Bond Svenska Exportkredit 0% ( XS0077932274 ) in ZAR

Svenska Exportkredit

43 % ▲

Sweden

XS0077932274 ( in ZAR )

14/12/2027

Prospectus brochure of the bond Swedish Export Credit (SEK) XS0077932274 en ZAR 0%, maturity 14/12/2027

Swedish Export Credit (SEK) provides financing and insurance solutions to Swedish exporters and international buyers of Swedish goods and services, mitigating risks associated with international trade.

Market data indicates the trading of a specific zero-coupon bond, identified by ISIN XS0077932274, issued in Sweden by Swedish Export Credit (SEK), a state-owned financial institution dedicated to ensuring access to financial solutions for the Swedish export industry and its international customers, with this instrument currently priced at 20.23% of its nominal value in South African Rand (ZAR) and scheduled for its single principal repayment upon maturity on December 14, 2027.

BASE PROSPECTUS

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

This Base Prospectus has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), which is the Luxembourg competent authority under the
Luxembourg law dated 16 July 2019 on prospectuses for securities (the "Luxembourg Prospectus Law") and Regulation (EU) 2017/1129 (the "EU Prospectus Regulation"), as a base
prospectus issued in compliance with the EU Prospectus Regulation for the purpose of giving information with regard to the issue of instruments (the "Instruments") under the programme
(the "Programme") described in this Base Prospectus during the period of twelve months after the date hereof. This Base Prospectus constitutes a Base Prospectus pursuant to Article 8(6)
of the EU Prospectus Regulation. The CSSF has only approved the Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the EU
Prospectus Regulation. In the context of such approval, the CSSF neither assumes any responsibility nor gives any undertakings as to the economic and financial soundness of the transaction
and the quality or solvency of Aktiebolaget Svensk Exportkredit (publ) (Swedish Export Credit Corporation) ("SEK" or the "Issuer") in line with the provisions of article 6(4) of the
Luxembourg Prospectus Law. Such an approval should not be considered as an endorsement of SEK nor as an endorsement of the quality of any Instruments that are the subject of this Base
Prospectus. Investors should make their own assessment as to the suitability of investing in such Instruments. This Base Prospectus is valid for a period of twelve months from the date of
approval, with the validity period ending on 31 March 2022. There is no obligation to supplement the Base Prospectus in the event of significant new factors, material mistakes or material
inaccuracies when the Base prospectus is no longer valid. The CSSF has neither reviewed nor approved the information contained in this Base Prospectus in relation to any issuance of
Instruments under this Programme for which a prospectus is not required in accordance with the EU Prospectus Regulation and for which a Pricing Supplement (as defined herein) is used.
Application has been made to the Luxembourg Stock Exchange for Instruments issued under this Base Prospectus to be admitted to trading on the regulated market of the Luxembourg Stock
Exchange which is a regulated market for the purposes of Directive 2014/65/EU (as amended) on markets in financial instruments ("EU MiFID II") and to be listed on the Official List of
the Luxembourg Stock Exchange, during the period of twelve months after the date hereof. The CSSF has been requested to provide the competent authority (for the purposes of the EU
Prospectus Regulation) in Sweden with a certificate of approval attesting that this Base Prospectus has been drawn up in accordance with the EU Prospectus Regulation. The Programme
also permits Instruments to be issued on the basis that they will not be admitted to listing, trading and/or quotation by any listing authority, stock exchange and/or quotation system or to be
admitted to listing, trading and/or quotation by such other or further listing authorities, stock exchanges and/or quotation systems as may be agreed with SEK.
The Instruments have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any
state or other jurisdiction of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions
exempt from the registration requirements of the Securities Act. Terms used in the preceding sentence have the meanings given to them by Regulation S ("Regulation S") under the Securities
