Commentary & Deal Flow

Tranche 1 (4NC3): Final book at reoffer >€2.0bn. Peak book >€2.0bn
Tranche 2 (6NC5): Final book at reoffer >€4.1bn. Peak book >€4.1bn. Benchmark: OBL #194 / HR 97%
Tranche 3 (11NC10): Final book at reoffer >€4.4bn. Peak book >€4.4bn. Benchmark: DBR 3% Aug-36 / HR 97%

Launched:
4NC3: €1bn @ DM+75bp
6NC5: €1.25bn @ MS+90bp
11NC10: €1.5bn @ MS+120bp
Spread set at:
4NC3: DM+75bp - Orderbook at €2bn, Expect €1bn
6NC5: MS+90bp - Orderbook at €3.25bn, Expect €1.25bn
11NC10: MS+120bp - Orderbook >€3.50bn, Expect €1.25-1.50bn (max)
Book Update: Combined books >€6bn (skew fxd legs)
IPTs: 4NC3: 3mE+100a 6NC5: MS+110/115a 11NC10: MS+140/145a

• Issuer: HSBC Holdings plc
• LEI: MLU0ZO3ML4LN2LL2TL39
• Issuer Rating: A3 / A- / A+ (Moody's/S&P/Fitch)
• Expected Issue Rating: A3 / A- / A+ (Moody's/S&P/Fitch)
• Status of the Notes: Senior, Unsecured
• Format of the Notes: New Global Note (NGN), Reg S Category 2, in bearer form, TEFRA D
• Currency: Euros ("EUR")
• Pricing Date: 15-Sep-26
• Issue Date: 22-Sep-26 (T+5)
• Tenor:
  • 4NC3: 4NC3
  • 6NC5: 6NC5
  • 11NC10: 11NC10
• Maturity Date:
  • 4NC3: Interest Payment Date falling on or nearest to 22-Sep-30
  • 6NC5: Interest Payment Date falling on or nearest to 22-Sep-32
  • 11NC10: Interest Payment Date falling on or nearest to 22-Sep-37
• Par Call Date:
  • 4NC3: 22-Sep-29
  • 6NC5: 22-Sep-31
  • 11NC10: 22-Sep-36
• Size:
  • 4NC3: €1bn
  • 6NC5: €1.25bn
  • 11NC10: €1.5bn
• Coupon:
  • 4NC3: 3mE+[●]bp per annum; Payable Quarterly in arrear
  • 6NC5: Fixed Rate Period: [●]%; Payable Annually in arrear (until the Par Call Date) Floating Rate Period: 3mE+[●]bp per annum; Payable Quarterly in arrear
  • 11NC10: Fixed Rate Period: [●]%; Payable Annually in arrear (until the Par Call Date) Floating Rate Period: 3mE+[●]bp per annum; Payable Quarterly in arrear
• Spread Set:
  • 4NC3: DM+75bp
  • 6NC5: MS+90bp
  • 11NC10: MS+120bp
• MWC Spread:
  • 4NC3: --
  • 6NC5: [●]bp
  • 11NC10: [●]bp
• Interest Payment Dates:
  • 4NC3: 22-Mar, 22-Jun, 22-Sep and 22-Dec in each year commencing on 22-Dec-26
  • 6NC5: Fixed Rate Period: 22-Sep in each year commencing on 22-Sep-27 and continuing up until and including the Par Call Date; Floating Rate Period: 22-Dec-31, 22-Mar-32, 22-Jun-32 and 22-Sep-32
  • 11NC10: Fixed Rate Period: 22-Sep in each year commencing on 22-Sep-27 and continuing up until and including the Par Call Date; Floating Rate Period: 22-Dec-36, 22-Mar-37, 22-Jun-37 and 22-Sep-37
• Day Count Basis:
  • 4NC3: Actual/360
  • 6NC5: Fixed Rate Period: Actual/Actual (ICMA); Floating Rate Period: Actual/360
  • 11NC10: Fixed Rate Period: Actual/Actual (ICMA); Floating Rate Period: Actual/360
• Business Day Convention:
  • 4NC3: Modified Following, adjusted
  • 6NC5: Fixed Rate Period: Following, unadjusted; Floating Rate Period: Modified Following, adjusted
  • 11NC10: Fixed Rate Period: Following, unadjusted; Floating Rate Period: Modified Following, adjusted
• Business Days:
  • 4NC3: London, T2
  • 6NC5: London, T2
  • 11NC10: London, T2
• Issuer Call Options:
  • 4NC3: 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
  • 6NC5: 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) 22-Mar-27 (six months following the Issue Date) to (but excluding) the Par Call Date, in each case subject to any Relevant Supervisory Consent
  • 11NC10: 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) 22-Mar-27 (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 PRIIPs or UK PRIIPs KID/CCI Product Summary:
  • 4NC3: --
  • 6NC5: No PRIIPs or UK PRIIPs key information document (KID)/CCI product summary has been prepared as not available to retail in EEA or in the UK
  • 11NC10: No PRIIPs or UK PRIIPs key information document (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: EUR100k + EUR1k
• Documentation: Issued off the Issuer’s Debt Issuance Programme Base Prospectus dated 30-Mar-26, as supplemented on 05-May-26 and 04-Aug-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), DM, BayernLB, Crédit Agricole CIB, IMI - Intesa Sanpaolo, KBC and Nordea
• ISIN:
  • 4NC3: XS3504856603
  • 6NC5: XS3504856868
  • 11NC10: XS3504857080
• Timing: Today's business. Books subject noon UKT