New Issue: Merrill Lynch sells $10.46 million Accelerated Return Notes on copper for Svensk

By Susanna Moon

Chicago, June 28 - AB Svensk Exportkredit priced $10.46 million of 0% Accelerated Return Notes due Aug. 10, 2011 based on the spot price of copper, according to a 424B2 filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.

The payout at maturity will be par of $10.00 plus triple any gain in the price of copper, up to a maximum payment of $12.79 per note.

Investors will be exposed to any losses.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying commodity:	Copper
Amount:	$10,457,790
Maturity:	Aug. 10, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any price gain, capped at 27.9%; exposure to any losses
Initial price:	$6,525.50
Pricing date:	June 24
Settlement date:	July 2
Underwriters:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%
Cusip:	01019M645

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