Obligation Sveden 5.75% ( XS0213526246 ) en AUD

Sveden

100 % ▲

Suede

XS0213526246 ( en AUD )

5.75% par an ( paiement annuel )

03/03/2015 - Obligation échue

Prospectus brochure de l'obligation Sweden XS0213526246 en AUD 5.75%, échue

1 000 AUD

200 000 000 AUD

La Suède est un pays nordique d'Europe du Nord connu pour son système de protection sociale développé, son économie avancée et sa forte tradition d'innovation.

L'Obligation émise par Sveden ( Suede ) , en AUD, avec le code ISIN XS0213526246, paye un coupon de 5.75% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 03/03/2015

Offering Circular dated 14 April 2004
VAS MM
V
KINGDOM OF SWEDEN
U.S.$25,000,000,000
Euro Medium Term Note Programme
Application has been made to list eurobonds, medium term notes and other debt instruments ("Notes")
issued under the Euro Medium Note Programme (the "Programme") described in this Offering Circular during
the period of twelve months after the date hereof on the Luxembourg Stock Exchange. The Programme also
permits Notes to be issued on an unlisted basis 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 the Issuer.

TABLE OF CONTENTS
IMPORTANT NOTICES ................................................................................................................................
3
DOCUMENTS INCORPORATED BY REFERENCE ..................................................................................
5
SUPPLEMENTARY OFFERING CIRCULAR ..............................................................................................
5
SUMMARY OF THE PROGRAMME ..........................................................................................................
6
FORMS OF THE NOTES ..............................................................................................................................
9
TERMS AND CONDITIONS OF THE NOTES ............................................................................................
12
FORM OF PRICING SUPPLEMENT ............................................................................................................
32
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM....................
39
SUBSCRIPTION AND SALE ........................................................................................................................
42
GENERAL INFORMATION ..........................................................................................................................
44
2

IMPORTANT NOTICES
The Kingdom of Sweden (the "Issuer"), represented by Riksgäldskontoret, has prepared this Offering
Circular for the purpose of giving information with regard to the Programme, the Notes to be issued under the
Programme and itself as the Issuer. The Issuer accepts responsibility for the information contained in this
document, except for the information under "Subscription and Sale".
This Offering Circular should be read and construed together with any amendments or supplements hereto
and with any other documents incorporated by reference herein and, in relation to any Tranche (as defined herein)
of Notes, should be read and construed together with the relevant Pricing Supplement (as defined herein).
The Issuer confirms that this Offering Circular (including for this purpose, each relevant Pricing
Supplement) is true and accurate in all material respects and is not misleading in any material respect; that any
opinions, predictions or intentions expressed herein are honestly held or made and are not misleading in any
material respect; that this Offering Circular does not omit to state any material fact necessary to make such
information, opinions, predictions or intentions (in the context of the Programme, the issue, offering and sale of
the Notes) not misleading in any material respect provided, however, that the confirmation in this paragraph does
not extend to the information under "Subscription and Sale".
No dealer, salesman or other person has been authorised to give any information or to make any
representation not contained in or not consistent with this Offering Circular or any other document entered into in
relation to the Programme or any information supplied by the Issuer 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 the Issuer.
Neither the delivery of this Offering Circular or any Pricing Supplement nor the offering, sale or delivery
of any Note shall, in any circumstances, create any implication that the information contained in this Offering
Circular is true subsequent to the date hereof or the date upon which this Offering Circular 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 condition (financial or otherwise) of the Issuer since the date thereof or, if later, the date
upon which this Offering Circular 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 Offering Circular and any Pricing Supplement and the offering, sale and delivery
of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Offering Circular
or any Pricing Supplement comes are required by the Issuer to inform themselves about and to observe any such
restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes and on the distribution
of this Offering Circular or any Pricing Supplement and other offering material relating to the Notes, see
"Subscription and Sale". In particular, the Notes have not been and will not be registered under the United States
Securities Act of 1933 (as amended) (the "Securities Act") and are subject to U.S. tax law requirements. Subject
to certain exceptions, Notes may not be offered, sold or delivered within the United States or to U.S. persons.
Neither this Offering Circular nor any Pricing Supplement constitutes an offer or an invitation to subscribe
for or purchase any Notes and should not be considered as a recommendation by the Issuer, any dealer, salesman
or other person or any of them that any recipient of this Offering Circular or any Pricing Supplement should
subscribe for or purchase any Notes. Each recipient of this Offering Circular or any Pricing Supplement shall be
taken to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuer.
The maximum aggregate principal amount of Notes outstanding at any one time under the Programme will
not exceed U.S.$25,000,000,000 (and, for this purpose, the principal amount of any Notes denominated in another
currency shall be converted into United States dollars at the date of the agreement to issue such Notes). The
maximum aggregate principal amount of Notes which may be outstanding at any one time under the Programme
may be increased from time to time.
In this Offering Circular, unless otherwise specified, references to "U.S.$" are to United States dollars,
references to "£" are to British pounds and references to "euro" are to the single currency introduced at the start
of the third stage of European Economic and Monetary Union pursuant to the Treaty establishing the European
Community, as amended.
3