Act. Instruments in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to United States persons,
except in certain transactions permitted by U.S. tax regulations. Terms used in the preceding sentence have the meanings given to them by the United States Internal Revenue Code of 1986,
as amended, and regulations thereunder (the "Code").
The Instruments may be offered and sold (A) in bearer and registered form outside the United States to non-U.S. persons in reliance on Regulation S and (B) in registered form to qualified
institutional buyers (as defined in Rule 144A ("Rule 144A") under the Securities Act) in reliance on Rule 144A. Prospective purchasers that are qualified institutional buyers ("QIBs") are
hereby notified that sellers of the Instruments may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a description of these and
certain further restrictions on offers, sales and transfers of Instruments, see 'Transfer Restrictions' and 'Plan of Distribution'.
SEK has been assigned a senior unsecured debt rating of Aa1 from Moody's Investors Service (Nordics) AB ("Moody's") and a senior unsecured debt rating (for debt maturing in one year
or more) of AA+ from S&P Global Ratings Europe Limited ("S&P"). Each of Moody's and S&P is established in the EEA and registered under the EU CRA Regulation. As such, each of
Moody's and S&P is included in the list of credit rating agencies published by ESMA on its website (at https://www.esma.europa.eu/supervision/credit-rating-agencies/risk) in accordance
with the EU CRA Regulation. The rating Moody's has assigned is endorsed by Moody's Investors Service Limited, which is established in the UK and registered under Regulation (EU) No.
1060/2009 on credit rating agencies as it forms part of domestic law of the United Kingdom (the "UK") by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA") (the "UK
CRA Regulation"). The rating S&P has assigned is endorsed by S&P Global Ratings UK Limited, which is established in the UK and registered under the UK CRA Regulation. According
to Moody's rating system, the Aa1 rating indicates that the obligations are judged to be of high quality and are subject to very low credit risk. According to S&P rating system, the AA+ rating
indicates that the issuer has very strong capacity to meet financial commitments. In accordance with Moody's ratings definitions available as at the date of this Base Prospectus on
https://www.moodys.com/ratings-process/Ratings-Definitions/002002, obligations rated 'Aa1' are judged to be of high quality and are subject to very low credit risk. In accordance with
S&P's ratings definitions available as at the date of this Base Prospectus on https://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352, obligations rated 'AA+'
are judged to differ from the highest-rated obligations only to a small degree and indicates that the relevant issuer's capacity to meet its financial commitments on the obligation is very
strong.
In general, European regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a credit rating agency established in the European Economic
Area (the "EEA") and registered under the EU CRA Regulation or (1) the rating is provided by a credit rating agency not established in the EEA but is endorsed by a credit rating agency
established in the EEA and registered under the EU CRA Regulation or (2) the rating is provided by a credit rating agency not established in the EEA which is certified under the EU CRA
Regulation. In general, UK regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a credit rating agency established in the UK and
registered under the UK CRA Regulation or (1) the rating is provided by a credit rating agency not established in the UK but is endorsed by a credit rating agency established in the UK and
registered under the UK CRA Regulation or (2) the rating is provided by a credit rating agency not established in the UK which is certified under the UK CRA Regulation.
Tranches of Instruments issued under the Programme may be rated or unrated. Where a Tranche of Instruments is rated, such rating will not necessarily be the same as the rating(s) described
above or the rating(s) assigned to Instruments already issued. Where a Tranche of Instruments is rated, the applicable rating(s) will be specified in the relevant Final Terms.
A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Investing
in Instruments issued under the Programme involves certain risks. The principal risk factors that may affect the abilities of SEK to fulfil its obligations under the Instruments are
discussed under "Risk Factors" below.

