Zions Bancorporation Raises $500M with Senior Notes Offering

Zions Bancorporation has priced $500M in fixed-to-floating rate senior notes due February 9, 2029. The notes carry a fixed annual interest rate of 4.483% from settlement through February 9, 2028, then switch to compounded SOFR plus 1.055%. The proceeds will repay short-term borrowings and Zions has entered a receive-fixed fair value hedge to shift fixed-rate exposure to floating during the initial period.