Bond Factsheet
HSBC 4.619% 06Nov2031 Corp (USD)
HSBC Holdings PLC
Indicative
Full Lot
Bid Price 95.611
Change in Bid Price 0.186
Bid Yield (%) 5.633 %
Change in Bid Yield 0.041
Ask Price 95.709
Change in Ask Price 0.183
Ask Yield (%) 5.612 %
Change in Ask Yield 0.040
Indicative price as of 30 Sep 2026, 4:04pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
30 Oct 2025
Issue Date
06 Nov 2025
Maturity Date
06 Nov 2031
Years to Maturity / Next Call
5.100 / 4.100
Modified Duration
4.374 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.619
Coupon Type
Variable
Annual Coupon Rate
4.619
Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Capital Structure
Senior Unsecured
Reference Rate
Reset Date: 06 November 2030 and every quarter thereafter
Reset Rate: SOFR + Initial Margin (1.190%)
ISIN
US404280FE46
CUSIP
404280FE4
Bond Currency
USD
Total Issue Size
2,250,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
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 the Notes, each noteholder (which, for these purposes, includes each beneficial owner) will acknowledge, accept, consent and agree, notwithstanding any other term of the Notes, the Indenture or any other agreements, arrangements or understandings between us and any noteholder, to be bound by (a) the effect of the exercise of any UK bail-in power by the relevant UK resolution authority in relation to any Notes that (without limitation) may include and result in any of the following, or some combination thereof: (i) the reduction of all, or a portion, of the Amounts Due; (ii) the conversion of all, or a portion, of the Amounts Due into our or another person’s ordinary shares, other securities or other obligations (and the issue to, or conferral on, the noteholder of such ordinary shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Notes or the Indenture; (iii) the cancellation of the Notes; and/or (iv) the amendment or alteration of the Maturity Date of the Notes or amendment of the amount of interest payable on the Notes, or the interest payment dates, including by suspending payment for a temporary period; and (b) the variation of the terms of the Notes or the Indenture, 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 Amounts Due will 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 such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. Moreover, each noteholder (which, for these purposes, includes each beneficial owner) will consent to the exercise of any UK bail-in power as it may be imposed without any prior notice by the relevant UK resolution authority of its decision to exercise such power with respect to the Notes..
“UK bail-in power” means the powers under the UK bail-in legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, write-down, transfer, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability;
Issuer Call
The “2031 Fixed/Floating Rate Notes Make-Whole Redemption Period” means the period beginning on (and including) May 6, 2026 (six months following the Issue Date) to (but excluding) November 6, 2030 (the “2031Fixed/Floating Rate Notes Par Redemption Date”); provided that if any additional notes of the same series are issue dafter the Issue Date, the 2031 Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes.
Make Whole Call
(i) 100% of the principal amount of the 2031 Fixed/Floating Rate Notes to be redeemed; and
(ii) as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the2031 Fixed/Floating Rate Notes to be redeemed (discounted from the 2031 Fixed/Floating Rate Notes Par Redemption Date) and (b) the remaining payments of interest to be made on any scheduled 2031Fixed/Floating Rate Notes Interest Payment Date to (and including) the 2031 Fixed/Floating Rate Notes Par Redemption Date for the 2031 Fixed/Floating Rate Notes to be redeemed, discounted to the applicable redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Reference Treasury Rate plus 15 basis points less an amount equal to any accrued and unpaid interest to(but excluding) the applicable redemption date, if any, on the principal amount of the 2031 Fixed/Floating Rate Notes to be redeemed, in each case, plus any accrued and unpaid interest on the 2031 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date (each, a “2031 Fixed/Floating Rate Notes Make-Whole Redemption”).
The “2031 Fixed/Floating Rate Notes Make-Whole Redemption Period” means the period beginning on (and including) May 6, 2026 (six months following the Issue Date) to (but excluding) November 6, 2030 (the “2031Fixed/Floating Rate Notes Par Redemption Date”); provided that if any additional notes of the same series are issue dafter the Issue Date, the 2031 Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes.
Additional Note
Following the occurrence of a Loss Absorption Disqualification Event, we may, in our sole discretion, redeem such Notes in whole, but not in part (such option to redeem being referred to herein as a “Loss Absorption Disqualification Event Redemption Option”), at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest to (but excluding) the applicable redemption date.
A “Loss Absorption Disqualification Event” shall be deemed to have occurred if the Notes become fully or partially ineligible to count towards our and/or the HSBC 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 us and/or the HSBC Group, as a result of any:
(a) Loss Absorption Regulation becoming effective after the Issue Date; 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,
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 us and/or the HSBC Group on the Issue Date.
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