Commentary & Deal Flow

CORRECTION: 11NC10 MWC: +20

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. Co-Managers: Citi, MS, Wells Fargo, BNP Paribas, Lloyds, BNY, BMO, CIBC, Natixis, UBS, La Banque Postale, Unicredit, Intesa Sanpaolo, Commerzbank, ABN, SMFG, Danske, Nordea, Santander, BBVA, CaixaBank, Unicaja, Seelaus, Siebert Williams, Academy Securities, CAVU Securities, Samuel Ramirez, Blaylock Van, Loop, CastleOak, CL King, Drexel Hamilton, Independence Point, Tigress. 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. First Pay: 9/10/26 (FTF tranches), 6/10/26 (FRN tranche). 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.

PRICED:
$2bn 4.398% 3/10/30 100.00 4.398% T+80. MW+15. Back-end: SOFR+99.
$1.25bn 3/10/32 FRN at SOFR+121, at 100.
$2bn 4.675% 3/10/32 100.00 4.675% T+95. MW+15. Back-end: SOFR+121.
$2.75bn 5.279% 3/10/37 100.00 5.279% T+115. MW+20. Back-end: SOFR+155.