Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 20

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 20
---
 Rate Notes pursuant to a 2031 Fixed/Floating Rate Notes Make-Whole Redemption. In such circumstances, we shall promptly provide notice to the trustee, the paying agent, the calculation agent and the 
 noteholders that the 2031 Fixed/Floating Rate Notes Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination. No action 
 taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of holders under Section 9.02 of the Base Indenture.                                                                                          |

| The definition and the terms of each of the 2031 Fixed/Floating Rate Notes Make-Whole Redemption and the 2031 Fixed/Floating Rate Notes Par Redemption are set forth below under “Description of the 
 Notes—Redemption” and the sub-headings thereunder. See “Risk Factors—Risks Relating to the Notes—We may redeem the Notes at our option in certain situations.”                                       |

Terms Specific to the 2036 Fixed/Floating Rate Notes:

S-11

2036 Fixed/Floating Rate Notes Floating

| Optional Redemption | We may, in our sole discretion, redeem the 2036 Fixed/Floating Rate Notes during the 2036 Fixed/Floating Rate Notes Make-Whole Redemption Period (as defined below), in whole at any time during such period or in part from time to time during such 
 period, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (i) 100% of their principal amount and (ii) a make-whole price calculated as set forth under               
 “Description of the Notes––Redemption,” in each case, plus any accrued and unpaid interest on the 2036 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date (any such redemption, a                             
 “2036 Fixed/Floating Rate Notes Make-Whole Redemption”).                                                                                                                                                                                              |

| Following the 2036 Fixed/Floating Rate Notes Make-Whole Redemption Period, we may, in our sole discretion, redeem the 2036 Fixed/Floating Rate Notes on the 2036 Fixed/Floating Rate Notes Par Redemption Date, in whole 
 but not in part, at 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the 2036 Fixed/Floating Rate Notes Par Redemption Date (a “2036 Fixed/Floating Rate Notes Par Redemption”).