REG - HSBC Holdings PLC - Monthly update on privatisation of Hang Seng Bank

26th November 2025

MAF Sukuk Ltd.

HSBC (contact: syndexecution@noexternalmail.hsbc.com) hereby gives notice that no stabilisation was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction

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HARWORTH GROUP PLC

('Harworth' or the 'Group' or the 'Company')

Harworth agrees new £275m RCF with existing lenders at improved terms

Harworth Group plc , a leading regeneration and strategic land owner and developer, announces that it has signed a new £275 million Revolving Credit Facility ('RCF'). It includes an uncommitted accordion option, which if exercised would take the RCF to £325 million. The facility has an improved core margin of 200 basis points over SONIA, with an initial four-year term, which may be extended to a maximum of five years at Harworth's request, subject to bank consent. The syndicate comprises Harworth's existing relationship banks, NatWest, Santander and HSBC, with the option to add further lenders.

The new facility replaces Harworth's existing £240 million facility and extends the Group's debt maturity by approximately 2.5 years.

Kitty Patmore, Chief Financial Officer of Harworth, commented: "We have been able to take advantage of favourable market conditions, and the strong relationships we have with our core blue-chip banking partners, to refinance our RCF on improved terms. It extends the duration of our bank facilities to the end of 2029, reduces our costs and provides increased flexibility to invest in our pipeline of sites, as we look to optimise our balance sheet. Our target net loan-to-portfolio value of below 20% at year-end and 25% throughout the year remains unchanged."

-ENDS-

For further information

About Harworth

Harworth Group plc , is a leading regeneration and strategic land owner and developer focused on the Industrial & Logistics (I&L) and Residential sectors. We own, develop, and manage a portfolio of over 15,000 acres of Strategic Land over 100 sites located throughout the North of England and Midlands. We specialise in delivering long-term value for all stakeholders by regenerating large, complex sites, into new I&L developments and serviced remediated land for sale into the I&L and Residential land markets. Our long-term through-the-cycle business model is to create sustainable places, support new homes, jobs and communities where people want to live and work. Visit www.harworthgroup.com for further information. LEI: 213800R8JSSGK2KPFG21

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24th November 2025

HSBC Holdings plc

Pre Stabilisation Notice

HSBC (contact: syndexecution@noexternalmail.hsbc.com) hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities

In connection with the offer of the above securities, the Stabilisation Manager(s) may over-allot the securities or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilisation Manager(s) will take any stabilisation action and any stabilisation action, if begun, may be ended at any time. Any stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State in accordance with the Regulation (EU) 2017/1129 (the "Prospectus Regulation") (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that Member State.

This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

[1] Please note that the existence and the maximum size of any greenshoe option, the exercise period of the greenshoe option and any conditions for exercise of the greenshoe option must also be disclosed, if such option exists. In addition, the exercise of the greenshoe option must be disclosed to the public promptly, together with all appropriate details, including in particular the date of exercise and the number and nature of securities involved 

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• HSBC is restructuring its trading division, Bloomberg reports, citing a staff memo.
• The London-based bank is combining some of its units in view of building "a financing powerhouse", the report says, citing HSBC's global head of markets and securities services Patrick George in the memo.
• The changes are designed to "enhance client connectivity, operational efficiency" and "support our financing and transaction banking ambitions," HSBC said in a statement, according to the report.

Full story: https://shorturl.at/oFGYs

Write to Elena Vardon at elena.vardon@wsj.com

Falling bond yields reflect the expectation of an interest rate cut, and vice versa.  

India's 3-month bond yield is down 1.47% in the last one month.The bulk of the fall, about a percentage point, came in the lastone week after record low inflation fuelled the expectation of a cut in repo rate by the Reserve Bank of India, and took Nifty Bank to new record highs.

However, nearly two-fifths of that rally has been reversed today after the minutes of the last meeting of the US Federal Reserve showed that ‘several’ officials were against an interest rate cut in December.

The short-term bond market is a better gauge than the benchmark 10-year yield towards the end of a rate cutting cycle by a central bank 

Why the likely Fed move matters for the RBI?

Typically, emerging markets follow the American central bank’s suit in cutting rates,to maintain the competitive edge in terms of borrowing rates and currency value. 

If the US Fed doesn’t have to cut rates — and it seems nearly certain that it won’t — the RBI has one less reason to especially since the monetary policy review in India would precede that of the US.

Market participants are pricing in just a 30% chance of a Fed rate cut in December, compared to 95% a few weeks earlier. That’s why the dollar has jumped sharply in trade today.

“An upward adjustment to US interest rate expectations fuelled by cautious comments by Fed officials is driving a broad recovery in USD,” Elias Haddad, a strategist at Brown Brothers Harriman, told Bloomberg on Nov 17.

