Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 19

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 19
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) on the relevant Interest Determination Date, the interest rate for the 
 related Floating Rate Interest Period will be equal to the interest rate in effect for the immediately preceding Floating Rate Interest Period or, in the case of the Interest Determination Date prior to the first Floating Rate Period Interest 
 Payment Date, the Initial Interest Rate.                                                                                                                                                                                                           |

| Benchmark Replacement | “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by us (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) as of 
 the Benchmark Replacement Date:                                                                                                                                                                                                        |

| (1) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor 
 (if any) and (b) the Benchmark Replacement Adjustment;                                                                                                                                                              |

| (2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and |

| (3) the sum of: (a) the alternate rate of interest that has been selected by us (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) as the replacement                                     
 for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and 
 (b) the Benchmark Replacement Adjustment.                                                                                                                                                                                                                 |

| “Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustments) as the applicable tenor for the 
 then-current Benchmark.                                                                                                                                                                                        |

| “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of New York (“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve 
 and/or the NY Federal Reserve or any successor thereto.                                                                                                                                          |

| Benchmark Replacement Adjustment | “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by us (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with 
 us) as of the Benchmark Replacement Date:                                                                                                                                                                                               |

| (1) the spread adjustment (which may be a positive or negative value or zero) that has been