Commentary & Deal Flow

HSBC Holdings plc (HSBC) exp A3/A-/A+ (s/s/s) US$8bn SEC registered 4-part sr notes (4nc3 FTF due 3/10/30, 6nc5 FTF and/or FRN due 3/10/32 and 11nc10 FTF due 3/10/37). Par Redemption Dates: 4nc3: 3/10/29; 6nc5: 3/10/31; 11nc10: 3/10/36. VIA HSBC (B&D) sole bookrunner. Optional Redemption by Issuer: 4nc3 FTF: Par Redemption (par call 1 year prior to maturity), Certain tax events (any time), Loss Absorption Disqualification Event, Make Whole Call 6 month from issue date to 1 year prior to maturity; 6nc5 FTF: Par Redemption (par call 1 year prior to maturity), Certain tax events (any time), Loss Absorption Disqualification Event, Make Whole Call 6 month from issue date to 1 year prior to maturity; 6nc5 FRN: Par Redemption (par call 1 year prior to maturity), Certain tax events (any time), Loss Absorption Disqualification Event; 11nc10 FTF: Par Redemption (par call 1 year prior to maturity), Certain tax events (any time), Loss Absorption Disqualification Event, Make Whole Call 6 month from issue date to 1 year prior to maturity. First Interest Payment Dates: 4nc3 FTF 9/10/26; 6nc5 FTF 9/10/26; 6nc5 FRN 6/10/26; 11nc10 FTF 9/10/26. FTF Coupons: Semi-annual 30/360 until Par Redemption Date then quarterly ACT/360 SOFR + Xbps until maturity. FRN Coupon: Quarterly ACT/360 SOFR + Xbps until maturity. Listing: Application will be made to list the Notes on the NYSE in accordance with its rules. Denominations 200,000 X 1,000. Governing Law: New York, except that the waiver of set-off provisions will be governed by the laws of England and Wales. UOP: gcp. Pricing 3/5/26. Settle 3/10/26 (T+3). 4NC3 FTF CUSIP 404280FK0 / ISIN: US404280FK06. 6NC5 FTF CUSIP 404280FL8 / ISIN US404280FL88. 6NC5 FRN CUSIP 404280FN4 / ISIN US404280FN45. 11NC10 FTF CUSIP 404280FM6 / ISIN US404280FM61.

IPTs: 4nc3 T+115a. 6nc5 T+125a and SOFR equiv. 11nc10 T+145a.

RVSD IPTs: 4nc3 T+110 area, 6nc5 T+120 area and SOFR equiv, 11nc10 T+140 area.

GUIDANCE: 4nc3 T+80#, 6nc5 FXD T+95#, 6nc5 FRN SOFR equiv, 11nc10 T+115#.

LAUNCHED:
$2bn 4nc3 at T+80.
$1.25bn 6nc5 FRN at SOFR+121.
$2bn 6nc5 FTF at T+95.
$2.75bn 11nc10 at T+115.