Obligation Svenska Exportkredit 7.625% ( US002546AT61 ) en USD

Svenska Exportkredit

100 % ⇌

Suede

US002546AT61 ( en USD )

7.625% par an ( paiement semestriel )

30/06/2014 - Obligation échue

Prospectus brochure de l'obligation Swedish Export Credit (SEK) US002546AT61 en USD 7.625%, échue

5 000 USD

500 000 000 USD

002546AT6

AA+ ( Haute qualité )

Aa1 ( Haute qualité )

Swedish Export Credit (SEK) est une agence gouvernementale suédoise qui fournit des assurances-crédit, des garanties et des prêts aux exportateurs suédois pour soutenir leurs ventes à l'international.

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US002546AT61, paye un coupon de 7.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/06/2014

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US002546AT61, a été notée Aa1 ( Haute qualité ) par l'agence de notation Moody's.

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US002546AT61, a été notée AA+ ( Haute qualité ) par l'agence de notation Standard & Poor's ( S&P ).

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424B2 1 a07-17894_1424b2.htm 424B2
Pricing Supplement No. 54
Filed Pursuant to Rule 424(b)
(2)
(To Prospectus and Prospectus Supplement each dated January 30, 2006)
Registration No. 333-131369

NZD 500,000,000
AB SVENSK EXPORTKREDIT
(Swedish Export Credit Corporation)
7.625% Global Notes
Due June 30, 2014
Issue Price: 99.395%
These notes are issued by AB Svensk Exportkredit (Swedish Export Credit Corporation). The notes will mature on
June 30, 2014. The notes will not be redeemable before maturity except for tax reasons and will not be entitled to the
benefit of any sinking fund.
Interest on the notes will be payable semiannually on each June 30 and December 30, commencing December 30,
2007 (resulting in a short first coupon), to and including the maturity date.
See "Risk Factors" beginning on page P-6 to read about factors you should consider before buying the notes.
Neither the Securities and Exchange Commission nor any other US regulatory body has approved or
disapproved of these securities or passed upon the accuracy or adequacy of this pricing supplement or the
prospectus and prospectus supplement to which it relates. Any representation to the contrary is a criminal
offense.

Per Note

Total

Initial public offering price
99.395%
NZD 496,975,000

Underwriting discount
0.250%
NZD
1,250,000

Proceeds to the Company
99.145%
NZD 495,725,000(1)

(1) Before reimbursement by the Company of the Lead Manager's expenses of NZD 100,000.
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The managers expect to deliver the notes to investors through the facilities of The Depository Trust Company,
Clearstream Banking, société anonyme and Euroclear Bank S.A./N.V. on or about July 10, 2007.
Lead Manager
TD Securities

Co-Managers

Deutsche Bank
ABN AMRO
ANZ Investment Bank

Bank Vontobel AG
Daiwa Securities
RBC Capital Markets

SMBC Europe

UBS Investment Bank

The date of this pricing supplement is June 28, 2007
UPDATED CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Maximum
Title of Each Class
Amount to be
Aggregate Price
Aggregate Offering
Amount of
of Securities to be Registered

Registered

Per Unit

Price

Registration Fee

Notes offered hereby
NZD 500,000,000
99.395% U.S. $382,322,870 U.S. $11,808.76(1)

(1) The filing fee is calculated in accordance with Rule 457(r) under the Securities Act using the noon buying
rate for NZD and U.S.$ published by the Federal Reserve Bank of New York on the date hereof. As of the filing
of this pricing supplement, there are unused registration fees of $32,209.7 that have been paid in respect of the
securities covered by the registration statement on Form F-3 (No. 333-131369) filed by Swedish Export Credit
Corporation on January 30, 2006 of which this pricing supplement is a part. After giving effect to the
registration fee for this offering $20,400.94 remains available for future offerings.
ABOUT THIS PRICING SUPPLEMENT
This document constitutes the pricing supplement relating to the issue of notes described herein. We refer to this
document as the "pricing supplement". It is a supplement to:
·
the accompanying prospectus supplement dated January 30, 2006 relating to our medium-term

notes, series D, due nine months or more from date of issue and
·
the accompanying prospectus dated January 30, 2006 relating to our debt securities.