The rupee has lost about 5.1% of its value against the US dollar in the last one year.The weaker rupee also serves as a natural hedge against tariffs,and reduces the pressure of the dumping of cheap Chinese products that have contributed significantly to the record low inflation. 

Low inflation and strong growth 

“Inflation in the current quarter is tracking almost 100 basis points below RBI’s forecast of 1.8% (YoY), which builds a strong case for a rate cut in the December policy,” Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund, said on Tuesday. 

While a record low inflation backs the case for a cut in repo rate, the strong growth projections do the opposite.India’s second-quarter GDP growth is expected anywhere between 7% and 7.5% — it would be the third-straight quarter of 7%-plus economic growth — posing a dilemma for RBI Governor Sanjay Malhotra.

There’s more for the RBI to factor in

“Concerns around adverse demand–supply dynamics and uncertainty over the future monetary policy path have significantly contributed to the current slump in bond markets,” Pal added. 

Simply put, the government is expected to borrow more to make up for a shortfall in overall revenue, triggered largely by a slump in nominal growth (real GDP plus the impact of inflation). 

A lower coupon would make the existing bonds in the secondary market more attractive than the fresh debt the government may look to raise. To avoid that, if the RBI decides not to cut the repo rate in December, the market would have reprice its bets lower. 

The question now in front of the RBI is whether the economy needs fresh growth fuel from the central bank.

Pranjul Bhandari, Chief India Economist at HSBC, believes the recent spike in GST collections may dissipate, car sales have already begun to taper after the festive season spurt, government spending will inevitably fall between January and March, and exporters need support. 

“My sense is we could see 7% plus numbers for the first three quarters, but suddenly in the fourth quarter, the number could dip to as low as 6%,” she told CNBC-TV18 on Nov 20. 

“I think low inflation is going to be a new trend out there. And on the back of that, I'm going to argue that the RBI can remain growth supportive for a pretty long time. We can look at very short-term data,” she added. 

The Sensex is up over 1% in the last week compared to a 2.4% fall in the MSCI EM Index. The banking index has scaled new record highs this week.

For now, India’s stock market had taken the rate cut by the Reserve Bank of India (RBI) in December for granted. As things stand today, a real surprise would be the absence of one. 

0814 ET - HSBC holds a neutral view on duration across most major developed bond markets, it says in a note. "While supply concerns have taken a backseat of late, we think the long-end remains the most exposed," it says. HSBC expects core eurozone and U.S. Treasury yield curves to steepen. In the eurozone, "a risk to this view is if Germany substantially decreases its weighted average maturity of issuance in 2026," rates strategist Daniela Russell says. In the U.S., while HSBC has a neutral view on duration, it awaits clarity on the health of the economy, she says. (emese.bartha@wsj.com)

0800 ET - The decline in 10-year U.S. break-evens--a measure of the inflation rate that markets expect--should reverse, Amundi says in an investment outlook. "The decline in 10-year break-evens to 2.25% should reverse, with a return to the 2.5% peaks of the past two years looking possible," Amundi says. The weaker dollar and tariffs alone could boost prices, while demand will be stimulated by expansionary fiscal and monetary policy, as well as higher investment, the asset manager says. (emese.bartha@wsj.com)

0754 ET - Sterling is likely to remain under pressure ahead of next Wednesday's U.K. budget but its reaction to the event depends on the measures announced, UBS Global Wealth Management analysts say in a note. Uncertainty ahead of the budget could be the main reason for sterling's recent weakness rather than expectations about specific fiscal measures, they say. In that case, sterling could fall further ahead of the budget followed by a reprieve thereafter. However, if a clearly contractionary, non-inflationary budget outcome gives the Bank of England more confidence to continue cutting rates, sterling faces further falls with the euro potentially rising above 0.8900 pounds from 0.8826 currently, they say. (renae.dyer@wsj.com)

0739 ET - Amundi sees rising appeal in European bonds, driven in the near term by anticipated further interest-rate cuts by the European Central Bank and expanding EU bond markets, the asset manager says in a 2026 investment outlook. "Germany's sizeable projected debt issuance over the next five to 10 years will expand EU government bond markets and provide a large opportunity set for global investors," the French asset manager says. European bonds will also get support from the ECB, whose interest rates Amundi expects to be cut to 1.5% by mid-2026. Amundi favors European bonds versus U.S. Treasurys. Within Europe, it is optimistic about peripheral bonds. (emese.bartha@wsj.com)

