By Angela McDaniels
Tacoma, Wash., May 26 - AB Svensk Exportkredit priced $10 million of floating-rate notes due July 1, 2010 linked to the MLCX - Enhanced Benchmark B04 Total Return index via Merrill Lynch, Pierce, Fenner & Smith Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly and equals Libor minus 27 basis points.
The payout at maturity will be par plus 300% of the sum of (a) the index return minus (b) the TBill amount minus (c) a fee of 0.5% per year. The TBill amount 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 notes are putable at any time if requested by all holders, and the notes will be called if the index declines by 15% or more. In both cases, the payout will be determined in the same way as the payout at maturity.
Issuer: | AB Svensk Exportkredit
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Issue: | Floating-rate notes
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Underlying index: | MLCX - Enhanced Benchmark B04 Total Return index
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Amount: | $10 million
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Maturity: | July 1, 2010
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Coupon: | Libor minus 27 bps, payable quarterly
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Price: | Par
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Payout at maturity: | Par plus 300% of the sum of (a) the index return minus (b) the TBill amount minus (c) a fee of 1% per year
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Put option: | At any time if requested by all holders; payout determined in same way as at maturity
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Call: | Automatically if index declines by 15% or more; payout determined in same way as at maturity
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Pricing date: | May 26
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Settlement date: | June 2
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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