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# KeyCorp Issues $1 Billion Of Senior Notes Due 2032 With A 5.889% Rate
- URL: https://www.bullished.co/keycorp-issues-1-billion-of-senior-notes-due-2032-with-a-5-889-rate-ef28d217/
- Published: 2026-11-02T21:38:01.000Z
- Updated: 2026-11-02T21:38:01.000Z
- Description: The Cleveland bank's Series U notes carry a fixed-to-floating rate and mature November 2, 2032.
- Author: Matteo Parrino
- Tags: SEC Filings, KEY, Industry: Financials

[KeyCorp](https://www.bullished.co/tag/key/), the Cleveland bank holding company behind KeyBank, issued [$1 billion](https://www.sec.gov/Archives/edgar/data/0000091576/000119312526443714/d156521d8k.htm?ref=bullished.co) of 5.889% senior medium-term notes on Monday, according to an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed with the SEC. The Series U notes convert from a fixed to a floating rate and come due November 2, 2032.

## Terms of the Series U notes

The notes are senior debt, 5.889% Fixed-to-Floating Rate Senior Medium Term Notes, Series U, in an aggregate principal amount of $1,000,000,000\. They were sold under a pricing supplement dated October 27, 2026, which was filed with the SEC on October 28, 2026.

They were registered under a Form S-3 shelf registration statement, a standing filing that lets a company sell securities in pieces, which KeyCorp filed on June 5, 2026.

## Legal footing for the debt

Squire Patton Boggs, KeyCorp's outside counsel, [concluded in an opinion letter](https://www.sec.gov/Archives/edgar/data/0000091576/000119312526443714/d156521dex51.htm?ref=bullished.co) that the notes were duly authorized and are valid, binding obligations of the company, enforceable under their terms. That view is subject to bankruptcy, insolvency and similar laws affecting creditors, general principles of equity, and other qualifications. The firm limited its opinion to New York and Ohio law and U.S. federal law.

The notes were issued under an indenture dated June 10, 1994, as supplemented, with Deutsche Bank Trust Company Americas as trustee. They also rest on board resolutions adopted May 13, 2026, and a company order dated June 10, 2026.

## The bank behind the paper

KeyCorp offers retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and investment banking, mostly through KeyBank. As of December 31, 2025, it had about $184.4 billion in total assets and 940 full-service branches across 15 states.

The notes' maturity date is November 2, 2032, the same calendar day as the issuance six years earlier in the filing's timeline.

Learn

- [Item 8.01: other events →](https://www.bullished.co/learn/8-k-items-explained/#item-801-other-events)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — KEYCORP /NEW/ (KEY)](https://www.sec.gov/Archives/edgar/data/0000091576/000119312526443714/d156521d8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d156521dex51.htm — KEYCORP /NEW/ 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000091576/000119312526443714/d156521dex51.htm?ref=bullished.co) — SEC EDGAR

### More on KeyCorp

- [KeyCorp CEO Names Real Estate Retrading 'The One Wildcard' For Investment Banking Pipelines](https://www.bullished.co/keycorp-ceo-names-real-estate-retrading-the-one-wildcard-for-investment-banking-pipelines-45bd0a84/)
- [KeyCorp's Third-Quarter EPS Rises 24% From A Year Ago, On Record Revenue Of $2.04 Billion](https://www.bullished.co/keycorps-third-quarter-eps-rises-24-from-a-year-ago-on-record-revenue-of-2-04-billion-713a9096/)

[All KeyCorp (KEY) coverage →](https://www.bullished.co/tag/key/)