Free Writing Prospectus

Filed Pursuant to Rule 433(d)

Registration Statement 333-156118

 

 

 

 

Leveraged Equity Index-Linked Notes

(Linked to the MSCI EAFE Index)

 

May 7, 2010

 

 

Final Terms

 

 

Issuer:

AB Svensk Exportkredit (“SEK”)

 

 

Index:

MSCI EAFE Index (Bloomberg symbol, “MXEA”)

 

 

Face Amount:

Each note will have a face amount equal to $1,000

 

 

 

$8,348,000 in the aggregate for all the offered notes

 

 

 

We may decide to sell additional notes after the trade date but prior to the settlement date at an issue price (and underwriting discount and net proceeds) that differs from the original resell/purchase price.

 

 

Specified Currency:

United States dollar (“$” or “USD”)

 

 

Original Issue Price:

100% of face amount

 

 

Denominations:

$1,000 and integral multiples of $ 1,000 in excess thereof

 

 

Trade Date:

May 7, 2010

 

 

Issue Date:

May 21, 2010

 

 

Stated Maturity Date:

November 22, 2011, unless postponed due to a non-business day

 

 

Determination Date:

November 7, 2011, unless postponed due to a market disruption event or a non-trading day

 

 

Initial Index Level:

1,374.00

 

 

Final Index Level:

The closing level of the index on the valuation date

 

 

Index Return:

The result of (i) the final index level minus the initial index level divided by (ii) the initial index level, expressed as a positive or negative percentage.

 

 

Payment Amount:

On the stated maturity date, you will receive an amount in cash per note equal to:

 

 

 

If the final index level is greater than or equal to the cap level,

 

the maximum settlement amount

 

 

 

If the final index level is greater than the initial index level but less than the cap level,

 

the sum of (1) the $1,000 face amount plus (2) the product of (i) the $1,000 face amount times (ii) the participation rate times (iii) the index return

 



 

 

If the final index level is equal to or less than the initial index level,

 

the sum of (1) the $1,000 face amount plus (2) the product of (i) the $1,000 face amount times (ii)  the index return.  In this case, the payment amount you will receive at maturity shall be less than the principal amount you invested in the notes, and you may lose a significant portion or even all of your investment in the notes.

 

 

Participation Rate:

130%

 

 

Cap Level:

140.80% of the initial index level

 

 

Maximum Settlement Amount:

$1,530.40 for every $1,000 of face amount

 

 

No interest:

The notes will not bear interest

 

 

No listing:

The notes will not be listed on any securities exchange or interdealer market quotation system

 

 

Calculation Agent:

Goldman, Sachs & Co.

 

 

FDIC:

The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation (the “FDIC ) or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

 

 

Equity CUSIP:

00083D572

 

 

ISIN:

US00083D5721

 

 

Time of Trade:

11:59 am, NY time, May 7, 2010

 

 

Last Day of Amortization:

August 5, 2010

 

 

Proceeds to Issuer:

99.75% of face amount ($8,327,130.00)

 

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Hypothetical Examples

 

The table below assumes that there is no change in or affecting the composition of the index or the method by which the index sponsor calculates the index level, and that no market disruption event occurs with respect to the index on the valuation date. The hypothetical return examples in the table below assume a cap level of 140.80% of the initial index level and a maximum payment amount of $1,530.40.

 

Hypothetical Final Index Level

 

 

Payment Amount

 

(as % of Initial Index Level)

 

 

(as % of Face Amount)

 

150.00

%

 

153.04

%

148.00

%

 

153.04

%

145.00

%

 

153.04

%

140.80

%

 

153.04

%

130.00

%

 

139.00

%

120.00

%

 

126.00

%

110.00

%

 

113.00

%

100.00

%

 

100.00

%

75.00

%

 

75.00

%

50.00

%

 

50.00

%

25.00

%

 

25.00

%

0.00

%

 

0.00

%

 

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Historical Quarterly High, Low and Closing Levels of the Index

 

The table below shows the high, low and final closing levels of the index for each of the four calendar quarters in 2007, 2008 and 2009 and the first two calendar quarters of 2010 (through May 7, 2010).  We obtained the closing levels listed in the table below from Bloomberg Financial Services, without independent verification.

 

 

 

High

 

Low

 

Close

 

 

 

 

 

 

 

 

 

2007

 

 

 

 

 

 

 

Quarter ended March 31

 

2182.60

 

2030.00

 

2147.51

 

Quarter end ed June 30

 

2285.36

 

2152.13

 

2262.24

 

Quarter end ed September  30

 

2335.70

 

2039.86

 

2300.38

 

Quarter ended December 31

 

2388.74

 

2179.99

 

2253.36

 

2008

 

 

 

 

 

 

 

Quarter ended March 31

 

2253.36

 

1913.53

 

2038.62

 

Quarter ended June 30

 

2206.72

 

1957.23

 

1967.19

 

Quarter ended September 30

 

1934.39

 

1553.15

 

1553.15

 

Quarter ended December 31

 

1568.20

 

1044.23

 

1237.42

 

2009

 

 

 

 

 

 

 

Quarter ended March 31

 

1281.02

 

911.39

 

1056.23

 

Quarter ended June 30

 

1361.36

 

1071.10

 

1307.16

 

Quarter ended September 30

 

1580.58

 

1251.65

 

1552.84

 

Quarter ended December 31

 

1617.99

 

1496.75

 

1580.77

 

2010

 

 

 

 

 

 

 

Quarter ended March 31

 

1642.20

 

1451.53

 

1548.28

 

Quarter ending June 30 (through May 7, 2010)

 

1636.19

 

1391.29

 

1391.29

 

 

Disclaimers

 

MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and are licensed for use for certain purposes by The Goldman Sachs Group, Inc. and its affiliates.  The Goldman Sachs Group, Inc. expects to sub-license the use of the MSCI index names and service mark(s) to Aktiebolaget Svensk Exportkredit (publ).

 

THE NOTES ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY AFFILIATE OF MSCI OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX.  THE MSCI INDICES ARE THE EXCLUSIVE PROPERTY OF MSCI.  MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND ARE LICENSED FOR USE FOR CERTAIN PURPOSES BY THE GOLDMAN SACHS GROUP, INC. AND ARE EXPECTED TO BE SUBLICENSED TO AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL) (COLLECTIVELY, THE “LICENSEE”). NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE NOTES OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN FINANCIAL SECURITIES GENERALLY OR IN THE NOTES PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE.  MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDICES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE NOTES OR THE ISSUER OR OWNER OF THE NOTES.  NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE NOTES INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDICES.  NEITHER MSCI, ITS AFFILIATES NOR

 

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ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE NOTES TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE NOTES ARE REDEEMABLE FOR CASH.  NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, THE MAKING OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION OR LIABILITY TO THE OWNERS OF THE NOTES IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE NOTES.

 

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDICES FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO MAKING OR COMPILING ANY MSCI INDEX WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.  NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS OR COUNTERPARTIES, ISSUER OF THE NOTES, OWNERS OF THE NOTES, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND MSCI, ANY OF ITS AFFILIATES AND ANY OTHER PARTY INVOLVED IN, OR RELATED TO MAKING OR COMPILING ANY MSCI INDEX HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MSCI, ANY OF ITS AFFILIATES OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

 

No purchaser, seller or holder of this security, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required.  Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

 

The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

 

The Issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer has filed with the SEC for more complete information about the issuer and the offering. You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from Goldman, Sachs & Co. by calling 1-866-471-2526.

 

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