Obbligazione AB SEK 1.875% ( US00254EMD12 ) in USD

Emittente AB SEK
Prezzo di mercato 100 USD  ▼ 
Paese  Svezia
Codice isin  US00254EMD12 ( in USD )
Tasso d'interesse 1.875% per anno ( pagato 2 volte l'anno)
Scadenza 22/06/2020 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione AB Svensk Exportkredit US00254EMD12 in USD 1.875%, scaduta


Importo minimo 200 000 USD
Importo totale 500 000 000 USD
Cusip 00254EMD1
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata AB Svensk Exportkredit è un'agenzia di credito all'esportazione svedese che fornisce finanziamenti e garanzie a favore delle aziende svedesi che esportano beni e servizi.

The Obbligazione issued by AB SEK ( Sweden ) , in USD, with the ISIN code US00254EMD12, pays a coupon of 1.875% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 22/06/2020







424B2 1 sek-424b2.htm
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-199784


Pric ing Supple m e nt N o. F -1 4
(To Prospectus and Prospectus Supplement each dated November 3, 2014)

$500,000,000
AK T I EBOLAGET SV EN SK EX PORT K REDI T (PU BL)
(Sw e dish Ex port Cre dit Corpora t ion)
Green Bonds
1.875% Notes
Due June 2020
I ssue Pric e : 9 9 .5 8 8 %


These notes are issued by Aktiebolaget Svensk Exportkredit (Publ) (Swedish Export Credit Corporation or "SEK"). The notes will mature on
June 23, 2020. The notes will not be redeemable before maturity except for tax reasons and will not be entitled to the benefit of any sinking
fund.
Interest on the notes will be payable in arrears on each June 23 and December 23, commencing December 23, 2015, to and including the
maturity date.
Application will be made to the Irish Stock Exchange for the notes to be admitted to the official list (the "Official List") and trading on its
regulated market. There can be no assurance that such listing will be granted or maintained.
See "Risk Factors" beginning on page P-3 to read about factors you should consider before buying the notes.

T H E N OT ES ARE OBLI GAT I ON S OF SEK , AN D N OT T H E K I N GDOM OF SWEDEN .


N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r U S re gula t ory body ha s a pprove d or
disa pprove d of t he se se c urit ie s or pa sse d upon t he a c c ura c y or a de qua c y of t his pric ing supple m e nt or t he
prospe c t us a nd prospe c t us supple m e nt t o w hic h it re la t e s. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .




Per Note
Total
Initial public offering price
99.588%
U.S.$
497,940,000
Underwriting discount
0.125%
U.S.$
625,000
Proceeds to SEK
99.463%
U.S.$
497,315,000


U PDAT ED CALCU LAT I ON OF REGI ST RAT I ON FEE
Title of Each Class of Securities To Be
Amount To Be
Proposed Maximum Aggregate
Proposed Maximum
Registered
Registered
Price Per Unit
Aggregate Offering Price
Amount of Registration Fee
Notes offered hereby
US$500,000,000
99.588%
US$497,940,000
US$57,860.63(1)
(1)The registration fee is calculated in accordance with Rule 457(r) under the Securities Act. US$102,390.00 of the registration fees paid in respect of the securities covered by the
registration statement of which this pricing supplement is a part remains unused. US$57,860.63 of that amount is being offset against the registration fee for this offering and
US$44,529.37 remains available for future registration fees.
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The Joint Lead Managers expect to deliver the notes to investors through the facilities of The Depository Trust Company, Clearstream
Banking and Euroclear Bank S.A./N.V., as operator of the Euroclear system, on or about June 23, 2015.
Joint Lead Managers
BofA M e rrill Lync h
Cré dit Agric ole CI B
H SBC
SEB




The date of this pricing supplement is June 16, 2015.



ABOU T T H I S PRI CI N G SU PPLEM EN T
This pricing supplement is a supplement to:
·
the accompanying prospectus supplement dated November 3, 2014 relating to our medium-term notes, series F, due
nine months or more from date of issue and
·
the accompanying prospectus dated November 3, 2014 relating to our debt securities.
If the information in this pricing supplement differs from the information contained in the prospectus supplement or the
prospectus, you should rely on the information in this pricing supplement.
You should read this pricing supplement along with the accompanying prospectus supplement and prospectus. All three
documents contain information you should consider when making your investment decision. We are responsible for the information
contained and incorporated by reference in this pricing supplement, the prospectus supplement, the prospectus and in any related
free-writing prospectus we prepare or authorize. We have not authorized anyone else to provide you with different information, and
we take no responsibility for any other information that others may give you. We and the Joint Lead Managers (the "Managers"),
are offering to sell the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information
contained in this pricing supplement and the accompanying prospectus supplement and prospectus is current only as of its date.
This pricing supplement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities offered
hereby to any person in any jurisdiction in which it is unlawful for such person to receive or make such an offer. The offer or sale of
notes may be restricted by law in certain jurisdictions, and you should inform yourself about, and observe, any such restrictions.
This pricing supplement has been prepared on the basis that any offer of notes in any Member State of the European
Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member State") will be made pursuant to an
exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of notes. Accordingly any person
making or intending to make an offer in that Relevant Member State of notes which are the subject of the offering contemplated in
this pricing supplement may only do so in circumstances in which no obligation arises for SEK or any of the Managers to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive, in each case, in relation to such offer. Neither SEK nor the Managers have authorised, nor do they authorise, the making
of any offer of notes in circumstances in which an obligation arises for SEK or the Managers to publish or supplement a prospectus
for such offer. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010
PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing
measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii)
investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article
49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The notes are only available to, and
any invitation, offer or agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
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In connection with the issue of the notes, the Managers (or persons acting on their behalf), may over-allot notes (provided
that the aggregate principal amount of notes allotted does not exceed 105% of the aggregate principal amount of the notes) or
effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail.
However, there is no assurance that the Managers (or persons acting on their behalf) will undertake stabilization action. Any
stabilization action, 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 notes and 60 days after the date of the allotment of the notes.
P-1

