Goldman Sachs to price floaters linked to S&P Diversified Trends Indicator for Svensk

By Angela McDaniels

Tacoma, Wash., July 17 - AB Svensk Exportkredit plans to price floating-rate notes due Sept. 25, 2009 linked to the modified S&P Diversified Trends Indicator - Total Return via underwriter Goldman, Sachs & Co., according to a 424B2 filing with the Securities and Exchange Commission.

The index is a version of the S&P Diversified Trends Indicator - Total Return, which is an index of futures contracts on physical commodities and financial instruments, modified according to a methodology developed by Goldman Sachs.

Interest will be payable quarterly. It will accrue daily at a rate equal to Libor minus a to-be-determined spread, with a floor of zero.

The payout at maturity will be par plus 300% of the index return, minus triple the final Treasury bill amount and minus a fee of 4.5% per year. 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.

The notes will be automatically called if the index closes at or below 85% of its initial level, and a holder of all the notes may put the notes at any time. In both instances, the redemption amount will be determined in the same manner as the payout at maturity.

The notes will price on July 18 and settle on July 25.

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