New Issue: Merrill Lynch prices $40.87 million capped leveraged notes linked to palladium for Svensk

By Angela McDaniels

Tacoma, Wash., June 1 - AB Svensk Exportkredit priced $40.87 million of 0% Capped Leveraged Index Return Notes due Nov. 23, 2011 linked to the palladium spot price via Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus double any increase in the palladium spot price, subject to a maximum return of 41.6%. Investors will receive par if the price declines by 10% or less and will lose 1% for every 1% decline beyond 10%.

Issuer:	AB Svensk Exportkredit
Issue:	Capped Leveraged Index Return Notes
Underlying commodity :	Palladium
Amount:	$40,870,260
Maturity:	Nov. 23, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus double any increase in spot price, up to maximum return of 41.6%; par if price falls by 10% or less; 1% loss for every 1% decline beyond 10%
Initial spot price:	$455
Pricing date:	May 27
Settlement date:	June 4
Underwriters:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%
Cusip:	01019M652

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