Merrill Lynch to price 9% STEP Income Securities on Corning for Svensk

By Angela McDaniels

Tacoma, Wash., June 24 - AB Svensk Exportkredit plans to price 9% STEP Income Securities linked to the common stock of Corning Inc. via Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC, according to an FWP filing with the Securities and Exchange Commission.

The notes will have a tenor of 53 weeks.

Interest will be payable quarterly.

The payout at maturity will be par of $10 plus the step payment if the final share price is greater than or equal to the step level, which is 109% of the initial share price. The step payment is expected to be 1% to 5% and will be set at pricing.

The payout will be par if the final share price is greater than or equal to the initial share price but less than the step level. Investors will be exposed to any share price decline.

The notes will price in July or August.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.