New Issue: Merrill prices $46.96 million Accelerated Return Notes tied to S&P 500 for Svensk

By Jennifer Chiou

New York, Dec. 23 - AB Svensk Exportkredit priced $46.96 million of 0% Accelerated Return Notes due Feb. 24, 2012 linked to the S&P 500 index, 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 index, up to a maximum payment of $11.488 per note.

Investors will be exposed to any losses.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$46,959,650
Maturity:	Feb. 24, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any index gain, capped at 14.88%; exposure to any losses
Initial level:	1,254.60
Pricing date:	Dec. 21
Settlement date:	Dec. 30
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	01019M355

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