Arranger for the Programme
CITIGROUP

Dealers
BARCLAYS
BMO CAPITAL MARKETS
BNP PARIBAS

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

1 April 2021

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This Base Prospectus may only be used for the purpose for which it has been published.
SEK has confirmed to the dealers (the "Dealers") named under "Plan of Distribution" below that this Base
Prospectus contains all information regarding SEK (subject to being completed by each relevant Final
Terms or supplemented, amended and/or replaced by each relevant Pricing Supplement or by each relevant
Drawdown Prospectus (each as defined herein)) and the Instruments issued under the Programme which is
(in the context of the issue of the Instruments) material and that such information is true and accurate in all
material respects and is not misleading. SEK accepts responsibility for the information contained in this
Base Prospectus and any Final Terms. To the best of SEK's knowledge (having taken all reasonable care to
ensure that such is the case), the information contained in this Base Prospectus is in accordance with the
facts and makes no omission likely to affect its import.
Each Tranche (as defined herein) of Instruments, for which a prospectus is required in connection with the
issue of such Instruments in accordance with the EU Prospectus Regulation, will be issued on the terms set
out herein under "Terms and Conditions of the Instruments" (the "Conditions") as completed by a
document specific to such Tranche called final terms (the "Final Terms") or as supplemented, amended
and/or replaced in a separate prospectus specific to such Tranche (the "Drawdown Prospectus"). Each
Tranche of Instruments, for which no prospectus is required in connection with the issue of such Instruments
in accordance with the EU Prospectus Regulation, will be issued on the terms set out in the Conditions, as
supplemented, amended and/or replaced by a document specific to such Tranche called a pricing
supplement (the "Pricing Supplement"). Any reference to the Final Terms shall be read and construed as
a reference to a Drawdown Prospectus or a Pricing Supplement (as applicable) unless the context requires
otherwise. In the case of a Tranche of Instruments which is the subject of a Drawdown Prospectus or a
Pricing Supplement (as applicable), each reference in this Base Prospectus to (i) information being specified
or identified in the relevant Final Terms shall be read and construed as a reference to such information
being specified or identified in the relevant Drawdown Prospectus or a Pricing Supplement (as applicable)
and (ii) terms as completed by the relevant Final Terms shall be read and construed as a reference to such
terms being supplemented, amended and/or replaced by the relevant Drawdown Prospectus or Pricing
Supplement, unless the context requires otherwise.
No person has been authorised to give any information or to make any representation not contained in or
not consistent with this Base Prospectus or any other document entered into in relation to the Programme
or any information supplied by SEK or such other information as is in the public domain and, if given or
made, such information or representation should not be relied upon as having been authorised by SEK or
any Dealer.
Neither the Dealers nor any of their respective affiliates have authorised the whole or any part of this Base
Prospectus and none of them makes any representation or warranty or accepts any responsibility as to the
accuracy or completeness of the information contained in this Base Prospectus or takes any responsibility
for any acts or omissions of SEK or any other person in connection with the issue and offering of
Instruments under this Programme. Neither the delivery of this Base Prospectus or any Final Terms nor the
offering, sale or delivery of any Instrument shall, in any circumstances, create any implication that the
information contained in this Base Prospectus is true subsequent to the date hereof or the date upon which
this Base Prospectus has been most recently amended or supplemented or that there has been no adverse
change, or any event reasonably likely to involve any adverse change, in the prospects or financial or trading
position of SEK since the date thereof or, if later, the date upon which this Base Prospectus has been most
recently amended or supplemented or that any other information supplied in connection with the
Programme is correct at any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
The distribution of this Base Prospectus and any Final Terms and the offering, sale and delivery of
Instruments in certain jurisdictions may be restricted by law. Persons into whose possession this Base
Prospectus comes are required by SEK and the Dealers to inform themselves about and to observe any such
restrictions. For a description of certain restrictions on offers, sales and deliveries of Instruments and on
distribution of this Base Prospectus or any Final Terms and other offering material relating to the
Instruments see "Plan of Distribution". In particular, the Instruments have not been and will not be
registered under the Securities Act or with any securities regulatory authority of any state or other
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.
PRODUCT GOVERNANCE UNDER EU MiFID II
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "EU MiFID Product Governance Rules"),
any Dealer subscribing for any Instruments is a manufacturer in respect of such Instruments, but otherwise
neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the
purpose of the MiFID Product Governance Rules.
The Final Terms in respect of any Instruments may include a legend entitled "EU MiFID II Product
Governance" which will outline the target market assessment in respect of the Instruments and which
channels for distribution of the Instruments are appropriate. Any person subsequently offering, selling or
recommending the Instruments (a "distributor") should take into consideration the target market
