Obligation Svenska Exportkredit 0% ( XS2022165521 ) en SEK

Société émettrice Svenska Exportkredit
Prix sur le marché 100 %  ▲ 
Pays  Suede
Code ISIN  XS2022165521 ( en SEK )
Coupon 0%
Echéance 05/07/2022 - Obligation échue



Prospectus brochure de l'obligation Swedish Export Credit (SEK) XS2022165521 en SEK 0%, échue


Montant Minimal 2 000 000 SEK
Montant de l'émission 1 000 000 000 SEK
Description détaillée 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 suédoise émise par Swedish Export Credit (SEK), de code ISIN XS2022165521, d'un montant total de 1 000 000 000 SEK, avec une taille minimale d'achat de 2 000 000 SEK, à un taux d'intérêt de 0%, libellée en SEK, arrivée à échéance le 05/07/2022 et payant une seule fois, a été intégralement remboursée à son prix nominal de 100%.








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competent authority for the purpose of Article 5.4 of Directive 2003/71/EC, as amended or superseded (the "Prospectus Directive") and relevant
implementing legislation in Luxembourg (being article 7(1) of the Law of 10 July 2005 on the Prospectuses for Securities, as amended (the "Luxembourg
Prospectus Law")), as a base prospectus issued in compliance with the Prospectus Directive and relevant implementing legislation in Luxembourg for
the purpose of giving information with regard to the issue of instruments (the "Instruments") under the programme (the "Programme") during the period
of twelve months after the date hereof. By approving this Base Prospectus, the CSSF assumes no responsibility as to the economic and financial soundness
of the transaction and the quality and solvency of Aktiebolaget Svensk Exportkredit (publ) (Swedish Export Credit Corporation) ("SEK") in accordance
with the provisions of article 7(7) of the Luxembourg Prospectus Law. 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
Prospectus Directive 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 (the "MiFID Directive" or "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 Prospectus Directive) in Ireland and Sweden with a certificate of approval attesting that this
Base Prospectus has been drawn up in accordance with the Prospectus Directive. 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. This
Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of the Prospectus Directive and supersedes the base prospectus dated 28
March 2018.
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 European Economic Area ("EEA") and registered under Regulation (EC) No 1060/2009, as amended (the "CRA Regulation") and is, as of the date
of this Base Prospectus, included in the list of credit rating agencies published by the European Securities and Markets Authority ("ESMA") on its
website (www.esma.europa.eu/page/list-registered-and-certified-CRAs) in accordance with the 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 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 EEA and registered under the CRA Regulation unless (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 CRA Regulation or (2) the rating is provided by a credit rating
agency not established in the EEA which is certified under the CRA Regulation. ESMA is obliged to maintain on its website a list of credit rating agencies
registered and certified in accordance with the CRA Regulation. The ESMA website is not incorporated by reference into, nor does it form part of, this
Base Prospectus. This list must be updated within five working days of ESMA's option of any decision to withdraw the registration of credit rating agency
under the CRA Regulation. Therefore, such a list is not conclusive evidence of the status of the relevant rating agency as there may be delays between
certain supervisory measures being taken against a relevant rating agency and the publication of the updated ESMA list.
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 MERRILL LYNCH
CITIGROUP
DAIWA CAPITAL MARKETS EUROPE
DEUTSCHE BANK
GOLDMAN SACHS INTERNATIONAL
J.P. MORGAN
MIZUHO SECURITIES
MIZUHO SECURITIES EUROPE
MORGAN STANLEY
MUFG
NATWEST MARKETS
NOMURA
SMBC NIKKO
TD SECURITIES
TOKAI TOKYO SECURITIES EUROPE