In connection with the issue of any Tranche of Notes under the Programme, the person which is
specified in the relevant Pricing Supplement as the Stabilising Manager (or any person acting for the
Stabilising Manager) may over-allot or effect transactions with a view to supporting the market price of the
Notes at a level higher than that which might otherwise prevail for a limited period. However, there may be
no obligation on the Stabilising Manager (or any agent of the Stabilising Manager) to do this. Such
stabilising, if commenced, may be discontinued at any time and must be brought to an end after a limited
period. Such stabilising shall be in compliance with all applicable laws, regulations and rules.
4

DOCUMENTS INCORPORATED BY REFERENCE
All amendments and supplements to this Offering Circular prepared by the Issuer from time to time shall
be deemed to be incorporated in, and to form part of, this Offering Circular, provided, however, that any statement
contained in this Offering Circular or in any of the documents incorporated by reference in, and forming part of,
this Offering Circular shall be deemed to be modified or superseded for the purpose of this Offering Circular to
the extent that a statement contained in any document subsequently incorporated by reference modifies or
supersedes such statement.
The Issuer will, at the specified offices of the Paying Agents, provide, free of charge, upon oral or written
request, a copy of this Offering Circular and any document incorporated by reference in this Offering Circular.
Written or oral requests for such documents should be directed to the specified office of any Paying Agent or the
specified office of the Listing Agent in Luxembourg.
SUPPLEMENTARY OFFERING CIRCULAR
The Issuer has undertaken, in connection with the listing of the Notes on the Luxembourg Stock Exchange,
that if there shall occur any adverse change affecting any matter contained in this Offering Circular or any change
in the information set out under "Terms and Conditions of the Notes", that is material in the context of issuance
under the Programme, the Issuer will prepare or procure the preparation of an amendment or supplement to this
Offering Circular or, as the case may be, publish a new Offering Circular, for use in connection with any
subsequent issue by the Issuer of Notes to be listed on the Luxembourg Stock Exchange.
5

SUMMARY OF THE PROGRAMME
The following summary does not purport to be complete and is qualified in its entirety by the remainder of
this Offering Circular. Words and expressions defined in "Forms of the Notes" or "Terms and Conditions of the
Notes" below shall have the same meanings in this summary.
Issuer:
Kingdom of Sweden
Fiscal Agent:
Citibank, N.A.
Luxembourg Listing Agent and
Dexia Banque Internationale à Luxembourg
Paying Agent:
Listing:
Each Series may be listed on the Luxembourg Stock Exchange and/or
admitted to listing, trading and/or quotation by any other listing
authority, stock exchange and/or quotation system as may be specified
in the relevant Pricing Supplement or may be unlisted.
Clearing Systems:
Euroclear and/or Clearstream, Luxembourg and/or, in relation to any
Tranche of Notes, any other clearing system as may be specified in the
relevant Pricing Supplement.
Initial Programme Amount:
Up to U.S.$25,000,000,000 (or its equivalent in other currencies)
aggregate principal amount of Notes outstanding at any one time.
Issuance in Series:
Notes will be issued in Series. Each Series may comprise one or more
Tranches issued on different issue dates. The Notes of each Series will
all be subject to identical terms, except that the issue date and the
amount of the first payment of interest may be different in respect of
different Tranches. The Notes of each Tranche will all be subject to
identical terms in all respects save that a Tranche may comprise Notes
of different denominations.
Pricing Supplements:
Each Tranche will be the subject of a Pricing Supplement which, for the
purposes of that Tranche only, supplements the Terms and Conditions
of the Notes and this Offering Circular and must be read in conjunction
with this Offering Circular. The terms and conditions applicable to any
particular Tranche of Notes are the Terms and Conditions of the Notes
as supplemented, amended and/or replaced by the relevant Pricing
Supplement.
Forms of Notes:
Notes may only be issued in bearer form. Each Tranche of Notes will
initially be in the form of either a Temporary Global Note or a
Permanent Global Note, in each case as specified in the relevant
Pricing Supplement. Each Global Note will be deposited on or around
the relevant issue date with a depositary or a common depositary for
Euroclear and/or Clearstream, Luxembourg and/or any other relevant
clearing system. Each Temporary Global Note will be exchangeable for
a Permanent Global Note or, if so specified in the relevant Pricing
Supplement, for Definitive Notes. If the TEFRA D Rules are specified
in the relevant Pricing Supplement as applicable, certification as to
non-U.S. beneficial ownership will be a condition precedent to any
exchange of an interest in a Temporary Global Note or receipt of any
payment of interest in respect of a Temporary Global Note. Each
Permanent Global Note will be exchangeable for Definitive Notes in
accordance with its terms. Definitive Notes will, if interest-bearing,
have Coupons attached and, if appropriate, a Talon for further
Coupons.
6

