Obligation Svenska Exportkredit 0.875% ( XS0970718614 ) en GBP

Svenska Exportkredit

100 % ⇌

Suede

XS0970718614 ( en GBP )

0.875% par an ( paiement annuel )

15/12/2015 - Obligation échue

Prospectus brochure de l'obligation Swedish Export Credit (SEK) XS0970718614 en GBP 0.875%, échue

100 000 GBP

350 000 000 GBP

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 GBP, avec le code ISIN XS0970718614, paye un coupon de 0.875% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/12/2015

FINAL VERSION
FINAL TERMS
Final Terms dated 28 February 2014
Series No.: 5431
Tranche No.: 2
AB Svensk Exportkredit
(Swedish Export Credit Corporation)
(Incorporated in the Kingdom of Sweden with limited liability)
("SEK" or the "Issuer")
Unlimited Programme for the Continuous Issuance of Debt Instruments
Issue of a Series of
GBP 100,000,000 0.875 per cent. Instruments due 15 December 2015 (the
"Instruments")
(to be consolidated, become fungible and form a single Series with the GBP 250,000,000
0.875 per cent. Instruments due 15 December 2015 issued on 12 September 2013 (the
"Original Instruments"))

The Base Prospectus referred to below (as completed by these Final Terms) has been
prepared on the basis that any offer of Instruments in any Member State of the European
Economic Area which has implemented the Prospectus Directive (each, a "Relevant
Member State") will be made pursuant to an exemption under the Prospectus Directive, as
implemented in that Relevant Member State, from the requirement to publish a prospectus for
offers of the Instruments. Accordingly any person making or intending to make an offer in
that Relevant Member State of the Instruments may only do so in circumstances in which no
obligation arises for SEK or any Dealer to publish a prospectus pursuant to Article 3 of the
Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive, in each case, in relation to such offer. Neither SEK nor any Dealer has authorised,
nor do they authorise, the making of any offer of Instruments in any other circumstances.
The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive and the expression "2010 PD Amending
Directive" means Directive 2010/73/EU provided, however, that all references in this
document to the "Prospectus Directive" in relation to any Member State of the European
Economic Area refer to Directive 2003/71/EC (and amendments thereto, including the 2010
PD Amending Directive, to the extent implemented in the relevant Member State), and
include any relevant implementing measure in the relevant Member State.
PART A CONTRACTUAL TERMS
This document constitutes the Final Terms relating to the issue of Instruments described
herein. Terms used herein shall be deemed to be defined as such for the purposes of the
Conditions (the "Conditions") set forth in the base prospectus dated 4 April 2013 which
constitutes a base prospectus (the "Base Prospectus") for the purposes of the Prospectus
Directive. This document constitutes the Final Terms of the Instruments described herein for
the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with
the Base Prospectus.
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Full information on SEK and the Instruments described herein is only available on the basis
of a combination of these Final Terms and the Base Prospectus. However, a summary of the
issue of the Instruments is annexed to these Final Terms. These Final Terms and the Base
Prospectus are available for viewing at the website of the regulated market of the
Luxembourg Stock Exchange (www.bourse.lu) for the purposes of the Prospectus Directive
and copies may be obtained from SEK at Klarabergsviadukten 61-63, P.O. Box 194, SE-101
23 Stockholm and the Paying Agents, Deutsche Bank Luxembourg S.A. at 2 Boulevard
Konrad Adenauer, L-1115 Luxembourg, Deutsche International Corporate Services (Ireland)
Limited at 5 Harbourmaster Place, International Financial Services Centre, Dublin 1, Ireland
and Deutsche Bank AG, London Branch at Winchester House, 1 Great Winchester Street,
London EC2N 2DB.
1.
(i)
Series Number:
5431

(ii)
Tranche Number:
2

(iii)
Date on which the
The Instruments shall be consolidated, form a
Instruments become fungible: single series and be interchangeable for
trading purposes with the GBP 250,000,000
0.875 per cent. Instruments due 15 December
2015 issued on 12 September 2013 on
exchange
of
the
Temporary
Global
Instrument for interests in the Permanent
Global Instrument, as referred to in
paragraph 22 below.
2.
Specified Currency or Currencies:
British Pounds Sterling ("GBP")
3.
Aggregate Nominal Amount of

Instruments admitted to trading:

(i)
Series:
GBP 350,000,000

(ii)
Tranche:
GBP 100,000,000
4.
Issue Price:
99.952 per cent. of the Aggregate Nominal
Amount plus 79 days of accrued interest
from and including 15 December 2013 to but
excluding the Issue Date of an amount of
GBP 189,383.56.
5.
(i)
Specified Denominations:
GBP 100,000 and integral amounts of GBP
1,000 in excess thereof up to and including
GBP 199,000. No Instruments in definitive
form will be issued with a denomination
above GBP 199,000

(ii)
Calculation Amount:
GBP 1,000
6.
(i)
Issue Date:
4 March 2014
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(ii)
Interest Commencement
15 December 2013
Date:
7.
Maturity Date:
15 December 2015
8.
Interest Basis:
0.875 per cent. Fixed Rate

