New Issue: Merrill prices $49.6 million Accelerated Return Notes linked to Asian indexes for Svensk

By Susanna Moon

Chicago, March 28 - AB Svensk Exportkredit priced $49.6 million of 0% Accelerated Return Notes due June 5, 2009 linked to a basket of indexes via Merrill Lynch & Co., according to a 424B3 filing with the Securities and Exchange Commission.

The basket comprises the Nikkei 225 index and the FTSE/Xinhua China 25 index, equally weighted.

The payout at maturity will be par of $10 plus triple any basket increase, subject to a maximum return of 27.75%. Investors will share in any basket decline.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying indexes:	Nikkei 225 index, FTSE/Xinhua China 25 index, equally weighted
Amount:	$49.6 million
Maturity:	June 5, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any basket gain, capped at return of 27.75%; full exposure to any basket decline
Initial index levels:	12,604.58 for Nikkei 225; 19,592.63 for FTSE/Xinhua
Pricing date:	March 27
Settlement date:	April 7
Underwriter:	Merrill Lynch & Co.
Fees:	2%

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