Bond Svenska Exportkredit 3.625% ( XS0430527993 ) in EUR

Issuer Svenska Exportkredit
Market price 100 %  ▼ 
Country  Sweden
ISIN code  XS0430527993 ( in EUR )
Interest rate 3.625% per year ( payment 1 time a year)
Maturity 27/05/2014 - Bond has expired



Prospectus brochure of the bond Swedish Export Credit (SEK) XS0430527993 in EUR 3.625%, expired


Minimal amount 50 000 EUR
Total amount 1 250 000 000 EUR
Detailed description 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.

This financial analysis focuses on the Euro-denominated bond identified by ISIN XS0430527993, issued by Swedish Export Credit (SEK). Swedish Export Credit, or SEK, is a state-owned financial institution based in Sweden, operating with a mandate to finance Swedish exports and Swedish industry through various credit and financing solutions, thereby supporting the country's economic activity and international trade. This particular bond, issued out of Sweden, carried a fixed annual coupon rate of 3.625% and was denominated in Euros. The total size of the issuance amounted to EUR 1,250,000,000, with a minimum trading denomination set at EUR 50,000, making it accessible to institutional investors and larger portfolios. The instrument's maturity date was specified as May 27, 2014, with interest payments occurring annually. As of the current assessment, this bond has successfully reached its maturity date and has subsequently been fully repaid and redeemed by the issuer, indicated by its market price of 100% at the time of its reimbursement, confirming its full repayment to bondholders.







BASE PROSPECTUS
(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 (the ``Prospectus Directive'') and relevant implementing legislation in Luxembourg, 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. 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 2004/39/EC on markets in financial instruments (the ``MiFID Directive'') and to be
listed on the Official List of the Luxembourg Stock Exchange, during the period of twelve months after the date
hereof. Application has been made for Instruments issued under this Base Prospectus to be admitted during the
period of twelve months after the date hereof to listing on the Official List of the United Kingdom Financial
Services Authority (``FSA'') and to trading on the Regulated Market of the London Stock Exchange plc (the
``London Stock Exchange'') which is a regulated market for the purposes of the MiFID Directive. The CSSF has
been requested to provide the competent authority (for the purposes of the Prospectus Directive) in Austria,
Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, The Netherlands, Norway, Spain, Sweden
and the United Kingdom with a certificate of approval attesting that the 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 4
June 2007.
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
CITI
Dealers
ABN AMRO
AB SEK SECURITIES
BNP PARIBAS
CITI
DAIWA SECURITIES SMBC EUROPE
DEUTSCHE BANK
GOLDMAN SACHS INTERNATIONAL
JPMORGAN
LEHMAN BROTHERS
MERRILL LYNCH INTERNATIONAL
MITSUBISHI UFJ SECURITIES INTERNATIONAL PLC
MIZUHO INTERNATIONAL PLC
MORGAN STANLEY
NOMURA INTERNATIONAL
UBS INVESTMENT BANK
5 June 2008


AB Svensk Exportkredit (Swedish Export Credit Corporation) (``SEK'') has confirmed to the dealers (the
``Dealers'') named under ``Plan of Distribution'' below that this Base Prospectus contains all information
regarding SEK and (subject to being supplemented by each relevant final terms (each a ``Final Terms'') 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. To the best of
SEK's knowledge (which has 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.