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If the information in this pricing supplement differs from the information contained in the prospectus supplement or
the prospectus, you should rely on the information in this pricing supplement.
You should read this pricing supplement along with the accompanying prospectus supplement and prospectus. All
three documents contain information you should consider when making your investment decision. You should rely
only on the information provided or incorporated by reference in this pricing supplement, the prospectus and the
prospectus supplement. We have not authorized anyone else to provide you with different information. We and the
managers are offering to sell the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to
do so. The information contained in this pricing supplement and the accompanying prospectus supplement and
prospectus is current only as of its date.
A portion of the notes offered hereby is being offered and sold outside the United States without registration under
the U.S. Securities Act of 1933, as amended.
This pricing supplement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities
offered hereby to any person in any jurisdiction in which it is unlawful for such person to make such an offering.
The offer or sale of notes may be restricted by law in certain jurisdictions, and you should inform yourself about, and
observe, any such restrictions.
To the extent that an offer of the notes is made in any EEA Member State that has implemented Directive 2003/71/
EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") before
the date of publication of a prospectus in relation to the notes which has been approved by the competent authority in
that Member State in accordance with the Prospectus Directive (or, where appropriate, published in accordance with
the Prospectus Directive and notified to the competent authority in that Member State in accordance with the
Prospectus Directive), the offer (including any offer pursuant to this document) is only addressed to qualified
investors in that Member State within the meaning of the
P-3
Prospectus Directive or has been or will be made otherwise in circumstances that do not require us to publish a
prospectus pursuant to the Prospectus Directive.
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or
(ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may
lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred
to as "relevant persons"). The notes are only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such notes will be engaged in only with, relevant persons. Any person who is not a
relevant person should not act or rely on this document or any of its contents.
In connection with the issue of the notes The Toronto-Dominion Bank, as the Stabilizing Manager (the "Stabilizing
Manager") (or persons acting on behalf of the Stabilizing Manager), may over-allot notes (provided that the
aggregate principal amount of notes allotted does not exceed 105 per cent. of the aggregate principal amount of the
notes) or effect transactions with a view to supporting the market price of the notes at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilizing Manager (or persons acting on behalf of
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the Stabilizing Manager) will undertake stabilization action. Any stabilization action, if begun, may be ended at any
time, but it must end no later than the earlier of 30 days after the issue date of the notes and 60 days after the date of
the allotment of the notes.
P-4
INCORPORATION OF INFORMATION WE FILE WITH THE SEC
The SEC allows us to incorporate by reference the information we file with them. This means:
·
incorporated documents are considered part of this pricing supplement;

·
we can disclose important information to you by referring you to those documents;

·
information in this pricing supplement automatically updates and supersedes information in

earlier documents that are incorporated by reference in this pricing supplement; and
·
information that we file with the SEC that we incorporate by reference in this pricing

supplement will automatically update and supersede this pricing supplement.
We incorporate by reference the documents listed below which we filed with the SEC under the Securities Exchange
Act of 1934:
·
our annual report on Form 20-F for the fiscal year ended December 31, 2006, which we filed

with the SEC on April 2, 2007, as amended April 4, 2007; and
·
our report on Form 6-K which we furnished to the SEC on June 5, 2007.

We also incorporate by reference each of the following documents that we will file with the SEC after the date of this
pricing supplement but before the end of the notes offering:
·
any report on Form 6-K filed by us pursuant to the Securities Exchange Act of 1934 that

indicates on its cover or inside cover page that we will incorporate it by reference in the registration
statement of which this pricing supplement is a part; and
·
reports filed under Sections 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934.

