Homburger advised Zürcher Kantonalbank on the issuance of EUR 500 m senior unsecured bonds

On October 27, 2026, Zürcher Kantonalbank successfully issued another series of EUR bonds. The EUR 500 m 3.9341% 2026-2032 senior unsecured bonds (the Bonds) are governed by Swiss law and will be listed on the SIX Swiss Exchange. Pursuant to the Law on the Zurich Cantonal Bank of September 28, 1997, the Canton of Zurich is liable for all non-subordinated obligations of Zürcher Kantonalbank (including the Bonds) if Zürcher Kantonalbank’s own funds were insufficient. This liability of the Canton of Zurich is a (subsidiary) default liability (subsidiäre Ausfallhaftung).

Deutsche Bank Aktiengesellschaft, NATIXIS, UBS AG London Branch and Zürcher Kantonalbank acted as Joint Lead Managers.

Homburger acted as legal counsel to Zürcher Kantonalbank.

The Homburger team was led by Benjamin Leisinger and Eduard De Zordi (both Capital Markets). Tax aspects were covered by Dieter Grünblatt.