By Jennifer Chiou
New York, March 5 - AB Svensk Exportkredit priced $3.5 million of floating-rate notes due March 18, 2011 linked to the S&P GSCI Index - Total Return via Goldman, Sachs & Co., according to an FWP with the Securities and Exchange Commission.
Interest is payable quarterly and equals Libor minus 27 basis points.
The payout at maturity will be par plus 300% of the sum of (a) the index return minus (b) the TBill amount minus (c) a fee of 1% per year. The TBill amount will be the sum of the 91-day weekly auction high rates for U.S. Treasury bills for each day during the life of the notes.
The notes are putable at any time by a holder of all the notes, and the notes will be called if the index declines by 12% or more. In both cases, the payout will be determined in the same way as the payout at maturity.
| Issuer: | AB Svensk Exportkredit
|
| Issue: | Floating-rate notes
|
| Underlying index: | S&P GSCI Index - Total Return
|
| Amount: | $3.5 million
|
| Maturity: | March 18, 2011
|
| Coupon: | Libor minus 27 bps, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus 300% of the sum of (a) the index return minus (b) the TBill amount minus (c) a fee of 1% per year
|
| Put option: | At any time by a holder of all the notes; payout determined in same way as at maturity
|
| Call: | Automatically if index declines by 12% or more; payout determined in same way as at maturity
|
| Initial index level: | 4,427.549
|
| Pricing date: | March 4
|
| Settlement date: | March 11
|
| Underwriter: | Goldman, Sachs & Co.
|
| Fees: | 0.25%
|
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