New Issue: Merrill Lynch prices $14.97 million 7.5% STEP Income notes tied to Adobe for Svensk

By Angela McDaniels

Tacoma, Wash., Feb. 14 - AB Svensk Exportkredit priced $14.97 million of 7.5% STEP Income Securities due Feb. 28, 2012 linked to the common stock of Adobe Systems, 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, the payout at maturity will be par of $10 plus 4.77%. The step level is 107.5% of the initial share price.

If the stock finishes at or above the initial price but below the step level, the payout will be par.

Investors will be exposed to any decline in the share price.

Issuer:	AB Svensk Exportkredit
Issue:	STEP Income Securities
Underlying stock:	Adobe Systems Inc. (Nasdaq: ADBE)
Amount:	$14,971,200
Maturity:	Feb. 28, 2012
Coupon:	7.5%, payable quarterly
Price:	Par of $10.00
Payout at maturity:	If final share price is greater than or equal to step level, par plus 4.77%; if final share price is greater than or equal to initial share price but less than step level, par; otherwise, par plus stock return
Initial share price:	$33.24
Step level:	$35.73, 107.5% of initial share price
Pricing date:	Feb. 10
Settlement date:	Feb. 18
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.75%
Cusip:	01019M181

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.