assessment; however, a distributor subject to EU MiFID II is responsible for undertaking its own target
market assessment in respect of the Instruments (by either adopting or refining the target market
assessment) and determining appropriate distribution channels.
PRODUCT GOVERNANCE UNDER UK MiFIR
A determination will be made in relation to each issue about whether, for the purpose of the UK MiFIR
product governance rules set out in the FCA Handbook Product Intervention and Product Governance
Sourcebook (the "UK MiFIR Product Governance Rules"), any Dealer subscribing for any Instruments
is a manufacturer in respect of such Instruments, but otherwise neither the Arranger nor the Dealers nor any
of their respective affiliates will be a manufacturer for the purpose of the UK MiFIR Product Governance
Rules.
The applicable Final Terms in respect of any instruments may include a legend entitled "UK MiFIR Product
Governance" which will outline the target market assessment in respect of the Instruments and which
channels for distribution of the Instruments are appropriate. Any distributor should take into consideration
the target market assessment; however, a distributor subject to the UK MiFIR Product Governance Rules
is responsible for undertaking its own target market assessment in respect of the Instruments (by either
adopting or refining the target market assessment) and determining appropriate distribution channels.
IMPORTANT EEA RETAIL INVESTORS
If the Final Terms in respect of any Instruments includes a legend entitled "Prohibition of Sales to EEA
Retail Investors", the Instruments are not intended to be offered, sold or otherwise made available to and
should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article
4(1) of EU MiFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the
"Insurance Distribution Directive"), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of EU MiFID II; or (iii) not a qualified investor as defined in the
Prospectus Regulation. Consequently no key information document required by Regulation (EU) No.
1286/2014 (as amended the "EU PRIIPs Regulation") for offering or selling the Instruments or otherwise
making them available to retail investors in the EEA has been prepared and therefore offering or selling the
Instruments or otherwise making them available to any retail investor in the EEA may be unlawful under
the EU PRIIPs Regulation.
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IMPORTANT - UK RETAIL INVESTORS
If the Final Terms in respect of any Instruments includes a legend entitled "Prohibition of Sales to UK
Retail Investors", the Instruments are not intended to be offered, sold or otherwise made available to and
should not be offered, sold or otherwise made available to any retail investor in the UK. For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article
2 of Regulation (EU) No. 2017/565 as it forms part of domestic law by virtue of the EUWA; or (ii) a
customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended
(the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97,
where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of
Regulation (EU) No. 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a
qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by
virtue of the EUWA. Consequently no key information document required by Regulation (EU) No.
1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for
offering or selling the Instruments or otherwise making them available to retail investors in the UK has
been prepared and therefore offering or selling the Instruments or otherwise making them available to any
retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
This Base Prospectus does not constitute an offer of, or an invitation to subscribe for or purchase, any
Instruments and should not be considered as a recommendation by SEK, the Dealers or any of them that
any recipient of the Base Prospectus or any Final Terms should subscribe for or purchase any Instruments.
Each recipient of the Base Prospectus or any Final Terms shall be deemed to have made its own
investigation and appraisal of the condition (financial or otherwise) of SEK.
In addition, in the context of any offer of Instruments that is not made within an exemption from the
requirement to publish a prospectus under the EU Prospectus Regulation, there is certain important
information that is set out herein under "Important Information relating to Public Offer of Instruments".
BENCHMARKS REGULATION
Interest and/or other amounts payable under the Instruments may be calculated by reference to certain
reference rates. Any such reference rate may constitute a benchmark for the purposes of Regulation (EU)
2016/1011 (the "EU Benchmarks Regulation"). If any such reference rate does constitute such a
benchmark, the applicable Final Terms will indicate whether or not the benchmark is provided by an
administrator included in the register of administrators and benchmarks established and maintained by the
European Securities and Markets Authority ("ESMA") pursuant to Article 36 (Register of administrators
and benchmarks) of the EU Benchmarks Regulation. The registration status of any administrator under the
EU Benchmarks Regulation is a matter of public record and, save where required by applicable law, SEK
does not intend to update the applicable Final Terms to reflect any change in the registration status of the
administrator.
Amounts payable under the Instruments may, inter alia, be calculated by reference to the London interbank
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 Global Rate Set Systems Ltd. As at the date
hereof each of the Bank of England, the Federal Reserve Bank of New York, ICE Benchmark
Administration Limited and Global Rate Set Systems Ltd do not appear on the register of administrators
and benchmarks established and maintained by ESMA pursuant to Article 36 of the EU Benchmarks
Regulation. As at the date hereof, the European Money Markets Institute appears on the register of
administrators and benchmarks established and maintained by ESMA pursuant to Article 36 of the EU
Benchmarks Regulation.

