ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ Debt Disclosure
| December 31, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
| Subordinated notes | $ | 969 | $ | 946 | |||||||
| Senior notes | 499 | — | |||||||||
| Finance lease obligations | 4 | 4 | |||||||||
| Total | $ | 1,472 | $ | 950 | |||||||
| (Dollar amounts in millions) | Subordinated notes | |||||||||||||||||||||||||||||||
| Coupon rate | Carrying value | Par amount | Maturity date | Earliest redemption date | Interest terms | |||||||||||||||||||||||||||
| 3.25% | $ | 466 | $ | 500 | October 2029 | July 2029 | 3.25% fixed; interest payable semi‑annually | |||||||||||||||||||||||||
| 6.82% | 503 | 500 | November 2035 | November 2034 | 6.82% fixed-to-floating: interest payable semi‑annually during fixed period; converts in Nov. 2034 to compounded SOFR + 2.83% payable quarterly | |||||||||||||||||||||||||||
| Total | $ | 969 | $ | 1,000 | ||||||||||||||||||||||||||||
| (Dollar amounts in millions) | Senior notes | |||||||||||||||||||||||||||||||
| Coupon rate | Carrying value | Par amount | Maturity date | Earliest redemption date | Interest terms | |||||||||||||||||||||||||||
| 4.70% | $ | 499 | $ | 500 | August 2028 | August 2027 | 4.70% fixed-to-floating: interest payable semi‑annually during fixed period; converts in Aug. 2027 to compounded SOFR + 1.16% payable quarterly | |||||||||||||||||||||||||
| (In millions) | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
| Subordinated notes | $ | — | $ | — | $ | — | $ | 466 | $ | — | $ | 503 | $ | 969 | |||||||||||||||||||||||||||
| Senior notes | — | — | 499 | — | — | — | 499 | ||||||||||||||||||||||||||||||||||
| Finance lease obligations | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||||||||||||||||
| Total | $ | — | $ | — | $ | 499 | $ | 466 | $ | — | $ | 507 | $ | 1,472 | |||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.