By E. Janene Geiss
Philadelphia, April 14 - AB Svensk Exportkredit priced a $20 million issue of notes due April 24, 2009 linked to the Modified Standard & Poor's Diversified Trends Indicator - Total Return, according to an FWP filing with the Securities and Exchange Commission.
Goldman, Sachs & Co. is the underwriter.
The modified index is the S&P DTI-TR as modified by changes to its methodology developed by Goldman Sachs.
The notes will bear interest at Libor minus 26 basis points per year.
Interest will be reset and payable quarterly.
The payout at maturity will be par plus triple the index return, minus the final Treasury bill amount and minus a 1.5% annual fee. The final Treasury bill amount will equal the sum of the auction high rate of the three-month U.S. Treasury bill for each day during the life of the notes.
A holder of 100% of the principal amount of the notes may require Svensk to redeem them at any time. The redemption amount will be calculated in the same way as the payout at maturity.
The notes will also be called if the index falls by 15% or more, and the redemption amount will be calculated using the closing value of the index on the day prior to the call.
| Issuer: | AB Svensk Exportkredit
|
| Issue: | Notes
|
| Underlying index: | Modified Standard & Poor's Diversified Trends Indicator - Total Return
|
| Amount: | $20 million
|
| Maturity: | April 24, 2009
|
| Coupon: | Libor minus 26 bps per year, reset and payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus triple the index return minus the final Treasury bill amount and minus 1.5% annual fee
|
| Call: | If the index declines by 15% or more
|
| Initial index level: | 1582.337 |
|
| Trigger level: | 1344.986, 15% of initial index level
|
| Pricing date: | April 10
|
| Settlement date: | April 17
|
| Underwriter: | Goldman, Sachs & Co.
|
| Fees: | 0.25%
|
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