This Base Prospectus has been prepared on the basis that, except to the extent sub-paragraph (ii) below
may apply, any offer of Instruments in any Member State of the European Economic Area which has
implemented the Prospectus Directive (2003/71/EC) (each, a ``Relevant Member State'') will be made
pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State,
from the requirement to publish a prospectus for offers of Instruments. Accordingly any person making or
intending to make an offer in that Relevant Member State of Instruments which are the subject of an
offering contemplated in this Base Prospectus as completed by Final Terms or a Drawdown Prospectus in
relation to the offer of those Instruments may only do so (i) in circumstances in which no obligation arises
for SEK or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or
supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such
offer, or (ii) if a prospectus for such offer has been approved by the competent authority in that Relevant
Member State or, where appropriate, approved in another Relevant Member State and notified to the
competent authority in that Relevant Member State and (in either case) published, all in accordance with
the Prospectus Directive, provided that any such prospectus has subsequently been completed by Final
Terms or is a Drawdown Prospectus which specifies that offers may be made other than pursuant to Article
3(2) of the Prospectus Directive in that Relevant Member State and such offer is made in the period
beginning and ending on the dates specified for such purpose in such prospectus or final terms or
drawdown prospectus, as applicable. Except to the extent sub-paragraph (ii) above may apply, neither
SEK nor any Dealer have authorised, nor do they authorise, the making of any offer of Instruments in
circumstances in which an obligation arises for SEK or any Dealer to publish or supplement a prospectus
for such offer.
Any person (an ``Investor'') intending to acquire or acquiring any Notes from any person (an ``Offeror'')
should be aware that, in the context of an offer to the public as defined in Prospectus Directive as
implemented in Luxembourg, the Issuer may be responsible to the Investor for this Prospectus, only if the
Issuer has authorised that Offeror to make the offer to the Investor. Each Investor should therefore
enquire whether the Offeror is so authorised by the Issuer. If the Offeror is not authorised by the Issuer,
the Investor should check with the Offeror whether anyone is responsible for this Prospectus in the context
of the offer to the public, and, if so, who that person is. If the Investor is in any doubt about whether it can
rely on this Prospectus and/or who is responsible for its contents it should take legal advice.
An Investor intending to acquire or acquiring any Notes from an Offeror will do so, and offers and sales of
the Notes to an Investor by an Offeror will be made, in accordance with any terms and other arrangements
in place between such Offeror including as to price, allocations and settlement arrangements. The Issuer
will not be a party to any such arrangements with Investors in connection with the offer or sale of the Notes
and, accordingly this Base Prospectus and any Final Terms will not contain such information and an
Investor must obtain such information from the Offeror.
SEK has not authorised the making or provision of any representation or information regarding SEK or
the Instruments other than as contained in the Dealership Agreement referred to herein, this Base
Prospectus or any Final Terms or as approved for such purpose by SEK. Any such representation or
information should not be relied upon as having been authorised by SEK or the Dealers.
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 there has been no adverse change in the
financial situation of SEK since the date hereof.
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
2


on distribution of this Base Prospectus or any Final Terms and other offering material relating to the
Instruments see ``Plan of Distribution'' on page 88 hereof. In particular, Instruments have not been and
will not be registered under the United States Securities Act of 1933 (as amended) and may include
Instruments in bearer form which are subject to U.S. tax law requirements. Subject to certain exceptions,
Instruments may not be offered, sold or delivered within the United States or to U.S. persons.
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.
Unless otherwise indicated, the financial information included in this Base Prospectus has been, extracted
from SEK's 2007 Annual Report.
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 ``Skr'' are to Swedish Krona and references to ``Euro'', ``euro'',
``E'' or ``EUR'' are to the single currency introduced at the start of the third stage of European Economic
and Monetary Union pursuant to the Treaty establishing the European Communities, as amended.
In connection with the issue of any Tranche of Instruments, the Dealer or Dealers (if any) named as the
Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in the applicable Final
Terms 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, there is no assurance that
the Stabilising Manager(s) (or persons acting on behalf of a Stabilising Manager) will undertake
stabilisation action. 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
be ended 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 Stabilising Manager(s) (or
person(s) acting on behalf of any Stabilising Manager(s)) in accordance with all applicable laws and rules.
