Obligation Svenska Exportkredit 0% ( XS0076009843 ) en ZAR

Svenska Exportkredit

100 % ▲

Suede

XS0076009843 ( en ZAR )

22/05/2017 - Obligation échue

Prospectus brochure de l'obligation Swedish Export Credit (SEK) XS0076009843 en ZAR 0%, échue

5 000 ZAR

4 000 000 000 ZAR

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 ZAR, avec le code ISIN XS0076009843, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 22/05/2017

BASE PROSPECTUS

AKTIEBOLAGET SVENSK EXPORTKREDIT (publ)
(SWEDISH EXPORT CREDIT CORPORATION)
(Incorporated in the Kingdom of Sweden with limited liability)
Unlimited Programme for the Continuous Issuance of Debt Instruments

This Base Prospectus has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), which is the Luxembourg competent authority under the
Luxembourg law dated 16 July 2019 on prospectuses for securities (the "Luxembourg Prospectus Law") and Regulation (EU) 2017/1129 (the "EU Prospectus Regulation"), as a base
prospectus issued in compliance with the EU Prospectus Regulation for the purpose of giving information with regard to the issue of instruments (the "Instruments") under the programme
(the "Programme") described in this Base Prospectus during the period of twelve months after the date hereof. This Base Prospectus constitutes a Base Prospectus pursuant to Article 8(6)
of the EU Prospectus Regulation. The CSSF has only approved the Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the EU
Prospectus Regulation. In the context of such approval, the CSSF neither assumes any responsibility nor gives any undertakings as to the economic and financial soundness of the transactions
contemplated by this Base Prospectus and the quality or solvency of Aktiebolaget Svensk Exportkredit (publ) (Swedish Export Credit Corporation) ("SEK" or the "Issuer") in line with the
provisions of article 6(4) of the Luxembourg Prospectus Law. Such an approval should not be considered as an endorsement of SEK nor as an endorsement of the quality of any Instruments
that are the subject of this Base Prospectus. Investors should make their own assessment as to the suitability of investing in such Instruments. This Base Prospectus is valid for a period of
twelve months from the date of approval, with the validity period ending on 1 April 2023. There is no obligation to supplement the Base Prospectus in the event of significant new factors,
material mistakes or material inaccuracies when the Base prospectus is no longer valid. The CSSF has neither reviewed nor approved the information contained in this Base Prospectus in
relation to any issuance of Instruments under this Programme for which a prospectus is not required in accordance with the EU Prospectus Regulation and for which a Pricing Supplement
(as defined herein) is used. Application has been made to the Luxembourg Stock Exchange for Instruments issued under this Base Prospectus to be admitted to trading on the regulated
market of the Luxembourg Stock Exchange which is a regulated market for the purposes of Directive 2014/65/EU (as amended) on markets in financial instruments ("EU MiFID II") and to
be listed on the Official List of the Luxembourg Stock Exchange, during the period of twelve months after the date hereof. The CSSF has been requested to provide the competent authority
(for the purposes of the EU Prospectus Regulation) in Sweden with a certificate of approval attesting that this Base Prospectus has been drawn up in accordance with the EU Prospectus
Regulation. The Programme also permits Instruments to be issued on the basis that they will not be admitted to listing, trading and/or quotation by any listing authority, stock exchange
and/or quotation system or to be admitted to listing, trading and/or quotation by such other or further listing authorities, stock exchanges and/or quotation systems as may be agreed with
SEK.
The Instruments have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any
state or other jurisdiction of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions
exempt from the registration requirements of the Securities Act. Terms used in the preceding sentence have the meanings given to them by Regulation S ("Regulation S") under the Securities
Act. Instruments in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to United States persons,
except in certain transactions permitted by U.S. tax regulations. Terms used in the preceding sentence have the meanings given to them by the United States Internal Revenue Code of 1986,
as amended, and regulations thereunder (the "Code").
The Instruments may be offered and sold (A) in bearer and registered form outside the United States to non-U.S. persons in reliance on Regulation S and (B) in registered form to qualified
institutional buyers (as defined in Rule 144A ("Rule 144A") under the Securities Act) in reliance on Rule 144A. Prospective purchasers that are qualified institutional buyers ("QIBs") are
hereby notified that sellers of the Instruments may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a description of these and
certain further restrictions on offers, sales and transfers of Instruments, see 'Transfer Restrictions' and 'Plan of Distribution'.
SEK has been assigned a senior unsecured debt rating of Aa1 from Moody's Investors Service (Nordics) AB ("Moody's") and a senior unsecured debt rating (for debt maturing in one year
or more) of AA+ from S&P Global Ratings Europe Limited ("S&P"). Each of Moody's and S&P is established in the EEA and registered under the EU CRA Regulation. As such, each of
Moody's and S&P is included in the list of credit rating agencies published by ESMA on its website (at https://www.esma.europa.eu/supervision/credit-rating-agencies/risk) in accordance
with the EU CRA Regulation. The rating Moody's has assigned is endorsed by Moody's Investors Service Limited, which is established in the UK and registered under Regulation (EU) No.
1060/2009 on credit rating agencies as it forms part of domestic law of the United Kingdom (the "UK") by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA") (the "UK
CRA Regulation"). The rating S&P has assigned is endorsed by S&P Global Ratings UK Limited, which is established in the UK and registered under the UK CRA Regulation. According
to Moody's rating system, the Aa1 rating indicates that the obligations are judged to be of high quality and are subject to very low credit risk. According to S&P rating system, the AA+ rating
indicates that the issuer has very strong capacity to meet financial commitments. In accordance with Moody's ratings definitions available as at the date of this Base Prospectus on
https://www.moodys.com/ratings-process/Ratings-Definitions/002002, obligations rated 'Aa1' are judged to be of high quality and are subject to very low credit risk. In accordance with
S&P's ratings definitions available as at the date of this Base Prospectus on https://www.spglobal.com/ratings/en/research/articles/190705-s-p-global-ratings-definitions-504352, obligations
rated 'AA+' are judged to differ from the highest-rated obligations only to a small degree and indicates that the relevant issuer's capacity to meet its financial commitments on the obligation
is very strong.
In general, European regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a credit rating agency established in the European Economic
Area (the "EEA") and registered under the EU CRA Regulation or (1) the rating is provided by a credit rating agency not established in the EEA but is endorsed by a credit rating agency
established in the EEA and registered under the EU CRA Regulation or (2) the rating is provided by a credit rating agency not established in the EEA which is certified under the EU CRA
Regulation. In general, UK regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a credit rating agency established in the UK and
registered under the UK CRA Regulation or (1) the rating is provided by a credit rating agency not established in the UK but is endorsed by a credit rating agency established in the UK and
registered under the UK CRA Regulation or (2) the rating is provided by a credit rating agency not established in the UK which is certified under the UK CRA Regulation.
Tranches of Instruments issued under the Programme may be rated or unrated. Where a Tranche of Instruments is rated, such rating will not necessarily be the same as the rating(s) described
above or the rating(s) assigned to Instruments already issued. Where a Tranche of Instruments is rated, the applicable rating(s) will be specified in the relevant Final Terms.
A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Investing
in Instruments issued under the Programme involves certain risks. The principal risk factors that may affect the abilities of SEK to fulfil its obligations under the Instruments are
discussed under "Risk Factors" below.

Arranger for the Programme
CITIGROUP

Dealers
BARCLAYS
BMO CAPITAL MARKETS
BNP PARIBAS

BOFA SECURITIES
CITIGROUP
DAIWA CAPITAL MARKETS EUROPE
CRÉDIT AGRICOLE CIB
GOLDMAN SACHS BANK EUROPE SE
DEUTSCHE BANK
MIZUHO SECURITIES
J.P. MORGAN
MORGAN STANLEY
NATWEST MARKETS
MUFG
SMBC NIKKO
NOMURA
TOKAI TOKYO SECURITIES EUROPE
TD SECURITIES

