Obligation Svenska Exportkredit 0% ( US00254EMV10 ) en USD

Svenska Exportkredit

100 % ⇌

Suede

US00254EMV10 ( en USD )

14/12/2020 - Obligation échue

Prospectus brochure de l'obligation Swedish Export Credit (SEK) US00254EMV10 en USD 0%, échue

200 000 USD

650 000 000 USD

00254EMV1

N/A

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 US00254EMV10, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/12/2020

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424B2 1 a19-16623_1424b2.htm 424B2
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Filed Pursuant to Rule 424(b)(2)
Registration Number 333-221336
Pricing Supplement No. F-29
(To Prospectus dated November 3, 2017 and
Prospectus Supplement dated November 3, 2017)

US$250,000,000
AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL)
(Swedish Export Credit Corporation)
Floating Rate Notes Due December 2020
US$200,000,000 with Issue Price of 100.017%
US$50,000,000 with Issue Price of 100.019%

The notes offered hereby, principal amounts of US$200,000,000 (the "August 1 notes") and US$50,000,000 (the "August 2
notes" and, together with the August 1 notes, the "notes"), respectively, are issued by Aktiebolaget Svensk Exportkredit (Publ)
(Swedish Export Credit Corporation or "SEK"). The notes will mature on December 14, 2020. The notes will not be redeemable
before maturity except for tax reasons and will not be entitled to the benefit of any sinking fund.

The notes will bear interest at a floating rate equal to three-month US$ LIBOR plus 0.05%. The interest rate payable on the notes
will be reset quarterly. Interest on the notes will be payable on each March 14, June 14, September 14, December 14, commencing
September 14, 2019, to and including the maturity date.

The notes constitute a further issuance of the $650,000,000 principal amount of the Floating Rate Global Notes due December 14,
2020 that we issued on June 14, 2019 (the "prior notes"). The notes will form a single series with the prior notes and will have the
same terms other than the initial offering price. The notes will have the same CUSIP number and ISIN and will trade interchangeably
with the prior notes immediately upon settlement. Upon completion of this offering, $900,000,000 of the Floating Rate Global Notes
due December 2020 will be outstanding.

Application will be made to the Irish Stock Exchange plc (trading as Euronext Dublin) ("Euronext Dublin") for the notes to be
admitted to the official list (the "Official List") and trading on its regulated market. There can be no assurance that such listing will be
granted or maintained.

See "Risk Factors" beginning on page P-4 to read about factors you should consider before buying the
notes.

By acquiring the notes, you acknowledge, agree to be bound by, and consent to the exercise of any Bail-in Power by the
Swedish resolution authority and the Debt Office. All payments are subject to the exercise of any Bail-in Power by the relevant
Swedish resolution authority. See "Description of the Notes--Consent to Bail-in Power."

THE NOTES ARE OBLIGATIONS OF SEK, AND NOT THE KINGDOM OF SWEDEN.

Neither the Securities and Exchange Commission (the "SEC") 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 the
prospectus supplement to which it relates. Any representation to the contrary is a criminal offense.

Per August 1
Per August 2
Note

Total
Note

Total

Initial public offering price
100.017%(1) US$ 200,791,130.00
100.019%(2) US$ 50,198,782.50

Underwriting discount
0.013%
US$
26,000.00
0.013%
US$
6,500.00

Proceeds to SEK
100.004%(1) US$ 200,765,130.00
100.006%(2) US$ 50,192,282.50

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(1) Does not include accrued interest, but the total aggregate offering price includes accrued interest totaling
US$757,130.00 from and including June 14, 2019 to, but not including, August 8, 2019.
(2) Does not include accrued interest, but the total aggregate offering price includes accrued interest totaling
US$189,282.50 from and including June 14, 2019 to, but not including, August 8, 2019.

UPDATED CALCULATION OF REGISTRATION FEE
Title of Each Class of
Amount
Proposed Maximum
Proposed Maximum
Amount of
Securities To Be Regi stered
To Be Regist ered
Aggregate Price Per U nit
Aggregate Offering Pr ice
Registration Fee

Floating Rate Notes Due
December 2020
US$
250,000,000
100.396% US$
250,989,912.50(1) US$
30,419.98(2)

(1) Proposed maximum aggregate offering price includes accrued interest totaling US$946,412.50 from and including June 14,

2019 to, but not including, August 8, 2019.

