New Issue: Merrill Lynch prices $176.75 million Accelerated Return Notes linked to S&P 500 for Svensk

By Angela McDaniels

Tacoma, Wash., May 5 - AB Svensk Exportkredit priced $176.75 million of 0% Accelerated Return Notes due July 17, 2009 linked to the S&P 500 index via Merrill Lynch & Co. and First Republic Securities Co., LLC, according to an 8-A12B filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any gain in the index, subject to a maximum return of 16.65%. Investors will be exposed to any index decline.

The company said the notes will be listed on the American Stock Exchange under the symbol "SQT."

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$176.75 million
Maturity:	July 17, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any index gain, capped at payout equal to 116.65% of par; full exposure to any index decline
Initial index level:	1,409.34
Underwriters:	Merrill Lynch & Co. and First Republic Securities Co., LLC
Settlement date:	May 8
Fees:	2%
Listing:	Amex: SQT

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