1 April 2022
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This Base Prospectus may only be used for the purpose for which it has been published.
SEK has confirmed to the dealers (the "Dealers") named under "Plan of Distribution" below that this Base
Prospectus contains all information regarding SEK (subject to being completed by each relevant Final
Terms or supplemented, amended and/or replaced by each relevant Pricing Supplement or by each relevant
Drawdown Prospectus (each as defined herein)) and the Instruments issued under the Programme which is
(in the context of the issue of the Instruments) material and that such information is true and accurate in all
material respects and is not misleading. SEK accepts responsibility for the information contained in this
Base Prospectus and any Final Terms. To the best of SEK's knowledge (having taken all reasonable care to
ensure that such is the case), the information contained in this Base Prospectus is in accordance with the
facts and makes no omission likely to affect its import.
SEK confirms that any information from third party sources has been accurately reproduced and that, so
far as it is aware and is able to ascertain from information published by such third party source, no facts
have been omitted which would render the reproduced information inaccurate or misleading.
Each Tranche (as defined herein) of Instruments, for which a prospectus is required in connection with the
issue of such Instruments in accordance with the EU Prospectus Regulation, will be issued on the terms set
out herein under "Terms and Conditions of the Instruments" (the "Conditions") as completed by a
document specific to such Tranche called final terms (the "Final Terms") or as supplemented, amended
and/or replaced in a separate prospectus specific to such Tranche (the "Drawdown Prospectus"). Each
Tranche of Instruments, for which no prospectus is required in connection with the issue of such Instruments
in accordance with the EU Prospectus Regulation, will be issued on the terms set out in the Conditions, as
supplemented, amended and/or replaced by a document specific to such Tranche called a pricing
supplement (the "Pricing Supplement"). Any reference to the Final Terms shall be read and construed as
a reference to a Drawdown Prospectus or a Pricing Supplement (as applicable) unless the context requires
otherwise. In the case of a Tranche of Instruments which is the subject of a Drawdown Prospectus or a
Pricing Supplement (as applicable), each reference in this Base Prospectus to (i) information being specified
or identified in the relevant Final Terms shall be read and construed as a reference to such information
being specified or identified in the relevant Drawdown Prospectus or a Pricing Supplement (as applicable)
and (ii) terms as completed by the relevant Final Terms shall be read and construed as a reference to such
terms being supplemented, amended and/or replaced by the relevant Drawdown Prospectus or Pricing
Supplement, unless the context requires otherwise.
No person has been authorised to give any information or to make any representation not contained in or
not consistent with this Base Prospectus or any other document entered into in relation to the Programme
or any information supplied by SEK or such other information as is in the public domain and, if given or
made, such information or representation should not be relied upon as having been authorised by SEK or
any Dealer.
Neither the Dealers nor any of their respective affiliates have authorised the whole or any part of this Base
Prospectus and none of them makes any representation or warranty or accepts any responsibility as to the
accuracy or completeness of the information contained in this Base Prospectus or takes any responsibility
for any acts or omissions of SEK or any other person in connection with the issue and offering of
Instruments under this Programme. Neither the delivery of this Base Prospectus or any Final Terms nor the
offering, sale or delivery of any Instrument shall, in any circumstances, create any implication that the
information contained in this Base Prospectus is true subsequent to the date hereof or the date upon which
this Base Prospectus has been most recently amended or supplemented or that there has been no adverse
change, or any event reasonably likely to involve any adverse change, in the prospects or financial or trading
position of SEK since the date thereof or, if later, the date upon which this Base Prospectus has been most
recently amended or supplemented or that any other information supplied in connection with the
Programme is correct at any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
The distribution of this Base Prospectus and any Final Terms and the offering, sale and delivery of
Instruments in certain jurisdictions may be restricted by law. Persons into whose possession this Base
Prospectus comes are required by SEK and the Dealers to inform themselves about and to observe any such
restrictions. For a description of certain restrictions on offers, sales and deliveries of Instruments and on
distribution of this Base Prospectus or any Final Terms and other offering material relating to the
Instruments see "Plan of Distribution". In particular, the Instruments have not been and will not be
registered under the Securities Act or with any securities regulatory authority of any state or other
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jurisdiction of the United States and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons (as those terms are defined in Regulation S), except in certain
transactions exempt from the registration requirements of the Securities Act. Instruments in bearer form are
subject to U.S. tax law requirements. Subject to certain exceptions, the Instruments may not be offered,
sold or delivered to, or for the account or benefit of, United States persons or persons in the United States
or its possessions, as those terms are defined in the Code. The Instruments may be offered and sold (A) in
bearer and registered form outside the United States to non-U.S. persons in reliance on Regulation S and
(B) in registered form to QIBs in reliance on Rule 144A.
NEITHER THE PROGRAMME NOR ANY INSTRUMENT ISSUED HEREUNDER HAS BEEN
APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION
(THE "SEC"), ANY STATE SECURITIES COMMISSION IN THE UNITED STATES OR ANY
OTHER U.S. REGULATORY AUTHORITY, NOR HAS ANY OF THE FOREGOING
AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF ANY OFFERING OF
INSTRUMENTS OR THE ACCURACY OR ADEQUACY OF THIS BASE PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED
STATES.
PRODUCT GOVERNANCE UNDER EU MiFID II
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "EU MiFID Product Governance Rules"),
any Dealer subscribing for any Instruments is a manufacturer in respect of such Instruments, but otherwise
neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the
purpose of the MiFID Product Governance Rules.
The Final Terms in respect of any Instruments may include a legend entitled "EU MiFID II Product
Governance" which will outline the target market assessment in respect of the Instruments and which
channels for distribution of the Instruments are appropriate. Any person subsequently offering, selling or
recommending the Instruments (a "distributor") should take into consideration the target market
assessment; however, a distributor subject to EU MiFID II is responsible for undertaking its own target
market assessment in respect of the Instruments (by either adopting or refining the target market
assessment) and determining appropriate distribution channels.
PRODUCT GOVERNANCE UNDER UK MiFIR
A determination will be made in relation to each issue about whether, for the purpose of the UK MiFIR
product governance rules set out in the FCA Handbook Product Intervention and Product Governance
Sourcebook (the "UK MiFIR Product Governance Rules"), any Dealer subscribing for any Instruments
is a manufacturer in respect of such Instruments, but otherwise neither the Arranger nor the Dealers nor any
of their respective affiliates will be a manufacturer for the purpose of the UK MiFIR Product Governance
Rules.
The applicable Final Terms in respect of any instruments may include a legend entitled "UK MiFIR Product
Governance" which will outline the target market assessment in respect of the Instruments and which
channels for distribution of the Instruments are appropriate. Any distributor should take into consideration
the target market assessment; however, a distributor subject to the UK MiFIR Product Governance Rules
is responsible for undertaking its own target market assessment in respect of the Instruments (by either
adopting or refining the target market assessment) and determining appropriate distribution channels.
IMPORTANT EEA RETAIL INVESTORS
If the Final Terms in respect of any Instruments includes a legend entitled "Prohibition of Sales to EEA
Retail Investors", the Instruments 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 EEA. For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article
4(1) of EU MiFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the
"Insurance Distribution Directive"), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of EU MiFID II; or (iii) not a qualified investor as defined in the
Prospectus Regulation. Consequently no key information document required by Regulation (EU) No.
1286/2014 (as amended the "EU PRIIPs Regulation") for offering or selling the Instruments or otherwise
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making them available to retail investors in the EEA has been prepared and therefore offering or selling the
Instruments or otherwise making them available to any retail investor in the EEA may be unlawful under
the EU PRIIPs Regulation.
IMPORTANT - UK RETAIL INVESTORS
If the Final Terms in respect of any Instruments includes a legend entitled "Prohibition of Sales to UK
Retail Investors", the Instruments 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 UK. For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article
2 of Regulation (EU) No. 2017/565 as it forms part of domestic law by virtue of the EUWA; or (ii) a
customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended
(the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97,
where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of
Regulation (EU) No. 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a
qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by
virtue of the EUWA. Consequently no key information document required by Regulation (EU) No.
1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for
offering or selling the Instruments or otherwise making them available to retail investors in the UK has
been prepared and therefore offering or selling the Instruments or otherwise making them available to any
retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
This Base Prospectus does not constitute an offer of, or an invitation to subscribe for or purchase, any
Instruments and should not be considered as a recommendation by SEK, the Dealers or any of them that
any recipient of the Base Prospectus or any Final Terms should subscribe for or purchase any Instruments.
Each recipient of the Base Prospectus or any Final Terms shall be deemed to have made its own
investigation and appraisal of the condition (financial or otherwise) of SEK.
In addition, in the context of any offer of Instruments that is not made within an exemption from the
requirement to publish a prospectus under the EU Prospectus Regulation, there is certain important
information that is set out herein under "Important Information relating to Public Offer of Instruments".
BENCHMARKS REGULATION
Interest and/or other amounts payable under the Instruments may be calculated by reference to certain
reference rates. Any such reference rate may constitute a benchmark for the purposes of Regulation (EU)
2016/1011 (the "EU Benchmarks Regulation"). If any such reference rate does constitute such a
benchmark, the applicable Final Terms will indicate whether or not the benchmark is provided by an
administrator included in the register of administrators and benchmarks established and maintained by the
European Securities and Markets Authority ("ESMA") pursuant to Article 36 (Register of administrators
and benchmarks) of the EU Benchmarks Regulation. The registration status of any administrator under the
EU Benchmarks Regulation is a matter of public record and, save where required by applicable law, SEK
does not intend to update the applicable Final Terms to reflect any change in the registration status of the
administrator.
PRODUCT CLASSIFICATION PURSUANT TO SECTION 309B OF THE SECURITIES AND
FUTURES ACT 2001 OF SINGAPORE
The applicable Final Terms in respect of any Instruments may include a legend entitled "Singapore
Securities and Futures Act Product Classification" which will state the product classification of the
Instruments pursuant to section 309B(1) of the Securities and Futures Act 2001 of Singapore (the "SFA").
SEK will make a determination in relation to each issue about the classification of the Instruments being
offered for purposes of section 309B(1)(a). Any such legend included in the Final Terms will constitute
notice to the "relevant persons" for the purposes of section 309B(1)(c) of the SFA.
STABILISATION
In connection with the issue of any Tranche of Instruments, the Dealer or Dealers (if any) acting as the
Stabilisation Manager(s) (or persons acting on behalf of any Stabilisation Manager(s)) may over-allot
Instruments or effect transactions with a view to supporting the market price of the Instruments at a level
higher than that which might otherwise prevail. However, stabilisation may not occur. Any stabilisation
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action may begin on or after the date on which adequate public disclosure of the final terms of the offer of
the relevant Tranche of Instruments 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 relevant Tranche of Instruments and 60 days after the
date of the allotment of the relevant Tranche of Instruments. Any stabilisation action or over-allotment must
be conducted by the relevant Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation
Manager(s)) in accordance with all applicable laws and rules.
DEFINITIONS
In this Base Prospectus, unless otherwise specified, references to a "Relevant State" are references to a
Member State of the EEA, references to "USD", "U.S.$", "U.S. dollars" or "dollars" are to United States
dollars, references to "£" or "sterling" are to the lawful currency of the United Kingdom, references to
"SKr" are to Swedish Krona, references to "Euro", "euro", "" or "EUR" are to the single currency
introduced at the start of the third stage of European Economic and Monetary Union and as defined in
Article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro, as amended,
references to "Renminbi" and "CNY" are to the lawful currency of the People's Republic of China
(excluding the Hong Kong Special Administrative Region of the PRC, the Macau Special Administrative
Region of the PRC and Taiwan) (the "PRC") and references to "S$" are to the lawful currency of Singapore.
In this Base Prospectus, references to websites or uniform resource locators (URLs) are inactive textual
references and are included for information purposes only. The contents of any such website or URL, with
the exception of links to the electronic addresses where information incorporated by reference is available,
do not form part of, nor is deemed to be incorporated into, this Base Prospectus.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED STATES
The Instruments have not been and will not be registered under the Securities Act, or with any securities
regulatory authority of any state or other jurisdiction in the United States of America, and may not be
offered, sold, pledged or otherwise transferred except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act and in compliance with any applicable
state securities laws. Neither the SEC nor any state securities commission has approved or disapproved the
Instruments or determined whether this Base Prospectus is truthful or complete. Any representation to the
contrary is a criminal offence in the United States. The Instruments issued hereunder may be offered (a) to
QIBs in reliance on the exemption from the registration requirements of the Securities Act provided by
Rule 144A and (b) outside the United States only to non-U.S. persons in "offshore transactions" in
accordance with Regulation S.
ENFORCEMENT OF LIABILITIES
SEK is a public limited liability company incorporated in Sweden, and all of its directors and executive
officers and the experts named herein are residents of countries other than the United States. The assets of
SEK and all or a substantial portion of the assets of such persons are located outside the United States. As
a result, it may be difficult or impossible for investors to effect service of process within the United States
upon such persons or to realise against them or SEK upon judgments of courts of the United States
predicated upon civil liabilities under the Securities Act. SEK has been advised by its Swedish counsel,
Wistrand Advokatbyrå, that there is doubt as to the enforceability of claims in Sweden in respect of
liabilities predicated solely upon the Securities Act, whether or not such claims are based upon judgments
of United States courts.
FORWARD LOOKING STATEMENTS
This Base Prospectus and certain documents incorporated by reference herein contain certain forward-
looking statements within the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act. These forward-looking
statements are based on SEK's current expectations and projections about future events. These statements
include but are not limited to:
·
statements regarding financial projections and estimates and their underlying assumptions;
·
statements regarding plans, objectives and expectations relating to future operations and services;
·
statements regarding the impact of regulatory initiatives on SEK's operations;
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·
statements regarding general industry and macroeconomic growth rates and SEK's performance
relative to them; and
·
statements regarding future performance.
Forward-looking statements are generally identified by the words "expect", "anticipate", "believe",
"intend", "estimate", "should", and similar expressions.
Forward-looking statements are based on current plans, estimates and projections, and therefore investors
should not place undue reliance on them. Forward-looking statements speak only on the date they are made,
and SEK undertakes no obligation to update any forward-looking statement in light of new information or
future events, although SEK intends to continue to meet its ongoing disclosure obligations under the U.S.
securities laws (such as the obligations to file annual reports on Form 20-F and reports on Form 6-K) and
under other applicable laws. Forward-looking statements involve inherent risks and uncertainties, most of
which are difficult to predict and generally beyond SEK's control. Investors are cautioned that a number of
important factors could cause actual results or outcomes to differ materially from those expressed in, or
implied by, forward-looking statements. These factors include, among others, the following:
·
disruptions in the financial markets or economic recessions (including as a result of geopolitical
instability and the prolongation of the global outbreak of COVID-19) may have an adverse effect
on SEK's operations or financial performance;
·
reduced access to international capital markets for the financing of SEK's operations, or less
favourable financing terms, may have a negative impact on SEK's profitability and its ability to
fulfil its obligations;
·
disruptions in the financial markets or economic recessions (including as a result of a continuation
of the global outbreak of COVID-19) may have an adverse effect on the credit quality of borrowers
and cause risk to other counterparties, which may cause SEK to incur credit losses or affect the
value of its assets;
·
changes in laws, regulations or accounting standards may adversely affect SEK's business;
·
SEK may experience negative changes in the value of its assets or liabilities and may incur other
losses related to volatile and illiquid market conditions;
·
losses could result from SEK's derivatives used for hedging, and SEK's hedging strategies may not
be effective;
·
fluctuations in foreign currency exchange rates could harm SEK's business;
·
increasing competition may have an adverse effect on SEK's income and business;
·
SEK is exposed to significant operational risk, which could harm SEK's business, financial
performance or the ability to repay its debt;
·
SEK is exposed to risks from the impact of climate change, which could have a negative impact
on SEK's reputation, business, results of operations and creditworthiness of its customers;
·
developments in emerging market countries may result in credit losses for SEK on loans to
customers in those countries;
·
negative interest rates may have an impact on SEK's profitability; and
·
the transition from the use of the London interbank offered rate may adversely affect SEK's
profitability.
Any potential investor should, however, consult any additional disclosures that SEK has made or may make
in documents that SEK has filed or may file with the SEC and under other applicable laws and regulations.
ALTERNATIVE PERFORMANCE MEASURES
Certain alternative performance measures (as defined in the ESMA Guidelines on Alternative Performance
Measures) ("Alternative Performance Measures" or "APMs") are included in this Base Prospectus. See
"Glossary" for more information.

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INSTRUMENTS ISSUED AS GREEN BONDS, SOCIAL BONDS OR SUSTAINABILITY BONDS
None of the Dealers accepts any responsibility for any environmental or social assessment of any
Instruments issued as Green Bonds, Social Bonds or Sustainability Bonds (each as defined below) or makes
any representation or warranty or assurance whether such Instruments will meet any investor expectations
or requirements regarding such "green", "sustainable", "social" or similar labels. None of the Dealers is
responsible for the use of proceeds for any Instruments issued as Green Bonds, Social Bonds or
Sustainability Bonds, nor the impact or monitoring of such use of proceeds.
In 2015, the Issuer published its green bond framework (as may be amended, supplemented or replaced
from time to time, the "Green Bond Framework") and CICERO Shades of Green has issued an
independent second opinion, dated 9 September 2014 (the "2014 SPO") evaluating the ability of the Green
Bond Framework to secure projects that support a low carbon and climate friendly future. The Issuer
published its Sustainability Bond Framework (as may be amended, supplemented or replaced from time to
time the "Sustainability Bond Framework") in November 2021. CICERO Shades of Green has issued an
independent second opinion, dated 7 December 2021 (the "2021 SPO") confirming alignment of the
Sustainability Bond Framework with: (in respect of Green Bonds) the International Capital Markets
Association ("ICMA") Green Bond Principles (2021 edition); (in respect of Social Bonds) the ICMA Social
Bond Principles 2020 and the UN Sustainability Development Goals; and (in respect of Sustainability
Bonds) the ICMA Sustainability Bond Guidelines 2018 (as well as the applicable principles for Green
Bonds and Social Bonds above). The proceeds of Instruments that are issued as Green Bonds may be used
in accordance with the provisions of either the Green Bond Framework or the applicable provisions of the
Sustainability Bond Framework, or both (or if specified in the relevant Final Terms, as so specified).
The Green Bond Framework, the 2014 SPO, the Sustainability Bond Framework and the 2021 SPO can be
found at https://www.sek.se/en/sustainability/green-bonds/, however, they are not incorporated herein nor
do they form part of this Base Prospectus, and may be subject to amendment, supplement or replacement
from time to time.
The 2014 SPO and the 2021 SPO (and any further opinion that may be provided in connection with Green
Bond Framework or Sustainability Bond Framework) provide opinions on certain environmental and
related considerations and are not intended to address any credit, market or other aspects of an investment
in any Instruments, including without limitation market price, marketability, investor preference or
suitability of any security. Each of the 2014 SPO and the 2021 SPO are statements of opinion, not
statements of fact.
No assurance or representation is given as to the suitability or reliability for any purpose whatsoever of the
Green Bond Framework, the Sustainability Bond Framework, the 2014 SPO and the 2021 SPO or any other
such opinion or certification of any third party (whether solicited by the Issuer or not) that may be made
available in connection with the issue of any Instruments. No assurance or representation is given with
respect to whether eligible green, social or sustainability projects as set out under the Green Bond
Framework or Sustainability Bond Framework fulfil any environmental, sustainability, social and/or other
criteria, and the 2014 SPO, the 2021 SPO or any other such opinion or certification is not intended to
address any credit, market or other aspects of any investment in any Instrument, including without
limitation market price, marketability, investor preference or suitability of any security or any other factors
that may affect the value of the Instruments. Each of the 2014 SPO and the 2021 SPO is not, nor should be
deemed to be, a recommendation by the Dealers or any other person to buy, sell or hold any Instruments.
As at the date of this Base Prospectus, the providers of such opinions and certifications are not subject to
any specific regulatory or other regime or oversight. Prospective investors must determine for themselves
the relevance of any such opinion or certification and/or the information contained therein.
In the event any such Instruments are, or are intended to be, listed, or admitted to trading on a dedicated
"green" or other equivalently-labelled segment of a stock exchange or securities market, no representation
or assurance is given by the Dealers that such listing or admission will be obtained or maintained for the
lifetime of the Instruments.
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CONTENTS

Page
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................... 2
RISK FACTORS .......................................................................................................................................... 3
IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF INSTRUMENTS ................... 24
INFORMATION INCORPORATED BY REFERENCE .......................................................................... 27
FORM OF THE INSTRUMENTS ............................................................................................................. 31
TRANSFER RESTRICTIONS .................................................................................................................. 37
TERMS AND CONDITIONS OF THE INSTRUMENTS ........................................................................ 40
USE OF PROCEEDS ............................................................................................................................... 107
FORM OF FINAL TERMS ...................................................................................................................... 109
FORM OF PRICING SUPPLEMENT ..................................................................................................... 135
OVERVIEW OF PROVISIONS RELATING TO THE INSTRUMENTS WHILE IN GLOBAL FORM
.................................................................................................................................................................. 160
SEK AN INTRODUCTION .................................................................................................................. 167
PLAN OF DISTRIBUTION ..................................................................................................................... 171
TAXATION ............................................................................................................................................. 179
UNITED STATES FEDERAL INCOME TAXATION .......................................................................... 181
UNITED STATES EMPLOYEE BENEFIT PLAN CONSIDERATIONS ............................................. 189
THE AUTHORISED OFFEROR TERMS ............................................................................................... 190
GENERAL INFORMATION .................................................................................................................. 193
GLOSSARY ............................................................................................................................................. 196
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GENERAL DESCRIPTION OF THE PROGRAMME
Under the Programme, SEK may from time to time issue Instruments denominated in any currency or
currencies subject as set out herein. The applicable terms and conditions of any Instruments will be agreed
between SEK and the relevant Dealer(s) prior to the issue of the Instruments and will be those set out herein
under "Terms and Conditions of the Instruments" below as completed by the relevant Final Terms or as
supplemented, amended and/or replaced by each relevant Pricing Supplement or by each relevant
Drawdown Prospectus.
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RISK FACTORS
Prospective investors should note that the risks relating to SEK, the industry in which it operates and the
Instruments outlined below are the risks that SEK believes to be the most relevant to an assessment by a
prospective investor of whether to consider an investment in the Instruments. However, as the risks SEK
faces relate to events and depend on circumstances that may or may not occur in the future, prospective
investors should consider among other things, the risks and uncertainties described below.
Prospective investors should read the entire Base Prospectus. Words and expressions defined in the "Terms
and Conditions of the Instruments" below or elsewhere in this Base Prospectus have the same meanings in
this section. Investing in the Instruments involves certain risks. In addition, the purchase of certain
Instruments may involve substantial risks and be 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 an investment in the Instruments. Prospective investors should make such inquiries as they deem
necessary without relying on SEK or any Dealer and should consult with their financial, tax, legal,
accounting and other advisers, prior to deciding to make an investment in the Instruments. Prospective
investors should consider, among other things, the following:
Risks Relating to SEK
Described below are the most significant risk factors that could affect the business, results of operations
and financial condition of SEK and its wholly-owned subsidiary (together, the "Group") and could cause
SEK's results to differ materially from those expressed in public statements or documents.
The factors discussed below should not be regarded as an explanation of all potential risks that SEK may
face.
Market Risks
COVID-19 has had and could have a further adverse effect on SEK's business and operations.