0738 ET - Stablecoins probably won't grow popular enough to absorb a meaningful amount of U.S. government debt or significantly compete against deposits from banks, Berenberg economist Atakan Bakiskan says in a note. Stablecoin issuers largely back coins with Treasurys, giving them a noticeable share of government debt. The Genius Act bans issuers from paying interest to coin holders, making stablecoins incomparable to interest-bearing deposits, he says. If stablecoin providers cannot pay interest, holders have little incentive to prefer stablecoins over bank deposits that do. Moreover, if stablecoins simply shift money from bank deposits to Treasury bills, this could reduce credit supply. "A flow of funds from banks to stablecoin issuers would also constrain banks' ability to buy Treasurys." (renae.dyer@wsj.com)

0737 ET - U.K. inflation is expected to continue slowing through 2026, after the decline in October, Oxford Economics' Edward Allenby says in a note. Annual headline inflation eased to 3.6% in October from 3.8% in September while annual core inflation slowed to 3.4% in October from 3.5% in September. "Base effects should mean that the energy category starts to drag on inflation in first half of 2026," Allenby says. Declining U.K. wage growth is expected to contribute to lower services inflation, he says. (miriam.mukuru@wsj.com)

0736 ET - Fiscal discipline in Italy and Spain could allow Italian and Spanish government bond yield spreads relative to Germany to continue narrowing, Amundi says in an investment outlook for 2026. "While a return to the parity seen before 2007 looks unlikely, it is possible the Italy-Germany 10-year spread could fall below 70 basis points, while the Germany-Spain spread may reach 40 basis points," Amundi says. The French-German yield spread is "a confirmation of the credibility of the European fiscal framework," Amundi says. The 10-year Italian-German yield spread is 73.8bps; the 10-year Spanish-German yield spread is 49.8bps; and the 10-year French-German yield spread is 74.4bps, according to Tradeweb. (emese.bartha@wsj.com)

0730 ET - There's little reason for now for the Bank of England not to cut in December, after headline U.K. inflation likely peaked, Morgan Stanley's Bruna Skarica says in a note. Doves on the central bank's rate-setting committee can point to headline inflation in line with forecasts, with core probably a tad below BOE estimates, all in the context of a higher jobless rate and more labor-market slack than expected, she says. However, hawks can argue that underlying services inflation isn't falling consistently, with food inflation still elevated, Skarica notes. But barring an outright inflationary U.K. budget, a December rate cut looks likely. What happens thereafter depends more on the labor market than anything else, she adds. (edward.frankl@wsj.com)

0650 ET - There is still some upside risk to U.S. inflation, but it is not likely to materialize or stand in the way of further Federal Reserve rate cuts ahead, Insight Investment's Jill Hirzel says in a note. Further cuts would take the Fed funds rate to 3.25%, driving shorter-dated bond yields lower, she says. "Our expectations for bond yields in the next 12 months is that there is scope for shorter-dated yields to decline slightly from current levels as the Fed continues to ease policy." Insight Investment expects 10-year Treasury yields to gravitate to around 4% and 30-year Treasury yields to be 4.70% in a year's time. The 10-year Treasury yield trades unchanged at 4.120%, according to Tradeweb. (emese.bartha@wsj.com)

0625 ET - Amundi holds an out-of-consensus view on the European Central Bank's interest-rate path, envisaging further rate cuts next year, Group CIO Vincent Mortier says in a webinar. Amundi expects two more rate cuts, bringing the deposit rate to 1.50% by mid-2026 from 2.00%, he says. Money markets see low probability of further ECB rate cuts, pricing in approximately 10 basis points of reduction by mid-2026, according to LSEG data. (emese.bartha@wsj.com)

0536 ET - The U.K. government budget is the last obstacle to a Bank of England interest-rate cut, Suren Thiru, ICAEW economics director, says in a note. Inflation dipped to 3.6% in October from 3.8% in September, ahead of a budget announcement due next week. "The budget is a double-edged sword for inflation as while tax rises can be deflationary by dampening demand in the economy, the upward pressure from any rise in business costs risks giving inflation a second wind," Thiru says. Though the conditions for December cut are falling into place, BOE rate-setters will want to gauge the effect of the policies announced before authorizing further easing, he says. (edward.frankl@wsj.com)

0531 ET - The euro falls as the dollar recovers slightly and risk appetite weakens ahead of key releases, Monex Europe analysts say in a note. "From a eurozone perspective, risks skew toward purchasing managers' index surveys softening marginally on Friday, and the lack of domestic catalysts yesterday leaves that narrative intact." Elsewhere, the Federal Reserve's meeting minutes will be released at 1900 GMT and the delayed September U.S. nonfarm payroll report is due Thursday. Monex remains "cautiously optimistic" on the euro over the medium term as it expects improving eurozone fundamentals. The euro falls 0.1% to a one-week low of $1.1565, LSEG data show. (renae.dyer@wsj.com)