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Merrill Lynch to price 9% STEP Income notes linked to Ford for Svensk
By Angela McDaniels
Tacoma, Wash., April 27 - AB Svensk Exportkredit plans to price 9% STEP Income Securities due May 2013 linked to the common stock of Ford Motor Co. via Bank of America Merrill Lynch, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the stock finishes at or above the step level, 109% of the initial price, the payout at maturity will be par of $10 plus a step payment of 1% to 5%. The exact step payment will be set at pricing.
If the stock finishes at or above the initial share price but below the step level, the payout will be par.
If the stock finishes below the initial share price, investors will be fully exposed to the decline.
The notes are expected to price and settle in May.
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