PRODUCT CLASSIFICATION PURSUANT TO SECTION 309B OF THE SECURITIES AND
FUTURES ACT (CHAPTER 289 OF SINGAPORE)
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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, 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.
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.
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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;

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.
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Any potential investor should, however, consult any additional disclosures that SEK has made or may make
in documents that SEK has filed or may file with the SEC and under other applicable laws and regulations.
ALTERNATIVE PERFORMANCE MEASURES
Certain alternative performance measures (as defined in the ESMA Guidelines on Alternative Performance
Measures) ("Alternative Performance Measures" or "APMs") are included in this Base Prospectus. See
"Glossary" for more information.
INSTRUMENTS ISSUED AS GREEN BONDS
None of the Dealers accepts any responsibility for any environmental assessment of any Instruments issued
as Green Bonds or makes any representation or warranty or assurance whether such Instruments will meet
any investor expectations or requirements regarding such "green" or similar labels. None of the Dealers is
responsible for the use of proceeds for any Instruments issued as Green Bonds, nor the impact or monitoring
of such use of proceeds. No representation or assurance is given by the Dealers as to the suitability or
reliability of any opinion or certification of any third party made available in connection with an issue of
Instruments issued as Green Bonds, nor is any such opinion or certification a recommendation by any
Dealer to buy, sell or hold any such Instruments. In the event any such Instruments are, or are intended to
be, listed, or admitted to trading on a dedicated "green" or other equivalently-labelled segment of a stock
exchange or securities market, no representation or assurance is given by the Dealers that such listing or
admission will be obtained or maintained for the lifetime of the Instruments.
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CONTENTS

Page
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................... 2
RISK FACTORS .......................................................................................................................................... 3
IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF INSTRUMENTS ................... 24
INFORMATION INCORPORATED BY REFERENCE .......................................................................... 27
FORM OF THE INSTRUMENTS ............................................................................................................. 30
TRANSFER RESTRICTIONS .................................................................................................................. 36
TERMS AND CONDITIONS OF THE INSTRUMENTS ........................................................................ 39
USE OF PROCEEDS ............................................................................................................................... 105
FORM OF FINAL TERMS ...................................................................................................................... 106
FORM OF PRICING SUPPLEMENT ..................................................................................................... 130
OVERVIEW OF PROVISIONS RELATING TO THE INSTRUMENTS WHILE IN GLOBAL FORM
.................................................................................................................................................................. 154
SEK AN INTRODUCTION .................................................................................................................. 161
PLAN OF DISTRIBUTION ..................................................................................................................... 165
TAXATION ............................................................................................................................................. 173
UNITED STATES FEDERAL INCOME TAXATION .......................................................................... 175
UNITED STATES EMPLOYEE BENEFIT PLAN CONSIDERATIONS ............................................. 183
THE AUTHORISED OFFEROR TERMS ............................................................................................... 184
GENERAL INFORMATION .................................................................................................................. 187
GLOSSARY ............................................................................................................................................. 190

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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 fulfil 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 fulfil 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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