Obligation Svenska Exportkredit 0.25% ( XS2252211979 ) en USD

Société émettrice Svenska Exportkredit
Prix sur le marché 100 %  ⇌ 
Pays  Suede
Code ISIN  XS2252211979 ( en USD )
Coupon 0.25% par an ( paiement semestriel )
Echéance 05/10/2022 - Obligation échue



Prospectus brochure de l'obligation Swedish Export Credit (SEK) XS2252211979 en USD 0.25%, échue


Montant Minimal 200 000 USD
Montant de l'émission 800 000 000 USD
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 émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN XS2252211979, paye un coupon de 0.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 05/10/2022







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
"Prospectus Regulation"), as a base prospectus issued in compliance with the 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 Prospectus Regulation. The CSSF has only approved the Base Prospectus
as meeting the standards of completeness, comprehensibility and consistency imposed by the 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 transaction and the quality or solvency of 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 Aktiebolaget
Svensk Exportkredit (publ) (Swedish Export Credit Corporation) ("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 2021. 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 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 (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 Regulation) in Sweden with a certificate of approval attesting that this Base Prospectus has been drawn up in accordance with
the 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 European Economic
Area ("EEA") and/or the United Kingdom (the "UK") and registered under Regulation (EC) No. 1060/2009, as amended (the "CRA Regulation") and is, as at 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 or the UK and registered under the CRA Regulation unless (1) the rating is provided by a credit rating agency not established in the EEA or the UK
but is endorsed by a credit rating agency established in the EEA or the UK and registered under the CRA Regulation; or (2) the rating is provided by a credit
rating agency not established in the EEA or the UK 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 SECURITIES
CITIGROUP
DAIWA CAPITAL MARKETS EUROPE
CRÉDIT AGRICOLE CIB
GOLDMAN SACHS INTERNATIONAL
DEUTSCHE BANK
MIZUHO SECURITIES
J.P. MORGAN
MORGAN STANLEY
NATWEST MARKETS
MUFG
SMBC NIKKO
NOMURA
TOKAI TOKYO SECURITIES EUROPE
TD SECURITIES


1 April 2020
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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 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.
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 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 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" on page 150 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 ­ 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 Instrument, 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 "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.
IMPORTANT ­ EEA AND UK RETAIL INVESTORS - If the applicable Final Terms in respect of any
Instruments includes a legend entitled "Prohibition of Sales to EEA and 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 European Economic Area ("EEA") or 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 (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive 2016/97 (the
"Insurance Distribution Directive"), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus
Regulation. 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 or in the UK has been prepared and therefore offering or selling the Instruments
or otherwise making them available to any retail investor in the EEA or in the UK 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 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 "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 ESMA pursuant
to Article 36 (Register of administrators and benchmarks) of the Benchmarks Regulation. Transitional
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provisions in the Benchmarks Regulation may have the result that the administrator of a particular
benchmark is not required 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 applicable Final
Terms to reflect any change in the registration status of the administrator.
Amounts payable under the Instruments may, inter alia, be calculated by reference to the London inter-
bank offered rate ("LIBOR"), which is provided by ICE Benchmark Administration Limited, the Euro
inter-bank offered rate ("EURIBOR") which is provided by the European Money Markets Institute, the
Sterling Overnight Index Average ("SONIA") which is provided by the Bank of England, the Secured
Overnight Financing Rate ("SOFR") which is provided by the Federal Reserve Bank of New York and the
Stockholm Interbank Offered Rate ("STIBOR") which is provided by the Swedish central bank (the
Riksbank). As at the date hereof, the Bank of England, the Federal Reserve Bank of New York and the
Riksbank do not appear on the register of administrators and benchmarks established and maintained by
ESMA pursuant to Article 36 of the Benchmark Regulation. As far as the Issuer is aware, the transitional
provisions in Article 51 of the Benchmark Regulation or other exemptions from the Benchmark Regulation
apply, such that the Bank of England and the Federal Reserve Bank of New York are not (currently)
required to obtain such authorisation/registration (or, if located outside the European Union (the "EU"),
recognition, endorsement or equivalence). As at the date hereof, each of the European Money Markets
Institute and ICE Benchmark Administration Limited appears on the register of administrators and
benchmarks established and maintained by ESMA pursuant to Article 36 of the Benchmarks Regulation.
PRODUCT CLASSIFICATION PURSUANT TO SECTION 309B OF THE SECURITIES AND
FUTURES ACT (CHAPTER 289 OF SINGAPORE) ­ The applicable 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 "Relevant State" are references to a
Member State of the EEA and the UK (as applicable), 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 do
not form part of, nor is deemed to be incorporated into, this Base Prospectus.
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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;
·
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, may have an adverse effect on SEK's financial performance;
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·
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;
·
disruptions in the financial markets or economic recessions (including as a result of the recent
global outbreak of COVID-19 virus) may negatively affect 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;
·
enforceability of judgments in the Swedish courts;
·
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 adversely affect 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;
·
developments in emerging market countries may result in credit losses 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 (LIBOR) 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" on page 176 below for more information.
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CONTENTS

