Published on 11/5/2009 in the Prospect News Structured Products Daily.
New Issue: Nuveen, Merrill upsize Elements linked to Spectrum Large Cap to $10.36 million for Svensk
By Angela McDaniels
Tacoma, Wash., Nov. 5 - AB Svensk Exportkredit priced an additional $200,000 of 0% Elements due Aug. 8, 2022 linked to the Spectrum Large Cap U.S. Sector Momentum index via underwriters Nuveen Investments and Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The notes priced at 80 and bring the issue size to $10.36 million. The company said in August 2007 that it will issue up to $250 million of the notes.
The index was developed by BNP Paribas and tracks the value of a notional portfolio composed of 10 sub-indexes of the S&P 500. The weights may be rebalanced daily according to a momentum strategy that increases the allocation to those that outperform the S&P 500 Total Return index and cuts those that underperform. The weights are then modified to account for the correlation between the sub-indexes and the S&P 500 Total Return index.
The payout at maturity will be par plus the index return, less an annual investor fee of 0.75%.
Holders may put back the notes for repurchase on weekly repurchase dates. There is a minimum put requirement of $5 million of securities.
The notes are listed on the NYSE Arca under the symbol "EEH."
| Issuer: | AB Svensk Exportkredit
|
| Issue: | Elements
|
| Underlying index: | Spectrum Large Cap U.S. Sector Momentum index
|
| Amount: | $10,362,000, increased from $10,162,000
|
| Maturity: | Oct. 24, 2022
|
| Coupon: | 0%
|
| Price: | Par for original $10,162,000; 80 for $200,000
|
| Payout at maturity: | Par plus the index return less an annual investor fee of 0.75%
|
| Call option: | On weekly repurchase dates
|
| Inception date: | Aug. 1, 2007 for original issue
|
| Settlement dates: | Aug. 8, 2007 for original issue; Oct. 21 for add-on
|
| Underwriters: | Nuveen Investments and Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Listing: | NYSE Arca: EEH
|
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