New Issue: Goldman Sachs prices $11.65 million leveraged bear notes linked to New Zealand dollar

By Angela McDaniels

Tacoma, Wash., June 20 - AG Svensk Exportkredit priced $11.65 million of 0% leveraged bear notes due Dec. 17, 2009 linked to the performance of a basket of currencies relative to the New Zealand dollar via Goldman, Sachs & Co., according to an FWP filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, Norwegian krone and U.S. dollar.

The payout at maturity will be par plus 180% of any appreciation of the basket relative to the New Zealand dollar. Investors will be fully exposed to any basket depreciation.

Issuer:	AB Svensk Exportkredit
Issue:	Leveraged bear notes
Underlying currencies:	Equal weights of the Brazilian real, Norwegian krone and U.S. dollar, each relative to the New Zealand dollar
Amount:	$11,653,000
Maturity:	Dec. 17, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 180% of any basket appreciation; full exposure to any basket depreciation
Initial exchange rates:	1.29 reais per New Zealand dollar, 3.8335 kroner per New Zealand dollar, 0.712 of a U.S. dollar per New Zealand dollar
Pricing date:	June 19
Settlement date:	July 3
Underwriter:	Goldman, Sachs & Co.
Fees:	0.25%

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