By Jennifer Chiou
New York, March 22 - AB Svensk Exportkredit priced $14 million of floating-rate notes due April 29, 2013 linked to the Dow Jones-UBS Commodity Index Total Return 4 Month Forward, according to an FWP with the Securities and Exchange Commission.
Bank of America Merrill Lynch is the underwriter.
The interest rate is equal to Libor. It is reset quarterly and payable at maturity.
The payout at maturity will be par plus triple the sum of the index return minus a fee of 0.47% per year minus the U.S. Treasury bill yield. The T-bill yield will be the sum of the 91-day weekly auction high rate for U.S. Treasury bills for each day during the life of the notes.
The notes are putable until April 22, 2013 if requested by all holders, and the notes will be called if the index closes at or below 85% of its initial level. In each case, the payout will be calculated in the same way as that at maturity.
The index tracks the returns of rolling commodities futures contracts and comprises futures contracts on 19 physical commodities.
Issuer: | AB Svensk Exportkredit
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Issue: | Floating-rate notes
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Underlying index: | Dow Jones-UBS Commodity Index Total Return 4 Month Forward
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Amount: | $14 million
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Maturity: | April 29, 2013
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Coupon: | Libor, reset quarterly and payable at maturity
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Price: | Par
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Payout at maturity: | Par plus 300% of the sum of the index return minus 0.47% per year less the T-bill yield
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Put option: | Until April 22, 2013 if requested by all holders
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Call: | If index closes at 85% of its initial level or below
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Initial level: | 364.1695
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Pricing date: | March 21
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Settlement date: | March 28
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Agent: | Bank of America Merrill Lynch
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Cusip: | 00254ELL4
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