New Issue: Merrill Lynch prices $23.63 million Accelerated Return Notes linked to S&P 500 for Svensk

By Angela McDaniels

Tacoma, Wash., July 31 - AB Svensk Exportkredit priced $23.63 million of 0% Accelerated Return Notes due Sept. 24, 2010 linked to the S&P 500 index via Merrill Lynch, Pierce, Fenner & Smith Inc., First Republic Securities Co., LLC and Banc of America Investment Services, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any index gain, subject to a maximum return of 22.05%. Investors will be fully exposed to any index decline.

The issuer said it may apply to list the notes on NYSE Arca under the symbol "SGN."

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$23.63 million
Maturity:	Sept. 24, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any index gain, up to maximum return of 22.05%; full exposure to any index decline
Initial index level:	975.15
Pricing date:	July 29
Settlement date:	Aug. 6
Agents:	Merrill Lynch, Pierce, Fenner & Smith Inc., First Republic Securities Co., LLC and Banc of America Investment Services, Inc.
Fees:	2%

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