While markets stabilised and GDP outlook grew more positive by the end of 2020 and during 2021, a
prolongation of the COVID-19 pandemic could significantly affect economic growth and business
operations across the global economy, both as a result of weakened economic activity and in terms of the
health and wellbeing of employees being affected. Such weakening of the economy could have a material
adverse impact on the financial performance or operations of counterparties to SEK and consequently
impact SEK, or the cost of funding for SEK, which could have an adverse impact on SEK's business,
financial condition, results of operations and liquidity. Although the overall impact of COVID-19 on SEK's
financial condition and results of operations during 2020 and 2021 has been limited (to some extent due to
increased demand for lending caused by clients' reduced access to capital markets and other forms of
financing), there can be no assurance that the impacts on SEK will remain limited amidst a prolongation of
the outbreak. While a majority of central banks and governments have announced financial stimulus
packages in order to counteract negative GDP developments during 2020 and 2021, the direct and indirect
impact of the continued global COVID-19 pandemic remains uncertain. Concerns remain as to whether
these policy tools will counter anticipated macro-economic risks.

The unforeseen transition from normal on-site office work to working remotely during the COVID-19
pandemic has also created challenges in terms of deploying reliable technical solutions for internal
communication and operations. Although, as a result of quick mobilisation and timely management actions
during the spring of 2020, SEK managed to resolve the initial challenges in a timely manner and ensured
the continuity of its operations with limited impact on SEK's business or the Group's clients, there can be
no assurance that these technical solutions will remain sufficient or that other challenges from working
remotely will not emerge.

The COVID-19 pandemic continues to evolve. As a result, there may be other material adverse impacts on
SEK's business, operations and financial condition that are unpredictable at this time. The extent of the
impact of COVID-19 on SEK's operational and financial performance will depend on certain developments,
including the duration and spread of the outbreak, the length of time government and commercial travel
limitations are in place, the effectiveness of SEK's remote work arrangements, the successful execution of
plans in connection with eventual return of its personnel to SEK's office, actions taken by governmental
authorities in response to the pandemic, as well as other direct and indirect impacts on SEK and its
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Document Outline

