New Issue: Merrill prices $34.1 million 0% Accelerated Return Bear Market Notes linked to S&P 500 for Svensk

By E. Janene Geiss

Philadelphia, Feb. 2 - AB Svensk Exportkredit priced $34.1 million of 0% Accelerated Return Bear Market Notes due Nov. 5, 2009 linked to the S&P 500 index via underwriters Merrill Lynch & Co. and First Republic Securities Co., LLC, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is less than the initial level, the payout at maturity will be par of $10 plus 500% of the absolute value of the decline, capped at 12.5% of par.

Otherwise, the payout will be par for gains up to 10%. Investors will lose 1% for every 1% that the index gains beyond 10%.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Bear Market Notes
Underlying index:	S&P 500
Amount:	$34.1 million
Maturity:	Nov. 5, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus five times the absolute value of any index drop, capped at maximum return of 12.5%; par for gains up to 10%; 1% loss for every 1% index gain beyond 10%
Initial index level:	845.14
Pricing date:	Jan. 29
Settlement date:	Feb. 5
Underwriters:	Merrill Lynch & Co. and First Republic Securities Co., LLC
Fees:	1.25%

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