Page
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................... 2
RISK FACTORS .......................................................................................................................................... 3
IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF INSTRUMENTS ................... 22
INFORMATION INCORPORATED BY REFERENCE .......................................................................... 25
FORM OF THE INSTRUMENTS ............................................................................................................. 28
TRANSFER RESTRICTIONS .................................................................................................................. 34
TERMS AND CONDITIONS OF THE INSTRUMENTS ........................................................................ 37
USE OF PROCEEDS ................................................................................................................................. 96
FORM OF FINAL TERMS ........................................................................................................................ 97
FORM OF PRICING SUPPLEMENT ..................................................................................................... 118
OVERVIEW OF PROVISIONS RELATING TO THE INSTRUMENTS WHILE IN GLOBAL
FORM ........................................................................................................................................ 139
SEK ­ AN INTRODUCTION .................................................................................................................. 146
PLAN OF DISTRIBUTION ..................................................................................................................... 150
TAXATION ............................................................................................................................................. 158
UNITED STATES FEDERAL INCOME TAXATION .......................................................................... 160
UNITED STATES EMPLOYEE BENEFIT PLAN CONSIDERATIONS ............................................. 168
THE AUTHORISED OFFEROR TERMS ............................................................................................... 169
GENERAL INFORMATION .................................................................................................................. 173
GLOSSARY ............................................................................................................................................. 176