#4">BENCHMARKS REGULATION
#4">STABILISATION
#5">DEFINITIONS
#5">NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED STATES
#5">ENFORCEMENT OF LIABILITIES
#5">FORWARD LOOKING STATEMENTS
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#6">Alternative Performance Measures
#9">GENERAL DESCRIPTION OF THE PROGRAMME
#10">RISK FACTORS
#10">Risks Relating to SEK
#10">The COVID-19 pandemic continues to evolve. As a result, there may be other material adverse impacts on SEKs business, operations and financial condition that are unpredictable at this time. The extent of the impact of COVID-19 on SEKs operational a...
#11">Disruptions in the financial markets or economic recessions (including as a result of geopolitical instability and the prolongation of the global outbreak of COVID-19) may have an adverse effect on SEK's operations or financial performance.
#12">Changes in laws, regulations or accounting standards may adversely affect SEK's business.
#15">Other Risks
#15">Negative interest rates may have an impact on SEK's profitability.
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#16">The transition from the use of LIBOR may adversely affect SEK's profitability.
#16">Risks Relating to the Instruments
#17">Regulatory action in the event SEK is failing or likely to fail could materially adversely affect the value of the Instruments.
#17">The Resolution Act confers substantial powers on the Swedish resolution authority to enable it to take a range of actions in relation to Swedish credit institutions which are considered to be at risk of failing. The exercise of any of these actions i...
#17">Under the Resolution Act, substantial powers are granted to the Swedish National Debt Office and in certain circumstances, in consultation with the Swedish FSA. These powers enable the Debt Office to implement resolution measures with respect to a re...
#17">The exercise of any resolution power or any suggestion of any such exercise could materially adversely affect the value of any Instruments and could lead to Holders losing some or all of the value of their investment in the Instruments.
#17">The Swedish National Debt Office may exercise the bail-in tool in respect of SEK and the Instruments, which may result in Holders losing some or all of their investment.
#17">Mandatory write-down and conversion of instruments may affect the Holders, which may result in Holders losing some or all of their investment in the Instruments.
#18">Holders agree to be bound by the exercise of Bail-in and Loss Absorption Powers by the Relevant Resolution Authority.
#18">In line with European legislation and in recognition of the powers granted by law to the Relevant Resolution Authority, by its acquisition of the Instruments, each Holder acknowledges and accepts that any liability arising under the Instruments may b...
#19">The regulation and reform of "benchmarks" may adversely affect the value of Instruments linked to such "benchmarks".
#19">In particular, the EU Benchmarks Regulation came into force on 1 January 2018. The EU Benchmarks Regulation applies to "contributors", "administrators" and "users" of "benchmarks" in the EU, and, among other things: (i) requires benchmark administrat...
- #19">(i) an index which is a "benchmark" could not be used by a supervised entity in certain ways if its administrator does not obtain authorisation or register or, if based in a non-EU jurisdiction, the administrator is not otherwise recognised as equival...
- #19">(ii) the methodology or other terms of the "benchmark" could be changed in order to comply with the terms of the EU Benchmarks Regulation, and such changes could (amongst other things) have the effect of reducing or increasing the rate or level or aff...
#19">The market continues to develop in relation to risk-free rates (including overnight rates) as reference rates for Floating Rate Instruments.
#21">The administrator of SONIA, STR, SOFR or any related indices may make changes that could change the value of SONIA, STR, SOFR or any related index, or discontinue SONIA, STR, SOFR or any related index.
#21">The Bank of England, the Federal Reserve, Bank of New York or the European Central Bank (or their successors) as administrators of SONIA (and the SONIA Compounded Index), SOFR (and the SOFR Index) or STR (and the STR Compounded Index), respectivel...
#21">An investment in Instruments linked to an index, exchange rate, securities or commodities entails significant risks not associated with a similar investment in fixed or floating rate debt securities.
#22">Furthermore, prospective investors should also appreciate that:
- #22">(i) an investment in the Instruments is not the same as an investment in the underlying equities or commodities, and does not confer any interest in the underlying equities or commodities or rights to vote or receive dividends;
- #22">(ii) they cannot rely, and will not at any time in the future be able to rely, on SEK to provide them with any information relating to, or to keep under review on their behalf, the business, financial condition, prospects, status or affairs of any und...
- #22">(iii) SEK has not made and is not making any representations whatsoever as to the reference entity or any information contained in any document filed by the reference entity with any exchange or with any regulatory authority or governmental entity;
- #22">(iv) SEK may make loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking activities or other business including any derivatives business (howsoever defined) with the reference entity or any of its sub...
- #22">(v) SEK may, whether by virtue of the types of relationships described above or otherwise, at the date hereof this date or at any time be in possession of information in relation to any obligors of the reference entity which is or may be material in t...
#23">The qualification of certain Senior Preferred Instruments or the Senior Non-Preferred Instruments as "eligible liabilities" is subject to uncertainty.
#23">The Senior Non-Preferred Instruments rank junior to claims of SEK's other unsubordinated creditors.
#23">SEK's obligations under Subordinated Instruments are subordinated to most of SEK's liabilities.
#24">Events of Default
#24">There is no active trading market for the Instruments.
#24">Because the Global Instruments are held by or on behalf of Euroclear and Clearstream, Luxembourg, and/or DTC, investors will have to rely on their procedures for transfer, payment and communication with SEK.
#25">Minimum Specified Denomination and higher integral multiples.
#25">Further Issuances.
#25">SEK may redeem Instruments prior to maturity in certain circumstances.
#26">Redemption of the Senior Preferred Instruments that are MREL Eligible Liabilities, Senior Non-Preferred Instruments and the Subordinated Instruments are subject to the prior permission of the Relevant Regulator and Holders have no right to request th...
#26">In certain circumstances, SEK can substitute or vary the terms of the Senior Preferred Instruments that are MREL Eligible Liabilities, Senior Non-Preferred Instruments or Subordinated Instruments.
#26">No limitation on issuing debt.
#27">No right of set-off or counterclaim.
#28">Risks relating to Renminbi denominated Instruments
#28">Renminbi is not freely convertible and there are significant restrictions on the remittance of Renminbi into and out of the PRC which may adversely affect the liquidity of Renminbi Instruments.
#28">There is only limited availability of Renminbi outside the PRC, which may affect the liquidity of the Renminbi Instruments and SEK's ability to source Renminbi outside the PRC to service Renminbi Instruments.
#29">Investment in Renminbi Instruments is subject to exchange rate risks and SEK may make payments of interest and principal in U.S. dollars in certain circumstances.
#29">Investment in Renminbi Instruments is subject to interest rate risks.
#29">Payments with respect to the Renminbi Instruments may be made only in the manner designated in the Renminbi Instruments.
#30">Gains on the transfer of the Renminbi Instruments may become subject to income taxes under PRC tax laws.
#31">IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF INSTRUMENTS
#31">Public Offers of Instruments in the EEA
#31">Consent given in accordance with Article 5.1 of the EU Prospectus Regulation
#32">Consent
#32">Subject to the conditions set out below under "Common Conditions to Consent":
- #32">(a) Specific Consent: SEK consents to the use of this Base Prospectus in connection with a Public Offer of Instruments in any Public Offer Jurisdiction by any of the Dealers and by:
  - #32">(i) any financial intermediary named as an Initial Authorised Offeror in the applicable Final Terms; and
  - #32">(ii) any financial intermediary appointed after the date of the applicable Final Terms and whose name is published on the website of SEK (www.sek.se) and identified as an Authorised Offeror in respect of the relevant Public Offer; and
- #32">(b) General Consent: if (and only if) Part B of the applicable Final Terms specifies "General Consent" as "Applicable", SEK hereby offers to grant its consent to the use of this Base Prospectus in connection with a Public Offer of Instruments in any P...
#32">Common conditions to consent
#32">The conditions to the consent of SEK are (in addition to the conditions described in either sub-paragraph (a) or sub-paragraph (b) under "Consent" above) that such consent:
- #32">(a) is only valid in respect of the relevant Tranche of Instruments;
- #32">(b) is only valid during the Offer Period specified in the applicable Final Terms; and
- #32">(c) only extends to the use of this Base Prospectus to make Public Offers of the relevant Tranche of Instruments in such of the Public Offer Jurisdictions as are specified in the applicable Final Terms.
#32">ARRANGEMENTS BETWEEN INVESTORS AND AUTHORISED OFFERORS
#33">Public Offers: Issue Price and Offer Price
#34">INFORMATION INCORPORATED BY REFERENCE
#34">The following documents contain information that is incorporated by reference into this Base Prospectus:
#34">The following information contained in the documents referred to above shall be deemed to be incorporated by reference in, and to form part of, the Base Prospectus:
#38">FORM OF THE INSTRUMENTS
#38">Instruments may be issued:
- #38">(i) in accordance with Regulation S and which are not issued as part of a series which is also offered in accordance with Rule 144A, in either bearer form (the "Bearer Instruments") or, in registered form (the "International Registered Instruments"); or
- #38">(ii) in registered form, which are issued as part of a series which is solely or also offered in accordance with Rule 144A, in restricted and/or unrestricted global or individual instrument certificate form (the "DTC Registered Instruments", and toget...
- #38">(iii) in uncertificated, dematerialised book-entry form in accordance with (a) the Swedish Central Securities Depositaries and Financial Instruments Accounts Act (Sw. Lag (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument) ...
- #38">1. Bearer Instruments
#39">Whenever any interest in the Temporary Global Instrument is to be exchanged for an interest in a Permanent Global Instrument, SEK shall procure (in the case of first exchange) the prompt delivery (free of charge to the bearer) of such Permanent Globa...
- #40">2. Registered Instruments
- #43">3. Scandinavian Instruments
#44">TRANSFER RESTRICTIONS
#44">DTC Registered Instruments offered under Regulation S
#44">Each purchaser of DTC Registered Instruments outside the United States pursuant to Regulation S in the form of one or more Unrestricted Global Instrument Certificates or Unrestricted Individual Instrument Certificates and each subsequent purchaser of...
- #44">(i) it is, or at the time Instruments are purchased will be, the beneficial owner of such Instruments and:
  - #44">(a) it is not a U.S. person and it is located outside the United States (within the meaning of Regulation S); and
  - #44">(b) it is not an affiliate of SEK or a person acting on behalf of such an affiliate;
- #44">(ii) it understands that such Instruments have not been and will not be registered under the Securities Act and that, prior to the expiration of the distribution compliance period (as defined in Regulation S), it will not offer, sell, pledge or otherw...
  - #44">(a) in accordance with Rule 144A to a person that it and any person acting on its behalf reasonably believe is a QIB purchasing for its own account or the account of one or more QIBs;
  - #44">(b) in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S; or
  - #44">(c) to SEK, in each case in accordance with any applicable securities laws of any state of the United States;
- #44">(iii) unless otherwise stated in the relevant Final Terms, (a) it is not and is not deemed for purposes of Title I of ERISA or Section 4975 of the Code to be and for so long as it holds Instruments (or any interest therein) will not be or be deemed fo...
- #44">(iv) it understands that SEK, the relevant Registrar, the Dealers and their affiliates, and others will rely upon the truth and accuracy of the foregoing acknowledgements, representations and agreements.
#45">DTC Registered Instruments offered under Rule 144A
#45">Each purchaser of DTC Registered Instruments in reliance on Rule 144A in the form of one or more Restricted Global Instrument Certificates or Restricted Individual Instrument Certificates, by accepting delivery of this Base Prospectus, will be deemed...
- #45">(i) the purchaser (a) is a QIB, (b) is acquiring the Instruments for its own account or for the account of one or more QIBs and (c) is aware, and each beneficial owner of such Instruments has been advised that the sale of the Instruments to it is bein...
- #45">(ii) the purchaser understands that the Instruments are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act and that the Instruments have not been and will not be register...
- #45">(iii) unless otherwise stated in the relevant Final Terms, (a) the purchaser is not and is not deemed for purposes of Title I of ERISA or Section 4975 of the Code to be and for so long as it holds Instruments (or any interest therein) will not be or b...
- #45">(iv) the purchaser understands that the Restricted Global Instrument Certificate and any Restricted Individual Instrument Certificate will bear a legend to the following effect, unless SEK determines otherwise in accordance with applicable law:
- #46">(v) the purchaser understands that SEK, the 144A Registrar, the Dealers and their affiliates, and others will rely upon the truth and accuracy of the foregoing acknowledgements, representations and agreements; and
- #46">(vi) if it is acquiring any Instruments for the account of one or more QIBs, the purchaser represents that it has sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgements, represent...
#47">TERMS AND CONDITIONS OF THE INSTRUMENTS
#47">The Instruments are issued in series (each a "Series"), and each Series may comprise one or more tranches (each a "Tranche") of Instruments. Each Tranche, for which a prospectus is required in connection with such issue in accordance with the "EU Pro...
- #48">1. Interpretation
  - #48">1.1 Definitions
  - #48">In these Conditions the following expressions have the following meanings:
    - #48">"2006 ISDA Definitions" means, in relation to a Series of Instruments, the 2006 ISDA Definitions (as supplemented, amended and updated as at the date of issue of the first Tranche of the Instruments of such Series) as published by ISDA (copies of whi...
  - #57">1.2 Interpretation
  - #57">In these Conditions:
- #58">2. Form, Denomination and Title
  - #58">2.1 Form
  - #58">Instruments may be issued in bearer form ("Bearer Instruments"), in registered form in accordance with Regulation S but not Rule 144A (the "International Registered Instruments"), in registered form in accordance with Rule 144A only or together with i...
  - #58">2.2 Instruments in bearer form
  - #58">Bearer Instruments are issued in the Specified Denomination(s) with Coupons and, if specified in the relevant Final Terms, Talons attached at the time of issue. In the case of a Series of Bearer Instruments with more than one Specified Denomination, I...
  - #58">2.3 Instruments in registered form and Scandinavian form
  - #58">Registered Instruments and Scandinavian Instruments are issued in the Specified Denomination(s). The Holder of each Registered Instrument and the Holder of each Scandinavian Instrument shall (except as otherwise required by law) be treated as its abso...
- #58">3. Register and Transfers of Registered Instruments and Scandinavian Instruments
  - #58">3.1 Register
  - #58">The relevant Registrar for Registered Instruments will maintain the Register in accordance with the provisions of the Fiscal Agency Agreement. The Register for the ESw Instruments is maintained in accordance with the SFIA Act and ESw rules and regulat...
  - #58">3.2 Transfers
  - #58">Subject to Conditions 3.5 (Closed periods) and 3.6 (Regulations concerning transfers and registration) below, a Registered Instrument may be transferred upon surrender of the relevant Instrument Certificate, with the endorsed form of transfer duly com...
  - #59">3.3 Registration and delivery of Instrument Certificates
  - #59">Within five business days of the surrender of an Instrument Certificate in accordance with Condition 3.2 (Transfers) above, the relevant Registrar will register the transfer in question and deliver a new Instrument Certificate of a like principal amou...
  - #59">3.4 No charge
  - #59">The transfer of a Registered Instrument will be effected without charge by or on behalf of SEK or the relevant Registrar but against such indemnity as the relevant Registrar may require in respect of any tax or other duty of whatsoever nature which ma...
  - #59">3.5 Closed periods
  - #59">Holders of Registered Instruments may not require transfers to be registered during the period of 15 calendar days ending on the due date for any payment of principal or interest in respect of the Registered Instruments. No Holder of the Scandinavian ...
  - #59">3.6 Regulations concerning transfers and registration
  - #59">All transfers of Registered Instruments and entries in the Register are subject to the detailed regulations concerning the transfer of Registered Instruments scheduled to the Fiscal Agency Agreement. The regulations may be changed by SEK with the prio...
  - #59">3.7 Private Placement Legend
  - #59">Upon the transfer, exchange or replacement of Instrument Certificates of any Tranche bearing the private placement legend (the "Private Placement Legend") set forth in the form of Registered Instrument scheduled to the Fiscal Agency Agreement, the rel...
  - #60">For so long as any of the Registered Instruments represented by any Instrument Certificate bearing the Private Placement Legend remain outstanding and are "restricted securities" within the meaning of Rule 144(a)(3) under the Securities Act, SEK coven...
- #60">4. Status
  - #60">4.1 Senior Preferred Instruments
  - #60">This Condition 4.1 is applicable in relation to Instruments specified in the Final Terms as being senior preferred instruments ("Senior Preferred Instruments"). Senior Preferred Instruments which do not have the Additional Events of Default set out in...
  - #60">(i) (subject to such mandatory exceptions as are from time to time applicable under Swedish law) at least pari passu with all other unsecured and unsubordinated indebtedness of SEK from time to time outstanding; and
