Obligation Svenska Exportkredit 0% ( US00254ECJ91 ) en USD

Svenska Exportkredit

100 % ▲

Suede

US00254ECJ91 ( en USD )

0%

11/05/2037

Prospectus brochure de l'obligation Swedish Export Credit (SEK) US00254ECJ91 en USD 0%, échéance 11/05/2037

10 000 USD

400 000 000 USD

00254ECJ9

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 US00254ECJ91, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 11/05/2037

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US00254ECJ91, 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 US00254ECJ91, a été notée AA+ ( Haute qualité ) par l'agence de notation Standard & Poor's ( S&P ).

http://www.sec.gov/Archives/edgar/data/352960/000110465907036255/a07-13286_1424b2.htm
424B2 1 a07-13286_1424b2.htm 424B2
Pricing Supplement No. 43
Filed Pursuant to Rule 424(b)2
(To Prospectus and Prospectus Supplement each dated January 30,
Registration No. 333-131369
2006)

$400,000,000
AB SVENSK EXPORTKREDIT
(Swedish Export Credit Corporation)
Zero Coupon Notes
Due May 11, 2037
Issue Price: 20.416%

These notes are issued by AB Svensk Exportkredit (Swedish Export Credit Corporation). The notes will mature on
May 11, 2037. The notes will not be redeemable prior to maturity except for tax reasons and will not be entitled to
the benefit of any sinking fund.
No interest will be paid on the notes. At maturity, you will be entitled to receive the face amount of your notes.
See "Risk Factors" beginning on page P-4 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
20.416%
U.S.$81,664,000

Underwriting discount
0.179%
U.S.$716,000

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Proceeds to the Company%
20.237%
U.S.$80,948,000

UPDATED CALCULATION OF REGISTRATION FEE
Title of Each Class
Proposed Maximum
Proposed Maximum
of Securities to be
Amount to be
Aggregate Price
Aggregate Offering
Amount of
Registered

Registered

Per Unit

Price

Registration Fee

Notes offered

$400,000,000

20.416%

$81,664,000

$2,507.851)
hereby

(1) The filing fee is calculated in accordance with Rule 457(r) under the Securities Act. As of the filing of
this pricing supplement, there are unused registration fees of $ 9,230.77 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 the pricing supplement is a part. After giving effect to the registration fee
for this offering $6,722.92 remains available for future offerings.
Scotia Capital (USA) Inc. expects to deliver the notes in book-entry form through the facilities of The Depository
Trust Company, Clearstream Banking, société anonyme and Euroclear Bank S.A./N.V., as operator of the Euroclear
system, on May 11, 2007.
Scotia Capital
Pricing supplement dated May 3, 2007

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.

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
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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
Scotia Capital (USA) Inc. 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.
P-2

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.
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
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http://www.sec.gov/Archives/edgar/data/352960/000110465907036255/a07-13286_1424b2.htm
10327 Stockholm, Sweden
Tel: +46-8-613-8300
P-3
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 Scotia Capital (USA) Inc. 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. The notes will not be listed 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.
Secondary market prices for the notes may fluctuate considerably.
If the notes are traded after their initial issuance, they may trade at a discount to their initial offering price, depending
upon prevailing interest rates, the market for similar securities, general economic conditions and our financial
condition. The prices at which zero coupon instruments such as the notes may trade in secondary markets tend to
fluctuate more in relation to general changes in interest rates than do conventional interest-bearing securities of
comparable maturities.
Risks Relating To Us
Certain risk factors which could affect our business are contained in our Annual Report on Form 20-F for the year
ended December 31, 2006.
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
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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 description 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
documents with the SEC and we have filed or will file copies of these documents at the offices of the trustee.
For the purposes hereof, the term "Debt Securities" used in the prospectus, and the term "Notes" used in the
prospectus supplement, include the notes we are offering in this pricing supplement.
Face Amount:

US$400,000,000
Issue Price:

20.416% of the Face Amount
Issue Amount:

US$81,664,000
P-4

Pricing Date:

May 3, 2007
Issue Date:

