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Merrill Lynch plans to price 7% STEP Income Securities tied to International Paper for Svensk
By Marisa Wong
Madison, Wis., Feb. 10 - AB Svensk Exportkredit plans to price 7% STEP Income Securities due March 2012 based on the performance of International Paper Co. shares, according to an FWP filing with the Securities and Exchange Commission.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
Interest will be payable quarterly.
If the stock price finishes at or above the step level - 107% of the initial price - the payout at maturity will be par of $10 plus 1% to 5%, with the exact step payment to be set at pricing.
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 falls below the threshold level.
The notes are expected to price in February and settle in March.
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