(further particulars specified below)
9.
Redemption/Payment Basis:
Subject to any purchase and cancellation or
early redemption, the Instruments will be
redeemed on the Maturity Date at 100 per
cent. of their nominal amount

(further particulars specified below)
10.
Change of Interest or
Not Applicable
Redemption/Payment Basis:
11.
Put/Call Options:
Not Applicable

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
12.
Fixed Rate Instrument Provisions
Applicable

(i)
Fixed Coupon Amount:
GBP 8.75 per Calculation Amount payable
on each Interest Payment Date

(ii)
Interest Rate:
0.875 per cent. per annum

(iii)
Interest Payment Date(s):
15 December in each year from and
including 15 December 2014 up to and
including the Maturity Date.

(iv)
Day Count Fraction:
Actual/Actual (ICMA)

(v)
Broken Amount(s):
Not Applicable

(vi) Party
responsible
for Deutsche Bank AG, London Branch of
calculating
the
amount Winchester House, 1 Great Winchester
payable upon a Currency Street, London EC2N 2DB United Kingdom
Disruption Event:
shall be the Calculation Agent
13.
Floating Rate Instrument Provisions
Not Applicable
14.
Zero Coupon Instrument Provisions
Not Applicable
15.
Index-Linked Instrument Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION
16.
Call Option
Not Applicable
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17.
Put Option
Not Applicable
18.
Final Redemption Amount
Par
19.
(i)
Early Termination Amount
Par
per Calculation Amount
payable on an early
redemption (other than for
taxation or illegality reasons)
or event of default:

(ii)
Redemption Amount per
Par
Calculation Amount payable
on redemption for taxation
reasons:

Notice period (if other than Not Applicable
as set out in the Conditions):

(iii)
Early Redemption for
Not Applicable
Illegality:
(iv)
Early Redemption (Index
Not Applicable
Adjustment Event):
20.
Mandatory Early Redemption
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
21.
Business Centre:

(i)
Payments:
London, New York

(ii)
Interest Determination:
Not Applicable

(iii)
Notices:
London, New York

(iv)
Others (specify):
Not Applicable
22.
Form of Instruments:
Bearer Instruments:

Temporary Global Instrument exchangeable
for a Permanent Global Instrument which is
exchangeable for Definitive Instruments in
the limited circumstances specified in the
Permanent Global Instrument.
23.
New Global Instruments/Classic
CGI
Global Instruments:
24.
Talons for future Coupons to be No
attached to Definitive Instruments
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PART B OTHER INFORMATION
1.
LISTING AND ADMISSION
TO TRADING

(i) Listing:
Luxembourg

(ii)
Admission to trading:
Application has been made for the
Instruments to be admitted to trading on
the regulated market of the Luxembourg
Stock Exchange for the purposes of the
Prospectus Directive with effect from the
Issue Date

(iii)
Estimate of total expenses 400 (listing fee)
related to admission to trading:
2.
RATINGS

The Issuer's long-term debt has been rated:
Standard & Poor's Credit Market Services Europe Limited: AA+
Moody's Investors Service Ltd: Aa1
Both Standard & Poor's Credit Market Services Limited and Moody's Investors
Service Ltd are established in the European Economic Area (the "EEA") and
registered under Regulation (EC) No. 1060/2009, as amended (the "CRA
Regulation"), and are included in the list of credit rating agencies published by
the European Securities and Markets Authority on its website
(www.esma.europa.eu/page/list-registered-and-certified-CRAs) in accordance
with the CRA Regulation.
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN
THE ISSUE/OFFER

Save as discussed in "Plan of Distribution", so far as SEK is aware, no person
involved in the offer of the Instruments has an interest material to the offer.
4.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND
TOTAL EXPENSES

(i)
Reasons for the offer:
The net proceeds of the issue of these
Instruments under the Programme will be
used by SEK in its ordinary course of
business

(ii)
Estimated net proceeds:
GBP 100,141,383.56

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(iii)
Estimated total expenses:
Not Applicable
5.
YIELD

Indication of yield:
0.902 per cent. per annum

OPERATIONAL INFORMATION
6.
ISIN:
Until the Instruments are consolidated,
become fungible with and form a single
Series with the Original Instruments, the
Instruments will have the temporary ISIN
XS1040274828.
After
that,
the
Instruments will have the same ISIN as
the Original Instruments, which is
XS0970718614.
7.
Common Code:
Until the Instruments are consolidated,
become fungible with and form a single
Series with the Original Instruments, the
Instruments will have the temporary
Common Code 104027482. After that,
the Instruments will have the same
Common
Code
as
the
Original
Instruments, which is 097071861.
8.
CUSIP:
Not Applicable
9.
New Global Instrument intended Not Applicable
to be held in a manner which
would
allow
Eurosystem
eligibility:
10.
Any clearing system(s) other than Not Applicable
Euroclear
Bank
SA/NV,
Clearstream
Banking,
société
anonyme, Luxembourg and The
Depository Trust Company and
the
relevant
identification
number(s):
11.
Delivery:
Delivery against payment
12.
Names and addresses of additional Not Applicable
Paying Agent(s) (if any):

