New Issue: Goldman Sachs prices $23.15 million 98% protected notes linked to six currencies for Svensk

By Angela McDaniels

Tacoma, Wash., Feb. 11 - AB Svensk Exportkredit priced $23.15 million of zero-coupon 98% principal-protected bull notes due Aug. 22, 2009 linked to a basket of currencies via Goldman, Sachs & Co., according to an FWP filing with the Securities and Exchange Commission.

The basket includes the Brazilian real, Russian ruble, Czech koruna, Malaysian ringgit, New Taiwan dollar and Singapore dollar, each with a 16.667% weight, and the Canadian dollar with a negative 50% weight, all relative to the U.S. dollar.

The final basket return will equal the sum of the real return, the ruble return, the koruna return, the ringgit return, the New Taiwan dollar return and the Singapore dollar return, minus 0.5% and minus half of the Canadian dollar return.

If the final basket return is at least 4.5%, the payout at maturity will be 113% of par. Otherwise, the payout will be 98% of par. In order for investors to receive more than 98% of par, the basket must appreciate against the U.S. dollar at a rate sufficient to more than offset the appreciation, if any, of the Canadian dollar against the U.S. dollar.

Issuer:	AB Svensk Exportkredit
Issue:	98% principal-protected bull notes
Underlying currencies:	Brazilian real (16.667% weight), Russian ruble (16.667 % weight), Czech koruna (16.667% weight), Malaysian ringgit (16.667% weight), New Taiwan dollar (16.667% weight), Singapore dollar (16.667% weight) and Canadian dollar (negative 50% weight), all relative to the U.S. dollar
Amount:	$23,147,000
Maturity:	Aug. 22, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If basket return is 4.5% or more, 113% of par; otherwise, 98% of par; basket return will equal the sum of the real return, the ruble return, the koruna return, the ringgit return, the New Taiwan dollar return and the Singapore dollar return, minus 0.5% and minus half of the Canadian dollar return
Initial exchange rates:	1.765 reais per U.S. dollar; 24.78 rubles per U.S. dollar; 17.71 koruny per U.S. dollar; 3.2345 ringgits per U.S. dollar; 32.02 New Taiwan dollars per U.S. dollar; 1.4195 Singapore dollars per U.S. dollar; 1.008 Canadian dollars per U.S. dollar
Pricing date:	Feb. 8
Settlement date:	Feb. 22
Underwriter:	Goldman, Sachs & Co.
Fees:	0.25%

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