On 5 April 2023, Zürcher Kantonalbank priced its inaugural CHF 425 m Bail-in Bond issuance. ZKB’s Bail-in Bonds are novel instruments which have been designed and issued on the basis of a new legal framework allowing Cantonal Banks to issue Total-Loss-Absorbing-Capacity (TLAC) Bonds. The Bail-in Bonds provide for the issuance of a recovery certificate (Besserungsschein) in the event that the Swiss Financial Market Supervisory Authority FINMA orders the partial or complete reduction of the bondholders’ claims under the Bail-in Bonds in a restructuring proceeding concerning Zürcher Kantonalbank pursuant to the Swiss Banking Act.