Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 71

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 71
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.15 exactly equal to the period from the applicable redemption date to the applicable Fixed/Floating Rate Notes Par Redemption Date (the “Remaining Life”); or (ii) if there is no       
 such Reference Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Reference Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the 
 Reference Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate                                                                                                                                 |

S-48

| to the applicable Fixed/Floating Rate Notes Par Redemption Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or                                                   
 (iii) if there is no such Reference Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Reference Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this   
 paragraph, the applicable Reference Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Reference Treasury constant maturity from the 
 applicable redemption date.                                                                                                                                                                                                                        |

If on the Price Determination Date H.15 is no longer published, or does not contain such yields, the Determination Agent shall calculate the Reference Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding the applicable redemption date of the U.S. Treasury security maturing on, or with a maturity that is closest to, the applicable Fixed/Floating Rate Notes Par Redemption Date, as applicable. If there is no U.S. Treasury security maturing on the applicable Fixed/Floating Rate Notes Par Redemption Date, but there are two or more U.S. Treasury securities with a maturity date equally distant from the applicable Fixed/Floating Rate Notes Par Redemption Date, one with a maturity date preceding the applicable Fixed/Floating Rate Notes Par Redemption Date and one with a maturity date following the applicable Fixed/Floating Rate Notes Par Redemption Date, the Determination Agent shall select the U.S. Treasury security with a maturity date preceding the applicable Fixed/Floating Rate Notes Par Redemption Date. If there are two or more U.S. Treasury securities maturing on the applicable Fixed/Floating Rate Notes Par Redemption Date or two or more U.S. Treasury securities meeting the criteria of the preceding sentence, the Determination Agent