By Jennifer Chiou
New York, Sept. 18 - AB Svensk Exportkredit priced a $31 million offering of excess return notes due Nov. 23, 2009 linked to the S&P GSCI ER index via Goldman, Sachs & Co., according to an FWP filing with the Securities and Exchange Commission.
Interest equals Libor minus 27 basis points. Interest is payable and reset quarterly.
The payout at maturity will be par plus triple any positive or negative return on the index minus a 20 bps annual fee.
If on any trading day the index declines by more than 22%, the notes are redeemable and the redemption amount will be calculated in the same manner as the payout at maturity.
Issuer: | AB Svensk Exportkredit
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Issue: | Excess return notes
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Underlying index: | S&P GCSI ER
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Amount: | $31 million
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Maturity: | Nov. 23, 2009
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Coupon: | Libor minus 27 bps, payable and reset quarterly
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Price: | Par
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Put: | If the index declines by more than 22% on any trading day
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Payout at maturity: | Par plus triple any positive or negative return on the index minus a 20 bps annual fee
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Initial index level: | 731.3793
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Index early end level: | 643.6138, 88% of the initial index level
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Pricing date: | Sept. 17
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Settlement date: | Sept. 24
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Underwriter: | Goldman, Sachs & Co.
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