Published on 5/18/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $27.27 million more Elements on Rogers Agriculture for Svensk
By Marisa Wong
Los Angeles, May 18 – AB Svensk Exportkredit sold an additional $27,271,524 of 0% Elements due Oct. 24, 2022 linked to the Rogers International Commodity Index – Agriculture Total Return via BofA Merrill Lynch.
According to a 424B3 filing with the Securities and Exchange Commission, between March 3 and April 6, Svensk issued the following principal amounts of additional notes: $500,000 at 70.85 for proceeds of $354,255; $800,000 at 70.61 for proceeds of $564,848; $1.5 million at 70.66 for proceeds of $1,059,825; $2 million at 70.66 for proceeds of $1,413,100; $1 million at 70.66 for proceeds of $706,550; $1.5 million at 70.10 for proceeds of $1,051,545; $800,000 at 70.10 for proceeds of $560,824; and $500,000 at 69.82 for proceeds of $349,110.
According to a separate 424B3 filing, between April 7 and May 14, Svensk issued the following principal amounts of additional notes: $500,000 at 70.18 for proceeds of $350,885; $700,000 at 71.81 for proceeds of $502,691; $2 million at 72.16 for proceeds of $1,443,220; $1.2 million at 72.95 for proceeds of $875,388; $4 million at 73.86 for proceeds of $2,954,240; $1.7 million at 73.86 for proceeds of $1,255,552; $1.3 million at 75.91 for proceeds of $986,843; $1.5 million at 77.45 for proceeds of $1,161,735; $5 million at 77.69 for proceeds of $3,884,400; $2.6 million at 77.69 for proceeds of $2,019,888; $2.5 million at 76.99 for proceeds of $1,924,675; $4 million at 76.99 for proceeds of $3,079,480; and $1 million at 77.25 for proceeds of $772,470.
The original $4 million of the notes priced at par of $10 on Oct. 17, 2007. Additional securities have been sold since the inception date at variable prices.
The payout at maturity will be par plus the index return, which could be positive or negative, less an annual investor fee of 0.75%.
The notes are putable on weekly repurchase dates, subject to a minimum of $5 million of notes.
The notes are listed on NYSE Arca under the symbol “RJA.”
Issuer: | AB Svensk Exportkredit
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Issue: | Elements
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Underlying index: | Rogers International Commodity Index – Agriculture Total Return
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Initial amount: | $4 million
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Proceeds: | $27,271,524 for latest $36.6 million principal amount of add-ons
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Maturity: | Oct. 24, 2022
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Coupon: | 0%
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Price: | Par of $10 for original $4 million; in latest add-ons, 70.85 for $500,000, 70.61 for $800,000, 70.66 for $1.5 million, 70.66 for $2 million, 70.66 for $1 million, 70.10 for $1.5 million, 70.10 for $800,000, 69.82 for $500,000, 70.18 for $500,000, 71.81 for $700,000, 72.16 for $2 million, 72.95 for $1.2 million, 73.86 for $4 million, 73.86 for $1.7 million, 75.91 for $1.3 million, 77.45 for $1.5 million, 77.69 for $5 million, 77.69 for $2.6 million, 76.99 for $2.5 million, 76.99 for $4 million, 77.25 for $1 million
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Payout at maturity: | Par plus index return minus annual investor fee of 0.75%
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Put option: | On weekly repurchase dates subject to minimum of $5 million
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Initial index level: | 1,236.05
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Inception date: | Oct. 17, 2007 for original $4 million
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Settlement dates: | Oct. 24, 2007 for original $4 million; in latest add-ons, March 8 for $500,000, March 12 for $800,000, March 15 for $1.5 million, March 15 for $2 million, March 15 for $1 million, March 16 for $1.5 million, March 16 for $800,000, March 25 for $500,000, April 15 for $500,000, April 22 for $700,000, April 23 for $2 million, April 26 for $1.2 million, April 27 for $4 million, April 27 for $1.7 million, April 29 for $1.3 million, April 30 for $1.5 million, May 3 for $5 million, May 3 for $2.6 million, May 4 for $2.5 million, May 4 for $4 million, May 12 for $1 million
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Underwriter: | BofA Merrill Lynch
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Listing: | NYSE Arca: RJA
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Cusip: | 870297603
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