Commentary & Deal Flow

Book Update: Books > €1.25bn (incl €100m JLM)

Guidance: 3yr: MS+38a

• Issuer: Zürcher Kantonalbank (Ticker: ZKB)
• Issuer LEI: 165GRDQ39W63PHVONY02
• Issuer ratings: Aaa/AAA/AAA, stable outlooks (Moody’s/S&P/Fitch)
• Guarantor: Canton of Zurich (State Guarantee (see below))
• Guarantor Rating: AAA/AAA, stable outlooks (S&P/Fitch)
• Expected instrument rating: AAA (S&P)
• Format: Reg S; uncertificated securities (einfache Wertrechte)
• Status: The Bonds constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and rank pari passu with all other present or future unsecured and unsubordinated obligations of the Issuer and without any preference among themselves, except for such preference as is provided by any mandatory applicable provision of law.
• State Guarantee: Pursuant to §6 of the Law on the Zurich Cantonal Bank of 28 September 1997, the Canton of Zurich will be liable for all (non-subordinated) obligations of the Issuer (including the Bonds) if the Issuer’s own funds are insufficient. This liability of the Canton of Zurich is a (subsidiary) default liability (subsidiäre Ausfallhaftung).
• Pricing Date: 11-May-26
• Issue Date: 18-May-26 (T+4)
• Maturity Date: 18-May-29
• Tenor: 3-years
• Guidance: MS+38bps area
• Nominal Amount: €500 million (WNG)
• Interest Payment Dates: 18 May in each year, commencing on 18-May-27
• Day Count Fraction: ACT/ACT (ICMA)
• Business Day Convention: Following unadjusted
• Business Days: Zurich
• Swiss Withholding Tax: Applicable
• Documentation: The Final Terms, together with the applicable (i) summary and securities note description for the issue of bonds and STNs of Zürcher Kantonalbank, dated 20-Jun-25 (the Summary and Securities Note) and (ii) registration form for debt securities, dated 20-Jun-25, as supplemented by the First Supplement on 16-Jan-26, the Second Supplement on 06-Feb-26 and the Third Supplement on 30-Mar-26 (the Registration Document) approved by SIX Exchange Regulation AG, each as supplemented from time to time, which together constitute the base prospectus within the meaning of Article 45 FinSA (the Summary and Securities Note and the Registration Document together, the Base Prospectus, and the Final Terms and the Base Prospectus together, the Prospectus).
• Use of proceeds: General corporate purposes
• Product Governance: Target market as defined by the manufacturers (EU MiFID II/ UK MiFIR product governance): eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) / UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA and UK
• Sales Restrictions: In particular, USA and U.S. persons, Italy, and prohibition of sales to retail investors in the EEA and the UK as set out in the Prospectus
• Joint Lead Managers: BNP Paribas, Commerzbank, UBS Investment Bank (B&D), Zürcher Kantonalbank
• Listing: SIX Swiss Exchange
• Denomination: €100,000 + €1,000 (principal amount)
• Clearing / Settlement: SIX SIS Ltd / Clearstream Banking S.A. / Euroclear Bank SA/NV
• Governing law/ Place of Jurisdiction.: Swiss law / City of Zurich
• Timing: Books open, today’s business