New Issue: Merrill sells $33.45 million Accelerated Return Notes on Energy Select for Svensk

By Susanna Moon

Chicago, Feb. 26 - AB Svensk Exportkredit priced $33.45 million of 0% Accelerated Return Notes due April 29, 2011 based on the Energy Select Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus triple any gain in the index, up to a maximum payment of $12.205 per note.

Investors will be exposed to any index decline.

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

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying index:	Energy Select Sector
Amount:	$33.45 million
Maturity:	April 29, 2011
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus 300% of any index gain, capped at 22.05%; exposure to any losses
Initial level:	560.05
Pricing date:	Feb.24
Settlement date:	March 4
Agents:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%
Cusip:	01019M694

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