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TABLE OF CONTENTS
Page
Summary
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Risk Factors;
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Information Incorporated by Reference
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General Description of the Programme
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Form of the Instruments
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Terms and Conditions of the Instruments ;
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Use of Proceeds
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Form of Final Terms
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Summary of Provisions Relating to the Bearer Instruments While in Global Form
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67
SEK ­ an Introduction
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70
Consolidated Capitalisation and Indebtedness Table
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73
Selected Consolidated Financial Information
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Income Statements ;
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Balance Sheets
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Statement of Recognised Income and Expenses ;
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77
Notes to the Income Statements, Balance Sheets and Statements of Cash Flows
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Plan of Distribution;
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Taxation
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General Information
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96
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SUMMARY
This summary must be read as an introduction to this Base Prospectus and any decision to invest in the
Instruments should be based on a consideration of the Base Prospectus as a whole, including the documents
incorporated by reference. No civil liability attaches to SEK in any Member State of the European Economic
Area which has implemented the Prospectus Directive solely on the basis of the summary, including any
translation thereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of
this Base Prospectus. Where a claim relating to the information contained in this Base Prospectus is brought
before a court in a Member State of the European Economic Area, the plaintiff may, under the national
legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base
Prospectus before the legal proceedings are initiated. 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
summary.
Essential characteristics and risks associated with the Issuer
Founded in 1962, SEK is a limited liability company wholly owned by the Kingdom of Sweden through the
Ministry of Foreign Affairs.
SEK's objective is to engage in financing activities in accordance with the Swedish Act on Banking and
Financing Activities (Sw. Lag (2004: 297) om bank ­ och finansieringsro¨relse) and in connection therewith
primarily to promote the development of Swedish commerce and industry, especially the export sector, as well as
otherwise engage in Swedish and international financing activities on commercial grounds. SEK's business
activities include export credits, lending, project financing, leasing, capital market products and financial
advisory services.
SEK extends credits, or loans on commercial terms at prevailing fixed or floating market rates of interest under
the ``SEK exclusive of the S-system''. Credits on State-supported terms at fixed rates of interest that may be lower
than prevailing fixed market rates are provided under the ``State Support System'' (the ``S-System'').
In recent years, SEK has intensified the broadening of both its range of services and customer base in response to
changes in demand and the opportunities created by the development of new forms of cooperation and financial
instruments. SEK has also to a greater extent become involved as a financial advisor for international projects.
The expansion of SEK's services and customer base reflects SEK's efforts to become a broader-range finance
house with specialists in a number of areas, while continuing to emphasise its traditional role as a long-term
lender. 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.
Essential characteristics and risks associated with the Instruments
SEK may, subject to compliance with all relevant laws, regulations and directives, from time to time issue
Instruments denominated in any currency. The Instruments may be issued in registered form, or in bearer form,
with or without interest coupons, and in certain circumstances in denominations of not less than E1,000 (or nearly
equivalent in another currency).
Instruments may be issued on an unsubordinated and unsecured basis or a subordinated basis having a specific
maturity or on an undated subordinated basis (as specified in the relevant final terms) and will have the benefit of
a negative pledge and the events of default set out in the ``Terms and Conditions of the Instruments''.
If the relevant Final Terms specify that the Instruments are to be subordinated, in the event of the liquidation of
SEK (or any analogous event), SEK will have to repay its senior and other unsubordinated debt creditors prior to
making any payments on its subordinated Instruments. After making such payments SEK, may not have sufficient
assets to pay amounts outstanding under the relevant subordinated Instruments.
The aggregate principal amount, any interest rate or interest calculation, the issue price, maturity and any other
terms and conditions not contained herein with respect to each Tranche of Instruments will be established at the
time of issuance and set forth in the relevant Final Terms.
5


An investment in Instruments linked to an index, exchange rate, securities, the price of a commodity or the credit
performance of any one or more reference entities etc. entails significant risks not associated with a similar
investment in fixed or floating rate debt securities. Such investments are speculative and only suitable for highly
sophisticated investors who have the knowledge and experience in financial and business matters necessary to
enable them to evaluate the risks of an investment in the Instruments.
Application has been made for the Instruments issued under the Programme to be admitted to listing on the
Official List and to trading on the regulated market of the Luxembourg Stock Exchange and to listing on the
Official List of the FSA and to trading on the Regulated Market of the London Stock Exchange for the purposes
of the Prospectus Directive. However, Instruments may also be issued under the Programme on the basis that they
will not be admitted to listing, trading and/or quotation by any such stock exchange, listing authority or quotation
system, or whereby they will be admitted to listing, trading and/or quotation by other stock exchanges, listing
authorities and/or quotation systems.
