Obligation Svenska Exportkredit 1.625% ( US00254EMW92 ) en USD

Svenska Exportkredit

100 % ▲

Suede

US00254EMW92 ( en USD )

1.625% par an ( paiement semestriel )

14/11/2022 - Obligation échue

Prospectus brochure de l'obligation Swedish Export Credit (SEK) US00254EMW92 en USD 1.625%, échue

200 000 USD

1 250 000 000 USD

00254EMW9

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 US00254EMW92, paye un coupon de 1.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/11/2022

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US00254EMW92, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US00254EMW92, a été notée NR par l'agence de notation Standard & Poor's ( S&P ).

424B2 1 a19-22248_1424b2.htm 424B2
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Filed Pursuant to Rule 424(b)(2)
Registration Number 333-221336

Pricing Supplement No. F-32
(To Prospectus dated November 3, 2017 and
Prospectus Supplement dated November 3, 2017)

US$1,250,000,000
AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL)
(Swedish Export Credit Corporation)
1.625% Notes
Due November 2022
Issue Price: 99.691%

These notes are issued by Aktiebolaget Svensk Exportkredit (Publ) (Swedish Export Credit Corporation or "SEK"). The notes will mature on
November 14, 2022. 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 in arrears on each May 14 and November 14, commencing May 14, 2020, up to and including the
maturity date.

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 U.S. 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 Note
Total

Initial public offering price
99.691%
US$
1,246,137,500

Underwriting discount
0.100%
US$
1,250,000

Proceeds to SEK
99.591%
US$
1,244,887,500

UPDATED CALCULATION OF REGISTRATION FEE

Title of Each Class of
Amount
Proposed Maximum
Proposed Maximum
Securities To Be Registered
To Be Registered
Aggregate Price Per Unit
Aggregate Offering Price
Amount of Registration Fee

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Notes offered hereby
US$
1,250,000,000
99.691% US$
1,246,137,500 US$
161,748.65(1)

(1) 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$161,748.65 for this offering is being paid out of SEK's SEC account, the current balance of which is
US$164,025.35 as of the date hereof. After payment of the registration fee for this offering, US$2,276.70 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 ("DTC"),
Clearstream Banking, S.A. ("Clearstream Luxembourg") and Euroclear Bank SA/NV ("Euroclear") on or about November 14, 2019.

Joint Lead Managers
BofA Securities
Citigroup
Crédit Agricole CIB
Nomura

Co-Lead Managers

MUFG
Tokai Tokyo

The date of this pricing supplement is November 6, 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 (the "EEA"). For these purposes, a "retail investor" means a person who is one (or both) 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 the Insurance Distribution Directive
(EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.
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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 Regulation
(EU) No 2017/1129, 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 Article 3 of the
Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, 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

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and notified to the competent authority in that Member State and (in either case) published, all in accordance with the Prospectus Regulation 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 document listed below which we have filed with the SEC under the U.S. 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.

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·
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, July 16, 2019, August 8, 2019, September 12, 2019, October 9, 2019, October 21, 2019 and October 31, 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 9.5639 Skr per U.S. dollar on November 1, 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.

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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$1,250,000,000

Issue Price:
99.691% of the Principal Amount

Pricing Date:
November 6, 2019

Issue Date:
November 14, 2019 (T+5)

Maturity Date:
November 14, 2022

Redemption Amount:
100.000% of the Principal Amount

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

Interest Rate:
1.625% per annum, calculated on the basis of a 360-day year of twelve 30-day months.

Spread to Benchmark Treasury:
T + 13.45 basis points

Benchmark Treasury:
UST 1.625% due November 15, 2022

Re-Offer Yield:
1.731%

Interest Payment Dates:
May 14 and November 14, commencing May 14, 2020, up 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, with no adjustment to the amount due.
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Regular Record Dates:
Fifteen calendar days immediately preceding each Interest Payment Date.

Day Count Fraction:
30/360; following, unadjusted.

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.

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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:
Citigroup Global Markets Limited
Crédit Agricole Corporate and Investment Bank
Merrill Lynch International
Nomura International plc

Co-Lead Managers:
MUFG Securities EMEA plc
Tokai Tokyo Securities Europe Limited

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.

