Is Zions (ZION) Using Its New Fixed‑to‑Floating Notes to Quietly Rebuild Its Funding Strategy?

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In early February 2026, Zions Bancorporation, National Association priced a US$500,000,000 fixed-to-floating rate senior notes offering due February 9, 2029, with an initial 4.483% fixed coupon before...

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The bank also put in place a receive-fixed fair value hedge during the fixed-rate period, effectively converting the new debt’s cost to a floating rate and fine-tuning its interest rate exposure. We will now examine how this shift from short-term funding to hedged, fixed-to-floating senior notes shapes Zions’ broader investment narrative. Capitalize on the AI infrastructure supercycle with our selection of the 33 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow.AdvertisementWhat Is Zions Bancorporation National Association's Investment Narrative?To own Zions today, you need to believe in a fairly traditional regional bank story: solid net interest income, disciplined capital returns and measured balance sheet risk. Recent results show positive revenue and earnings growth, improved margins and a dividend that has been held steady, alongside ongoing buybacks. The new US$500,000,000 fixed to floating senior notes fit into that picture as a funding tidy up rather than a game changer, swapping some short term borrowings for term debt hedged back to floating. That should slightly clarify Zions’ interest rate profile and support near term catalysts around net interest income stability and capital return, without obviously changing the company’s biggest risks, such as credit quality, modest forecast growth and a still low return on equity. Zions Bancorporation National Association's shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.Exploring Other PerspectivesZION 1-Year Stock Price Chart Three fair value estimates from the Simply Wall St Community span from about US$66 to a very large figure, showing just how far apart individual views can be. Set against that, the recent funding move and hedging activity speak to a more incremental, balance sheet focused story that may matter more for Zions’ day to day performance than any single valuation guess. You can use these contrasting opinions to test your own expectations about the bank’s risk, reward and interest rate exposure.Explore 3 other fair value estimates on Zions Bancorporation National Association - why the stock might be worth just $66.05!Build Your Own Zions Bancorporation National Association NarrativeDisagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.A great starting point for your Zions Bancorporation National Association research is our analysis highlighting 4 key rewards that could impact your investment decision.Our free Zions Bancorporation National Association research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Zions Bancorporation National Association's overall financial health at a glance.Searching For A Fresh Perspective?Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay:Rare earth metals are the new gold rush. Find out which 28 stocks are leading the charge.This technology could replace computers: discover 22 stocks that are working to make quantum computing a reality.The future of work is here. Discover the 28 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Zions Bancorporation National Association might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}