New Issue: Merrill Lynch prices $25.97 million 8.5% Step Income Securities linked to Macy's for Svensk

By Angela McDaniels

Tacoma, Wash., Dec. 22 - AB Svensk Exportkredit priced $25.97 million of 8.5% Step Income Securities due Jan. 10, 2012 linked to the common stock of Macy's, Inc. via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

If the final share price is greater than or equal to the step level - 108.5% of the initial price - the payout at maturity will be par of $10 plus 1.55%.

If the stock finishes at or above the threshold level - 95% of the initial price - but below the step level, the payout will be par.

Investors will lose 1% for every 1% that the final share price is below the threshold level.

Issuer:	AB Svensk Exportkredit
Issue:	Step Income Securities
Underlying stock:	Macy's, Inc. (NYSE: M)
Amount:	$25,968,700
Maturity:	Jan. 10, 2012
Coupon:	8.5%, payable quarterly
Price:	Par of $10.00
Payout at maturity:	Par plus 1.55% if final share price is greater than or equal to step level; par if final share price is greater than or equal to threshold level but less than step level; 1% loss for every 1% that final share price is below threshold level
Initial share price:	$26.07
Step level:	$28.29, 108.5% of initial value
Threshold level:	$24.77, 95% of initial value
Pricing date:	Dec. 21
Settlement date:	Dec. 30
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.75%
Cusip:	01019M330

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