New Issue: Merrill sells $5.7 million Accelerated Return Bear Market Notes on S&P 500 for Svensk

By Susanna Moon

Chicago, March 31 - AB Svensk Exportkredit priced $5.7 million of 0% Accelerated Return Bear Market Notes due May 28, 2010 linked to the S&P 500 index, according to a 424B3 filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. and its affiliate First Republic Securities Co., LLC are the underwriters.

The payout at maturity will be par of $10 plus 5% for every 1% index decline, up to a maximum return of 17.8%.

Investors will receive par if the index gains by 10% or less and will lose 1% for every 1% gain beyond 10%.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Bear Market Notes
Underlying index:	S&P 500 index
Amount:	$5.7 million
Maturity:	May 28, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus five times the absolute value of any index decline, capped at 17.8%; par if index gains by 10% or less and 1% loss for every 1% advance beyond 10%
Initial index level:	787.53
Threshold Value:	866.28, or 110% of the initial level
Pricing date:	March 30
Settlement date:	April 6
Underwriters:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%

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