on payment of the redemption price,
interest will cease to accrue on the applicable redemption date for the Notes, or portions thereof, called for redemption.

S-44

Par Redemption We may redeem the Notes in whole (but not in part