You may request a copy of any filings referred to above (excluding exhibits), at no cost, by contacting us at the
following address:
AB Svensk Exportkredit
(Swedish Export Credit Corporation)
Västra Trädgårdsgatan 11B
10327 Stockholm, Sweden
Tel: +46-8-613-8300
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On June 28, 2007, the exchange rate for U.S. dollars into Swedish kronor based on the noon buying rate in New York
City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New
York was 6.8555 Skr per U.S. dollar.
The following table sets forth, for the periods indicated, certain information extracted from the website pages of the
FRBNY concerning the exchange rates between New Zealand dollars and U.S. dollars based on the noon buying
rates in The City of New York for cable transfers in euros, as certified for customs purposes by the FRBNY (the
"Noon Buying Rates"):

Period End (1) Average (1)
High

Low

(U.S. $ per

NZD 1.00)

2002
0.5239
0.4670
0.5255
0.4149

2003
0.6557
0.5861
0.6557
0.5222

2004
0.7203
0.6660
0.7189
0.5995

2005
0.6845
0.7040
0.7450
0.6714

2006
0.7046
0.6528
0.7057
0.5958

2007 (through June 28)
0.7693
0.7252
0.7693
0.6782

(1) The average of the Noon Buying Rates on the last business day of each month during the relevant period.

P-5
RISK FACTORS
Prospective investors should read the entire pricing supplement along with the accompanying prospectus supplement
and prospectus. Investing in the notes involves certain risks and is suitable only for investors who have the
knowledge and experience in financial and business matters necessary to enable them to evaluate the risks and the
merits of such an investment. Prospective investors should make such inquiries as they deem necessary without
relying on us or any manager and should consult with their financial, tax, legal, accounting and other advisers, prior
to deciding to make an investment in the notes. Prospective investors should consider, among other things, the
following:
Risk Relating to the Notes
There is no active trading market for the notes.
The notes will be new securities which may not be widely distributed and for which there is currently no active
trading market. If the notes are traded after their initial issuance, they may trade at a discount to their initial offering
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price, depending upon prevailing interest rates, the market for similar securities, general economic conditions and our
financial condition. We do not intend to list the notes on any securities exchange. Accordingly, there is no assurance
as to the development or liquidity of any trading market for the notes and, therefore, any prospective purchaser
should be prepared to hold the notes indefinitely or until the maturity or final redemption of such notes.
Foreign currency notes
For certain risks associated with investing in notes denominated in currencies other than U.S. dollars, see "Risks
Associated with Foreign Currency Notes and Indexed Notes" in the accompanying prospectus supplement.
The notes may be redeemed prior to maturity.
If, due to the imposition by Sweden or one of its political subdivisions or taxing authorities of any tax, assessment or
governmental charge subsequent to the issue date, we become obligated to pay additional amounts, we may at our
option redeem all, but not less than all, the notes by giving notice specifying a redemption date at least 30 days, but
not more than 60 days, after the date of the notice. In such a circumstance, we may choose to redeem the notes at
times when prevailing interest rates may be relatively low and an investor may not be able to reinvest the redemption
proceeds in a comparable security at an effective interest rate as high as that of the notes.
Taxation
Potential investors of notes should consult their own tax advisers as to which countries' tax laws could be relevant to
acquiring, holding and disposing of notes and receiving payments of interest, principal and/or other amounts or
delivery of securities under the notes and the consequences of such actions under the tax laws of those countries.
Risks Relating To Us
Certain risk factors which could affect our business are described in our Annual Report on Form 20-F for the year
ended December 31, 2006.
P-6
DESCRIPTION OF THE NOTES
You should read the following description of the particular terms of the notes in conjunction with the description of
the general terms and provisions of the notes set forth in the accompanying prospectus supplement and of the Debt
Securities (as defined below) set forth in the accompanying prospectus. If this summary differs in any way from the
descriptions in the prospectus or the prospectus supplement, you should rely on this summary.
We will issue the notes under the indenture, dated as of August 15, 1991, between us and the predecessor in interest
to The Bank of New York Trust Company, N.A., as successor trustee, as supplemented by supplemental indentures
dated as of June 2, 2004 and January 30, 2006. The information contained in this section and in the prospectus and
the prospectus supplement summarizes some of the terms of the notes and the indenture. This summary does not
contain all of the information that may be important to you as a potential investor in the notes. You should read the
indenture and the supplemental indenture before making your investment decision. We have filed copies of these
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documents with the SEC and we have filed or will file copies of these documents at the offices of the trustee and the
paying agents.
For the purposes hereof, the term "Debt Securities" used in the prospectus, and the terms "Notes" and "Foreign
Currency Notes" used in the prospectus supplement, include the notes we are offering in this pricing supplement.
Principal Amount:

