Homburger advised Zürcher Kantonalbank on the issuance of EUR 500 m Bail-in Bonds

On June 17, 2026, Zürcher Kantonalbank (ZKB) successfully completed a further offering of Bail-in Bonds in the amount of EUR 500 m. Zürcher Kantonalbank’s Bail-in Bonds, including the newly placed EUR 500 m 3.622% 6NC5 Bail-in Bonds, have been designed and issued on the basis of a legal framework allowing Cantonal Banks to issue Total-Loss-Absorbing-Capacity (Gone-Concern Capital) Bonds. If FINMA orders the partial or complete reduction of the bondholders’ claims under the Bail-in Bonds, the bondholders are entitled to receive Recovery Certificates. Such Recovery Certificates include claims, subject to multiple conditions precedent, for subsequent future compensation payments for the full or partial reduction of the bondholders’ claims under the Bail-in Bonds.

BNP PARIBAS, Commerzbank Aktiengesellschaft, UBS London Branch and Zürcher Kantonalbank acted as Joint Lead Managers.

The team advising Zürcher Kantonalbank as issuer on all Swiss law aspects was led by Benjamin Leisinger (Capital Markets and Financial Market Regulation) and included Sofiya Shavlak and Yulia Shaburnykova (both Capital Markets). Tax aspects were covered by Dieter Grünblatt.