Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 72

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 72
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 shall select from among these two or more U.S. Treasury securities the U.S. Treasury security that is trading closest to par based upon the average of the bid and asked prices for such U.S. Treasury securities at 11:00 a.m., New York City time. In determining the Reference Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable U.S. Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such U.S. Treasury security, and rounded to three decimal places. The Reference Treasury Rate shall be calculated by the Determination Agent on the third business day preceding the applicable redemption date (the “Price Determination Date”). In determining the Reference Treasury Rate, the below terms will have the following meaning: “Determination Agent” means HSBC Holdings or one of our affiliates. “H.15” means the weekly statistical release designated as such and published by the Board of Governors of the United States Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15”, or any successor or replacement publication that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, under the caption “U.S. government securities—Treasury constant maturities—Nominal” (or any successor caption or heading), and “most recent H.15” means the H.15 published after 4:15 p.m. (New York City time) (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System) on the applicable Price Determination Date. “Reference Treasury” means, with respect to any Price Determination Date, the U.S. Treasury security or securities selected by the Determination Agent (i) with an actual maturity equal to the Remaining Life and (ii) 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