Currencies:
Notes may be denominated in any currency or currencies, subject to
compliance with all applicable legal and/or regulatory and/or central
bank requirements. Payments in respect of Notes may, subject to such
compliance, be made in and/or linked to, any currency or currencies
other than the currency in which such Notes are denominated.
Issues of Notes with a maturity of more than one year denominated in
Swiss Francs or carrying a Swiss Franc-related element (other than
Notes privately placed with a single investor with no publicity) will be
effected in compliance with the relevant regulations of the Swiss
National Bank based on article 7 of the Federal Law on Banks and
Savings Banks of 8 November 1934 (as amended) and article 15 of the
Federal Law on Stock Exchanges and Securities Trading of 24 March
1995 in connection with article 2, paragraph 2 of the Ordinance of the
Federal Banking Commission on Stock Exchanges and Securities
Trading of 2 December 1996. Under these regulations, the relevant
purchaser or, in the case of a syndicated issue, the lead manager (the
"Swiss Dealer"), must be a bank domiciled in Switzerland (which
includes branches or subsidiaries of a foreign bank located in
Switzerland) or a securities dealer duly licensed by the Swiss Federal
Banking Commission pursuant to the Federal Law on Stock Exchanges
and Securities Trading of 24 March 1995. The Swiss Dealer must
report certain details of the relevant transaction to the Swiss National
Bank no later than the date of issue of the relevant Notes.
Status of the Notes:
Notes will be issued on an unsecured and unsubordinated basis.
Issue Price:
Notes may be issued at any price and either on a fully or partly paid
basis, as specified in the relevant Pricing Supplement.
Maturities:
Any maturity between one month and thirty years, subject, in relation
to specific currencies, to compliance with all applicable legal and/or
regulatory and/or central bank requirements.
Where Notes have a maturity of less than one year and either (a) the
issue proceeds are received by the Issuer in the United Kingdom or (b)
the activity of issuing the Notes is carried on from an establishment
maintained by the Issuer in the United Kingdom, such Notes must (i)
have a minimum redemption value of £100,000 (or its equivalent in
other currencies) and be issued only to persons whose ordinary
activities involve them in acquiring, holding, managing or disposing of
investments (as principal or agent) for the purposes of their businesses
or who it is reasonable to expect will acquire, hold, manage or dispose
of investments (as principal or agent) for the purposes of their
businesses or (ii) be issued in other circumstances which do not
constitute a contravention of section 19 of the Financial Services and
Markets Act 2000 by the Issuer.
Redemption:
Notes may be redeemable at par or at such other Redemption Amount
(detailed in a formula, index or otherwise) as may be specified in the
relevant Pricing Supplement. Notes may also be redeemable in two or
more instalments on such dates and in such manner as may be specified
in the relevant Pricing Supplement.
Optional Redemption:
Notes may be redeemed before their stated maturity at the option of the
Issuer (either in whole or in part) and/or the Noteholders to the extent
(if at all) specified in the relevant Pricing Supplement.
7

