Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 16

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 16
---
 to 100% of their principal amount, plus any accrued and unpaid interest to (but excluding) the applicable redemption date (a “Capital Disqualification Event Redemption”). |

| Tax Event Redemption | We may redeem the Notes in whole (but not in part) in our sole discretion upon the occurrence of certain tax events. See “Risk Factors—Risks Relating to the Notes—We may redeem the Notes at our option in certain  
 situations.” The redemption price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption. See “Description of Debt Securities—Redemption” in 
 the accompanying prospectus.                                                                                                                                                                                         |

| Residual Call | If the outstanding aggregate principal amount of the Notes is 25% or less of the aggregate principal amount of the Notes originally issued (and, for these purposes, any additional notes issued after the Issue Date and consolidated with the Notes 
 as part of the same series shall be deemed to have been originally issued), we may, at our option in our sole discretion, redeem the remaining outstanding Notes in whole (but not in part) at any time at a redemption price equal to 100% of the    
 principal amount of such outstanding Notes plus any accrued and unpaid interest to (but excluding) the date of redemption. See “Description of the Notes—Redemption.”                                                                                 |

| Redemption by Noteholders | The Notes are not redeemable at the option of the noteholders at any time. |

| Redemption or Purchase Conditions | Any redemption or purchase of the Notes is subject, where applicable, to the regulatory consent and compliance with certain regulatory conditions as described under “Description of the Notes—Redemption.” |

| Any redemption of the Notes is subject to our giving prior notice to the noteholders as described under “Description of the Notes—Redemption.” |

| Calculation of the Benchmark | The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a Benchmark Transition Event and related |

S-10

| Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. |

| “Compounded Daily SOFR” means, in relation to a Floating Rate Interest Period, the rate of return of a daily compound interest investment (with SOFR as reference rate for the calculation of interest) during 
 the related Observation Period and will be calculated by the calculation agent on the related Interest Determination Date as follows:                                                                          |

| Where: |

|