(2) The registration fee is calculated in accordance with Rule 457(r) under the Securities Act of 1933, as amended (the "Securities

Act"). The registration fee of US$30,419.98 for this offering is being paid out of SEK's SEC account, the current balance of
which is US$52,882.77 as of the date hereof. After payment of the registration fee for this offering, US$22,462.79 remains
available in SEK's account for future registration fees.

The Managers (as defined below) expect to deliver the notes to investors through the facilities of The Depository Trust Company,
Clearstream Banking, S.A. and Euroclear Bank S.A./N.V. ("Euroclear") on or about August 8, 2019.

Joint Lead Managers

Nomura

Scotiabank

The date of this pricing supplement is August 2, 2019.

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ABOUT THIS PRICING SUPPLEMENT

This pricing supplement is a supplement to:

·
the accompanying prospectus supplement dated November 3, 2017 relating to our medium-term notes, series F, due

nine months or more from date of issue and

·
the accompanying prospectus dated November 3, 2017 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. We are responsible for the information
contained and incorporated by reference in this pricing supplement, the prospectus supplement, the prospectus and in any related free-
writing prospectus we prepare or authorize. We have not authorized anyone else to provide you with different information, and we take
no responsibility for any other information that others may give you. 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.

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 receive or make such an offer. 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.

Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the notes
has led to the conclusion that: (i) the target market for the notes is eligible counterparties and professional clients only, each as defined
in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the notes to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or recommending the notes (a "distributor") should
take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the notes (by either adopting or refining the manufacturers' target market
assessment) and determining appropriate distribution channels.

The notes are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise
made available to, any retail investor in the European Economic Area ("EEA"). For these purposes, the expression "offer" includes 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, and a "retail investor" means a person who is one (or more) of: (a) a
retail client, as defined in point (11) of Article 4(1) of MiFID II; or (b) a customer within the meaning of Insurance Distribution
Directive 2016/97/EU, as amended, where that customer would not qualify as a professional client as defined in point (10) of
Article 4(1) of MiFID II; or (c) not a qualified investor as defined in the Prospectus Directive. Consequently, no key information
document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the notes or
otherwise making them available to retail investors in the EEA has been prepared, and therefore, offering or selling the notes or
otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

This pricing supplement has been prepared on the basis that, except to the extent sub-paragraph (ii) below may apply, any
offer of notes in any member state of the European Economic Area (a "Member State") will be made pursuant to an exemption under
the Prospectus Directive (2003/71/EC, as amended), from the requirement to publish a prospectus for offers of notes. Accordingly any
person making or intending to make an offer in that Member State of notes which are the subject of an offering contemplated in this
pricing supplement in relation to the offer of those notes may only do so (i) in circumstances in which no obligation arises for SEK or
any agent to publish a prospectus pursuant to

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Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in
relation to such offer, or (ii) if a prospectus for such offer has been approved by the competent authority in that Member State or, where
appropriate, approved in another Member State and notified to the competent authority in that Member State and (in either case)
published, all in accordance with the Prospectus Directive and such offer is made in the period beginning and ending on the dates
specified for such purpose in such prospectus or final terms, as applicable. Except to the extent sub-paragraph (ii) above may apply,
neither SEK nor any agent have authorized, nor do they authorize, the making of any offer of notes in circumstances in which an
obligation arises for SEK or any agent to publish or supplement a prospectus for such offer.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or
(ii) 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 Managers (if any) named as the Stabilizing Manager (or persons acting on behalf
of any Stabilizing Manager) may over-allot 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, stabilization may not necessarily occur. Any stabilization action may begin
on or after the date on which adequate disclosure of the terms of the offer of the notes is made and, if begun, may cease 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.
Any stabilization action or over-allotment must be conducted by the Stabilizing Manager (or person(s) acting on behalf of any
Stabilizing Manager) in accordance with all applicable laws and rules.

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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 the prospectus; 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 have filed with the SEC under the Securities Exchange Act
of 1934, as amended (the "Exchange Act"):

·
our annual report on Form 20-F for the fiscal year ended December 31, 2018, which we filed with the SEC on

February 25, 2019.