1 April 2019
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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 debt instruments (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 document 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 document is in
accordance with the facts and does not omit anything likely to affect the import of such information.
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 Prospectus Directive, 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 Prospectus Directive, 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 SEK's 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" on page 164 hereof. 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 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,
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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.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET ­ The Final Terms in respect of any
Instruments may include a legend entitled "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 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.
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 "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.
IMPORTANT ­ EEA RETAIL INVESTORS - If the applicable 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 European Economic Area ("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 MiFID II; (ii) a customer within the meaning of Directive 2002/92/EC (as amended or superseded, the
"Insurance Mediation Directive"), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive
2003/71/EC (as amended or superseded, the "Prospectus Directive"). Consequently, no key information
document required by the Regulation (EU) No. 1286/2014 (the "PRIIPs Regulation") for offering or
selling the Instruments or otherwise 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 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 Prospectus Directive, 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 "Benchmarks Regulation"). If any such reference rate does constitute such a benchmark,
the 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 ESMA pursuant to Article 36
(Register of administrators and benchmarks) of the Benchmarks Regulation. Transitional provisions in the
Benchmarks Regulation may have the result that the administrator of a particular benchmark is not required
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to appear in the register of administrators and benchmarks at the date of the Final Terms. The registration
status of any administrator under the Benchmarks Regulation is a matter of public record and, save where
required by applicable law, SEK does not intend to update the 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 (CHAPTER 289 OF SINGAPORE) ­ The Final Terms in respect of any Instrument
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 (Chapter 289 of Singapore) (the "SFA"). SEK will make a determination in relation to each issue about
the classification of the Instrument being offered for purposes of section 309B(1)(a). Any such legend
included in the Final Terms will constitute notice to "relevant persons" for 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 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 "Member State" are references to a
Member State of the European Economic Area, 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 shall
not form part of, or be 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 Securities and Exchange Commission 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.
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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. A substantial
portion of 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 Stockholm KB, 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;
·
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 as of 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, may have an adverse effect on SEK's financial performance;
·
disruptions in the financial markets or economic recessions may negatively affect the credit quality
of borrowers and cause risk to other counterparties;
·
reduced access to international capital markets for the financing of SEK's operations, or less
favourable financing terms, may negatively impact SEK's profitability and its ability to fulfil its
obligations;
·
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;
·
SEK's hedging strategies may not prevent losses;
·
fluctuations in foreign currency exchange rates could harm SEK's business;
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·
increasing competition may adversely affect SEK's income and business;
·
SEK is exposed to significant operational risk;
·
changes in laws or regulations may adversely affect SEK's business;
·
risk related to financial reporting and other deficiencies in internal control over financial reporting
and disclosure processes could result in errors, affect operating results and cause investors to lose
confidence in SEK's reported results;
·
developments in emerging market countries may adversely affect the Group's business;
·
negative interest rates may have an impact on SEK's profitability; and
·
natural disasters, social and political unrest and other factors beyond SEK's control may disrupt
financial markets and economic conditions in markets that SEK relies on.
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" on page 190 below for more information.
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CONTENTS

Page
SUMMARY ................................................................................................................................................. 2
RISK FACTORS ........................................................................................................................................ 22
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................. 41
IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF INSTRUMENTS ................... 42
INFORMATION INCORPORATED BY REFERENCE .......................................................................... 45
FORM OF THE INSTRUMENTS ............................................................................................................. 48
TRANSFER RESTRICTIONS .................................................................................................................. 54
TERMS AND CONDITIONS OF THE INSTRUMENTS ........................................................................ 57
USE OF PROCEEDS ............................................................................................................................... 110
FORM OF FINAL TERMS ...................................................................................................................... 111
FORM OF PRICING SUPPLEMENT ..................................................................................................... 132
OVERVIEW OF PROVISIONS RELATING TO THE INSTRUMENTS WHILE IN GLOBAL
FORM ........................................................................................................................................ 153
SEK ­ AN INTRODUCTION .................................................................................................................. 160
PLAN OF DISTRIBUTION ..................................................................................................................... 164
TAXATION ............................................................................................................................................. 172
UNITED STATES FEDERAL INCOME TAXATION .......................................................................... 177
UNITED STATES EMPLOYEE BENEFIT PLAN CONSIDERATIONS ............................................. 185
THE AUTHORISED OFFEROR TERMS ............................................................................................... 186
GENERAL INFORMATION .................................................................................................................. 190
GLOSSARY ............................................................................................................................................. 193

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SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in
Sections A ­ E (A.1 ­ E.7).
This summary contains all the Elements required to be included in a summary for this type of securities
and issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities
and issuer, it is possible that no relevant information can be given regarding the Element. In this case a
short description of the Element is included in the summary with the mention of "Not Applicable".