  - #60">(ii) senior to any Senior Non-Preferred Liabilities and to any subordinated liabilities.
  - #60">4.2 Senior Non-Preferred Instruments
  - #60">(i) pari passu with all other Senior Non-Preferred Liabilities of SEK;
  - #61">(ii) senior to holders of all classes of ordinary shares of SEK and any subordinated obligations or other securities of SEK which by law rank, or by their terms are expressed to rank, junior to the Senior Non-Preferred Liabilities of SEK, and
  - #61">(iii) junior to present or future claims of unsubordinated creditors of SEK that are not creditors in respect of Senior Non-Preferred Liabilities of SEK.
  - #61">4.3 Subordinated Instruments
  - #61">4.4 Waiver of set-off
- #61">5. Negative Pledge
  - #61">This Condition 5 (Negative pledge) is applicable in relation only to Senior Preferred Instruments where the relevant Final Terms specifies that this Condition 5 is applicable.
- #62">6. Fixed Rate Instrument Provisions
  - #62">This Condition 6 (Fixed Rate Instrument Provisions) and Condition 16 (Calculation Agent) are applicable to the Instruments only if the Fixed Rate Instrument Provisions are specified in the relevant Final Terms as being applicable.
  - #62">6.1 Accrual of interest
  - #62">The Instruments bear interest from (and including or, in the case of the Scandinavian Instruments, but excluding) the Interest Commencement Date at the Interest Rate payable in arrear on each Interest Payment Date, subject as provided in Condition 14 ...
  - #62">6.2 Fixed Coupon Amount
  - #62">The amount of interest payable in respect of each Instrument for any Interest Period shall be the relevant Fixed Coupon Amount and, if the Instruments are in more than one Specified Denomination, shall be the relevant Fixed Coupon Amount in respect of...
  - #62">6.3 Calculation of interest amount
  - #62">The amount of interest payable in respect of each Instrument for any period for which a Fixed Coupon Amount is not specified shall be calculated by applying the Interest Rate to the Calculation Amount, multiplying the product by the relevant Day Count...
- #62">7. Floating Rate Instrument Provisions
  - #62">This Condition 7 (Floating Rate Instrument Provisions) is applicable only if the Floating Rate Instrument Provisions are specified in the relevant Final Terms as being applicable.
  - #62">7.1 Accrual of interest
  - #62">The Instruments bear interest from (and including or, in the case of the Scandinavian Instruments, but excluding) the Interest Commencement Date at the Interest Rate payable in arrear on each Interest Payment Date, subject as provided in Condition 14 ...
  - #63">7.2 Maximum or Minimum Interest Rate
  - #63">7.3 Calculation of Interest Amount
  - #63">7.4 Publication
  - #63">7.5 Determination of Rate of Interest following acceleration
  - #63">If (i) the Instruments become due and payable in accordance with Condition 12 (Events of Default) and (ii) the Rate of Interest for the Interest Period during which the Instruments become due and payable is to be determined by reference to any of Cond...
  - #64">7.6 Screen Rate Determination
  - #64">This Condition 7.6 (Screen Rate Determination) does not apply to SONIA Floating Rate Instruments, STR Floating Rate Instruments or SOFR Floating Rate Instruments.
  - #64">Subject to Condition 7.10 (Benchmark Discontinuation, excluding SOFR), if Screen Rate Determination is specified in the relevant Final Terms as the manner in which the Interest Rate(s) is/are to be determined, and if a Reference Rate and a Relevant Sc...
  - #64">(i) if the Reference Rate is a composite quotation or customarily supplied by one entity, the Calculation Agent will determine the Reference Rate which appears on the Relevant Screen Page at the Relevant Time on the relevant Interest Determination Date;
  - #64">(ii) if Linear Interpolation is specified as applicable in respect of an Interest Period in the applicable Final Terms, the rate for such Interest Period shall be calculated by the Calculation Agent by straight-line linear interpolation by reference t...
    - #64">(a) one rate shall be determined as if the relevant Interest Period were the period of time for which rates are available next shorter than the length of the relevant Interest Period; and
    - #64">(b) the other rate shall be determined as if the relevant Interest Period were the period of time for which rates are available next longer than the length of the relevant Interest Period,
  - #64">(iii) in any other case, the Calculation Agent will determine the arithmetic mean of the Reference Rates which appear on the Relevant Screen Page at the Relevant Time on the relevant Interest Determination Date;
  - #64">(iv) if, in the case of (i) above, such rate does not appear on that page or, in the case of (ii) above, fewer than two such rates appear on that page or if, in either case, the Relevant Screen Page is unavailable, the Issuer or its appointee will:
  - #64">if fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean of the rates (being the nearest to the Reference Rate, as determined by the Calculation Agent) quoted by major banks in the Principal...
  - #65">7.7 ISDA Determination
  - #65">(i) If ISDA Determination is specified in the relevant Final Terms as the manner in which the Interest Rate(s) is/are to be determined, the Interest Rate applicable to the Instruments for each Interest Period will be the sum of the Margin and the rele...
    - #65">(A) the Floating Rate Option (as defined in the ISDA Definitions) is as specified in the relevant Final Terms;
    - #65">(B) the Designated Maturity (as defined in the ISDA Definitions), if applicable, is a period specified in the relevant Final Terms;
    - #65">(C) the relevant Reset Date (as defined in the ISDA Definitions) unless otherwise specified in the relevant Final Terms, has the meaning given to it in the ISDA Definitions;
    - #65">(D) if Linear Interpolation is specified as applicable in respect of an Interest Period in the applicable Final Terms, the rate for such Interest Period shall be calculated by the Calculation Agent by straight-line linear interpolation by reference to...
    - #65">(1) one rate shall be determined as if the Designated Maturity were the period of time for which rates are available next shorter than the length of the relevant Interest Period; and
    - #65">(2) the other rate shall be determined as if the Designated Maturity were the period of time for which rates are available next longer than the length of the relevant Interest Period,
    - #65">(E) if the specified Floating Rate Option is an Overnight Floating Rate Option (as defined in the ISDA Definitions), Compounding is specified to be applicable in the relevant Final Terms and:
    - #65">(1) Compounding with Lookback is specified as the Compounding Method in the relevant Final Terms, Lookback is the number (which shall not be less than five (5) without the prior agreement of the Calculation Agent) of Applicable Business Days (as defin...
    - #65">(2) Compounding with Observation Period Shift is specified as the Compounding Method in the relevant Final Terms, (a) Observation Period Shift is the number (which shall not be less than five (5) without the prior agreement of the Calculation Agent) o...
    - #66">(3) Compounding with Lockout is specified as the Compounding Method in the relevant Final Terms, (a) Lockout is the number (which shall not be less than five (5) without the prior agreement of the Calculation Agent) of Lockout Period Business Days (as...
    - #66">(F) if the specified Floating Rate Option is an Overnight Floating Rate Option (as defined in the ISDA Definitions), Averaging is specified to be applicable in the relevant Final Terms and:
    - #66">(1) Averaging with Lookback is specified as the Averaging Method in the relevant Final Terms, Lookback is the number (which shall not be less than five (5) without the prior agreement of the Calculation Agent)of Applicable Business Days (as defined in...
    - #66">(2) Averaging with Observation Period Shift is specified as the Averaging Method in the relevant Final Terms, (a) Observation Period Shift is the number (which shall not be less than five (5) without the prior agreement of the Calculation Agent) of O...
    - #66">(3) Averaging with Lockout is specified as the Averaging Method in the relevant Final Terms, (a) Lockout is the number (which shall not be less than five (5) without the prior agreement of the Calculation Agent) of Lockout Period Business Days (as de...
    - #66">(G) if the specified Floating Rate Option is an Index Floating Rate Option (as defined in the ISDA Definitions) and Index Provisions are specified to be applicable in the relevant Final Terms, the Compounded Index Method with Observation Period Shift ...
  - #66">(ii) references in the ISDA definitions to:
    - #66">(A) "Confirmation" shall be references to the relevant Final Terms;
    - #66">(B) "Calculation Period" shall be references to the relevant Interest Period;
    - #66">(C) "Termination Date" shall be references to the Maturity Date;
    - #66">(D) "Effective Date" shall be references to the Interest Commencement Date; and
    - #66">(E) "Administrator/Benchmark Event" in the 2021 ISDA Definitions shall be disapplied; and
  - #66">(iii) if the Temporary Non-Publication Fallback in respect of any specified Floating Rate Option is specified to be "Temporary Non-Publication Fallback … Alternative Rate" in the Floating Rate Matrix of the 2021 ISDA Definitions the reference to "Calc...
  - #67">7.8 SONIA Floating Rate Instruments
  - #67">(i) Definitions
    - #67">(A) General definitions relating to SONIA Floating Rate Instruments
    - #67">(B) Definitions for Compounded Daily SONIA
      - #68">(a) where the Compounded Daily SONIA Method is Lookback: the Interest Period; or
      - #68">(b) where the Compounded Daily SONIA Method is Observation Period Shift: in respect of an Interest Period, the period from, and including, the date which is "p" London Banking Days prior to the first day of such Interest Period (and the first Interest...
      - #68">"SONIAi" means, for any London Banking Day "i" in the relevant Observation Period, is equal to;
        #68">(a) where the Compounded Daily SONIA Method is Lookback: the SONIA Reference Rate for the London Banking Day falling "p" London Banking Days prior to the relevant London Banking Day "i"; or
        #68">(b) where the Compounded Daily SONIA Method is Observation Period Shift: the SONIA Reference Rate in respect of that day "i"; and
    - #68">(C) Definitions for SONIA Compounded Index
#68">
- #69">(ii) Unavailability of SONIA Reference Rate
  - #69">(a) Subject to Condition 7.10 (Benchmark Discontinuation, excluding SOFR), if in respect of any London Banking Day in the relevant Observation Period, the Calculation Agent determines that the SONIA Reference Rate is not available on the Relevant Scre...
  - #69">(A) the sum of (i) the Bank of England's Bank Rate (the "Bank Rate") prevailing at close of business on the relevant London Banking Day and (ii) the mean of the spread of the SONIA Reference Rate to the Bank Rate over the previous five London Banking ...
  - #69">(B) if the Bank Rate is not published by the Bank of England at close of business on the relevant London Banking Day, either (i) the SONIA Reference Rate published on the Relevant Screen Page (or otherwise published by the relevant authorised distribu...
  - #69">(b) Subject to Condition 7.10 (Benchmark Discontinuation, excluding SOFR), if, with respect to any Interest Period, the SONIA Index is not published either on the relevant Start or End date, then the Calculation Agent shall calculate the rate of inter...
  - #69">(c) Subject to Condition 7.10 (Benchmark Discontinuation, excluding SOFR), if the Interest Rate cannot be determined in accordance with the foregoing provisions of Condition 7.8 (SONIA Floating Rate Instruments), the Rate of Interest shall be: (A) tha...
- #70">7.9 STR Floating Rate Instruments
- #70">(i) Definitions
  - #70">(A) General definitions relating to STR Floating Rate Instruments
  - #70">(B) Definitions for Compounded Daily STR
    - #70">" STRi" means, for any TARGET Day "i" in the relevant Observation Period, is equal to;
      - #70">(a) where the Compounded Daily STR Method is Lookback: the STR Reference Rate for the TARGET Day falling "p" TARGET Days prior to the relevant TARGET Day "i"; or
      - #70">(b) where the Compounded Daily STR Method is Observation Period Shift: the STR Reference Rate in respect of that day "i";
      - #71">(a) where the Compounded Daily STR Method is Lookback: the Interest Period; or
      - #71">(b) where the Compounded Daily STR Method is Observation Period Shift: in respect of an Interest Period, the period from, and including, the date which is "p" TARGET Days prior to the first day of such Interest Period (and the first Interest Period s...
  - #71">(C) Definitions for STR Compounded Index
#71">
- #72">(ii) Unavailability of STR Reference Rate
  - #72">(a) Subject to Condition 7.10 (Benchmark Discontinuation, excluding SOFR), if, with respect to any Interest Period, the STR Index is not published either on the relevant Start or End date by the European Central Bank or other information service by 5...
  - #72">(b) Subject to Condition 7.10 (Benchmark Discontinuation, excluding SOFR), if, where any Rate of Interest is to be calculated pursuant to Condition 7.9 ( STR Floating Rate Instruments) above, in respect of any TARGET Day in respect of which an applica...
  - #72">(c) Subject to Condition 7.10 (Benchmark Discontinuation, excluding SOFR), if the Interest Rate cannot be determined in accordance with the foregoing provisions of Condition 7.9 ( STR Floating Rate Instruments), the Rate of Interest shall be: (A) that...
- #72">7.10 Benchmark Discontinuation, excluding SOFR
  - #72">This Condition 7.10 (Benchmark Discontinuation, excluding SOFR) does not apply to SOFR Floating Rate Instruments.
- #72">(i) Definitions
  - #72">"Adjustment Spread" means either a spread (which may be positive or negative), or the formula or methodology for calculating a spread, in either case, which the Independent Adviser determines is required to be applied to the relevant Successor Rate or...
    - #73">(a) in the case of a Successor Rate, is formally recommended, or formally provided as an option for parties to adopt, in relation to the replacement of the Original Reference Rate with the Successor Rate by any Relevant Nominating Body; or
    - #73">(b) if no such recommendation has been made, or in the case of an Alternative Rate, the Independent Adviser determines is customarily applied to the relevant Successor Rate or Alternative Rate (as the case may be) in international debt capital markets...
    - #73">(c) (if no such recommendation has been made, or in the case of an Alternative Rate), the Independent Adviser determines is recognised or acknowledged as being the industry standard for over-the-counter derivative transactions which reference the Ref...
    - #73">(d) (if the Independent Adviser determines that no such industry standard is so recognised or acknowledged) the Independent Adviser determines to be appropriate to reduce or eliminate, to the extent reasonably practicable in the circumstances, any eco...
  - #73">"Benchmark Event" means:
    - #73">(a) the Original Reference Rate ceasing to be published on the Relevant Screen Page as a result of such benchmark ceasing to be calculated or administered;
    - #73">(b) the later of: (i) the making of a public statement by the administrator of the Original Reference Rate that it will, on or before a specified date, cease publishing the Original Reference Rate permanently or indefinitely (in circumstances where no...
    - #73">(c) the making of a public statement by the supervisor of the administrator of the Original Reference Rate that the Original Reference Rate has been permanently or indefinitely discontinued;
    - #73">(d) the later of: (i) the making of a public statement by the supervisor of the administrator of the Original Reference Rate that the Original Reference Rate will, on or before a specified date, be permanently or indefinitely discontinued; and (ii) th...
    - #73">(e) the later of: (i) the making of a public statement by the supervisor of the administrator of the Original Reference Rate that means the Original Reference Rate will be prohibited from being used or that its use will be subject to restrictions or a...
    - #74">(f) the later of: (i) a public statement by the supervisor of the administrator of the relevant Reference Rate (as applicable) that, in the view of such supervisor, such Reference Rate is, or will by a specified future date be, no longer representativ...
    - #74">(g) it has or will, by a specified date within the following six months, become unlawful for the Calculation Agent or any Paying Agent to calculate any payments due to be made to any Holder using the Original Reference Rate;
  - #74">"Relevant Nominating Body" means, in respect of the Original Reference Rate:
    - #74">(a) the central bank, reserve bank, monetary authority or any similar institution for the currency to which the Original Reference Rate relates, or any central bank or other supervisory authority which is responsible for supervising the administrator ...
    - #74">(b) any working group or committee sponsored by, chaired or co-chaired by or constituted at the request of: (a) the central bank, reserve bank, monetary authority or any similar institution for the currency to which the Original Reference Rate relates...
    - #74">"Successor Rate" means a successor to or replacement of the Original Reference Rate which is formally recommended by any Relevant Nominating Body.
- #74">(ii) Independent Adviser
- #74">(iii) Successor Rate or Alternative Rate
  - #75">If the Independent Adviser determines that:
    - #75">(a) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 7.10(iv) (Benchmark Discontinuation, excluding SOFR - Adjustment Spread)) subsequently be used in place of the Original Reference Rate to det...
    - #75">(b) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 7.10(iv) (Benchmark Discontinuation, excluding SOFR - Adjustment Spread)) subsequently be used in pl...
- #75">(iv) Adjustment Spread
- #75">(v) Benchmark Amendments
- #76">(vi) Notices, etc.
- #76">(vii) Survival of Original Reference Rate
- #76">(viii) Fallbacks
- #77">7.11 SOFR Floating Rate Instruments
- #77">(i) Definitions
  - #77">(A) General definitions relating to SOFR Floating Rate Instruments
    - #77">"SOFR" with respect to any U.S. Government Securities Business Day, means:
      - #77">(a) the Secured Overnight Financing Rate published for such U.S. Government Securities Business Day as such rate appears on the SOFR Administrator's Website at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business ...
      - #77">(b) if the rate specified in (a) above does not so appear, the Secured Overnight Financing Rate as published in respect of the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on the ...
  - #78">(B) Definitions for Compounded SOFR Method
    - #78">(a) in respect of Compounded SOFR where the Compounded SOFR Method is Lookback: the Interest Period; or
    - #78">(b) in respect of Compounded SOFR where the Compounded SOFR Method is Observation Period Shift: in respect of an Interest Period, the period from, and including, the date falling "p" U.S. Government Securities Business Days preceding the first date in...
