New Issue: Merrill Lynch sells $59.53 million Accelerated Return Notes linked to gold for Svensk

By Susanna Moon

Chicago, Sept. 27 - AB Svensk Exportkredit priced $59.53 million of 0% Accelerated Return Notes due Nov. 30, 2011 based on the spot price of gold, according to a 424B2 filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

The payout at maturity will be par of $10.00 plus triple any gain in the price of gold, up to a maximum payment of $12.019 per note.

Investors will be exposed to any losses.

Issuer:	AB Svensk Exportkredit
Issue:	Accelerated Return Notes
Underlying commodity:	Gold
Amount:	$59,527,150
Maturity:	Nov. 30, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any gold price gain, capped at 20.19%; exposure to any losses
Initial level:	1,290.75
Pricing date:	Oct. 1
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	01019M454

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