By Jennifer Chiou
New York, Nov. 12 - AB Svensk Exportkredit priced an additional $11 million of floating-rate commodity index-linked notes due Dec. 8, 2009 linked to the S&P GSCI Official Close Index Total Return via Merrill Lynch & Co., bringing the total amount to $31.5 million, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly and equals Libor minus 27 basis points.
The payout at maturity will be par of $100,000 plus triple the sum of the index return minus the Treasury bill yield minus a fee of 0.3% 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 if requested by all holders, and the notes 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
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Issue: | Commodity index-linked notes
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Underlying index: | S&P GSCI Official Close Index Total Return
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Amount: | $31.5 million, upsized from $20.5 million
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Maturity: | Dec. 8, 2009
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Coupon: | Libor minus 27 bps, payable quarterly
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Price: | Par of $100,000
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Payout at maturity: | Par plus 300% of the sum of the index return minus the T-bill yield minus a fee of 0.3% per year
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Put option: | At any time if requested by all holders; 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; payout calculated in same way as at maturity
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Initial index level: | 5,143.577
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Pricing date: | Oct. 27 for original $20.5 million; Nov. 12 for add-on
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Settlement date: | Nov. 3 for original $20.5 million; Nov. 19 for add-on
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Underwriter: | Merrill Lynch & Co.
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Fees: | None
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