·
our reports on Form 6-K furnished to the SEC on April 9, 2019, April 26, 2019, May 14, 2019, June 5, 2019, June 14,

2019, July 3, 2019 and July 16, 2019 (except to the extent such documents specify that certain parts thereof are not
incorporated by reference in our Registration Statement No. 333-221336).

We also incorporate by reference each of the following documents that we may 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 Exchange Act 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 forms a part (except to the
extent that such documents specify that certain parts thereof are not so incorporated by reference); and

·
reports filed under Sections 13(a), 13(c) or 15(d) of the Exchange Act.

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)
Klarabergsviadukten 61-63
SE-101 23 Stockholm, Sweden
Tel: +46-8-613-8300

The exchange rate for converting U.S. dollars into Swedish kronor was 9.4974 Skr per U.S. dollar on July 26, 2019, based on
the Federal Reserve Statistical Release publication of Foreign Exchange Rates (Weekly) (the latest date for which such data is
available).

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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 of the Managers 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, "Risks Associated with the Notes" beginning on page S-6 of the accompanying prospectus
supplement and the following:

Risks Relating to the Notes

The notes lack a developed public market.

There can be no assurance regarding the future development of a market for the notes or the ability of the holders of the notes
to sell their notes or the price at which such holders may be able to sell their notes. If such a market were to develop, the notes 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. Although application will be made for the notes to be admitted to trading on Euronext
Dublin, there is no assurance that such application will be accepted or that an active trading market will develop. 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.

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, the notes could be redeemed at a time when prevailing interest rates may not enable an investor to
reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the notes.

Taxation

Potential investors in the 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 SEK

Certain risk factors which could affect our business are contained in our Annual Report on Form 20-F for the year ended
December 31, 2018, filed with the SEC on February 25, 2019 and incorporated by reference herein. See the information under "Risk
Factors" beginning on page 6 of our Annual Report on Form 20-F.

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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 Mellon Trust Company, N.A. (directly or as the successor in interest to another party), as supplemented by
supplemental indentures dated as of June 2, 2004, January 30, 2006, October 23, 2008 and March 8, 2010 (together, the "Indenture").
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 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 and the paying agents.

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.

Principal Amount:
US$200,000,000 for the August 1 notes
US$50,000,000 for the August 2 notes

Issue Price:
100.017% for the August 1 notes
100.019% for the August 2 notes

Pricing Date:
August 1, 2019 for the August 1 notes
August 2, 2019 for the August 2 notes

Issue Date:
August 8, 2019 (T+5) for the August 1 notes
August 8, 2019 (T+4) for the August 2 notes

Maturity Date:
December 14, 2020

Redemption Amount:
100.000% of the Principal Amount

Specified Currency:
U.S. dollars (US$)

Interest Rate:
Three-month USD LIBOR plus 0.05%, calculated on the basis of the actual number of
days in the relevant interest period divided by 360.

Three-month USD LIBOR:
The London Interbank Offer Rate for deposits in U.S. dollars for a period of three months
that appears on Reuters page "LIBOR01" (or any successor page) at approximately 11:00
a.m., London time, on the second London Business Day prior to the first day of the
relevant interest period, as determined by the calculation agent.

Interest Period:
Each quarterly period from and including the Issue Date or any Interest Payment Date to
but excluding the next Interest Payment Date (or the Maturity Date, in the case of the
final Interest Period).

Interest Determination Dates:
The second London Business Day prior to the first day of each Interest Period.

Interest Reset Dates:
The first day of each Interest Period.

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Base Rate:
LIBOR

Spread:
0.05%

Designated LIBOR Currency:
U.S. dollars (US$)

Index Maturity:
Three months

Designated LIBOR Page:
Reuters page "LIBOR01" (or any successor page)

Interest Payment Dates:
Each March 14, June 14, September 14 and December 14, commencing September 14,
2019, 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, unless that day falls in the
next calendar month. If such succeeding Business Day falls in the next calendar month, we
may make the payment on the first preceding day that is a Business Day.

Regular Record Dates:
Fifteen calendar days immediately preceding each Interest Payment Date.

Day Count Fraction:
Actual/360

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 and London.

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
100.000% of the principal amount thereof, together with accrued and unpaid 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 US$200,000 and integral multiples of
US$1,000 in excess thereof.

