Bond Factsheet
HSBC 4.768% 28Aug2031 Corp (AUD)
HSBC Holdings PLC
Indicative
Full Lot
Bid Price 95.436
Change in Bid Price 0.245
Bid Yield (%) 6.060 %
Change in Bid Yield 0.060
Ask Price 95.744
Change in Ask Price 0.245
Ask Yield (%) 5.986 %
Change in Ask Yield 0.060
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
21 Aug 2025
Issue Date
28 Aug 2025
Maturity Date
28 Aug 2031
Years to Maturity / Next Call
4.897 / 3.897
Modified Duration
4.258 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.768
Coupon Type
Variable
Annual Coupon Rate
4.768
Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Capital Structure
Senior Unsecured
Reference Rate
Reset Date: 28 Aug 2030 and every quarter thereafter.
Reset Rate: ASX Australian Bank Bill Short Term Rates 3 Month Mid+ Initial Margin (1.250%)
ISIN
AU3CB0325280
CUSIP
YL4669476
Bond Currency
AUD
Total Issue Size
450,000,000
Min. Investment Quantity (Nominal)
AUD 250,000
Incremental Quantity (Nominal)
AUD 10,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ A+
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
By its acquisition of any Notes, each Noteholder (including each holder of a beneficial interest in the Notes) acknowledges and accepts that the Amounts Due arising under any Notes may be subject to the exercise of UK Bail-in Powers by the Relevant UK Resolution Authority, and acknowledges, accepts, consents and agrees to be bound by:
(i) the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority, that may include and result in any of the following, or some combination thereof:
(A) the reduction of all, or a portion, of the Amounts Due;
(B) the conversion of all, or a portion, of the Amounts Due on any Series of Notes into shares, other securities or other obligations of the Issuer or another person (and the issue to or conferral on the Noteholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of such Series of Notes;
(C) the cancellation of any Series of Notes; and/or
(D) the amendment or alteration of the date for redemption of any Series of Notes or amendment of the amount of interest payable on any Series of Notes, or the Interest Payment Dates relating thereto, including by suspending payment for a temporary period; and
(ii) the variation of the terms of any Series of Notes, if necessary, to give effect to the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority.
No repayment or payment of the Amounts Due on any Series of Notes shall become due and payable or be paid after the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise.
Issuer Call
If the Pricing Supplement states that the Issuer may redeem all or some of the Notes of a Series before their Maturity Date under this Condition 9.5, the Issuer may at its option (subject, in all cases to Condition 9.11 (“Supervisory consent”)), on giving (in accordance with Condition 19 (“Notices”)) not less than 30 days nor more than 60 days’ (or such other period as may be set out in the Pricing Supplement) notice to the Noteholders, redeem all or, if so provided, some only of the Notes so specified in the Pricing Supplement at the redemption amount and any interest accrued and unpaid thereon to (but excluding) the redemption date.
However, the Issuer may only do so if:
(a) the amount of Notes to be redeemed is, or is a multiple of, their Denomination;
(b) the Issuer has given the relevant notice to the Registrar, the Noteholders, each other Agent and any stock or securities exchange or other relevant authority on which the Notes are listed in accordance with Condition 19 (“Notices”);
(c) the proposed redemption date is an Early Redemption Date (Call) specified in the Pricing Supplement;
(d) the redemption amount is the “Redemption Amount” or “Make-Whole Redemption Amount” specified in the Pricing Supplement; and
(e) any other relevant condition specified in the Pricing Supplement is satisfied.
Early Redemption Date (Call): 28 August 2030
Additional Note
If this Condition 9.4 is specified as being applicable in the Pricing Supplement and subject to Condition 9.11 (“Supervisory consent”), then, following the occurrence of a Loss Absorption Disqualification Event, the Issuer may on giving no less than 30 nor more than 60 days’ notice (or such other period specified in the relevant Pricing Supplement) (ending, in the case of Floating Rate Notes, on an Interest Payment Date) to the Registrar, the Noteholders, each other Agent and any stock or securities exchange or other relevant authority on which the Notes are listed in accordance with Condition 19 (“Notices”), at its option, redeem all, but not some only, of the Notes (such option to redeem being referred to herein as a “Loss Absorption Disqualification Event Early Redemption Option”) at the Loss Absorption Disqualification Event Early Redemption Price specified in the Pricing Supplement, together with interest accrued and unpaid, if any, to the date fixed for redemption.
Loss Absorption Disqualification Event in relation to any Series of Notes, shall be deemed to have occurred if such Series of Notes becomes fully or partially ineligible to count towards the Issuer’s and/or the Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity, in each case as determined in accordance with and pursuant to the relevant Loss Absorption Regulations applicable to the Issuer and/or the Group, as a result of any:
(a) Loss Absorption Regulation becoming effective after the Issue Date of the first Tranche of such Series of Notes; or
(b) amendment to, or change in, any Loss Absorption Regulation, or any change in the application or official interpretation of any Loss Absorption Regulation, in any such case becoming effective on or after the Issue Date of the first Tranche of such Series of Notes,
provided, however, that a Loss Absorption Disqualification Event shall not occur where the exclusion of the Notes from the relevant minimum requirement(s) is due to the remaining maturity of the Notes being less than any period prescribed by any applicable eligibility criteria for such minimum requirement(s) under the relevant Loss Absorption Regulations effective with respect to the Issuer and/or the Group on the Issue Date of the first Tranche of the Notes of the relevant Series;
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