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Published on 7/12/2010 in the Prospect News Structured Products Daily.

Merrill Lynch plans 9% STEP Income Securities tied to Dell for Svensk

By Susanna Moon

Chicago, July 12 - AB Svensk Exportkredit plans to price 9% STEP Income Securities due August 2011 based on the performance of Dell Inc. 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 finishes at or above the step level - 109% 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.

Otherwise, the payout will be par unless Dell shares fall by more than 5%, in which case investors will be exposed to any decline beyond 5%.

The notes will price and settle in July.


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