New Issue: Goldman Sachs prices $30.48 million bull notes linked to five Asian currencies for Svensk

By Laura Lutz

Des Moines, Jan. 15 - AB Svensk Exportkredit priced $30.48 million of zero-coupon 98% principal-protected bull notes due July 25, 2009 linked to a basket of five Asian currencies via Goldman, Sachs & Co., according to an FWP filing with the Securities and Exchange Commission.

The basket consists of the Chinese renminbi with a 25% weight, the Malaysian ringgit with a 25% weight, the Singapore dollar with a 25% weight, the Philippine peso with a 12.5% weight and the Indonesian rupiah with a 12.5% weight, all against the U.S. dollar.

If the final basket level is at least the initial level, the payout at maturity will be 98% of par plus 115% of any basket gain. Otherwise, the payout will be 98% of par.

Svensk said the principal amount may be increased before Jan. 25, the settlement date.

Issuer:	AB Svensk Exportkredit
Issue:	98% principal-protected bull notes
Underlying currencies:	Chinese renminbi (25% weight), Malaysian ringgit (25% weight), Singapore dollar (25% weight), Philippine peso (12.5% weight) and Indonesian rupiah (12.5% weight), all against U.S. dollar
Amount:	$30,481,000
Maturity:	July 25, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If final basket level is at least initial level, 98% of par plus 115% of any basket gain; otherwise, 98% of par
Initial levels:	7.26 for renminbi, 9,440 for rupiah, 3.26 for ringgit, 40.68 for Philippine peso and 1.432 for Singapore dollar
Pricing date:	Jan. 11
Settlement date:	Jan. 25
Underwriter:	Goldman, Sachs & Co.
Fees:	0.25%

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