    - #78">(a) in respect of Compounded SOFR where the Compounded SOFR Method is Lookback: SOFR in respect of the U.S. Government Securities Business Day falling "p" U.S. Government Business Days prior to that day "i";
    - #78">(b) in respect of Compounded SOFR where the Compounded SOFR Method is Observation Period Shift: SOFR in respect of that day "i".
  - #78">(C) Definitions for Compounded SOFR using SOFR Index
- #78">"Compounded SOFR using SOFR Index" means, in respect of an Interest Period, the rate calculated by the Calculation Agent, on the relevant Interest Determination Date as follows (and the resulting percentage will be rounded, if necessary, to the fifth ...
  - #79">(D) Definitions for Weighted Average SOFR
    - #79">"SOFRi" for any U.S. Government Securities Business Day "i" in the relevant Observation Period, is equal to:
      - #79">(a) if such U.S. Government Securities Business Day is a SOFR Reset Date, SOFR in relation to the U.S. Government Securities Business Day immediately preceding such SOFR Reset Date; and
      - #79">(b) if such U.S. Government Securities Business Day is not a SOFR Reset Date (being a U.S. Government Securities Business Day falling in the Cut-Off Period), SOFR in relation to the U.S. Government Securities Business Day immediately preceding the las...
- #79">(ii) Unavailability of SOFR Index
- #80">(iii) Benchmark discontinuation
  - #80">(a) If the Issuer determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the t...
  - #80">(b) Any Benchmark Replacement, Benchmark Replacement Adjustment and the specific terms of any Benchmark Replacement Conforming Changes, determined under this Condition 7.11 (iii) (SOFR Floating Rate Instruments - Benchmark Discontinuation) will be not...
  - #80">(c) No later than notifying the Fiscal Agent of the same, the Issuer shall deliver to the Fiscal Agent a certificate duly signed on behalf of the Issuer:
    - #80">(A) confirming: (x) that a Benchmark Transition Event has occurred; (y) the relevant Benchmark Replacement; and (z) where applicable, any Benchmark Replacement Adjustment and/or the specific terms of any relevant Benchmark Replacement Conforming Chang...
    - #81">(B) certifying that the relevant Benchmark Replacement Conforming Changes are necessary to ensure the proper operation of such Benchmark Replacement and/or Benchmark Replacement Adjustment.
  - #81">(d) If the Rate of Interest cannot be determined in accordance with the foregoing provisions of this Condition 7.11 (SOFR Floating Rate Instruments), the Rate of Interest shall be (A) that determined as at the last preceding Interest Determination Dat...
  - #81">For the purpose of this Condition 7.11(iv) (SOFR Floating Rate Instruments - Benchmark Discontinuation):
  - #81">"Benchmark Replacement" means the first alternative set forth in the order below that can be determined by the Issuer on the Benchmark Replacement Date:
    - #81">(a) the sum of: (A) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark; and (B) the Benchmark Replacement Adjustment;
    - #81">(b) the sum of: (A) the ISDA Fallback Rate; and (B) the Benchmark Replacement Adjustment; or
    - #81">(c) the sum of: (A) the alternate rate of interest that has been selected by the Issuer as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmar...
  - #81">"Benchmark Replacement Adjustment" means the first alternative set forth in the order below that can be determined by the Issuer or its designee on the Benchmark Replacement Date:
    - #81">(a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Bench...
    - #81">(b) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or
    - #81">(c) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, fo...
  - #82">"Benchmark Replacement Date" means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):
    - #82">(a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of: (1) the date of the public statement or publication of information referenced therein; and (2) the date on which the administrator of the Benchmark p...
    - #82">(b) in the case of clause (c) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.
  - #82">"Benchmark Transition Event" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):
    - #82">(a) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or ind...
    - #82">(b) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdict...
    - #82">(c) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative;
- #83">8. Index-Linked Instrument Provisions
  - #83">8.1 Interest Rate
  - #83">The Interest Rate payable from time to time in respect of the Instruments will be determined by the Calculation Agent on the following basis:
  - #83">8.2 Accrual of interest
  - #83">The Instruments bear interest from (and including or, in the case of the Scandinavian Instruments, but excluding) the Interest Commencement Date at the Interest Rate payable in arrear on each Interest Payment Date, subject as provided in Condition 14 ...
  - #84">8.3 Interest Determination Date
  - #84">8.4 Maximum or Minimum Interest Rate
  - #84">If any Maximum Interest Rate or Minimum Interest Rate is specified in the relevant Final Terms, then the Interest Rate shall in no event be greater than the maximum or be less than the minimum so specified.
  - #84">8.5 Calculation of Interest Amount
  - #84">The Calculation Agent will, as soon as practicable after the time at which the Interest Rate is to be determined in relation to each Interest Period, calculate the Interest Amount payable in respect of each Instrument for such Interest Period. The Int...
  - #84">8.6 Changes in circumstances affecting the Index
    - #84">(i) Correction of the Index Level
    - #84">In the event that the Index Level is subsequently corrected and the correction is published on the original date of publication (provided that the publication shall be made no later than three Scheduled Trading Days prior to the Payment Date relating ...
    - #84">(ii) Discontinuation of the Index/Alteration of Method of Calculation
    - #84">If subsequent to the Issue Date and prior to the Maturity Date, the Index is materially modified ("Index Modification") or permanently cancelled ("Index Cancellation") (each an "Index Adjustment Event"), then the Calculation Agent, (a) if it determine...
  - #84">8.7 Definitions
  - #85">8.8 Consequences of Disrupted Days
  - #85">8.9 Publication
- #86">9. Zero Coupon Instrument Provisions
  - #86">This Condition 9 (Zero Coupon Instrument Provisions) is applicable to the Instruments only if the Zero Coupon Instrument Provisions are specified in the relevant Final Terms as being applicable.
  - #86">9.1 Late payment on Zero Coupon Instrument
  - #86">If the Redemption Amount payable in respect of any Zero Coupon Instrument is improperly withheld or refused, the Redemption Amount shall thereafter be an amount equal to the sum of:
- #86">10. FX Rate-Linked Instrument Provisions
  - #86">This Condition 10 (FX Rate-Linked Instrument Provisions) is applicable to the Instruments only if the FX Rate-Linked Instrument Provisions are specified in the relevant Pricing Supplement or Drawdown Prospectus as being applicable.
  - #86">10.1 Calculation
  - #86">Each Instrument shall bear interest on the following basis (unless otherwise specified in the relevant Pricing Supplement or Drawdown Prospectus):
  - #87">10.2 Definitions
  - #87">10.3 Publication and Notification
  - #88">As soon as practicable after (i) determining each Indexed Interest Amount and/or any other amount(s) required to be determined by it and (ii) the occurrence of any event it is required to notify in accordance with the Final Terms, the Calculation Agen...
  - #88">10.4 Accrual of Interest
  - #88">Condition 7.1 (Floating Rate Instrument Provisions - Accrual of Interest) will be applicable to Instruments where the FX Rate-Linked Instrument Provisions are specified in the relevant Final Terms as being applicable.
- #88">11. Redemption and Purchase
  - #88">11.1 Scheduled redemption
  - #88">Unless previously redeemed, or purchased and cancelled, the Instruments will be redeemed at their Final Redemption Amount on the Maturity Date, subject as provided in Condition 14 (Payments).
  - #91">11.2 Redemption for tax reasons
    - #91">Subject to the provisions of Condition 11.15 (Redemption and Purchase - Prior permission for redemption and purchase), SEK may at its option redeem the Instruments in whole, but not in part:
  - #91">(a) at any time (if none of the Floating Rate Instrument Provisions, the Index-Linked Interest Instrument Provisions or the FX Rate-Linked Instrument Provisions (unless, the date fixed for redemption is within the Fixed Rate Period) are specified in t...
  - #92">(b) on any Interest Payment Date (if the Floating Rate Instrument Provisions, the Index-Linked Interest Instrument Provisions or the FX Rate-Linked Instrument Provisions (unless, the date fixed for redemption is within the Fixed Rate Period) are speci...
  - #92">(a) SEK has or will become obliged to pay additional amounts as provided or referred to in Condition 13 (Taxation) as a result of any actual or potential change in, or amendment to, the laws or regulations of the Kingdom of Sweden or any political sub...
  - #92">(b) a Tax Event occurs,
  - #92">(a) any amendment to, clarification of, or change in, the laws or treaties (or any regulations thereunder) of the Kingdom of Sweden or any political subdivision or taxing authority thereof or therein affecting taxation;
  - #92">(b) any governmental action of the Kingdom of Sweden; or
  - #92">(c) any amendment to, clarification of, or change in the official position or the interpretation of such governmental action or any interpretation or pronouncement that provides for a position with respect to such governmental action that differs from...
  - #93">11.3 Redemption at the option of SEK
  - #93">If the Call Option is specified in the relevant Final Terms as being applicable, the Instruments may be redeemed (subject to the provisions of Condition 11.15 (Redemption and Purchase - Prior permission for redemption and purchase)) at the option of S...
  - #93">11.4 Partial redemption:
  - #94">11.5 Redemption at the option of Holders
  - #94">Subject to the requirements of Condition 11.15 (Prior permission for redemption and purchase), if the Instruments are Senior Preferred Instruments and Put Option is specified in the relevant Final Terms as being applicable, SEK shall, at the option of...
  - #94">11.6 Mandatory Early Redemption
  - #94">If, at the Trigger Determination Time on any relevant Trigger Determination Date, the relevant FX Rate (as defined in Condition 10 (FX Rate-Linked Instrument Provisions)) specified in the Final Terms or the relevant Index Level (as defined in Conditio...
  - #95">11.7 Redemption for Index Adjustment Event
  - #95">If an Index Adjustment Event occurs and the Calculation Agent determines that it is or will be impossible or impracticable to determine the Index Level on any future date upon which such determination is to be made, it shall require that SEK shall red...
  - #95">11.8 Early redemption of Zero Coupon Instruments
  - #95">Notwithstanding any other provisions in this Condition 11 (Redemption and Purchase) and unless otherwise specified in the relevant Final Terms, the Redemption Amount payable on redemption of a Zero Coupon Instrument at any time before the Maturity Dat...
  - #95">11.9 Redemption for Illegality
  - #95">If Redemption for Illegality is specified in the relevant Final Terms as being applicable, then in the event that the Calculation Agent determines in good faith that the performance of SEK's obligations under the Instruments or that any arrangements m...
  - #95">11.10 Purchase of Instruments
  - #96">SEK may at any time purchase Instruments in the open market or otherwise and at any price, subject to, (i) in the case of Senior Preferred Instruments that are MREL Eligible Liabilities and Senior Non-Preferred Instruments, the MREL Regulations or, in...
  - #96">11.11 Subordinated Instruments - Redemption Upon the Occurrence of a Capital Event
  - #96">This Condition 11.11 applies only in the case of Instruments specified in the applicable Final Terms as being Subordinated Instruments and where this Condition 11.11 is specified as being applicable in the applicable Final Terms, and references to "In...
  - #96">Subject to Condition 11.15 (Redemption and Purchase - Prior permission for redemption and purchase) below, if a Capital Event occurs, SEK may, within 90 calendar days of the occurrence of the relevant Capital Event, at its option, give notice to the H...
  - #96">(a) in the case of all Instruments other than Floating Rate Instruments, at any time within the period of not less than 15 nor more than 60 days from the date of such notice; or
  - #96">(a) in the case of all Instruments other than Floating Rate Instruments, at any time within the period of not less than 15 nor more than 60 days from the date of such notice; or
  - #96">(b) in the case of Floating Rate Instruments, (1) on any Interest Payment Date falling within the period of not less than 15 nor more than 60 days from the date of such notice or (2) if there is no Interest Payment Date falling within (1) above, on th...
  - #96">(b) in the case of Floating Rate Instruments, (1) on any Interest Payment Date falling within the period of not less than 15 nor more than 60 days from the date of such notice or (2) if there is no Interest Payment Date falling within (1) above, on th...
  - #96">in each case, at their principal amount or such other amount as may be specified in the applicable Final Terms together (in each case) with accrued interest (if any) thereon. Upon the expiry of such notice, SEK shall redeem the Instruments.
  - #96">In these Conditions:
  - #97">11.12 Senior Preferred Instruments and Senior Non-Preferred Instruments - Redemption upon occurrence of an MREL Disqualification Event
  - #97">11.13 Substitution or Variation
    - #98">(i). (other than in respect of (i) the effectiveness and enforceability of Condition 25 (Bail-in and Loss Absorption Powers) and (ii) paragraph (4) below) have terms not materially less favourable to the Holders as a class than the terms of the Preced...
      - #98">a. include a ranking at least equal to that of the Preceding Instruments prior to such substitution or variation, as the case may be;
      - #98">b. have the same interest rate and the same Interest Payment Dates as those from time to time applying to the Preceding Instruments prior to such substitution or variation, as the case may be;
      - #98">c. have the same redemption rights and obligations as the Preceding Instruments prior to such substitution or variation, as the case may be, including, but not limited to, as to timing and amount;
      - #98">d. comply:
      - #98">i. in respect of Senior Preferred Instruments that are MREL Eligible Liabilities and Senior Non-Preferred Instruments, with the then current requirements in relation to "eligible liabilities" (or any equivalent or successor term) provided for in the M...
      - #98">ii. in respect of Subordinated Instruments, with the then current requirements of the Relevant Regulator in relation to Tier 2 capital,
      - #98">e. preserve any existing rights under the Preceding Instruments to any accrued interest which has not been paid in respect of the period from (and including) the Interest Payment Date last preceding the date of substitution or variation, as the case m...
      - #98">f. where the Preceding Instruments had a solicited credit rating immediately prior to their substitution or variation, be assigned a solicited credit rating equal to or higher than:
      - #98">i. the solicited credit rating of the Preceding Instruments immediately prior to their substitution or variation; or
      - #98">ii. where the solicited credit rating of the Preceding Instruments was, as a result of Condition 25 (Bail-in and Loss Absorption Powers) becoming ineffective and/or unenforceable, amended prior to such substitution or variation, the solicited credit r...
      - #98">g. not include any loss absorbing provisions such as principal write-offs, write-downs or conversion to equity, unless the triggers are objective and measurable; and
    - #98">(ii). are listed on a recognised stock exchange, if the Preceding Instruments were listed immediately prior to such substitution or variation, as selected by SEK.
  - #98">11.14 Cancellation of Redeemed and Purchased Instruments
  - #98">All Instruments surrendered for cancellation pursuant to this Condition 11.14 (Redemption and Purchase- Cancellation of Redeemed and Purchased Instruments) will (provided, that all unmatured Coupons are attached thereto or surrendered therewith) be ca...
  - #99">11.15 Prior permission for redemption and purchase
    - #99">(i). Any redemption other than in the case of a redemption at maturity in accordance with Condition 11.1 (Redemption and Purchase - Scheduled redemption), substitution, variation or purchase of Senior Preferred Instruments that are MREL Eligible Liabi...
    - #99">(ii). Any redemption other than in the case of a redemption at maturity in accordance with Condition 11.1 (Redemption and Purchase - Scheduled redemption), substitution, variation or purchase of Subordinated Instruments shall be subject to the prior p...
- #99">12. Events of Default
  - #99">12.1 Events of Default
  - #100">12.2 Additional Events of Default
    - #100">This Condition 12.2 (Additional Events of Default) is applicable in relation only to Senior Preferred Instruments where the relevant Final Terms specifies that this Condition 12.2 is applicable.
    - #100">If any of the following events (hereinafter called an "Event of Default") shall occur and shall be continuing:
  - #100">12.3 Events of Default … All Instruments
- #100">13. Taxation
  - #100">13.1 Gross-up
  - #100">Subject as set out below all payments of principal and interest in respect of the Instruments will be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf...
    - #101">(i). by or on behalf of a Holder that is liable to such taxes or duties in respect of its Instrument or Coupon by reason of his having some connection with the Kingdom of Sweden other than the mere holding of such Instrument or Coupon, or
    - #101">(ii). where the Holder is able to avoid such withholding or deduction by making a declaration of non-residence or other similar claim for exemption to the relevant tax authority; or
    - #101">(iii). more than 30 days after the Relevant Date except to the extent that the Holder would have been entitled to such additional amounts on presenting the same for payment on such thirtieth day.
  - #101">As used herein the "Relevant Date" means whichever is the later of: (i) the date on which such payment first becomes due; and (ii) if the full amount of the moneys payable has not been received by the Fiscal Agent or, as the case may be, the relevant ...
  - #101">13.2 Taxing jurisdiction
  - #101">If SEK becomes subject at any time to any taxing jurisdiction other than the Kingdom of Sweden, references in these Conditions to the Kingdom of Sweden shall be construed as references to the Kingdom of Sweden and/or such other jurisdiction.
- #101">14. Payments
  - #101">14.1 Payments … Bearer Instruments
    - #101">(i). Principal
    - #102">(ii). Interest
    - #102">(iii). Payments in New York City
    - #102">(iv). Payments subject to fiscal laws
    - #102">(v). Deductions for unmatured Coupons
    - #103">(vi). Unmatured Coupons void
    - #103">(vii). Payments on Business Days
    - #103">(viii). Payments other than in respect of matured Coupons
