Commentary & Deal Flow

Reoffer: 5yr: G+125bp / 100.00 / 6.052% / 114% hr

Benchmark: 5yr: UKT 0.250% 31-Jul-31

Final Books: Books over £1.40bn at Final Terms. Peak book over £1.55bn

Launched: 5yr: £550m @ G+125bp - Books over £1.55bn

IPTs: 5yr: UKT+145a

• Issuer: Nuveen, LLC (“TIAAGL”)
• LEI: 254900QRUA8YY8I7VT73
• Expected Ratings: Baa1/A (Moody's/S&P)
• Format: 144A / Reg S
• Ranking: Senior Unsecured
• Tenor: 5-year
• Size: £550m
• Reoffer: 100.00 / 6.052% ann / Gilts+125bp / 114% hr
• Benchmark: UKT 0.250% 31-Jul-31
• Coupon Type: 6.052% Fixed, Annual, ACT/ACT (ICMA)
• Settlement Date: 25-Sep-26 (T+3)
• Maturity Date: 25-Sep-31
• Optional Redemption: 1-month par call, MWC
• Global Coordinator: BNPP
• Bookrunners: BNPP (B&D), BofA, JPM
• Use of Proceeds: Nuveen intends to use the net proceeds from the issuance of the Notes for general corporate purposes, which may include, among other things, to fund a portion of the cash consideration for the Acquisition and pay fees and expenses related to the Acquisition and to this offering
• Denominations: £100,000 x £1,000
• Marketing: Link:https://dealroadshow.finsight.com| Entry Code: NUVEEN2026 Direct Link:https://dealroadshow.finsight.com/e/NUVEEN2026
• Expected Listing: The International Stock Exchange (TISE)
• Governing Law: State of New York
• Target Market: MiFID II/UK MiFIR Eligible counterparties and professional clients only (all distribution channels). No sales to EEA or UK retail. No EU PRIIPs or UK CCI product summary will be prepared.
• Sale into Canada: Yes – Pursuant to Exemption
• ISIN: 144a: XS3520575500. Reg S: XS3520575096
• Common Code: 144a: 352057550. Reg S: 352057509
• Timing: TOE: 13:22, FTT 13:45