The Instruments shall be accepted for clearing through one or more clearing systems as specified in the relevant
Final Terms. Global Instruments in the case of Classic Global Instruments, are to be held by or on behalf of the
clearing systems and therefore, potential investors will have to rely on the clearing system procedures for
transfer, payment and communications with SEK.
The New Global Instrument form has been introduced to allow for the possibility of Instruments being issued and
held in a manner which will permit them to be recognised as eligible collateral for monetary policy of the central
banking system for the euro (the ``Eurosystem'') and intra-day credit operations by the Eurosystem either upon
issue or at any or all times during their life. However in any particular case such recognition will depend upon
satisfaction of the Eurosystem eligibility criteria at the relevant time.
The Instruments may be redeemed prior to maturity at par or by the payment or delivery of such other
Redemption Amount as may be specified in the relevant Final Terms. In such circumstances an investor may not
be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of
the relevant Instruments.
There is no active trading market for the Instruments unless, in the case of any particular Tranche, such Tranche
is to be consolidated with and form a single series with a Tranche of Instruments which is already issued and for
which there is such a market.
In relation to any issue of Instruments which have a denomination consisting of a minimum Specified
Denomination plus a higher integral multiple of another smaller amount, the Instruments may be traded in
amounts in excess of the minimum Specified Denomination that are not integral multiples of such Specified
Denomination. If as a result of trading such amount, a Holder holds a principal amount of less than the minimum
Specified Denomination, such Holder may not receive an Instrument in definitive form in respect of such holding
(should definitive Instruments be printed) and would need to purchase a principal amount of Instruments so that
its holding amounts to a Specified Denomination.
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RISK FACTORS
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:
Risk Relating To The Instruments
There is no active trading market for the Instruments.
Instruments issued under the Programme will be new securities which may not be widely distributed and for
which there is currently no active trading market (unless in the case of any particular Tranche, such Tranche is to
be consolidated with and form a single series with a Tranche of Instruments which is already issued). If the
Instruments are traded after their initial issuance, they may trade at a discount to their initial offering price,
depending upon prevailing interest rates, the market for similar securities, general economic conditions and the
financial condition of SEK. Although application has been made for the Instruments issued under the Programme
to be admitted to listing on the Official List and to trading on the regulated market of the Luxembourg Stock
Exchange and to listing on the Official List of the FSA and to trading on the Regulated Market of the London
Stock Exchange for the purposes of the Prospectus Directive, there is no assurance that such application will be
accepted, that any particular Tranche of Instruments will be so admitted or that an active trading market will
develop. Accordingly, there is no assurance as to the development or liquidity of any trading market for any
particular Tranche of Instruments and, therefore, any prospective purchaser should be prepared to hold the
Instruments indefinitely or until the maturity or final redemption of such Instruments.
The Instruments may be redeemed prior to maturity.
Unless in the case of any particular Tranche of Instruments the relevant Final Terms specifies otherwise, in the
event that SEK would be obliged to increase the amounts payable in respect of any Instruments due to any
withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental
charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the Kingdom of
Sweden and or any political subdivision thereof or any authority therein or thereof having power to tax, SEK may
redeem all outstanding Instruments in accordance with the Conditions.
In addition, if in the case of any particular Tranche of Instruments the relevant Final Terms specifies that the
Instruments are redeemable at SEK's option or obligation in certain other circumstances, SEK may choose or
may be obligated to redeem the Instruments at times when prevailing interest rates may be relatively low. In such
circumstances an investor may not be able to reinvest the redemption proceeds in a comparable security at an
effective interest rate as high as that of the relevant Instruments.
Because the Global Instruments in classic global form are held by or on behalf of Euroclear and Clearstream,
Luxembourg, investors will have to rely on their procedures for transfer, payment and communication with
SEK.