Tax Redemption:
Except as described in "Optional Redemption" above, early
redemption will only be permitted for tax reasons as described in
Condition 9(b) (Redemption and Purchase -- Redemption for tax
reasons).
Interest:
Notes may be interest-bearing or non-interest bearing. Interest (if any)
may accrue at a fixed rate or a floating rate or other variable rate or be
index-linked and the method of calculating interest may vary between
the issue date and the maturity date of the relevant Series.
Denominations:
Notes will be issued in such denominations as may be specified in the
relevant Pricing Supplement, subject to compliance with all applicable
legal and/or regulatory and/or central bank requirements.
Negative pledge:
None.
Cross Default:
None.
Taxation:
All payments in respect of Notes will be made free and clear of
withholding taxes of Sweden or any authority therein or thereof unless
the withholding is required by law. In that event, the Issuer will (subject
as provided in Condition 11 (Taxation)) pay such additional amounts as
will result in the Noteholders receiving such amounts as they would
have received in respect of such Notes had no such withholding been
required.
Redenomination:
In respect of any Tranche of Notes, if the country of the Specified
Currency becomes or, announces its intention to become, a
Participating Member State, the Notes may be redenominated in euro
in accordance with Condition 22 (Redenomination, Renominalisation
and Reconventioning) if so specified in the relevant Pricing
Supplement.
Governing Law:
English law.
Enforcement of Notes in Global Form:
In the case of Global Notes, individual investors' rights against the
Issuer will be governed by a Deed of Covenant dated 14 April 2004, a
copy of which will be available for inspection at the specified office of
the Fiscal Agent.
Selling Restrictions:
For a description of certain restrictions on offers, sales and deliveries
of Notes and on the distribution of offering material in the United
States of America, the United Kingdom, Japan and Switzerland, see
"Subscription and Sale" below.
8

FORMS OF THE NOTES
Each Tranche of Notes will initially be in the form of either a temporary global note (the "Temporary
Global Note"), without interest coupons, or a permanent global note (the "Permanent Global Note"), without
interest coupons, in each case as specified in the relevant Pricing Supplement. Each Temporary Global Note or,
as the case may be, Permanent Global Note (each a "Global Note") will be deposited on or around the issue date
of the relevant Tranche of the Notes with a depositary or a common depositary for Euroclear Bank S.A./N.V. as
operator of the Euroclear System ("Euroclear") and/or Clearstream Banking, société anonyme ("Clearstream,
Luxembourg") and/or any other relevant clearing system.
The relevant Pricing Supplement will also specify whether United States Treasury Regulation §1.163-
5(c)(2)(i)(C) (the "TEFRA C Rules") or United States Treasury Regulation §1.163-5(c)(2)(i)(D) (the "TEFRA
D Rules") are applicable in relation to the Notes or, if the Notes do not have a maturity of more than 365 days,
that neither the TEFRA C Rules nor the TEFRA D Rules are applicable.
Temporary Global Note exchangeable for Permanent Global Note
If the relevant Pricing Supplement specifies the form of Notes as being "Temporary Global Note
exchangeable for a Permanent Global Note", then the Notes will initially be in the form of a Temporary Global
Note which will be exchangeable, in whole or in part, for interests in a Permanent Global Note, without interest
coupons, not earlier than 40 days after the issue date of the relevant Tranche of the Notes upon certification as to
non-U.S. beneficial ownership. No payments will be made under the Temporary Global Note unless exchange for
interests in the Permanent Global Note is improperly withheld or refused. In addition, interest payments in respect
of the Notes cannot be collected without such certification of non-U.S. beneficial ownership.
Whenever any interest in the Temporary Global Note is to be exchanged for an interest in a Permanent
Global Note, the Issuer shall procure (in the case of first exchange) the prompt delivery (free of charge to the
bearer) of such Permanent Global Note to the bearer of the Temporary Global Note or (in the case of any
subsequent exchange) an increase in the principal amount of the Permanent Global Note in accordance with its
terms against:
(i)
presentation and (in the case of final exchange) surrender of the Temporary Global Note at the
Specified Office of the Fiscal Agent; and
(ii)
receipt by the Fiscal Agent of a certificate or certificates of non-U.S. beneficial ownership,
within 7 days of the bearer requesting such exchange.
The principal amount of the Permanent Global Note shall be equal to the aggregate of the principal
amounts specified in the certificates of non-U.S. beneficial ownership; provided, however, that in no
circumstances shall the principal amount of the Permanent Global Note exceed the initial principal amount of the
Temporary Global Note.
The Permanent Global Note will be exchangeable in whole, but not in part, for Notes in definitive form
("Definitive Notes"):
(i)
on the expiry of such period of notice as may be specified in the relevant Pricing Supplement; or
(ii)
at any time, if so specified in the relevant Pricing Supplement; or
(iii) if the relevant Pricing Supplement specifies "in the limited circumstances described in the
Permanent Global Note", then if (a) Euroclear or Clearstream, Luxembourg or any other relevant
clearing system is closed for business for a continuous period of 14 days (other than by reason of
legal holidays) or announces an intention permanently to cease business or (b) any of the
circumstances described in Condition 12 (Events of Default) occurs.
Whenever the Permanent Global Note is to be exchanged for Definitive Notes, the Issuer shall procure the
prompt delivery (free of charge to the bearer) of such Definitive Notes, duly authenticated and with Coupons and
Talons attached (if so specified in the relevant Pricing Supplement), in an aggregate principal amount equal to the
principal amount of the Permanent Global Note to the bearer of the Permanent Global Note against the surrender
9