NZD 500,000,000

Issue Price:

99.395% of the Principal Amount

Pricing Date:

June 28, 2007

Issue Date:

July 10, 2007

Maturity Date:

June 30, 2014

Redemption Amount:

100% of the Principal Amount

Specified Currency:

New Zealand dollars (NZD)

Interest Rate:

7.625% per annum.

Day Count Fraction:

Actual/Actual-ICMA, so that, in respect of the calculation of an amount
of interest on any note for any period of time (from and including the first
day of such period to but excluding the last) (whether or not constituting
an interest period, the "Calculation Period"), the Day Count Fraction will
be the number of days in the Calculation Period divided by the product of
(x) the number of days in the Determination Period during which it falls
and (y) the number of Determination Periods normally ending in any year.

"Determination Period" means each period from and including June 30,
2007 or any Interest Payment Date to but excluding the next succeeding
Interest Payment Date.

Interest Payment Dates:

June 30 and December 30, commencing December 30, 2007 (resulting in
a short first coupon), to and including the Maturity Date. If any Interest
Payment Date is not a Business Day, we may make the payment then due
on the next succeeding Business Day with the same force and effect as if
made on such Interest Payment Date.

Payment Currency:

Principal of and interest on the notes are payable in New Zealand dollars.
However, beneficial owners of notes held through a DTC Participant
other than Euroclear or Clearstream, Luxembourg will receive payments
in U.S. dollars in amounts determined as set forth in the notes. A
beneficial owner of notes held through a DTC Participant other than
Euroclear or Clearstream, Luxembourg may elect to receive payments of
principal of or interest on the notes in New Zealand dollars by notifying
the DTC Participant through which its notes are held on or before the
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applicable record date (in the case of an interest payment) or at least
fifteen days prior to maturity (in the case of a principal payment) and
providing wire transfer instructions to a New Zealand dollar account for
such payment. Provided (i) such DTC Participant notifies DTC of such
election and wire transfer instructions on or prior to the third New York
business day after such record date for payment of interest and on or prior
to the twelfth day prior to the maturity date for payment of principal and
(ii) DTC notifies the Trustee of the same on or prior to the fifth New
York business day after such record date for payment of interest and on or
prior to the tenth day prior to the maturity date for payment of interest, a
beneficial owner making such election will receive payment in New
Zealand dollars; otherwise only U.S. dollar payments will be made in
respect of his notes.

Regular Record Dates:

Fifteen calendar days immediately preceding each Interest Payment Date.

P-7
Business Day:

Any day, other than a Saturday or Sunday, that is a day on which
commercial banks are generally open for business in New York City,
London, Auckland and Wellington.

Optional Redemption:

We cannot redeem the notes prior to maturity unless, due to the
imposition by Sweden or one of its political subdivisions or taxing
authorities of any tax, assessment or governmental charge subsequent to
the issue date, we would become obligated to pay additional amounts. If
such an imposition occurs, we may at our option redeem all, but not less
than all, the notes by giving notice specifying a redemption date at least
30 days, but not more than 60 days, after the date of the notice. The
redemption price will be 100% of the principal amount thereof, together
with accrued interest to the redemption date.

Form:

The notes will be represented by one or more global securities, registered
in the name of The Depository Trust Company or its nominee. Except as
described herein, notes in definitive form will not be issued.

Denomination:

The notes will be issued in denominations of NZD5,000 and integral
multiples of NZD5,000 in excess thereof.

Lead Manager:

The Toronto-Dominion Bank.

Listing:

None.

Securities Codes:

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CUSIP:

002546AT6

ISIN:

US002546AT6

Trustee:

The Bank of New York Trust Company, N.A.

