Teachers Insurance and Annuity Association of America is preparing a $2 billion, 30-year surplus note issuance as it manages funding needs tied to broader corporate activity. The planned debt carries a stable outlook from AM Best and may partly support financing linked to Nuveen's cash acquisition of Schroders announced in February 2026.
Highlights
- TIAA received an 'aa' (Superior) Long-Term Issue Credit Rating from AM Best for its planned $2 billion 30-year surplus note issuance.
- Proceeds from the surplus notes may fund Nuveen's announced acquisition of Schroders plc, forming part of TIAA’s wider strategic financing plan.
- AM Best projects TIAA's adjusted leverage will increase to approximately 15% pro-forma, though the agency maintains its stable outlook on the issuer.
Credit rating and financing purpose
As reported by AM Best, the rating agency has assigned a Long-Term Issue Credit Rating of "aa" (Superior) to TIAA's forthcoming 30-year surplus notes. The insurer plans to issue $2 billion of the notes, with proceeds earmarked for general corporate purposes.AM Best says those uses may include purchase financing related in part to Nuveen's cash acquisition of Schroders plc. That transaction was announced in February 2026 and connects the debt sale to a broader strategic financing plan within the TIAA group.
Leverage impact on TIAA
AM Best expects the transaction to raise TIAA's adjusted leverage to about 15% on a pro-forma basis. The agency says the increase reflects the terms of the purchase financing tied to the planned acquisition activity.The stable outlook indicates that, despite the added leverage, the current credit view on the issue remains unchanged. TIAA is based in New York, while the note issuance adds to financing activity in the U.S. insurance and asset management sector.
In our earlier report on Blackstone’s planned collateralised fund obligation (CFO), we explained how the firm was seeking to package more than $2 billion of private equity fund stakes into bonds to inject liquidity into its Strategic Partners unit. We also noted that CFO issuance has grown rapidly as private markets face exit and distribution pressure, with investors increasingly favoring credit-rated, bond-like structures to access private capital risk.
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