Published on 3/2/2011 in the Prospect News Structured Products Daily.
New Issue: Nuveen, Merrill Lynch sell $19.5 million more Elements linked to Rogers Energy for Svensk
By Angela McDaniels
Tacoma, Wash., March 2 - AB Svensk Exportkredit issued an additional $19.5 million of 0% Elements due Oct. 24, 2022 linked to the Rogers International Commodity Index - Energy Total Return via Nuveen Investments, LLC and Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The notes settled in 11 tranches between Jan. 19 and Feb. 28. The issuer priced $2 million at 65.895, $3 million at 65.495, $1 million at 64.026, $3 million at 66.477, $2 million at 64.520, $3.5 million at 64.095, $3 million at 64.443 and $2 million at 67.562.
In total, the company has priced $148.5 million of the notes in 48 tranches at prices ranging from 43.927 to 169.365. The original $4 million of notes priced at par of $10 on Oct. 17, 2007.
The payout at maturity will be par plus the index return, less an annual investor fee of 0.75%.
The notes are putable on weekly repurchase dates, subject to a minimum of $5 million of notes.
The notes are listed on NYSE Arca under the symbol "RJN."
| Issuer: | AB Svensk Exportkredit
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| Issue: | Elements
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| Underlying index: | Rogers International Commodity Index - Energy Total Return
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| Amount: | $148.5 million, increased from $4 million
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| Maturity: | Oct. 24, 2022
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| Coupon: | 0%
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| Price: | Par for original $4 million; 64.026 to 67.562 for latest add-ons
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| Payout at maturity: | Par plus the index return less an investor fee of 0.75%
|
| Put option: | On weekly repurchase dates subject to minimum of $5 million
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| Initial index level: | 1,166.22
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| Inception date: | Oct. 17, 2007 for original $4 million
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| Settlement dates: | Oct. 23, 2007 for original $4 million; latest add-ons: Jan. 19 for $2 million, Jan. 20 for $3 million, Jan. 28 for $1 million, Feb. 4 for $3 million, Feb. 11 for $2 million, Feb. 17 for $3.5 million, Feb. 23 for $3 million and Feb. 28 for $2 million
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| Underwriters: | Nuveen Investments, LLC and Merrill Lynch, Pierce, Fenner & Smith Inc.
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| Listing: | NYSE Arca: RJN
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| Cusip: | 870297306
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