Commentary & Deal Flow

3.5NC2.5 FRN: Final Books €2.8bn+. Peak book €2.8bn+ (pre-rec)
5NC4 FXD/FRN: Final Books €3.6bn+. Peak book €3.8bn+ (pre-rec)
10NC9 FXD/FRN: Final Books €4.4bn+. Peak book €4.7bn+ (pre-rec)

Launched:
3.5NC2.5: €1bn @ 3mE+75bp - Books €2.8bn+ (pre-rec)
5NC4: €1.25bn @ MS+75bp - Books €3.8bn+ (pre-rec)
10NC9: €1.25bn @ MS+110bp - Books €4.7bn+ (pre-rec)
Book Update: Total books >€7bn (small skew to 10NC9)
IPTs: 3.5NC2.5: 3mE+100a 5NC4: MS+105a 10NC9: MS+140a

• Issuer: HSBC Holdings plc
• LEI: MLU0ZO3ML4LN2LL2TL39
• Ratings: A3/A-/A+ (Moody's/S&P/Fitch)
• Ranking: Senior, Unsecured
• Format: New Global Note (NGN), Reg S Category 2, in bearer form, TEFRA D
• Currency: €
• Reference Benchmark:
• • 5NC4: OBL 2.4 18-Apr-30 #191 / HR 99.7%
  • 10NC9: DBR 2.5 15-Feb-35 / HR 98.9%
• Hedge Deadline: 3.10pm UKT
• Books Subject: 12:05 UKT
• Pricing Date: 06-May-26
• Settlement: 12-May-26 (T+4)
• Maturity Date:
• • 3.5NC2.5: Interest Payment Date falling on or nearest to 12-Nov-29
  • 5NC4: Interest Payment Date falling on or nearest to 12-May-31
  • 10NC9: Interest Payment Date falling on or nearest to 12-May-36
• Par Call Date:
• • 3.5NC2.5: 12-Nov-28
  • 5NC4: 12-May-30
  • 10NC9: 12-May-35
• Size:
• • 3.5NC2.5: €1bn
  • 5NC4: €1.25bn
  • 10NC9: €1.25bn
• Coupon:
• • 3.5NC2.5: 3mE+[●]bp per annum; Payable Quarterly in arrear
  • 5NC4: Fixed Rate Period: [●]%; Payable Annually in arrear (until the Par Call Date). Floating Rate Period: 3mE+[●]bp per annum; Payable Quarterly in arrear
  • 10NC9: Fixed Rate Period: [●]%; Payable Annually in arrear (until the Par Call Date). Floating Rate Period: 3mE+[●]bp per annum; Payable Quarterly in arrear
• MWC Spread:
• • 5NC4: [●]bp
  • 10NC9: [●]bp
• Interest Payment Dates:
• • 3.5NC2.5: 12 February, 12 May, 12 August and 12 November in each year commencing on 12-Aug-26
  • 5NC4: Fixed Rate Period: 12 May in each year commencing on 12-May-27 and continuing up until and including the Par Call Date; Floating Rate Period: 12-Aug-30, 12-Nov-30, 12-Feb-31 and 12-May-31
  • 10NC9: Fixed Rate Period: 12 May in each year commencing on 12-May-27 and continuing up until and including the Par Call Date; Floating Rate Period: 12-Aug-35, 12-Nov-35, 12-Feb-36 and 12-May-36
• Day Count Basis:
• • 3.5NC2.5: Actual/360
  • 5NC4: Fixed Rate Period: Actual/Actual (ICMA); Floating Rate Period: Actual/360
  • 10NC9: Fixed Rate Period: Actual/Actual (ICMA); Floating Rate Period: Actual/360
• Business Day Convention:
• • 3.5NC2.5: Modified Following, adjusted
  • 5NC4: Fixed Rate Period: Following, unadjusted; Floating Rate Period: Modified Following, adjusted
  • 10NC9: Fixed Rate Period: Following, unadjusted; Floating Rate Period: Modified Following, adjusted
• Business Days: London, T2
• Issuer Call Options:
• • 3.5NC2.5: One time Issuer Call at 100% of the principal amount, exercisable on the Par Call Date in whole but not in part, subject to any Relevant Supervisory Consent
  • 5NC4: One time Issuer Call at 100% of the principal amount, exercisable on the Par Call Date in whole but not in part, and Make-Whole Call at any time (in whole or in part) in the period beginning on (and including) 12-Nov-26 (six months following the Issue Date) to (but excluding) the Par Call Date, in each case subject to any Relevant Supervisory Consent
  • 10NC9: One time Issuer Call at 100% of the principal amount, exercisable on the Par Call Date in whole but not in part, and Make-Whole Call at any time (in whole or in part) in the period beginning on (and including) 12-Nov-26 (six months following the Issue Date) to (but excluding) the Par Call Date, in each case subject to any Relevant Supervisory Consent
• Loss Absorption Disqualification Event Redemption: Following the occurrence of a Loss Absorption Disqualification Event, the Issuer may, at its option, redeem all, but not some only, of the Notes at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest to (but excluding) the applicable redemption date, subject to any Relevant Supervisory Consent
• Tax Event Redemption: The Issuer may redeem all, but not some only, of the Notes upon the occurrence of certain tax events, subject to any Relevant Supervisory Consent. The redemption price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption
• EU MiFID and UK MiFIR professionals/ECPs-only: Manufacturer target market (EU MiFID and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels)
• No EEA PRIIPs KID or UK PRIIPs KID/CCI Product Summary: No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or in the UK
• Governing Law: English Law
• Clearing Systems: Euroclear / Clearstream
• Listing: London Stock Exchange regulated market and FCA Official List
• Denominations: €100k + €1k
• Documentation: Issued off the Issuer’s Debt Issuance Programme Base Prospectus dated 30-Mar-26, as supplemented on 05-May-26 (together, the “Base Prospectus”)
• Use of Proceeds: The Issuer intends to use the net proceeds from the sale of the Notes for general corporate purposes
• Sole Global Coordinator: HSBC
• Joint Lead Managers: HSBC(B&D), ABN AMRO, BMO Capital Markets, Commerzbank, Crédit Agricole CIB, Erste Group, IMI – Intesa Sanpaolo, ING, Natixis, Nordea, Santander, SEB, Swedbank
• Timing: Today's Business