Securities Codes:

CUSIP:
00254EMW9

ISIN:
US00254EMW92

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

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. 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.

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Payment of Principal
Under the laws of New York, claims relating to payment of principal and interest on the notes
and Interest:
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); and (iv) the objectives of the
resolution measures would 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.

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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".

Advertisement:
The Prospectus Supplement, when published, will be available at https://www.ise.ie/Products-
Services/Quoted-Companies/.

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CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATONS

OID

U.S. holders that use an accrual method of accounting for tax purposes ("accrual method holders") generally are required to include
certain amounts in income no later than the time such amounts are reflected on certain financial statements (the "book/tax conformity rule").
The application of the book/tax conformity rule thus may require the accrual of income earlier than would be the case under the general tax
rules described in the prospectus supplement. It is not entirely clear to what types of income the book/tax conformity rule applies, or, in some
cases, how the rule is to be applied if it is applicable. However, recently released proposed regulations generally would exclude, among other
items, original issue discount and market discount (in either case, whether or not de minimis) from the applicability of the book/tax conformity
rule. Although the proposed regulations generally will not be effective until taxable years beginning after the date on which they are issued in final
form, taxpayers generally are permitted to elect to rely on their provisions currently. Accrual method holders should consult with their tax advisors
regarding the potential applicability of the book/tax conformity rule to their particular situation.

FATCA

Pursuant to U.S. tax rules known as the Foreign Account Tax Compliance Act ("FATCA"), holders and beneficial owners of the notes
may be required to provide to a financial institution in the chain of payments on the notes information and tax documentation regarding their
identities, and in the case of a holder that is an entity, the identities of their direct and indirect owners, and this information may be reported to
relevant tax authorities, including the U.S. Internal Revenue Service. Moreover, starting at the earliest on the date that is two years after the date of
publication in the United States Federal Register of final regulations defining the term "foreign passthru payment," SEK, the paying agents, and
other financial institutions through which payments are made, may be required to withhold U.S. tax at a 30% rate on "foreign passthru payments"
paid to an investor who does not provide information sufficient for the institution to determine whether the investor is a U.S. person or should
otherwise be treated as holding a "United States account" of the institution, or to an investor that is, or holds the notes directly or indirectly
through, a non-U.S. financial institution that is not in compliance with FATCA. Under a grandfathering rule, this withholding tax will not apply
unless the notes are issued or materially modified after the date that is six months after the date on which final United States Treasury Regulations
defining the term "foreign passthru payment" are filed with the United States Federal Register. If U.S. withholding tax were to be deducted or
withheld from payments on any series of notes as a result of a failure by an investor (or by an institution through which an investor holds the notes)
to comply with FATCA, neither SEK nor any paying agent nor any other person would, pursuant to the terms of the notes, be required to pay
additional amounts as a result of the deduction or withholding of such tax. These requirements may be modified by the adoption or implementation
of an intergovernmental agreement between the United States and another country. Prospective investors should consult their own tax advisers
about how FATCA may apply to their investment in the notes.

See the discussion in the prospectus supplement under "United States Federal Income Tax Consequences" for further discussion of the
United States federal income tax considerations of investing in the notes.

USE OF PROCEEDS

We expect that the net proceeds from the issuance of notes will be US$1,244,887,500. We will use the net proceeds for general corporate
purposes.

PLAN OF DISTRIBUTION

Subject to the terms and conditions set forth in an Agency Agreement dated November 3, 2017, as amended by the letter agreement, dated as of
February 15, 2018, between the Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated and BofAML Securities, Inc. (now known as
BofA Securities, Inc.) and a Terms Agreement dated November 6, 2019 (the "Agreements"), we have agreed to sell to the Managers, listed below
(the "Managers"), as purchasers, and each of the Managers has agreed to purchase, the principal amount of notes set forth opposite the Manager's
name below at 99.691% of the aggregate principal amount thereof (prior to deduction of the aforementioned underwriting commissions).

