Commentary & Deal Flow

***Updated coupon and yield

Reoffer: 5.5yr: MS+48bp / 100 / 3.938%
Benchmark: 5.5yr: DBR 0% 15-Feb-32 @ 84.46 / +71.1bp / HR 112%

Tranche 1 (5.5yr): Final books in excess of €925m (incl. €85m JLM). Peak book in excess of €1.1bn (incl. €110m JLM)

Launched: 5.5yr: €500m @ MS+48bp - Orderbooks in excess of €1.1bn (incl. €110m JLM)
Spread set at: 5.5yr: MS+48bp
Book Update: Books in excess of €1bn (inc €50mio JLM)
Guidance: 5.5yr: MS+60a

• 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-Sep-97, 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: 20-Oct-26
• Issue Date: 27-Oct-26 (T+5)
• Maturity Date: 27-Apr-32
• Tenor: 5.5-years
• Reoffer: MS+48bps / 3.938% / 100 DBR 0% 15-Feb-32 +71.1bps (Spot:84.46 / HR: 112%)
• Nominal Amount: €500 million (WNG)
• Interest Rate (Coupon): 3.9341% fixed rate p.a. until the Maturity Date, payable annually in arrear
• Interest Payment Dates: 27-Apr-27 in each year, commencing on 27-Apr-27, short first coupon
• 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 19-Jun-26 (the Summary and Securities Note) and (ii) registration form for debt securities, dated 19-Jun-26, as supplemented by the first supplement on 28-Aug-26 (together, 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 or the 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: Deutsche Bank AG, Natixis, UBS AG London Branch (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
• ISIN / Swiss Security Number / Common Code: CH1581468373 / 158146837 / A Common Code will be obtained following pricing
• Governing Law / Place of Jurisdiction: Swiss law / City of Zurich
• Timing: Priced TOE 1415 CET FTT 1435 CET