Commentary & Deal Flow

Reoffer: 9NC8: UKT+103bp / 100 / 6.061% ann / 5.972% s/a
Benchmark: 9NC8: UKT 4 1/2 07-Sep-34 @ 97.105 mid / 97.087 bid (96% HR)

Launched: 9NC8: £750m @ UKT+103bp - Books subject 12.30pm UK
IPTs: 9NC8: UKT+120a

• Issuer: HSBC Holdings plc (Ticker: HSBC)
• Issuer Ratings: A3 (Stable) / A- (Positive) / A+ (Stable) (Moody's / S&P / Fitch)
• Expected Issue Ratings: A3 / A- / A+ (Moody's / S&P / Fitch)
• Format: SEC Registered
• Ranking: Senior Unsecured
• Tenor: 9NC8
• Size: £750m
• Coupon Type: Fixed-to-Float
• Coupon: 6.061%, Fixed rate annual ACT/ACT (ICMA) until 11-Sep-34, then quarterly ACT/365 SONIA + 144 bps until maturity
• SONIA Convention: SONIA, compounded daily in arrears & paid quarterly (5-day observation shift, no lockout or payment delay)
• Reoffer: UKT+103bps / 100 / 6.061% ann / 5.972% s/a
• Benchmark Gilt: UKT 4 1/2 07-Sep-34 @ 97.105 mid / 97.087 bid (96% HR)
• Settlement Date: 11-Sep-26 (T+5)
• Interest Payment Dates: For the fixed rate period, 11-Sep-27 and each 11 September thereafter up to and including the Par Redemption Date and for the floating rate period, 11-Dec-34, 11-Mar-35, 11-Jun-35 and 11-Sep-35
• Par Redemption Date: 11-Sep-34
• Maturity Date: 11-Sep-35
• ISIN: XS3487885405
• CUSIP: G463NHAR1
• Optional Redemption by Holder: None
• Optional Redemption by Issuer:
  • 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 @ UKT+20bps
• Sole Bookrunner: HSBC
• Listing: Application will be made to list the Notes on the NYSE in accordance with its rules
• Governing Law: New York, except that the waiver of set-off provisions will be governed by the laws of England and Wales
• Use of Proceeds: General Corporate Purposes
• Risk Factors: Investors should read the Risk Factors in the Preliminary Prospectus Supplement
• Denominations: £100,000 x 1,000
• 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 DISC Disclosure Document: No EEA PRIIPs KID or UK DISC Disclosure Document has been prepared as not available to retail in EEA or in the UK
• Timing: 14:42 UKT / FTT Pending Term Sheet
• Sale into Canada: Yes - Exemption
• Preliminary Prospectus Supplement: See attached