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Principal Amount
Managers
of Notes

Citigroup Global Markets Limited
US$
306,250,000

Crédit Agricole Corporate and Investment Bank
306,250,000

Merrill Lynch International
306,250,000
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Nomura International plc
306,250,000

MUFG Securities EMEA plc
12,500,000

Tokai Tokyo Securities Europe Limited
12,500,000

Total
US$
1,250,000,000

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.

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 as to the liquidity of the trading market for the notes.

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.

Some of the Managers and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial
dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and
commissions for these transactions.

In addition, in the ordinary course of their business activities, the Managers and their affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their
own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours
or our affiliates. Certain of the Managers or their affiliates that have a lending relationship with us routinely hedge their credit exposure to us
consistent with their customary risk management policies. Typically, such Managers and their affiliates would hedge such exposure by entering
into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including
potentially the notes offered hereby. Any such short positions could adversely affect future trading prices of the notes offered hereby. The
Managers and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such
securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and
instruments.

Any Manager that is not a broker-dealer registered with the SEC will only make sales of notes in the United States through one or more
SEC registered broker-dealers in compliance with applicable securities laws and the rules of the Financial Industry Regulatory Authority, Inc.

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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 two business days, referred to as T+2, 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+2 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.

From time to time the Managers and their 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. In particular, one or more of the Managers or an affiliate of one or more of the
Managers may enter into swap transactions with us associated with this offering of notes.

The Managers have agreed to pay the out-of-pocket expenses (other than our internal costs and expenses) of the issue of the notes.

We will apply for the notes to be admitted to listing on the Official List and trading on the regulated market of Euronext Dublin. The
Managers reserve the right to withdraw, cancel or modify any offer and to reject orders in whole or in part.

European Economic Area

In relation to each Member State, an offer to the public of any notes which are the subject of the offering contemplated by this pricing
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supplement as completed by the final terms in relation thereto (the "Offer Notes") may not be made in that Member State, except that an offer to
the public in that Member State of any Offer Notes may be made at any time under the following exemptions under the Prospectus Regulation,

(a)
if an offer of the Offer Notes is made other than pursuant to Article 1(4) of the Prospectus Regulation in that Member State (a

"Non-exempt Offer"), following the date of publication of a prospectus in relation to such Offer Notes which 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, in accordance with the Prospectus Regulation in the period beginning and ending on the dates specified in such prospectus or final terms, as
applicable and the issuer has consented in writing to its use for the purpose of that Non-exempt Offer;

(b)
to legal entities which are qualified investors as defined in the Prospectus Regulation;

(c)
subject to any other restriction, to fewer than 150 natural or legal persons (other than qualified investors as defined in the

Prospectus Regulation), as permitted under the Prospectus Regulation, subject to obtaining the prior consent of the Lead Agent for any such offer;
or

(d)
in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of Offer Notes referred to in (b) to (d) above shall require the Issuer or any Agent to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to any Offer Notes in any Member State means the
communication in any form and by any means of sufficient information on the terms of the offer and any Offer Notes to be offered so as to enable
an investor to decide to purchase or subscribe for any Offer Notes. The term "Prospectus Regulation" means Regulation (EU) 2017/1129 and
includes any relevant implementing measure in each Member State.

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This EEA selling restriction is in addition to any other selling restrictions set out in this pricing supplement.

Each Manager has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise
make available any notes to any retail investor in the European Economic Area. For the purposes of this provision, the expression "retail investor"
means a person who is one (or more) of the following:

(i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or

(ii) a customer within the meaning of Directive (EU) 2016/97(the "Insurance Distribution Directive"), where that customer would
not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

United Kingdom

Each of the Managers has or will have represented and agreed that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or
inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, as amended, (the
"FSMA")) received by it in connection with the issue or sale of the notes in circumstances in which Section 21(1) of the FSMA does not apply to
SEK; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the notes
in, from or otherwise involving the United Kingdom.

GENERAL INFORMATION

We have obtained all necessary consents, approvals and authorizations in connection with the issuance and performance of the notes.

Application will be made to Euronext Dublin for the notes to be admitted to the Official List and to trading on its regulated market.

We are not involved in any litigation or arbitration proceedings relating to claims or amounts which are material in the context of the
issuance of the notes nor, so far as we are aware, is any such litigation or arbitration pending or threatened. Except as disclosed in the prospectus,
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