    - #103">(ix). Partial payments
    - #103">(x). Exchange of Talons
    - #103">(xi). Disruption of Specified Currency
  - #103">14.2 Payments … Registered Instruments
    - #104">(i). Principal
    - #104">(ii). Interest
    - #104">(iii). Payments subject to fiscal laws
    - #104">(iv). Payments on Business Days
    - #104">(v). Disruption of Specified Currency
  - #105">14.3 Payments … Renminbi Instruments
    - #105">(i). Payments of Principal and Interest
    - #105">(ii). Provisions relating to Fixed Rate Renminbi Instruments only
    - #105">(iii). Payments of USD Equivalent
  - #107">14.4 Record date
  - #107">14.5 Payment … Scandinavian Instruments
- #107">15. Prescription
  - #107">15.1 Bearer Instruments
  - #107">Bearer Instruments will become void unless presented for payment within 10 years after the Relevant Date (as defined in Condition 13 (Taxation)) for payment thereof. Coupons appertaining to Bearer Instruments will become void unless presented for paym...
  - #107">15.2 Registered Instruments and Scandinavian Instruments
  - #107">Claims against SEK in respect of Registered Instruments or ESw Instruments will be prescribed unless made within 10 years (or, in the case of claims in respect of interest, five years) after the due date for payment. Claims against SEK in respect of E...
- #107">16. Calculation Agent
  - #107">16.1 Duties
  - #107">In performing its duties pursuant to these Conditions and the relevant Final Terms, the Calculation Agent shall act in its sole and absolute discretion, unless otherwise specified. Any delay, deferral or forbearance by the Calculation Agent in the per...
  - #108">16.2 Determinations, notifications etc.
  - #108">All notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or obtained for the purposes of these Conditions by the Calculation Agent of any amount or of any state of affairs, circumstance, ...
- #108">17. Paying Agents and Registrars
- #108">18. Replacement of Instruments
- #109">19. Meetings of Holders
  - #109">19.1 The Fiscal Agency Agreement contains provisions, which are binding on SEK and the Holders of Instruments or Coupons, for convening meetings of the Holders of Instruments of any Series to consider matters affecting their interests, including the m...
  - #109">19.2 A resolution in writing signed by or on behalf of Holders of at least 75 per cent. in aggregate principal amount of the outstanding Instruments who for the time being are entitled to receive notice of a meeting of Holders under the terms of the F...
  - #109">19.3 The Instruments and these Conditions may be amended without the consent of the Holders of Instruments or Coupons to correct a manifest error. In addition, the parties to the Fiscal Agency Agreement and the Scandinavian Agreements may agree to mod...
  - #109">19.4 In addition, the parties to the Fiscal Agency Agreement may agree such modifications to the Fiscal Agency Agreement, the Instruments, these Conditions and the Deed of Covenant as may be required in order to give effect to: Condition 7.10(iv) (Ben...
- #109">20. Notices
  - #109">20.1 Notices To Holders of Bearer Instruments
    - #109">Subject to the paragraph below and save where another means of effective communication has been specified herein or in the Final Terms, notices to Holders of Bearer Instruments shall be valid if published,
  - #110">Notwithstanding Condition 20 (Notices) above, while the Bearer Instruments are represented by a Permanent Global Instrument (or by a Permanent Global Instrument and/or a Temporary Global Instrument) and the Permanent Global Instrument is (or the Perma...
  - #110">20.2 Notices To Holders of Registered Instruments
  - #110">Notices to Holders of Registered Instruments will be deemed to be validly given if sent by first class mail or (if posted to an overseas address) by airmail to them (or, in the case of joint Holders, to the first-named in the Register) at their respec...
  - #110">20.3 Notices To Holders of the Scandinavian Instruments
  - #110">All notices to Holders of the Scandinavian Instruments will be valid if sent by first class mail or (if posted to an overseas address) by airmail to their registered addresses appearing on the register of ESw, EFi or VP, as the case may be. Any such n...
  - #110">20.4 Notices To SEK
  - #110">Notices to SEK will be deemed to be validly given if delivered to SEK at Fleminggatan 20, P.O. Box 194, SE-101 23 Stockholm, Sweden (or such other address and/or attention as has been notified in accordance with this Condition 20 (Notices)) and clearl...
- #110">21. Further Issues
- #110">22. Rounding
- #111">23. Law and Jurisdiction
  - #111">23.1 Governing law
  - #111">The Instruments, the Fiscal Agency Agreement and the Deed of Covenant and any non-contractual obligations arising out of or in connection with them are governed by English law, except for:
    - #111">(i). Condition 4 (Status), the registration and transfer of ESw Instruments, and any non-contractual obligations arising out of or in connection with them, which shall be governed by, and construed in accordance with, Swedish law;
    - #111">(ii). the registration and transfer of EFi Instruments and any non-contractual obligations arising out of or in connection with them, which shall be governed by, and construed in accordance with, Finnish law; and
    - #111">(iii). the registration and transfer of VP Instruments and any non-contractual obligations arising out of or in connection with them, which shall be governed by, and construed in accordance with, Danish law.
  - #111">23.2 English courts
  - #111">The courts of England have exclusive jurisdiction to settle any dispute (a "Dispute"), arising from or connected with the Instruments.
  - #111">23.3 Appropriate forum
  - #111">SEK agrees that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that it will not argue to the contrary.
  - #111">23.4 Rights of the Holders to take proceedings outside England
  - #111">Condition 23.2 (English courts) is for the benefit of the Holders only. As a result, nothing in this Condition 23 (Law and Jurisdiction) prevents any Holder from taking proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdi...
  - #111">23.5 Process agent
  - #111">SEK agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on it by being delivered to The Trade Commissioner for the time being of Business Sweden - The Swedi...
- #111">24. Rights of Third Parties
- #112">25. Bail-in and Loss Absorption Powers
  - #112">25.1 Notwithstanding and to the exclusion of any other term of the Instruments or any other agreements, arrangements or understanding between SEK and any Holder (which, for the purposes of this Condition 25 (Bail-in and Loss Absorption Powers), includ...
    - #112">(i). the effect of the exercise of any Bail-in and Loss Absorption Powers by the Relevant Resolution Authority, which exercise (without limitation) may include and result in any of the following, or a combination thereof:
      - #112">(a) the reduction of all, or a portion, of the Relevant Amounts in respect of the Instruments on a permanent basis;
      - #112">(b) the conversion of all, or a portion, of the Relevant Amounts in respect of the Instruments into shares, other securities or other obligations of SEK or another person, and the issue to or conferral on the Holder of such shares, securities or oblig...
      - #112">(c) the cancellation of the Instruments or the Relevant Amounts in respect of the Instruments; and
      - #112">(d) the amendment or alteration of the perpetual nature of the Instruments or amendment of the amount of interest payable on the Instruments, or the date on which interest becomes payable, including by suspending payment for a temporary period; and
    - #112">(ii). the variation of the terms of the Instruments, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of any Bail-in and Loss Absorption Powers by the Relevant Resolution Authority.
    - #112">(i). any obligation of a bank or investment firm or affiliate of a bank or investment firm can be reduced, cancelled, modified or converted into shares, other securities or other obligations of such entity or any other person (or suspended for a tempo...
    - #112">(ii). any right in a contract governing an obligation of a bank or investment firm or affiliate of a bank or investment firm may be deemed to have been exercised.
  - #113">25.2 No repayment or payment of Relevant Amounts on the Instruments, will become due and payable or be paid after the exercise of any Bail-in and Loss Absorption Power by the Relevant Resolution Authority if and to the extent such amounts have been re...
  - #113">25.3 Neither a reduction or cancellation, in part or in full, of the Relevant Amount, the conversion thereof into another security or obligation of SEK or another person, as a result of the exercise of the Bail-in and Loss Absorption Power by the Rele...
  - #113">25.4 Upon the exercise of the Bail-in and Loss Absorption Power by the Relevant Resolution Authority with respect to the Instruments, SEK will provide a written notice to the Instruments in the manner set out in Condition 20 (Notices). SEK will also d...
#114">USE OF PROCEEDS
#116">FORM OF FINAL TERMS
#119">[Unless stated otherwise, include all the items listed in Part A … Contractual Terms of these Final Terms in connection with all Instruments. References in the drafting notes to retail issues are to issues of Instruments with a denomination of less t...
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#133">PART B … OTHER INFORMATION
- #133">2. RATINGS
- #135">3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE [ISSUE/OFFER]
- #136">8. [Index-Linked only … DESCRIPTION AND PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, [required for retail issues only, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS] AND OTHER INFORMATION CONCERNING THE UNDERLYING (To be included f...
#140">
#141">[THIRD PARTY INFORMATION
#141">[SUMMARY OF THE ISSUE]
#142">FORM OF PRICING SUPPLEMENT
#144">[Unless stated otherwise, include all the items listed in Part A … Contractual Terms of this Pricing Supplement in connection with all Instruments.]
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#161">PART B … OTHER INFORMATION
- #161">2. RATINGS
- #163">3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE [ISSUE/OFFER]
- #164">8. [Index-Linked and FX Rate-Linked, Instruments only … DESCRIPTION AND PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, [EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS] AND OTHER INFORMATION CONCERNING THE UNDERLYING:
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#167">OVERVIEW OF PROVISIONS RELATING TO THE INSTRUMENTS WHILE IN GLOBAL FORM
#167">Clearing System Accountholders
#167">Exchange of Temporary Global Instruments
#167">Whenever any interest in a Temporary Global Instrument is to be exchanged for an interest in a Permanent Global Instrument, SEK shall procure:
- #167">(a) in the case of first exchange, the prompt delivery (free of charge to the bearer) of such Permanent Global Instrument, in the case of a CGI, duly authenticated and in the case of an NGI, effectuated, to the bearer of the Temporary Global Instrumen...
- #167">(b) in the case of any subsequent exchange, an increase in the principal amount of such Permanent Global Instrument in accordance with its terms,
#168">If:
- #168">(a) a Permanent Global Instrument has not been delivered or the principal amount thereof increased by 6.00 p.m. (London time) on the seventh day after the bearer of a Temporary Global Instrument has requested exchange of an interest in the Temporary G...
- #168">(b) Definitive Instruments have not been delivered by 6.00 p.m. (London time) on the thirtieth day after the bearer of a Temporary Global Instrument has requested exchange of the Temporary Global Instrument for Definitive Instruments; or
- #168">(c) a Temporary Global Instrument (or any part thereof) has become due and payable in accordance with the Terms and Conditions of the Instruments or the date for final redemption of a Temporary Global Instrument has occurred and, in either case, payme...
#168">Exchange of Permanent Global Instruments
#168">If:
- #168">(a) Definitive Instruments have not been delivered by 6.00 p.m. (London time) on the thirtieth day after the bearer of a Permanent Global Instrument has duly requested exchange of the Permanent Global Instrument for Definitive Instruments; or
- #168">(b) a Permanent Global Instrument (or any part of it) has become due and payable in accordance with the Terms and Conditions of the Instruments or the date for final redemption of the Instruments has occurred and, in either case, payment in full of th...
#169">Exchange of Global International Instrument Certificates
#169">If:
- #169">(a) Individual International Instrument Certificates have not been delivered by 6.00 p.m. (London time) on the thirtieth day after they are due to be issued and delivered in accordance with the terms of the Global International Instrument Certificate; or
- #169">(b) any of the Instruments represented by a Global International Instrument Certificate (or any part of it) has become due and payable in accordance with the Terms and Conditions of the Instruments or the date for final redemption of the Instruments h...
#169">Exchange of Global Instrument Certificates
#170">If:
- #170">(a) Individual Instrument Certificates have not been delivered by 6.00 p.m. (London time) on the thirtieth day after they are due to be issued and delivered in accordance with the terms of the relevant Global Instrument Certificate; or
- #170">(b) any of the Instruments represented by a Global Instrument Certificate (or any part of it) has become due and payable in accordance with the Terms and Conditions of the Instruments or the date for final redemption of the Instruments has occurred an...
#170">Transfers of Interests in Global Instruments, Global International Instrument Certificates and Global Instrument Certificates
#172">Conditions applicable to Global Instruments
#173">Electronic Consent and Written Resolution: While any Global Instrument, Global International Instrument Certificate or Global Instrument Certificate is held on behalf of a clearing system, then:
- #173">(i) approval of a resolution proposed by SEK, given by way of electronic consents communicated through the electronic communications systems of the relevant clearing system(s) in accordance with their operating rules and procedures by or on behalf of ...
- #173">(ii) where Electronic Consent is not being sought, for the purpose of determining whether a Written Resolution (as defined in the Fiscal Agency Agreement) has been validly passed, SEK shall be entitled to rely on consent or instructions given in writi...
#174">SEK … AN INTRODUCTION
#174">General
#174">Aktiebolaget Svensk Exportkredit (publ)
#174">History and development of the Company
#174">Business Overview
#175">Key Developments in 2021
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#175">Management
#176">The Board of Directors
#178">PLAN OF DISTRIBUTION
#178">1. The Instruments have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States or to, or...
#178">2. SEK has represented, warranted and undertaken to the Dealers that neither it nor any of its affiliates (including any person acting on behalf of SEK or any of its affiliates) has offered or sold, or will offer or sell, any Instruments in any circum...
#178">3. SEK has represented, warranted and undertaken to the Dealers that, in connection with each sale of Instruments pursuant to Rule 144A under the Securities Act, neither it nor any of its affiliates (as defined in Rule 405 under the Securities Act), n...
#178">4. SEK has represented, warranted and undertaken to the Dealers that, in connection with each sale of Instruments pursuant to Rule 144A under the Securities Act, neither it nor any of its affiliates (as defined in Rule 501 under the Securities Act), n...
#179">5. In relation to each Tranche of Instruments:
- #179">(i) each Dealer represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it will offer and sell or deliver Instruments (i) as part of their distribution at any time and (ii) otherwise,...
- #179">(ii) each Dealer agreed, and each further Dealer appointed under the Programme will be required to agree, that it has not entered and will not enter into any contractual arrangements with respect to the distribution or delivery of Instruments except w...
- #179">(iii) each Dealer agreed, and each further Dealer appointed under the Programme will be required to agree, that, at or prior to confirmation of sale of Instruments (other than sale of Instruments pursuant to Rule 144A), it will have sent to each distr...
- #179">(iv) each Dealer who has purchased Instruments of any Tranche in accordance with this Agreement shall determine and certify to the Fiscal Agent or SEK the completion of the distribution of the Instruments of such Tranche purchased by it. In the case o...
#179">6. Where the TEFRA D Rules are specified in the relevant Final Terms as being applicable in relation to any Tranche of Instruments, each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to repre...
- #179">(i) except to the extent permitted under the TEFRA D Rules, (x) it has not offered or sold, and during the restricted period will not offer or sell, any Instruments in bearer form to a person who is within the United States or its possessions or to a ...
- #180">(ii) it has and throughout the restricted period will have in effect procedures reasonably designed to ensure that its employees or agents who are directly engaged in selling Instruments in bearer form are aware that such Instruments may not be offere...
- #180">(iii) if such Dealer is a United States person, it is acquiring the Instruments in bearer form for purposes of resale in connection with their original issuance and, if such Dealer retains Instruments in bearer form for its own account, it will only d...
- #180">(iv) with respect to each affiliate of such Dealer (if any) that acquires from such Dealer Instruments in bearer form for the purposes of offering or selling such Instruments during the restricted period, such Dealer either (A) hereby represents and a...
- #180">(v) it shall obtain for the benefit of SEK the representations, undertakings and agreements contained in sub-clauses (i), (ii), (iii), (iv) and (v) of this paragraph from any person other than its affiliate with whom it enters into a written contract,...
#180">7. Where the TEFRA C Rules are specified in the relevant Final Terms as being applicable in relation to any Tranche of Instruments, the Instruments in bearer form must, in accordance with their original issuance, be issued and delivered outside the Un...
- #180">(i) it has not offered, sold or delivered, and will not offer, sell or deliver, directly or indirectly, any Instruments in bearer form within the United States or its possessions; and
- #180">(ii) it has not communicated, and will not communicate, directly or indirectly, with a prospective purchase if such Dealer or such prospective purchaser is within the United States or its possessions and will not otherwise involve the United States of...
#180">8. Terms used in Clauses 1, 2 and 3 have the meanings given to them by Regulation S under the Securities Act. Terms used in Clauses 6 and 7 have the meanings given to them by the United States Internal Revenue Code and regulations thereunder, includin...
#180">9. Each issuance of index or currency-linked Instruments shall be subject to additional U.S. selling restrictions as the relevant Dealer or Dealers shall agree as a term of the issuance and purchase of such Instruments. Each Dealer agrees that it shal...
