New Issue: Merrill Lynch sells $49.51 million Accelerated Return Notes tied to gold for Svensk

By Marisa Wong

Madison, Wis., Nov. 24 - AB Svensk Exportkredit priced $49.51 million of 0% Accelerated Return Notes due Feb. 2, 2012 linked to the spot price of gold, according to a 424B2 filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

The payout at maturity will be par of $10 plus triple any gain in the price of gold, up to a maximum return of 19%.

Investors will be exposed to any losses.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying commodity:	Gold
Amount:	$49,509,520
Maturity:	Feb. 2, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any gold price gain, capped at 19%; exposure to any losses
Initial price:	$1,377.50
Pricing date:	Nov. 23
Settlement date:	Dec. 1
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	01019M389

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