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

On September 4, 2025, Zürcher Kantonalbank successfully completed a further offering of Bail-in Bonds in the amount of EUR 500 m. ZKB’s Bail-in Bonds, including the newly placed EUR 500 m 3.153% 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, Deutsche Bank, UBS Investment Bank and Zürcher Kantonalbank acted as Joint Lead Managers.

The team was led by Benjamin Leisinger and included Daniel Hulmann (both Capital Markets and Financial Market Regulation). Tax aspects were covered by Dieter Grünblatt.