Commentary & Deal Flow

Book Update: Books in excess of £1.5bn
Guidance: 3yr: SONIA+50a

• Issuer: HSBC UK Bank plc
• Issuer LEI: 21380081EP12LC86CB82
• Guarantor: HSBC UK Covered Bonds LLP (LEI#: 6354002BAUS8RNVMDQ96)
• Format: UK Regulated Covered Bonds, Reg S, Bearer (TEFRA D)
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Size: £ Benchmark
• Issue Date: 9-Nov-26 (T+5)
• Maturity: 25-Nov-29 (soft bullet)
• Reoffer Price: 100%
• Coupon: SONIA+[·]bps, Floating, Compounded Daily SONIA, 5 day lag, Quarterly, ACT/365F (Short First)
• Denomination: £100k + 1k
• Listing / Governing Law: London / English
• Documentation: Base prospectus of HSBC UK Bank plc's EUR25bn Global Covered Bond Programme dated 24-Jun-26, as supplemented on 05-Aug-26
• Joint Bookrunners: HSBC (B&D), BMO Capital Markets, CIBC Capital Markets, Natixis, Santander & UniCredit
• ISIN / Common Code: XS3559934347 / 355993434
• Timing: Today's business
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK KID or CCI disclosure document has been prepared as not available to retail in EEA or the UK
• Advertisement: The Base Prospectus, supplement thereto, and the Final Terms (when published) will be available at: https://www.about.hsbc.co.uk/hsbc-uk/regulated-covered-bond-programme