New Issue: Svensk sells $18.47 million 9% STEP Income notes on Ford via Merrill

By Marisa Wong

Madison, Wis., May 14 - AB Svensk Exportkredit priced $18.47 million of 9% STEP Income Securities due May 24, 2013 linked to the common stock of Ford Motor Co. via Bank of America Merrill Lynch, according to a 424B2 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 6.75%.

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.

Issuer:	AB Svensk Exportkredit
Issue:	STEP Income Securities
Underlying stock:	Ford Motor Co. (NYSE: F)
Amount:	$18,466,450
Maturity:	May 24, 2013
Coupon:	9%, payable quarterly
Price:	Par of $10.00
Payout at maturity:	If stock finishes at or above step level, par plus 6.75%; if stock finishes at or above initial price but below step level, par; if stock finishes below initial price, full exposure to decline
Initial price:	$10.76
Step level:	$11.73, 109% of initial price
Pricing date:	May 10
Settlement date:	May 17
Agent:	Bank of America Merrill Lynch
Fees:	1.75%
Cusip:	01019A336

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