Instruments issued under the Programme may be represented by one or more Global Instruments, in Classic
Global Instrument form or in new Global Instrument form. Such Global Instruments in Classic Global Instrument
form will be deposited with a common depositary for Euroclear and Clearstream, Luxembourg. Except in the
circumstances described in the relevant Global Instrument, investors will not be entitled to receive definitive
Instruments. Euroclear and Clearstream, Luxembourg will maintain records of the beneficial interests in the
Global Instruments in Classic Global Instrument form. While the Instruments are represented by one or more
Global Instruments in Classic Global Instrument form, investors will be able to trade their beneficial interests
only through Euroclear and Clearstream, Luxembourg.
While the Instruments are represented by one or more Global Instruments in Classic Global Instrument form,
SEK will discharge its payment obligations under the Instruments by making payments to or to the order of a
common depositary or common safekeeper (as applicable) for Euroclear and Clearstream, Luxembourg for
distribution to their account holders. A holder of a beneficial interest in a Global Instrument in Classic Global
Instrument or New Global Instrument form must rely on the procedures of Euroclear and Clearstream,
7


Luxembourg to receive payments under the relevant Instruments. SEK has no responsibility or liability for the
records relating to, or payments made in respect of, beneficial interests in the Global Instruments in Classic or
New Global Instrument form.
Holders of beneficial interests in the Global Instruments will not have a direct right to vote in respect of the
relevant Instruments. Instead, such holders will be permitted to act only to the extent that they are enabled by
Euroclear and Clearstream, Luxembourg to appoint appropriate proxies.
An investment in Instruments linked to an index, exchange rate, securities, commodities, credit risk of one or
more reference entities etc. entails significant risks not associated with a similar investment in fixed or floating
rate debt securities.
An investment in Instruments the terms of which provide that the principal, premium, if any, and/or interest
payable and/or securities deliverable, is linked to one or more currencies or composite currencies (including,
without limitation, exchange rates and swap indices between currencies or composite currencies), commodities,
securities, basket of securities or securities indices, interest rates or other indices (together, the ``indices''), or any
combination thereof either directly or inversely (the ``indexed Instruments''), entails significant risks that are not
associated with investments in a conventional fixed rate or floating rate debt security. Such investments are
speculative and only suitable for highly sophisticated investors who have the knowledge and experience in
financial and business matters necessary to enable them to evaluate the risks of an investment in the Instruments.
These risks include the possibility that an index or indices may be subject to significant changes, that the resulting
interest rate will be less than that payable on a conventional fixed or floating rate debt security issued by SEK at
the same time, that the repayment of principal and/or premium, if any, and/or delivery of securities can occur at
times other than that expected by the investor (including by reason of redemption by the Issuer for tax reasons),
that any investment return is calculated by reference to the value of the underlying reference assets and
commodities and hence is inherently unpredictable, that, in certain circumstances, the Instruments may cease to
bear interest and that prospective investors, could lose all or a substantial portion of their investment, if any,
payable on the maturity date subject to any minimum redemption amount. Prospective investors should therefore,
among other things, recognise the complexities of utilising the Instruments to hedge against the market risk
associated with investing in any securities or indices. These risks depend on a number of interrelated factors,
including economic, financial and political events, over which SEK has no control.
Additionally, if the formula used to determine the amount of principal, premium, if any, and/or interest payable
and/or securities deliverable with respect to such Instruments contains a multiplier or leverage factor, the effect of
any change in the applicable index or indices will be magnified. In recent years, values of certain indices have
been highly volatile; such volatility in the past is not necessarily indicative, however, of fluctuations that may
occur in the future.
Any optional or mandatory early redemption feature of any Instruments might affect their market value. Since
SEK may be expected to redeem Instruments when prevailing interest rates are relatively low, prospective
investors generally will not be able to reinvest the redemption proceeds in a comparable security at an effective
interest rate that is as high as the current interest rate on the Instruments.
An investment in equity-linked Instruments may bear similar market risks to a direct equity investment and
investors should take advice accordingly.
