By Angela McDaniels
Tacoma, Wash., Oct. 8 - AB Svensk Exportkredit priced $60 million of commodity index-linked notes due Nov. 23, 2009 linked to the Dow Jones - AIG Commodity Index Total Return via Merrill Lynch & Co., according to an FWP filing with the Securities and Exchange Commission.
The notes were priced in four separate issues: two issues of $10 million each and two issues of $20 million each. Apart from the issue sizes and Cusip numbers, the terms on the deals are identical.
Interest is payable quarterly and equals Libor minus 30 basis points.
The payout at maturity will be par of $100,000 plus triple the sum of a) the index return minus b) the T-Bill yield minus c) a fee of 0.4% per year. 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 at any time and will be called if the index closes at 15% or more below its initial level. In each case, the payout will be calculated in the same way as that at maturity.
| Issuer: | AB Svensk Exportkredit
|
| Issue: | Four separate issues of commodity index-linked notes
|
| Underlying index: | Dow Jones - AIG Commodity Index Total Return
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| Amount: | $60 million in total; $10 million each for two issues and $20 million each for an additional two issues
|
| Maturity: | Nov. 23, 2009
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| Coupon: | Libor minus 30 bps, payable quarterly
|
| Price: | Par of $100,000
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| Payout at maturity: | Par plus 300% of the sum of a) the index return minus b) the T-Bill yield minus c) a fee of 0.4% per year;
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| Put option: | At any time with payout calculated in same way as at maturity
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| Call: | Automatically if index closes at 85% of its initial level or below with payout calculated in same way as at maturity
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| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 15
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| Underwriter: | Merrill Lynch & Co.
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