May 11, 2007
Maturity Date:

May 11, 2037
Redemption Amount at Maturity:

100% of the Face Amount
Specified Currency:

U.S. dollars (US$)
Interest:

No interest will be payable on the notes.
Form:

Book-entry only. Except as described in the accompanying prospectus
supplement, notes in definitive form will not be issued.
Denomination:

The notes will be issued in denominations of US$10,000 and integral
multiples of US$1,000 in excess thereof.
Purchase Price:

20.237% of the Face Amount
Net Proceeds to us, after Commissions: US$80,948,000
Yield to Maturity:

5.367% per annum
Amortized Face Amount:

At any time, the Issue Amount plus that portion of the difference between
the Issue Amount and the Face Amount that has accrued at the Yield to
Maturity, computed on the basis of a 360-day year of twelve 30-day
months and compounded semi-annually.
Business Day:

Any day, other than a Saturday or Sunday, except a day on which
commercial banks are generally authorized or required by law or
executive order to close in New York City and London.

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CUSIP:
00254ECJ9
ISIN:

US00254ECJ91
Common Code:

030044371
Trustee:

The Bank of New York Trust Company, N.A.
Governing Law:

New York
Redemption for Tax Reasons:

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 in such circumstances will be equal to the Amortized
Face Amount on the date of redemption.
P-5

Failure to pay Redemption Amount

Any overdue payment in respect of the Face Amount of any note on the
when due:
Maturity Date will bear interest until the date upon which all sums due in
respect of such notes are received by or on behalf of the relevant holder, at
the rate per annum which is the rate for deposits in U.S. Dollars for a
period of six months, which appears on the Reuters Screen LIBOR page
as of 11:00 a.m. (London time) on the first Business Day following such
failure to pay. If interest is required to be calculated for a period of less
than one year, it will be calculated on the basis of a 360-day year
consisting of 12 months of 30 days each, and in the case of an incomplete
month, the number of days elapsed.
Acceleration:

If a holder of a note accelerates the maturity of the note upon an event of
default under the Indenture referenced in the accompanying prospectus,
the amount payable upon acceleration would be the Amortized Face
Amount on the accelerated maturity date.

UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
For United States federal income tax purposes, the notes offered pursuant to this offering will be treated as issued
with "original issue discount". The United States federal income tax consequences of acquiring, owning and
disposing of the notes are described more fully under the caption "United States Federal Income Tax Considerations"
in the accompanying prospectus supplement.
You should consult your tax adviser about the tax consequences of holding notes, including the relevance to your
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particular situation of the consequences described above and in the accompanying prospectus supplement, as well as
the relevance to your particular situation of state, local or other tax laws.
PLAN OF DISTRIBUTION
Subject to the terms and conditions set forth in an Agency Agreement dated January 30, 2006, and a Terms
Agreement dated May 3, 2007 (the "Agreements"), we have agreed to sell to Scotia Capital (USA) Inc. and Scotia
Capital (USA) Inc. has agreed to purchase, all of the notes offered hereby at 20.237% of the aggregate Face Amount.
Under the terms and conditions of the Agreements, Scotia Capital (USA) Inc. is committed to take and pay for all of
the notes, if any are taken.
Scotia Capital (USA) Inc. proposes to offer the notes from time to time for sale in one or more transactions in the
over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale,
at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject
to its right to reject any order in whole or in part.
The notes are a new issue of securities with no established trading market. Scotia Capital (USA) Inc. has advised us
that it intends to make a market in the notes but is 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 offering, Scotia Capital (USA) Inc. may purchase and sell the notes in the open market.
These transactions may include over-allotment and stabilizing transactions and purchases to cover positions created
by short sales. Stabilizing transactions consist of certain bids or purchases made for the sole purpose of preventing or
retarding a decline in the market price of the notes. Short sales involve the sale by Scotia Capital (USA) Inc. of a
greater aggregate principal amount of notes than they are required to purchase in the offering.
P-6
These activities may stabilize, maintain or otherwise affect the market price of the notes, which may be higher than
the price that might otherwise prevail in the open market. If these activities are commenced, they may be
discontinued at any time. These transactions may be effected in the over-the-counter market or otherwise.
The initial sale of the notes in the offering entails a longer settlement period than is customary for similar debt
securities. 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 Scotia Capital (USA) Inc. against, or to make contributions relating to, certain
liabilities, including liabilities under the Securities Act of 1933, as amended.
From time to time, Scotia Capital (USA) Inc. and its 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.
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The notes will not be listed on any securities exchange and there may not be a secondary trading market for the
notes. Scotia Capital (USA) Inc. reserves the right to withdraw, cancel or modify any offer and to reject orders in
whole or in part.
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 relation to each Member State of the European Economic Area which has implemented the Prospectus Directive
(each, a "Relevant Member State"), Scotia Capital (USA) Inc. 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, 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:
(a) to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized
or regulated, whose corporate purpose is solely to invest in securities;
(b) to any legal entity which has two or more of (1) an average of at least 250 employees during the last
financial year; (2) a total balance sheet of more than 43,000,000 and (3) an annual net turnover of more than
50,000,000, as shown in its last annual or consolidated accounts; or
(c) in any other circumstances which do not require the publication by us of a prospectus pursuant to Article 3
of the Prospectus Directive.
For the purposes of this provision, the expression an "offer of notes to the public" in relation to any notes in any
Relevant Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe the notes,
as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that
Member State and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant
implementing measure in each Relevant Member State.
P-7
The notes have been accepted for clearance through DTC under CUSIP 00254ECJ9. The notes have also been
accepted for clearing through Euroclear and Clearstream, Luxembourg under Common Code 030044371 and ISIN
US00254ECJ91.
We will issue the notes as global notes registered in the name of Cede & Co., as nominee for DTC. You may hold
book-entry interests in a global note through organizations that participate, directly or indirectly, in the DTC,
Clearstream, Luxembourg and Euroclear systems, as applicable. Book-entry interests in and all transfers relating to
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the notes will be reflected in the book-entry records of DTC or its nominee and, where applicable, the book-entry
records of Euroclear and Clearstream, Luxembourg.
P-8
PROSPECTUS SUPPLEMENT
(To Prospectus dated January 30, 2006)
AB SVENSK EXPORTKREDIT
(Swedish Export Credit Corporation)
(incorporated in Sweden with limited liability)
Medium-Term Notes, Series D
Due Nine Months or More from Date of Issue
We may offer an unlimited principal amount of notes. The following terms may apply to the notes, which we may
sell from time to time. We may vary these terms and will provide the final terms for each offering of notes in a
pricing supplement. If the information in a pricing supplement differs from the information contained in this
prospectus supplement or the prospectus, you should rely on the information contained in the relevant pricing
supplement.
·
Fixed or floating interest rate. The floating interest rate formula may be based on:

·
LIBOR

·
Commercial Paper Rate

·
Treasury Rate

·
CD Rate

·
Federal Funds Rate

·
Any other rate specified in the relevant pricing supplement

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·
We may sell the notes as indexed notes or discount notes

·
The notes may be subject to redemption at our option or repurchase at our option

·
The notes will be in registered form and may be in book-entry or certificated form

·
The notes will be denominated in U.S. dollars or other currencies

·
U.S. dollar-denominated notes will be issued in denominations of U.S.$1,000 and integral

multiples of U.S.$1,000
·
The notes will not be listed on any securities exchange, unless otherwise indicated in the applicable

pricing supplement
·
We will make interest payments on the notes without deducting withholding or similar taxes

imposed by Sweden
See "Risks Associated With Foreign Currency Notes and Indexed Notes" beginning on
page S-7 to read about certain risks associated with foreign currency notes and indexed
notes which you should consider before investing in the notes.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of
these securities or determined if this prospectus supplement or the related prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
Deutsche Bank Securities
Goldman, Sachs & Co.

Lehman Brothers
Merrill Lynch & Co.
Morgan Stanley
This prospectus supplement is dated January 30, 2006.

TABLE OF CONTENTS
Prospectus Supplement

Page
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