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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 together with the relevant Final Terms. 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 a complete list of all potential risks that SEK may
face.
Market Risks
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.
SEK's business and earnings are affected by general business, economic and market conditions, especially
within Sweden and Europe. Uncertainties remain concerning the outlook and the future economic
environment related to recent events in those regions, such as a continuing weak economic outlook in
certain European countries and the uncertainty surrounding the economic effect of the withdrawal of the
UK from the EU on 31 January 2020 (commonly referred to as "Brexit"). Although SEK does not have
operations in the UK, a large portion of SEK's borrowings are arranged through banks in the UK. If SEK
fails to maintain these agreements on favourable terms following Brexit, or the agreements completed with
such UK banks' EU-based affiliates cannot be utilised effectively, SEK's business and financial
performance will suffer. Uncertainties remain as to what, if any, impact a new regulatory regime in the UK
will have on these agreements.
Additionally, even in the absence of slow economic growth or recessions, other economic circumstances ­
including, but not limited to, volatility in energy prices, contractions in infrastructure spending, fluctuations
in market interest or exchange rates, and concerns over the financial health of sovereign governments and
their instrumentalities ­ may have negative consequences for the companies and industries that the Group
provides financing to (as well as the financial condition of SEK's financial counterparties) and could, in
addition to the other factors cited above, have material adverse effects on the Group's business prospects,
financial condition or ability to fulfill its debt obligations.
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 fulfill its
obligations.
In order to finance its operations, SEK is dependent on the international capital markets, where it competes
with other issuers to obtain financing. Although SEK has been able to successfully finance its operations
to date, factors outside SEK's control may have material adverse effects on the Group's continued ability to
obtain such financing or could cause the cost of such financing to increase. For example, as a result of the
financial crisis in 2008, SEK experienced higher costs of funding through the international capital markets
as did other issuers during this time. In 2008, SEK was able to offset the increased cost of funding by
increasing the margins on its lending, but in the future, that might not be possible, which could result in
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more expensive access to the capital markets, which could have a material adverse effect on SEK's results
of operations.
A key factor affecting the cost and availability of financing is SEK's credit rating. Although the Group
currently has favourable credit ratings from various credit rating agencies, those credit ratings depend on
many factors, some of which are outside of SEK's control. Significant factors in determining SEK's credit
ratings or that otherwise could affect its ability to raise financing include its ownership structure, asset
quality, liquidity profile, short- and long-term financial prospects, risk exposures, capital ratios, and
prudential measures, as well as government support and SEK's public policy role. Notwithstanding regular
confirmation from SEK's owner (the Swedish State) of its continued support for SEK's current public policy
role, there is a risk that this view could change in the future. Deterioration in any one of these factors or in
any combination of these factors may lead rating agencies to downgrade SEK's credit ratings. If the Group
were to experience a downgrade in its credit ratings, it would likely become necessary to offer increased
interest margins in the capital markets in order to obtain financing, which would likely substantially lower
the Group's profit margins and earnings, harm its overall liquidity and negatively affect its business and its
ability to fulfill its obligations.
Disruptions in the financial markets or economic recessions (including as a result of the recent global
outbreak of COVID-19 virus) may negatively affect 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.
Risks arising from the credit quality of borrowers and counterparties and the recoverability of loans and
amounts due from counterparties in derivative transactions are inherent in SEK's businesses. Consequently,
SEK may incur credit losses or delinquency in debt repayments even in normal economic circumstances.
Financial market disruptions or economic recessions may further affect SEK's customers and
counterparties, negatively affecting their ability to fulfill their obligations. Market and economic disruptions
may affect, among other things, business and consumer spending, bankruptcy rates and asset prices,
creating a greater likelihood of impact on an increased number of SEK's customers' or counterparties' credit
demand or that they may become delinquent in their loans or other obligations to SEK. For example,
following the financial crisis, SEK was forced to write down the value of some of its assets as a result of
disruptions in the financial markets. Such disruptions may affect the recoverability and value of SEK's
assets and may necessitate an increase in SEK's provisions for delinquent and defaulted debt and other
provisions, which could in turn have a material adverse effect on SEK's business and/or its ability to repay
its debts.
Risks relating to COVID-19
Whilst the direct and indirect impact of the Coronavirus (COVID-19) outbreak remains uncertain, a number
of central banks and governments have announced financial stimulus packages in anticipation of a very
significant negative impact on gross domestic product during 2020. Concerns remain as to whether these
policy tools will counter anticipated macro-economic risks. A prolongation of the outbreak could
significantly adversely affect economic growth, and impact business operations across the economy
generally, 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 and or operations could have a material adverse
impact on the financial performance or operations of counterparties to SEK, and correspondingly impact
SEK, or the cost of funding for SEK.
Legal and Regulatory Risks
Changes in laws, regulations or accounting standards may adversely affect SEK's business.
SEK's business is subject to regulation and regulatory oversight. In particular, SEK is subject to financial
services laws, regulations, administrative actions and policies in each location in which it operates. Any
significant regulatory development could affect the manner in which SEK conducts its business and SEK's
results of operations. Changes to existing laws, or the interpretation or enforcement of laws, may directly
impact SEK's business, results of operations and financial condition.
In response to the financial crisis in 2008, financial regulators around the world have issued and continue
to issue significant regulatory and legislative changes resulting in broad reform and increased regulation
impacting financial service companies, including SEK. Changes to the current system of supervision and
regulation, or any failure to comply with applicable rules (and particularly those in Sweden), could
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Document Outline