of the Permanent Global Note at the Specified Office of the Fiscal Agent within 30 days of the bearer requesting
such exchange.
Temporary Global Note exchangeable for Definitive Notes
If the relevant Pricing Supplement specifies the form of Notes as being "Temporary Global Note
exchangeable for Definitive Notes" and also specifies that the TEFRA C Rules are applicable or that neither the
TEFRA C Rules or the TEFRA D Rules are applicable, then the Notes will initially be in the form of a Temporary
Global Note which will be exchangeable, in whole but not in part, for Definitive Notes not earlier than 40 days
after the issue date of the relevant Tranche of the Notes.
If the relevant Pricing Supplement specifies the form of Notes as being "Temporary Global Note
exchangeable for Definitive Notes" and also specifies that the TEFRA D Rules are applicable, then the Notes will
initially be in the form of a Temporary Global Note which will be exchangeable, in whole or in part, for Definitive
Notes not earlier than 40 days after the issue date of the relevant Tranche of the Notes upon certification as to non-
U.S. beneficial ownership. Interest payments in respect of the Notes cannot be collected without such certification
of non-U.S. beneficial ownership.
Whenever the Temporary Global Note is to be exchanged for Definitive Notes, the Issuer shall procure the
prompt delivery (free of charge to the bearer) of such Definitive Notes, duly authenticated and with Coupons and
Talons attached (if so specified in the relevant Pricing Supplement), in an aggregate principal amount equal to the
principal amount of the Temporary Global Note to the bearer of the Temporary Global Note against the surrender
of the Temporary Global Note at the Specified Office of the Fiscal Agent within 30 days of the bearer requesting
such exchange.
Permanent Global Note exchangeable for Definitive Notes
If the relevant Pricing Supplement specifies the form of Notes as being "Permanent Global Note
exchangeable for Definitive Notes", then the Notes will initially be in the form of a Permanent Global Note which
will be exchangeable in whole, but not in part, for Definitive Notes:
(i)
on the expiry of such period of notice as may be specified in the relevant Pricing Supplement; or
(ii)
at any time, if so specified in the relevant Pricing Supplement; or
(iii) if the relevant Pricing Supplement specifies "in the limited circumstances described in the
Permanent Global Note", then if (a) Euroclear or Clearstream, Luxembourg or any other relevant
clearing system is closed for business for a continuous period of 14 days (other than by reason of
legal holidays) or announces an intention permanently to cease business or (b) any of the
circumstances described in Condition 12 (Events of Default) occurs.
Whenever the Permanent Global Note is to be exchanged for Definitive Notes, the Issuer shall procure the
prompt delivery (free of charge to the bearer) of such Definitive Notes, duly authenticated and with Coupons and
Talons attached (if so specified in the relevant Pricing Supplement), in an aggregate principal amount equal to the
principal amount of the Permanent Global Note to the bearer of the Permanent Global Note against the surrender
of the Permanent Global Note at the Specified Office of the Fiscal Agent within 30 days of the bearer requesting
such exchange.
Terms and Conditions applicable to the Notes
The terms and conditions applicable to any Definitive Note will be endorsed on that Note and will consist
of the terms and conditions set out under "Terms and Conditions of the Notes" below and the provisions of the
relevant Pricing Supplement which supplement, amend and/or replace those terms and conditions.
The terms and conditions applicable to any Note in global form will differ from those terms and conditions
which would apply to the Note were it in definitive form to the extent described under "Summary of Provisions
Relating to the Notes while in Global Form" below.
10