By Toni Weeks
San Diego, Sept. 27 - AB Svensk Exportkredit priced $50 million of floating-rate notes due Nov. 21, 2012 linked to the Dow Jones-UBS Commodity Index Total Return 2 Month Forward via Bank of America Merrill Lynch, according to an FWP filing with the Securities and Exchange Commission.
Interest equals Libor minus 60 basis points, subject to a floor of zero. It is reset quarterly and payable at maturity.
The payout at maturity, in addition to interest, will be par plus triple the sum of the index return minus the T-Bill yield minus a fee of 0.28% per year. The T-Bill yield will be the sum of the 91-day weekly auction high rates for U.S. Treasury bills for each day during the life of the notes.
The notes are putable at any time if requested by all holders, and the notes will be called if the index closes at 15% or more below its initial level. In each case, the payout will be calculated in the same way as that at maturity.
| Issuer: | AB Svensk Exportkredit
|
| Issue: | Floating-rate notes
|
| Underlying index: | Dow Jones-UBS Commodity Index Total Return 2 Month Forward
|
| Amount: | $50 million
|
| Maturity: | Nov. 21, 2012
|
| Coupon: | Libor minus 60 bps, reset quarterly and payable at maturity
|
| Price: | Par
|
| Payout at maturity: | Par plus 300% of the sum of the index return minus the T-Bill yield minus a fee of 0.28% per year
|
| Put option: | At any time if requested by all holders
|
| Call: | Automatically if index closes at 85% of its initial level or below
|
| Initial level: | To be determined
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| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 3
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 3%
|
| Cusip: | To be determined
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