Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 208

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 208
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) in an amount sufficient to pay and          
 discharge the entire principal (and premium, if any) and interest on the debt securities of such series in accordance with the terms of such debt securities of such series.                                                                    |

Any discharge will be subject to the consent of the PRA, if required. If so specified in the applicable prospectus supplement with respect to dated subordinated securities or senior debt securities of a series that are payable only in U.S. dollars at our option, (i) we will be discharged from any obligations with respect to the dated subordinated securities or the senior debt securities of any series, as applicable, or (ii) we will cease to comply with the obligation to furnish to the trustee upon its request compliance certificates or opinions of counsel (“covenant defeasance”) (and any other restrictive covenant added in the prospectus supplement for the benefit of such series) if:

| • |     | we irrevocably deposit, in trust with the trustee, (a) cash in U.S. dollars in an amount, (b) U.S.                                                                                                                                              
 government obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide cash in U.S. dollars not later than the due date of any payment, in an amount, or (c) any combination of 
 (a) and (b), sufficient in the opinion (with respect to (b) and (c)) of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the trustee to pay all the principal of  
 (and premium, if any) and                                                                                                                                                                                                                       |

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| interest on, the dated subordinated debt securities or senior debt securities of such series, as applicable, in accordance with the terms of such dated subordinated debt securities or senior debt 
 securities of such series, as applicable;                                                                                                                                                           |

| • |     | no event of default or default or no event (including such deposit) which, after notice or lapse of time or both,                                                                                                               
 would become an event of default or a default with respect to the dated subordinated debt securities or senior debt securities of such series, as applicable, will have occurred and be continuing on the date of such deposit; |

| • |     | we deliver to the trustee an officer’s certificate stating that all conditions precedent relating to such 
 covenant defeasance have been complied with; and                                                          |

| • |     | certain other conditions are complied with. |

Any covenant defeasance will be subject to the