DISTRIBUTION

13.
Method of Distribution:
Syndicated
14.
If syndicated, names of Managers: Standard Chartered Bank, The Royal
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Bank of Scotland plc
15.
If non-syndicated, name of Dealer: Not Applicable
16.
TEFRA:
The D Rules are applicable.
17.
Name and address of the entities Not Applicable
which have a firm commitment to
act as intermediaries in secondary
trading:
18.
Non-exempt Offer:
Not Applicable
19.
Secondary (uridashi) offerings of No
the Instruments is to be made in
Japan:

TERMS AND CONDITIONS OF THE OFFER

Not Applicable

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SUMMARY OF THE ISSUE
This summary relates to GBP 100,000,000 0.875 per cent. Instruments due 15 December
2015 (the "Instruments") (to be consolidated, become fungible and form a single Series with
the GBP 250,000,000 0.875 per cent. Instruments due 15 December 2015 issued on 12
September 2013 (the "Original Instruments")) described in the final terms (the "Final
Terms") to which this summary is annexed. This summary contains that information from
the summary set out in the Base Prospectus which is relevant to the Instruments together with
the relevant information from the Final Terms. Words and expressions defined in the Final
Terms and the Base Prospectus have the same meaning in this summary.

Section A Introduction and Warnings
A.1
Introduction:
Warning that:
this summary should be read as an introduction to the Base
Prospectus;
any decision to invest in the Instruments should be based on
consideration of the Base Prospectus as a whole by the investor;
where a claim relating to the information contained in the Base
Prospectus is brought before a court, the plaintiff investor might,
under the national legislation of the Member States, have to bear
the costs of translating the Base Prospectus before the legal
proceedings are initiated; and
civil liability attaches only to SEK, but only if the summary,
including any translation thereof, is misleading, inaccurate or
inconsistent when read together with the other parts of the Base
Prospectus or it does not provide, when read together with the
other parts of the Base Prospectus, key information in order to aid
investors when considering whether to invest in such Instruments.
A.2
Consent:
Not Applicable

Section B Issuer
B.1
Legal name of AB Svensk Exportkredit (Swedish Export Credit Corporation) ("SEK")
the issuer:

Commercial
SEK
name
of
the
issuer:
B.2
Domicile,
legal SEK is incorporated as a public company with limited liability in the
form, legislation Kingdom of Sweden under the Swedish Companies Act. SEK has its
and country of registered office in Stockholm, the Kingdom of Sweden.
incorporation of
SEK:
B.4b
Trends:
In recent years, SEK has focused primarily on lending to the Swedish
export industry in response to the great demand for reliable financing
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during the financial crisis. SEK's role as a long-term lender has grown
stronger and its effort to broaden its customer base is continuing.
SEK's financial performance is affected by borrower and counterparty
credit quality and general economic conditions. To some extent,
changes in interest rates, foreign exchange rates and other market
factors also affect SEK's business. Operational risks, such as fraud,
errors by employees, failure to document transactions properly or to
obtain proper internal authorisation and equipment failures are inherent
in SEK's businesses. SEK's business is subject to regulation and
regulatory oversight. Any significant regulatory developments could
have an effect on how SEK conducts its business and on SEK's results
of operations.
SEK matches lending and borrowing and, therefore, takes no
refinancing risk. Despite the turmoil and turbulence that have
characterised the financial markets over the last years, SEK has had
good access to the major capital markets. SEK believes that the new
regulations for the financial sector will reduce the willingness of the
banks to provide long-term loans which might impair companies'
access to financing and, accordingly, increase the importance of the
Swedish export credit system and the role that SEK plays.
Emerging economies, especially in the Asian region, are continuing
their strong development, with increasing purchasing power and
increasingly modern and developed infrastructure. The Swedish export
industry is largely focused on infrastructure, telecoms, energy supply,
transport and environmental technology -- all areas that are enjoying
strong demand in emerging economies. Access to financing is often the
deciding factor in whether or not an export deal goes ahead.
SEK has certain limited exposures towards countries in Europe which
have been under economic pressure. SEK has not, however, deemed it
necessary to make any write-downs related to these exposures.
B.5
The Group:
SEK is the parent company of a group comprising its wholly-owned
subsidiaries AB SEK Securities, SEK Financial Advisors AB, SEK
Financial Services AB, SEK Customer Finance AB, SEK Exportlånet
AB and Venantius AB, including the latter's wholly owned subsidiary
VF Finans AB (together, the "Group").
B.9
Profit Forecast:
Not Applicable. SEK does not make profit forecasts.
B.10
Audit
Report Not Applicable. There are no qualifications in the auditor's reports for
Qualifications:
SEK.
B.12
Selected
Key SEK selected key financial information
Financial
Information:
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