Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 0

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 0
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Filed Pursuant to Rule 424(b)(5)
Registration No. 333-277306

PROSPECTUS SUPPLEMENT

(To prospectus dated February 23, 2024)

HSBC Holdings plc

$1,500,000,000 6.950% Perpetual Subordinated Contingent Convertible Securities

(Callable During Any Optional Redemption Period)

We are offering $1,500,000,000 principal amount of 6.950% Perpetual Subordinated Contingent Convertible Securities (Callable During Any
Optional Redemption Period) (the “Securities”). The Securities will be issued pursuant to the indenture dated August 1, 2014 (as amended and supplemented from time to time), as amended and supplemented by a seventeenth supplemental
indenture, which is expected to be entered into on February 27, 2025 (together, the “Indenture”).

From (and including)
February 27, 2025 (the “Issue Date”) to (but excluding) February 27, 2032 (such date and each fifth anniversary date thereafter, a “Reset Date”), the interest rate on the Securities will be 6.950% per annum. From and
including each Reset Date to (but excluding) the next following Reset Date, the applicable per annum interest rate will be equal to the sum of the applicable Reference Rate on the relevant Reset Determination Date and 2.635%. Subject to cancellation
as described further below, we will pay interest on the Securities, if any, in arrear on February 27 and August 27 of each year, beginning on August 27, 2025.

The interest rate following any Reset Date may be less than the interest rate that applies immediately prior to such Reset Date, including the initial interest rate of 6.950%. Moreover, interest will be due and payable on an interest payment date only to the extent it is not cancelled or deemed to have been cancelled in accordance with the terms of the Securities. We will have sole and absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any interest payment date. The terms of the Securities also provide for circumstances under which we will be restricted from making an interest payment (in whole or in part) on an interest payment date, and the interest payable in respect of any such interest payment date will be deemed to have been cancelled (in whole or in part).

The Securities are