In the case of credit-linked Instruments (whether cash or physically settled), holders may receive in lieu of any
payment of principal, certain securities of the reference entities which may have a market value substantially less
than that of the initial investment of such holder. In the case of credit-linked Instruments, the credit risk of the
Instruments includes that of a reference entity. Prospective investors should note that they may be required to take
delivery of these securities and should ensure that they have the capacity to receive such obligations on
purchasing the Instruments.
In the case of credit-linked equity-linked, index-linked and commodities-linked Instruments, prospective
investors should also appreciate that:
(i)
an investment in the Instruments is not the same as an investment in the underlying reference entities and
commodities and does not (prior to settlement of any exchange of instruments for the reference assets or
commodities, if applicable) confer any interest in the underlying reference assets or commodities or rights to
vote or receive dividends;
8


(ii) they cannot rely, and will not at any time in the future be able to rely, on the Issuer to provide them with any
information relating to, or to keep under review on their behalf, the business, financial condition, prospects,
creditworthiness, status or affairs of any underlying reference entities or to conduct any investigation or due
diligence with respect to the reference entities. Prospective investors should investigate the underlying
reference entities and commodities themselves as if they were investigating directly in them. In doing so
they should understand that the historical reference assets and commodities should not be viewed as
predictive of future results;
(iii) the Issuer has not made or is not making any representations whatsoever as to the reference entity or any
information contained in any document filed by the reference entity with any exchange or with any
regulatory authority or governmental entity;
(iv) the Issuer may make loans or otherwise extend credit to, and generally engage in any kind of commercial or
investment banking activities or other business including any derivatives business (howsoever defined) with
the reference entity or any of its subsidiaries or affiliates or any other person or entity having obligations
relating to such reference entity and may act with respect to such activities or business without
accountability to any investor in the Instruments in the same manner as if the Instruments did not exist,
regardless of whether any such action might have an adverse effect (including, without limitation, any action
which might constitute or give rise to any breach, event of default, credit event or termination event) on the
obligor of such reference entity or any investor in the Instruments; and
(v) the Issuer may, whether by virtue of the types of relationships described above or otherwise, at the date
hereof this date or at any time be in possession of information in relation to any obligors of the reference
entity which is or may be material in the context of the Instruments and which is or may not be known to the
general public or to investors in the Instruments. Purchase of the Instruments by any investor does not create
any obligation on the part of the Issuer to disclose to such investor any such relationship or information
(whether or not confidential) and the Issuer shall not be liable to such investor by reason of such non-
disclosure.
The secondary market, if any, for indexed Instruments will be affected by a number of factors independent of
SEK's creditworthiness, including the complexity and volatility of the index or indices, the creditworthiness of
the specified entity or entities, the fluctuation of exchange rates and the prices of commodities, the method of
calculating the principal, premium, if any, and/or interest in respect of indexed Instruments, the time remaining to
the maturity of such Instruments, the outstanding amount of such Instruments, any redemption features of such
Instruments, the amount of other debt securities linked to such index or indices and the level, direction and
volatility of market interest rates generally. Such factors also will affect the market value of indexed Instruments.
In addition, certain Instruments may be designed for specific investment objectives or strategies and, therefore,
may have a more limited secondary market and experience more price volatility than conventional debt
securities. Prospective investors may not be able to sell such Instruments readily or at prices that will enable them
to realise their anticipated yield. Prospective investors should not purchase such Instruments unless they
understand and are able to bear the risks that such Instruments may not be readily saleable, that the value of such
Instruments will fluctuate over time and that such fluctuations may be significant.
Finally, SEK's credit ratings may not reflect the potential impact of the various risks that could affect the market
value of the Instruments. Accordingly, prospective investors should consult their own financial and legal advisors
as to the risks an investment in the Instruments may entail and the suitability of the Instruments in light of their
particular circumstances.
Taxation
Potential investors of Instruments should consult their own tax advisers as to which countries' tax laws could be
relevant to acquiring, holding and disposing Instruments and receiving payments of interest, principal and/or
other amounts or delivery of securities under the Instruments and the consequences of such actions under the tax
laws of those countries.
