Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 11

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 11
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 Rate                                                                                   
 (“EURIBOR”)                                                                                                      |     | •  Secured Overnight Financing Rate (“SOFR”) 
 •  Treasury Rate                             |
| •  any other rate specified in the applicable pricing supplement,                                                
 which may be a new rate not referenced above or an alternative formulation of any of the rates referenced above. |     |                                              |

| • |     | The notes may be issued at a discount or premium from the principal amount payable at maturity and may 
 constitute original issue discount notes.                                                              |

We will specify the final terms for each note in the applicable pricing supplement, which may be different from the terms described in this prospectus supplement. Investing in the notes involves risk. See “ Risk Factors” beginning on page S-6 in this prospectus supplement for certain information relevant to an investment in the notes, and the discussion of risk factors contained in our annual, quarterly and current reports filed with the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are incorporated by reference into this prospectus supplement and the accompanying prospectus. The notes are not savings accounts, deposits or other obligations of any of our bank or non-banksubsidiaries and are not insured by the Federal Deposit Insurance Corporation (the “FDIC”) or any other governmental agency. None of the SEC, any state securities commission, or any other governmental agency has approved or disapproved of the notes or passed upon the adequacy or accuracy of this prospectus supplement, the accompanying prospectus or any pricing supplement. Any representation to the contrary is a criminal offense. There is no established trading market for the notes, and there is no assurance that a secondary market for the notes will develop. Unless otherwise provided in the applicable pricing supplement, we do not intend to apply for the listing of any issue of notes on a securities exchange. We may sell the notes to the agents listed below or to other agents named in the applicable pricing supplements (the “Agents”) as principals for resale at varying or fixed offering prices or through the Agents using their reasonable best efforts on our behalf. We may also sell notes directly to investors on our own behalf or appoint other Agents. If we use Agents, commissions or discounts payable in respect of sales of notes will be specified in the applicable pricing supplement. Because our affiliate, KeyBanc Capital Markets Inc., may be participating in sales of the notes, the offering is being conducted in compliance with Financial Industry Regulatory