New Issue: Merrill Lynch prices $11.68 million 8% STEP Income Securities tied to First Solar for Svensk

By Angela McDaniels

Tacoma, Wash., Jan. 18 - AB Svensk Exportkredit priced $11.68 million of 8% STEP Income Securities due Jan. 27, 2012 linked to the common stock of First Solar, Inc. via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par of $10 plus 6.91% if the stock finishes at or above the step level, which is 108% of the initial share price.

If the stock finishes at or above the threshold level - 95% of the initial price - but below the step level, the payout will be par.

Investors will lose 1% for every 1% that the final share price falls below the threshold level.

Issuer:	AB Svensk Exportkredit
Issue:	STEP Income Securities
Underlying stock:	First Solar, Inc. (Nasdaq: FSLR)
Amount:	$11,679,450
Maturity:	Jan. 27, 2012
Coupon:	8%, payable quarterly
Price:	Par of $10.00
Payout at maturity:	If stock finishes at or above step level, par plus 6.91%; if stock finishes at or above threshold level but below step level, par; 1% loss for every 1% that final share price falls below threshold level
Initial share price:	$141.01
Step level:	$152.29, or 108% of initial price
Threshold value:	$133.96, or 95% of initial price
Pricing date:	Jan. 13
Settlement date:	Jan. 20
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.75%
Cusip:	01019M264

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