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Morgan Stanley plans floaters on Dow Jones - UBS Commodity for Svensk
By Jennifer Chiou
New York, Dec. 17 - AB Svensk Exportkredit plans to price floating-rate notes due Nov. 18, 2010 linked to the Dow Jones - UBS Commodity Index Total Return via Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will equal Libor minus a spread of 27 basis points and will be payable quarterly.
The payout at maturity will be par plus triple the sum of the index return minus the T-Bill yield minus an annual fee. The T-Bill yield will be the sum of the 91-day weekly auction high rates for U.S. Treasury bills for each day during the life of the notes.
The spread and the fees will be determined at pricing.
The notes will be putable at any time if requested by all holders, and the notes will be called if the index closes at 15% or more below its initial level. In each case, the payout will be calculated in the same way as that at maturity.
The notes will price in December.
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