New Issue: Goldman prices $15 million notes on S&P GSCI Excess Return for Svensk

By Jennifer Chiou

New York, Aug. 12 - AB Svensk Exportkredit priced $15 million of index-linked notes due Sept. 25, 2012 tied to the S&P GSCI Excess Return index via Goldman Sachs & Co., according to a 424B2 with the Securities and Exchange Commission.

Interest will be equal to Libor minus 50 basis points and payable quarterly with a floor of zero. It will be reset on Nov. 17, 2011, Feb. 17, 2012, May 17, 2012 and Aug. 17, 2012.

If the index falls to or below 407.2818, or 88% of the initial index level, the notes will be redeemed with the payout calculated using the closing value of the index on the trading day immediately following the index end-early event minus three times a fee of 0.2% per year. Investors will also receive accrued interest.

The payout at maturity will be par plus the final commodity amount, which is triple the index return, with full exposure to losses and less the final fee.

Issuer:	AB Svensk Exportkredit
Issue:	Index-linked notes
Underlying index:	S&P GSCI Excess Return
Amount:	$15 million
Maturity:	Sept. 25, 2012
Coupon:	Libor minus 50 basis points, floor of zero; payable quarterly and reset on Nov. 17, 2011, Feb. 17, 2012, May 17, 2012 and Aug. 17, 2012
Price:	Par
Payout at maturity:	Par plus triple the change in the index less three times the final fee of 0.2% per year; full exposure to losses with floor of zero
Call:	If index falls to or below 407.2818, or 88% of the initial index level; notes putable in whole
Initial index level:	462.8202
Pricing date:	Aug. 10
Settlement date:	Aug. 17
Agent:	Goldman Sachs & Co.
Fees:	0.25%
Cusip:	00254ELA8

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