New Issue: Merrill Lynch sells $12.2 million Accelerated Return Notes linked to S&P 500 for Svensk

By Susanna Moon

Chicago, Nov. 3 - AB Svensk Exportkredit priced $12.2 million of 0% Accelerated Return Notes due Jan. 21, 2010 linked to the S&P 500 index via Merrill Lynch & Co. and First Republic Securities Co., LLC, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of 32.58%.

Investors will be fully exposed to any index decline.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying index:	S&P 500 index
Amount:	$12.2 million
Maturity:	Jan. 21, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any index gain, capped at 32.58%; exposure to losses
Initial index level:	954.09
Pricing date:	Oct. 30
Settlement date:	Nov. 10
Underwriters:	Merrill Lynch & Co. and First Republic Securities Co., LLC
Fees:	2%

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