New Issue: Merrill sells $20 million Accelerated Return Notes on gold for Svensk

By Susanna Moon

Chicago, Jan. 31 - AB Svensk Exportkredit priced $20 million of 0% Accelerated Return Notes due April 3, 2012 based on the spot price of gold, according to a 424B2 filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

The payout at maturity will be par of $10 plus triple any gain in the price of gold, up to a maximum return of $11.551 per note.

Investors will be exposed to any losses.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying commodity:	Gold
Amount:	$20 million
Maturity:	April 3, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any gold price gain, capped at 15.51%; exposure to any losses
Initial price:	$1,334.50
Pricing date:	Jan. 27
Settlement date:	Feb. 1
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	01019M280

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