Further Issues:

We may from time to time, without the consent of existing holders, create
and issue further notes having the same terms and conditions as the notes
being offered hereby in all respects, except for the issue date, issue price
and, if applicable, the first payment of interest thereon. Additional notes
issued in this manner will be consolidated with, and will form a single
series with, the previously outstanding notes.

Governing Law:

New York

Further Information:

See "General Information".

USE OF PROCEEDS
We expect that the net proceeds from the issuance of the notes will be NZD495,625,000, after deduction of
underwriting commissions of 0.250% reimbursement of the Lead Manager's expenses in the amount of
NZD100,000. We will use the net proceeds for general corporate purposes.
P-8
PLAN OF DISTRIBUTION
Subject to the terms and conditions set forth in an Agency Agreement dated January 30, 2006, and a Terms
Agreement dated as of June 28, 2007 (the "Agreements"), we have agreed to sell to the managers and the managers
have agreed to purchase, all of the notes offered hereby at 99.145% of the aggregate principal amount. Subject to
certain conditions, each manager has severally agreed to purchase the principal amount of the notes indicated in the
following table:
The Toronto-Dominion Bank
NZD405,000,000

Deutsche Bank AG, London Branch
65,000,000

ABN Amro Bank, N.V.
5,000,000

Australia & New Zealand Banking Group Ltd.
5,000,000

Bank Vontobel AG
5,000,000

Daiwa Securities SMBC Europe Limited
5,000,000

Royal Bank of Canada Europe Limited
5,000,000

UBS Limited
5,000,000

Total
NZD500,000,000

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Under the terms and conditions of the Agreements, the managers are committed to take and pay for all of the notes, if
any are taken.
We have agreed to pay NZD100,000 to the Lead Manager in reimbursement of its expenses in connection with the
offering.
The notes are a new issue of securities with no established trading history. The managers have advised us that they
intend to make a market in the notes but are not obligated to do so and may discontinue market making at any time
without notice. We cannot give any assurance to the liquidity of the trading market for the notes.
In connection with the issue of the notes The Toronto-Dominion Bank as the Stabilizing Manager (or persons acting
on behalf of the Stabilizing Manager), may over-allot notes (provided that the aggregate principal amount of notes
allotted does not exceed 105 per cent. of the aggregate principal amount of the notes) or effect transactions with a
view to supporting the market price of the notes at a level higher than that which might otherwise prevail. However,
there is no assurance that the Stabilizing Manager (or persons acting on behalf of the Stabilizing Manager) will
undertake stabilization action. Any stabilization action, if begun, may be ended at any time, but it must end no later
than the earlier of 30 days after the issue date of the notes and 60 days after the date of the allotment of the notes.
Delivery of the notes will be made against payment on or about the fifth business day following the date of this
pricing supplement. Trades of securities in the United States secondary market generally are required to settle in
three business days, referred to as T+3, unless the parties to a trade agree otherwise. Accordingly, by virtue of the
fact that the initial delivery of the notes will not be made on a T+3 basis, investors who wish to trade the notes before
a final settlement will be required to specify an alternative settlement cycle at the time of any such trade to prevent a
failed settlement.
We have agreed to indemnify the managers against, or to make contributions relating to, certain liabilities, including
liabilities under the Securities Act of 1933, as amended.
From time to time, the managers and their respective affiliates have, and in the future may, engage in transactions
with and perform services for us for which they have been, and may be, paid customary fees.
European Economic Area
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive
(each, a "Relevant Member State"), each manager has represented and agreed that with effect from and including the
date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant
Implementation Date") it has not made and will not make an offer of notes to the public in that Relevant Member
State prior to the publication of a prospectus in relation to the notes which has been approved by the competent
authority in that Relevant Member State or, where appropriate, approved in another
P-9
Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with
the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make
an offer of notes to the public in that Relevant Member State at any time:
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Document Outline

sec.gov
- #1">http://www.sec.gov/Archives/edgar/data/352960/000110465907051808/a07-17894_1424b2.htm