#180">10. In connection with each sale of Instruments pursuant to Rule 144A under the Securities Act, neither the relevant Dealer nor any person acting on its behalf will engage in any form of general solicitation or general advertising (as those terms are ...
#180">Japan
#181">The People's Republic of China
#181">Hong Kong
#182">Singapore
#182">Where the Instruments are subscribed or purchased under Section 275 of the SFA by a relevant person which is:
- #182">(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited in...
- #182">(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
  - #182">(i) to an institutional investor or to a relevant person or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;
  - #182">(ii) where no consideration is or will be given for the transfer;
  - #182">(iii) where the transfer is by operation of law;
  - #182">(iv) as specified in Section 276(7) of the SFA; or
  - #182">(v) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.
#182">Prohibition of Sales to EEA Retail Investors
#182">Unless the applicable Final Terms in respect of any Instruments specifies the "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be re...
- #182">(a) the expression "retail investor" means a person who is one (or more) of the following:
  - #182">(i) a retail client as defined in point (11) of Article 4(1) of EU MiFID II; or
  - #183">(ii) a customer within the meaning of Directive (EU) 2016/97 where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of EU MiFID II; and
  - #183">(iii) not a qualified investor as defined in the EU Prospectus Regulation; and
- #183">(b) the expression an "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Instruments to be offered so as to enable an investor to decide to purchase or subscribe the Instruments.
#183">Public Offer Selling Restriction Under the EU Prospectus Regulation
#183">If the applicable Final Terms in respect of any Instruments specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", in relation to each Member State of the EEA (each, a "Relevant State"), each Dealer has represented, warranted a...
- #183">(a) Approved Prospectus: if the Final Terms or Drawdown Prospectus in relation to the Instruments specify that an offer of those Instruments may be made other than pursuant to Article 1(4) of the EU Prospectus Regulation in that Relevant State (a "Non...
- #183">(b) Qualified investors: at any time to any legal entity which is a qualified investor as defined in the EU Prospectus Regulation;
- #183">(c) Fewer than 150 offerees: at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the EU Prospectus Regulation), subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by SEK ...
- #183">(d) Other exempt offers: at any time in any other circumstances falling within Article 1(4) of the EU Prospectus Regulation,
#183">United Kingdom
- #184">(a) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No. 2017/565 as it forms part of domestic law by virtue of the EUWA;
- #184">(b) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(...
- #184">(c) not a qualified investor as defined in in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA.
- #184">(a) at any time to any legal entity which is a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA;
- #184">(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA) in the United Kingdom subject to obtaining the prio...
- #184">(c) at any time in any other circumstances falling within section 86 of the FSMA,
- #184">(a) General compliance: it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Instruments in, from or otherwise involving the United Kingdom;
- #184">(b) No deposit-taking: in relation to any Instruments having a maturity of less than one year:
  - #184">(i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business; and:
  - #184">(ii) it has not offered or sold and will not offer or sell any Instruments other than to persons:
    - #184">(A) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses; or
    - #184">(B) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses,
- #185">(c) Financial promotion: it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received ...
#185">General
#186">TAXATION
- #186">The tax legislation of an potential investor's Relevant State and of SEK's country of incorporation may have an impact on the income received from the securities.
- #186">1. Sweden
- #187">2. Other Taxation Considerations
#188">UNITED STATES FEDERAL INCOME TAXATION
#188">United States Federal Income Taxation
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#189">Special Rules Applicable to Certain Accrual Method Taxpayers
#189">Payments of Stated Interest
#189">Original Issue Discount
#190">Market Discount
#191">Acquisition Premium and Amortisable Bond Premium
#191">Sale, Exchange or Maturity of the Instruments
#192">Contingent Payment Debt Instruments
#192">Neither the comparable yield nor the projected payment schedule constitutes a representation by SEK regarding the actual amount, if any, that the contingent payment debt instrument will pay.
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#193">Foreign Currency Instruments
#195">Information Reporting and Backup Withholding
#196">UNITED STATES EMPLOYEE BENEFIT PLAN CONSIDERATIONS
#197">THE AUTHORISED OFFEROR TERMS
#197">These terms (the "Authorised Offeror Terms") will be relevant in the case of any Tranche of Instruments, if (and only if) Part B of the applicable Final Terms specifies "General Consent" as "Applicable". They are the Authorised Offeror Terms which wi...
- #197">1. General
  - #197">The relevant financial intermediary:
    - #197">(i). acts in accordance with all applicable laws, rules, regulations and guidance of any applicable regulatory bodies (the "Rules") including, without limitation and in each case, Rules relating to both the appropriateness or suitability of any invest...
    - #197">(ii). complies with the restrictions set out under "Plan of Distribution" in this Base Prospectus which would apply as if it were a relevant Dealer and with any further relevant requirements as may be specified in the applicable Final Terms;
    - #197">(iii). complies with any target market and distribution channels identified under the "EU MiFID product governance" legend set out in the applicable Final Terms;
    - #197">(iv). ensures that any fee, commission, benefits of any kind, rebate received or paid by that financial intermediary in relation to the offer or sale of the Instruments does not violate the Rules and is fully and clearly disclosed to Investors or pote...
    - #197">(v). holds all licences, consents, approvals and permissions required in connection with solicitation of interest in, or offers or sales of, the Instruments under the Rules;
    - #197">(vi). immediately informs SEK and any relevant Dealer if at any relevant time it becomes aware or suspects that it is or may be in violation of any Rules;
    - #197">(vii). complies with, and takes appropriate steps in relation to, applicable anti-money laundering, anti-bribery, prevention of corruption and "know your client" Rules, and does not permit any application for Instruments in circumstances where the fin...
    - #197">(viii). retains investor identification records for at least the minimum period required under applicable Rules, and shall, if so requested and to the extent permitted by the Rules, make such records available to SEK and the relevant Dealer or directl...
    - #197">(ix). does not, directly or indirectly, cause SEK or the relevant Dealer to breach any Rule or subject SEK or the relevant Dealer to any requirement to obtain or make any filing, authorisation or consent in any jurisdiction;
    - #197">(x). does not use the legal or publicity names of SEK or the relevant Dealer(s) or any other name, brand or logo registered by an entity within their respective groups or any material over which any such entity retains a proprietary interest or in any...
    - #197">(xi). does not give any information other than that contained in this Base Prospectus (as may be amended or supplemented by SEK from time to time) or make any representation in connection with the offering or sale of, or the solicitation of interest i...
    - #197">(xii). agrees that any communication in which it attaches or otherwise includes any announcement published by SEK at the end of the Offer Period will be consistent with the Base Prospectus, and (in any case) must be fair, clear and not misleading and ...
    - #198">(xiii). does not use the legal or publicity names of the relevant Dealer, SEK or any other name, brand or logo registered by any entity within their respective groups or any material over which any such entity retains a proprietary interest or in any ...
    - #198">(xiv). agrees to any other conditions set out in paragraph 22 of Part B of the relevant Final Terms;
    - #198">(xv). ensure that no holder of Instruments or potential Investor in Instruments will become an indirect or direct client of SEK or the relevant Dealer(s) for the purposes of any applicable Rules from time to time, and to the extent that any client obl...
    - #198">(xvi). co-operates with SEK and the relevant Dealer(s) in providing such information (including, without limitation, documents and records maintained pursuant to paragraph (h) above) upon written request from SEK or the relevant Dealer(s) as is availa...
      - #198">in connection with any request or investigation by any regulator in relation to the Instruments, SEK or the Dealers; and/or
      - #198">in connection with any complaints received by SEK and/or any Dealer relating to SEK and/or the Dealers or another Authorised Offeror including, without limitation, complaints as defined in rules published by any relevant regulator of competent jurisdi...
      - #198">which SEK or any Dealer may reasonably require from time to time in relation to the Instruments and/or as to allow SEK or the relevant Dealer(s) fully to comply within its own legal, tax and regulatory requirements,
    - #198">(xvii). during the primary distribution period of the Instruments, will:
      - #198">not sell the Instruments at any price other than the Issue Price specified in the applicable Final Terms (unless otherwise agreed with the relevant Dealer(s));
      - #198">not sell the Instruments otherwise than for settlement on the Issue Date specified in the relevant Final Terms;
      - #198">not appoint any sub-distributors (unless otherwise agreed with the relevant Dealer(s));
      - #198">not pay any fee or remuneration or commissions or benefits to any third parties in relation to the offering or sale of the Instruments (unless otherwise agreed with the relevant Dealer(s)); and
      - #198">comply with such other rules of conduct as may be reasonably required and specified by the Dealers;
    - #198">(xviii). will either:
      - #198">obtain from each potential Investor an executed application for the Instruments; or
      - #198">keep a record of all requests it:
        #198">(A) makes for its discretionary management clients;
        #198">(B) receives from its advisory clients; and
        #198">(C) receives from its execution- only clients,
    - #199">(xix). will make available to each potential Investor in the Instruments this Base Prospectus, the applicable Final Terms and any other information materials provided by or on behalf of SEK for such purpose, and will not convey or publish any informat...
    - #199">(xx). if it conveys or publishes any communication (other than this Base Prospectus, the applicable Final Terms and any other information materials provided by or on behalf of SEK for the purposes of the relevant Public Offer) in connection with the r...
      - #199">is fair, clear and not misleading and complies with the Rules;
      - #199">states that such financial intermediary has provided such communication independently of SEK, that such financial intermediary is solely responsible for such communication and that none of SEK and the relevant Dealer(s) accepts any responsibility for ...
      - #199">does not, without the prior written consent of SEK or the relevant Dealer(s) (as applicable), use the legal or publicity names of SEK or the relevant Dealer(s) or any other name, brand or logo registered by an entity within their respective groups, ex...
- #199">2. Indemnity
- #199">3. Governing Law and Jurisdiction
  - #199">The relevant financial intermediary agrees that:
    - #199">(i). the contract between SEK and the financial intermediary formed upon acceptance by the financial intermediary of the offer of SEK to use this Base Prospectus with their consent in connection with the relevant Public Offer (the "Authorised Offeror ...
    - #199">(ii). the courts of England are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with the Authorised Offeror Contract (including a dispute relating to any non-contractual obligations arising out of or in co...
    - #199">(iii). each relevant Dealer will, pursuant to the Contracts (Rights of Third Parties) Act 1999, be entitled to enforce those provisions of the Authorised Offeror Contract which are, or are expressed to be, for their benefit but, subject to this, a per...
    - #199">(iv). the parties to the Authorised Offeror Contract do not require the consent of any person not a party to the Authorised Offeror Contract to rescind or vary the Authorised Offeror Contract at any time.
#200">GENERAL INFORMATION
- #200">1. SEK was incorporated in Sweden on 3 September 1962. SEK is registered with the Swedish Companies Registration Office (Sw. Bolagsverket) in Sundsvall with registered number 556084-0315. SEK is subject to the Swedish Companies Act (Sw. aktiebolagslag...
- #200">2. Application has been made for the Instruments issued under the Programme to be admitted to listing on the Official List and to trading on the regulated market of the Luxembourg Stock Exchange for the purposes of the EU Prospectus Regulation.
- #200">3. The establishment of the Programme was authorised by a resolution of the Board of Directors of SEK passed on 30 January 1991. The update of the Programme was authorised by a resolution of the Board of Directors of SEK passed on 24 March 2022.
- #200">4. The Legal Entity Identifier (LEI) code of SEK is 1FOLRR5RWTWWI397R131.
- #200">5. SEK is not and has not been involved in any governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which SEK is aware) during the 12 months before the date of this Base Prospectus which may...
- #200">6. The consolidated financial statements of SEK as at 31 December 2021, set out in the 2021 20-F incorporated by reference in this Base Prospectus, have been audited by Öhrlings PricewaterhouseCoopers AB ("PwC"), as stated in the auditor's report also...
- #200">7. The consolidated financial statements of SEK as at 31 December 2020, set out in the 2020 20-F incorporated by reference in this Base Prospectus, have been audited by PwC, as stated in the auditor's report also incorporated by reference herein. PwC ...
- #200">8. There has been no material adverse change in the prospects of SEK since 31 December 2021, nor has there been any significant change in the financial position or performance of SEK and the Group, which has occurred since 31 December 2021.
- #200">9. The following documents or copies thereof (together with, where applicable, certified English translations thereof) may be in the case of paragraph (i) to (iii), available for viewing on the website of the Luxembourg Stock Exchange (http://www.bour...
  - #200">(i). SEK's Articles of Association;
  - #200">(ii). the Deed of Covenant;
  - #200">(iii). the Fiscal Agency Agreement;
  - #201">(iv). the audited consolidated and unconsolidated annual report prepared for the years ended 31 December 2021 and 31 December 2020, such report having been audited by PwC and all subsequent publicly available audited consolidated and unconsolidated re...
  - #201">(v). this Base Prospectus, together with any supplements thereto and all documents containing information that is incorporated by reference into this Base Prospectus;
  - #201">(vi). any Final Terms and any calculation agency agreement between SEK and the Calculation Agent (if any) relating to Instruments which are admitted to listing, trading and/or quotation by any stock exchange, listing authority and/or quotation system....
  - #201">(vii). the Issuer-ICSDs Agreement (which is entered into between SEK and Euroclear and/or Clearstream, Luxembourg with respect to the settlement in Euroclear and/or Clearstream, Luxembourg of Instruments in NGI form).
- #201">10. SEK's website is https://www.sek.se/en/. For the avoidance of doubt, unless specifically incorporated by reference into this Base Prospectus, information contained on the website of SEK does not form part of this Base Prospectus.
- #201">11. SEK currently produces audited interim financial reports in respect of the first three quarters in each year and an unaudited interim financial report in respect of the last quarter in each year.
- #201">12. The Instruments will be, as specified in the relevant Final Terms, accepted for clearance through ESw as Swedish Central Depositary (in the case of ESw Instruments), EFi (in the case of EFi Instruments and VP (in the case of VP Instruments), Euroc...
- #201">13. Settlement arrangements will be agreed between SEK, the relevant Dealer(s) and the Fiscal Agent or, as the case may be, the relevant Registrar in relation to each Series of Instruments.
- #201">14. The distribution of this Base Prospectus and any Final Terms and the offering, sale and delivery of Instruments in certain jurisdictions may be restricted by law. Persons into whose possession this document comes are required by SEK and the Dealer...
- #201">15. SEK has not entered into any contracts outside of the ordinary course of business that have had or may reasonably be expected to have a material effect on its business or that could result in SEK being under an obligation or entitlement that is ma...
- #201">16. In additions to the applications already described in this Base Prospectus, SEK may, on or after the date of this Base Prospectus, make applications for one or more further certificates of approval under the EU Prospectus Regulation as implemented...
- #201">17. For Instruments issued under the Programme for which a prospectus is required for the purposes of the EU Prospectus Regulation, no Instruments may be issued which (a) have a minimum denomination of less than EUR 1,000 (or nearly equivalent in anot...
- #202">18. Where Instruments have a maturity of less than one year and either (a) the issue proceeds are received by SEK in the United Kingdom or (b) the activity of issuing the Instruments is carried on from an establishment maintained by SEK in the United ...
- #202">19. Instruments may be issued at any price. The issue price of each Tranche of Instruments to be issued under the Programme will be determined by SEK and the relevant Dealer(s) at the time of issue in accordance with prevailing market conditions and t...
- #202">The yield of each Tranche of Instruments bearing interest at a fixed rate as set out in the applicable Final Terms will be calculated on the relevant issue date on an annual or semi-annual basis using the relevant issue price. It is not an indication ...
- #202">20. SEK does not intend to provide post-issuance information under paragraph 3.1 of Annex 17 of Commission Delegated Regulation (EU) No 2019/980.
#203">GLOSSARY