Joint Lead Managers:
Nomura International plc
Scotiabank Europe plc

Calculation Agent:
The Bank of New York Mellon Trust Company, N.A.

Method of Payment:
Immediately available funds

Listing:
We will apply to Euronext Dublin for the notes to be admitted to listing on the Official
List and trading on its regulated market.

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Securities Codes:

CUSIP:
00254EMV1

ISIN:
US00254EMV10

Trustee:
The Bank of New York Mellon Trust Company, N.A. (directly or as the successor in
interest to another party).

Further Issues:
The notes offered hereby will constitute a further issuance of the prior notes. The notes
will form a single series with the prior notes and will have the same terms other than the
initial offering price. Immediately upon settlement, the notes will have the same CUSIP
number and ISIN and will trade interchangeably with the prior notes.
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. Any additional notes
issued in this manner shall be issued under a separate CUSIP or ISIN number unless the
additional notes are issued pursuant to a "qualified reopening" of the original series, are
otherwise treated as part of the same "issue" of debt instruments as the original series or
are issued with no more than a de minimis amount of original discount, in each case for
U.S. federal income tax purposes.

Payment of Principal and Interest:
Under the laws of New York, claims relating to payment of principal and interest on the
notes will be prescribed according to the applicable statute of limitations.

Governing Law:
New York

Consent to Bail-in Power:
By investing in this offering, you acknowledge, agree to be bound by, and consent to the
exercise of any Bail-in Power (as defined under "Description of the Notes--Agreement
with Respect to the Exercise of Bail-in Power" in the accompanying prospectus
supplement) by the Swedish National Debt Office (the "Debt Office"), the Swedish
resolution authority. All payments are subject to the exercise of any Bail-in Power by the
relevant Swedish resolution authority.

Under the Resolution Act (as defined under "Description of the Notes--Recovery and
Resolution Matters" in the accompanying prospectus supplement), the Debt Office may
exercise a Bail-in Power under certain conditions which include that authority
determining that: (i) a relevant entity (such as SEK) is failing or is likely to fail; (ii) it is
not reasonably likely that any action will be taken to avoid the entity's failure (other than
pursuant to the other stabilization powers under the Resolution Act); (iii) the exercise of
the stabilization powers are necessary, taking into account certain public interest
considerations such as the stability of the Swedish financial system, public confidence in
the Swedish banking and resolution systems and the protection of depositors (also
regulated by the Swedish Financial Supervisory Authority (the "SFSA")); and (iv) the
objectives of the resolution measures would

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not be met to the same extent by the winding up of the entity. Notwithstanding these
conditions, there remains uncertainty regarding how the Debt Office would assess these
conditions in deciding whether to exercise any Bail-in Power.

The Bail-in Power includes any statutory write-down and conversion power, which allows
for the cancellation of all, or a portion, of any amounts payable on the notes, including
any repayment of principal and/or the conversion of all, or a portion, of any amounts
payable on the notes, including principal, into shares or other securities or other
obligations of ours or another person, including by means of a variation to the terms of
the notes. Accordingly, if any Bail-in Power is exercised, you may lose all or a part of the
value of your investment in the notes or receive a different security, which may be worth
significantly less than the notes and which may have significantly fewer protections than
those typically afforded to debt securities. Moreover, the Debt Office may exercise its
authority to implement the Bail-in Power without providing any advance notice to the
holders of the notes. By your acquisition of the notes, you acknowledge, agree to be
bound by, and consent to the exercise of any Bail-in Power by the relevant resolution
authority. The exercise of any Bail-in Power with respect to the notes will not be a
default or an Event of Default (as each term is defined in the indenture relating to the
notes). The trustee will not be liable for any action that the trustee takes, or abstains from
taking, in accordance with the exercise of the Bail-in Power with respect to the notes.
Your rights as a holder of the notes are subject to, and will be varied, if necessary, so as to
give effect to the exercise of any Bail-in Power by the Debt Office.
This is only a summary. For more information, see "Description of the Notes--Recovery
and Resolution Matters" and "Description of the Notes--Agreement with Respect to the
Exercise of Bail-in Power," beginning on pages S-31 and S-32 of the accompanying
prospectus supplement, respectively.

Further Information:
See "General Information".

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