New Issue: Merrill Lynch prices $13.88 million 8% STEP Income Securities tied to Amazon for Svensk

By Angela McDaniels

Tacoma, Wash., Nov. 24 - AB Svensk Exportkredit priced $13.88 million of 8% STEP Income Securities due Dec. 7, 2011 linked to the common stock of Amazon.com, Inc. via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

If the stock finishes at or above the step level - 108% of the initial price - the payout at maturity will be par of $10 plus 3.87%.

If the stock finishes at or above the threshold level - 95% of the initial price - but below the step level, the payout will be par.

Investors will lose 1% for every 1% that the final share price falls below the threshold level.

Issuer:	AB Svensk Exportkredit
Issue:	STEP Income Securities
Underlying stock:	Amazon.com, Inc. (Nasdaq: AMZN)
Amount:	$13,876,810
Maturity:	Dec. 7, 2011
Coupon:	8%, payable quarterly
Price:	Par of $10.00
Payout at maturity:	If final share price is greater than or equal to step level, par plus 3.87%; if final share price is greater than or equal to threshold level but less than step level, par; 1% loss for every 1% decline below threshold level
Initial share price:	$167.03
Step level:	$180.39, 108% of initial price
Threshold level:	$158.68, 95% of initial level
Pricing date:	Nov. 23
Settlement date:	Dec. 1
Underwriters:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.75%
Cusip:	01019M363

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