The Instruments may be subordinated to most of SEK's liabilities.
If in the case of any particular Tranche of Instruments the relevant Final Terms specify that the Instruments are
subordinated obligations of SEK and, in the event of the voluntary or involuntary liquidation (Sw. likvidation) or
bankruptcy (Sw. konkurs) of SEK, it will be required to pay the holders of senior debt and meet its obligations to
all its other creditors (including unsecured creditors but excluding any obligations in respect of subordinated debt
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ranking equally or subordinated to the Instruments) in full before it can make any payments on the relevant
Instruments. If this occurs, SEK may not have enough assets remaining after these payments to pay amounts due
under the relevant Instruments.
Minimum Specified Denomination and higher integral multiples
In relation to any issue of Instruments which have a denomination consisting of a minimum Specified
Denomination plus a higher integral multiple of another smaller amount, it is possible that the Instruments may
be traded in amounts in excess of the minimum Specified Denomination that are not integral multiples of such
Specified Denomination. In such case a Holder who, as a result of trading such amount, holds a principal amount
of less than the minimum Specified Denomination may not receive an Instrument in definitive form in respect of
such holding (should definitive Instruments be printed) and would need to purchase a principal amount of
Instruments such that its holding amounts to a Specified Denomination.
Risks Relating To SEK
Set out below are certain risk factors which could affect the business of SEK. SEK's business could also be
affected by competition and other factors. The factors discussed below should not be regarded as a complete and
comprehensive statement of all potential risks and uncertainties SEK's businesses face.
SEK's financial performance is affected by borrower and counterparty credit quality and general economic
conditions.
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. Adverse changes in the credit
quality of SEK's borrowers and counterparties or a general deterioration in the economic conditions, or arising
from systemic risks in the financial systems, could affect the recoverability and value of its assets and require an
increase in SEK's provision for bad and doubtful debts and other provisions. SEK has developed guidelines to
mitigate and manage these risks, which mainly entail the strict selection of borrowers and counterparties and the
use of guarantees and credit derivatives. Over-the-counter derivative transactions under ISDA Master Agreement
are only entered into with the provision of collateral or mark-to-market agreements.
Changes in interest rates, foreign exchange rates and other market factors affect SEK's business.
Market risks that SEK faces to a varying degree are interest rate, foreign exchange and bond price risks. Changes
in interest rate levels, yield curves and spreads may affect the interest rate margin realised between lending and
borrowing costs. Changes in currency rates, affect the margins gained on assets denominated in foreign
currencies. The performance of financial markets may cause changes in the value of SEK's trading portfolio. SEK
has implemented risk management methods to mitigate and control these and other market risks to which SEK is
exposed. However, it is difficult to predict with accuracy changes in economic or market conditions and to
anticipate the effects that such changes could have on the SEK's financial performance and business operations.
Operational risks are inherent in SEK's businesses.
SEK's businesses are dependent on the ability to process complex transactions efficiently and accurately.
Operational risk and losses can result from fraud, errors by employees, failure to document transactions properly
or to obtain proper internal authorisation, equipment failures, natural disasters or the failure of external systems,
for example, those of SEK's suppliers or counterparties. The extensive risk management conducted by SEK is
often complicated and therefore leads to additional operational risk that is minimised in a corresponding manner.
There is also a risk that SEK's reputation will be damaged if SEK fails to comply with current legislation and best
practice or in another manner fails to meet its commitments, even those that are not explicit. Although such risks
are reduced through active efforts relating to risk culture, compliance with regulations and corporate governance,
it is only possible to be reasonably, but not absolutely, certain that such procedures will be effective in controlling
each of the operational risks.
SEK's business is subject to regulation and regulatory oversight. Any significant regulatory developments
could have an effect on how SEK conducts its business and on SEK's results of operations.
SEK is subject to financial services laws, regulations, administrative actions and policies in each location in
which SEK operates. This supervision and regulation, in particular in Sweden, if changed could materially affect
SEK's business, the products and services it offers or the value of its assets.
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