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:
Certain tranches of Instruments to be issued under the Programme with a
denomination of less than EUR100,000 (or its equivalent in any other
currency) may be offered to the public in any Member State of the European
Economic Area which has implemented the Prospectus Directive in
circumstances where there is no exemption from the obligation under the
Prospectus Directive to publish a prospectus. Any such offer is referred to
as a "Public Offer".1
[Not Applicable. An exemption from the obligation under the Prospective
Directive to publish a prospectus applies.]
[SEK does not consent to the use of the Base Prospectus in connection with
an offer to the public in any Member State of the European Economic Area,
in circumstances where there is no exemption from the obligation under the
Prospectus Directive to publish a prospectus, of the Instruments by any
person.]
[General/Specific Consent:] [SEK consents to the use of the Base
Prospectus in connection with an offer to the public in any Member State of
the European Economic Area, in circumstances where there is no
exemption from the obligation under the Prospectus Directive to publish a
prospectus (any such offer is referred to as a "Public Offer"), of the
Instruments by [any financial intermediary]/[·] which is authorised to make

1
Note: delete in issue specific summary.
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such offers under Directive 2014/65/EU (as amended) on markets in
financial instruments on the following basis:
(a) the relevant Public Offer must occur during the period from and
including [·] to but excluding [·](the "Offer Period");
[(b) the relevant financial intermediary to whom SEK has given its consent
to use the Base Prospectus (the "Authorised Offeror") must satisfy
the following conditions: [·].]
[In addition to the above for the consent to be valid the relevant Authorised
Offeror must also publish an acceptance statement on its website.]


Authorised Offerors will provide information to investors to whom a
Public Offer of any Instruments is made by an Authorised Offeror
("Investors") on the terms and conditions of the Public Offer of the
relevant Instruments at the time such Public Offer is made by the
Authorised Offeror to the Investor. Neither SEK nor any of the Dealers
has any responsibility for any of the actions of any Authorised Offeror.


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

Commercial
SEK
name of the
issuer:
B.2
Domicile, legal
SEK is incorporated as a public company with limited liability in the
form,
Kingdom of Sweden under the Swedish Companies Act. SEK has its
legislation and
registered office in Stockholm, the Kingdom of Sweden.
country of
incorporation
of SEK:
B.4b
Trends:
In recent years, SEK has focused on lending to the Swedish export industry
in response to the great demand for reliable financing. 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.
Emerging economies 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.
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B.5
The Group:
SEK is the parent company of a group comprising its wholly-owned
subsidiary Sekett AB (together, the "Group").
B.9
Profit
Not Applicable. SEK does not make profit forecasts.
Forecast:
B.10
Audit Report
Not Applicable. There are no qualifications in the auditor's reports for SEK.
Qualifications:
B.12
Selected Key
SEK ­ selected key financial information
Financial
Information:
The following key financial information has been extracted from the
audited consolidated financial statements of SEK as of 31 December 2018
and 31 December 2017 and for each of the three years in the period ended
31 December 2018, set out in the 20-F incorporated by reference in the Base
Prospectus.


Statement of financial position
31-12-2018
31-12-2017
31-12-2016
SKr mn



Loans outstanding and undisbursed
loans ....................................................
260,040
268,034
263,483
Outstanding senior debt ..........................
257,847
224,833
252,948
Outstanding subordinated debt ...............
-
2,040
2,266
Total assets .............................................
302,033
264,392
299,442
Total liabilities .......................................
283,794
246,818
282,306
Total equity ............................................
18,239
17,574
17,136







Consolidated Statement of
Comprehensive Income
31-12-2018
31-12-2017
31-12-2016
SKr mn





Interest income calculated using
effective interest method .....................
4,390
3,276
2,610
Other interest income .............................
763
620
578
Interest expenses ....................................
-3,711
-2,213
-1,441
Net interest revenues
1,442
1,683
1,747




Net fee and commission expense ............
-32
-28
-29
Net results of financial transactions ........
19
-102
-110
Other operating income ..........................
-2
-

Total operating income
1,427
1,553
1,608




Personal expenses ...................................
-311
-320
-308
Other administrative expenses ................
-231
-232
-236
Depreciation and impairment of non-
financial assets ....................................
-40
-45
-46
Total operating expenses ......................
-582
-597
-590




Operating profit before net credit
losses
845
956
1,018




Net credit losses .....................................
7
51
-16
Operating profit
852
1,007
1,002




Tax expenses ..........................................
-204
-235
-222
Net profit
648
772
780




Other comprehensive income related
to:



Income to be reclassified to profit or
loss ......................................................



Available-for-sale securities
-
-33
46
Derivatives in cash-flow hedges .............
-25
-91
-169
Tax on items to be reclassified to profit
or loss..................................................
6
27
-27
Net items to be reclassified to profit
or loss
-19
-97
-96
Items not to be reclassified to profit or
loss ......................................................



Own credit risk .......................................
374
-
-
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Document Outline