New Issue: Merrill Lynch prices $246.5 million Accelerated Return Notes linked to indexes for Svensk

By Angela McDaniels

Tacoma, Wash., Jan. 22 - AB Svensk Exportkredit priced $246.5 million of 0% Accelerated Return Notes due April 8, 2009 linked to a basket of indexes via Merrill Lynch & Co., according to a 424B3 filing with the Securities and Exchange Commission.

The basket includes the S&P 500 index with a 33.34% weight, the Dow Jones Euro Stoxx 50 index with a 33.33% weight and the Nikkei 225 index with a 33.33% weight.

The payout at maturity will be par of $10 plus triple any basket increase, subject to a maximum return of 19%. Investors will share in any basket decline.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying indexes:	S&P 500 (33.34% weight), Dow Jones Euro Stoxx 50 (33.33% weight) and Nikkei 225 (33.33% weight)
Amount:	$246.5 million
Maturity:	April 8, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any basket gain, capped at maximum return of 19%; full exposure to any basket decline
Initial index levels:	1,380.95 for S&P 500; 4,140.94 for Euro Stoxx 50; 13,972.63 for Nikkei 225
Pricing date:	Jan. 15
Settlement date:	Jan. 23
Underwriter:	Merrill Lynch & Co.
Fees:	2%

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