I N CORPORAT I ON OF I N FORM AT I ON WE FI LE WI T H T H E SEC
The SEC allows us to incorporate by reference the information we file with them. This means:
·
incorporated documents are considered part of this pricing supplement;
·
we can disclose important information to you by referring you to those documents;
·
information in this pricing supplement automatically updates and supersedes information in earlier documents that
are incorporated by reference in the prospectus; and
·
information that we file with the SEC that we incorporate by reference in this pricing supplement will automatically
update and supersede this pricing supplement.
We incorporate by reference the documents listed below which we have filed with the SEC under the Securities Exchange
Act of 1934:
·
our annual report on Form 20-F for the fiscal year ended December 31, 2014, which we filed with the SEC on
February 25, 2015.
·
our reports on Form 6-K which we furnished to the SEC on February 3, 2015, April 28, 2015, June 11, 2015 and
June 15, 2015 (except to the extent that such documents specify that certain parts thereof are not incorporated by
reference in our Registration Statement no. 333-199784).
We also incorporate by reference each of the following documents that we may file with the SEC after the date of this
pricing supplement but before the end of the notes offering:
·
any report on Form 6-K filed by us pursuant to the Securities Exchange Act of 1934 that indicates on its cover or
inside cover page that we will incorporate it by reference in the registration statement of which this pricing
supplement forms a part (except to the extent that such documents specify that certain parts thereof are not so
incorporated by reference); and
·
reports filed under Sections 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934.
You may request a copy of any filings referred to above (excluding exhibits), at no cost, by contacting us at the following address:
AB Svensk Exportkredit
(Swedish Export Credit Corporation)
Klarabergsviadukten 61-63
P.O. Box 194
SE-101 23 Stockholm, Sweden
Tel: 011-46-8-613-8300


The exchange rate for converting U.S. dollars into Swedish kronor was 8.1623 Skr per U.S. dollar on June 12, 2015, based
on the Federal Reserve Statistical Release publication of Foreign Exchange Rates (Weekly) (the latest date for which such data is
available).
P-2
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RI SK FACT ORS
Prospective investors should read the entire pricing supplement along with the accompanying prospectus supplement and
prospectus. Investing in the notes involves certain risks and is 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 such an investment. Prospective
investors should make such inquiries as they deem necessary without relying on us, the Managers and should consult with their
financial, tax, legal, accounting and other advisers, prior to deciding to make an investment in the notes. Prospective investors
should consider, among other things, the following:
Risk s Re la t ing t o t he N ot e s
The notes lack a developed public market.
There can be no assurance regarding the future development of a market for the notes or the ability of the holders of the
notes to sell their notes or the price at which such holders may be able to sell their notes. If such a market were to develop, the
notes may trade at a discount to their initial offering price, depending upon prevailing interest rates, the market for similar securities,
general economic conditions and our financial condition. Although application will be made for the notes to be admitted to trading
on the Irish Stock Exchange, there is no assurance that such application will be accepted or that an active trading market will
develop. Accordingly, there is no assurance as to the development or liquidity of any trading market for the notes and, therefore,
any prospective purchaser should be prepared to hold the notes indefinitely or until the maturity or final redemption of such notes.
The notes may be redeemed prior to maturity.
If, due to the imposition by Sweden or one of its political subdivisions or taxing authorities of any tax, assessment or
governmental charge subsequent to the issue date, we become obligated to pay additional amounts, we may at our option redeem
all, but not less than all, the notes by giving notice specifying a redemption date at least 30 days, but not more than 60 days, after
the date of the notice. In such a circumstance, the notes could be redeemed at a time when prevailing interest rates may not
enable an investor to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the
notes.
Taxation
Potential investors in the notes should consult their own tax advisers as to which countries' tax laws could be relevant to
acquiring, holding and disposing of notes and receiving payments of interest, principal and/or other amounts or delivery of securities
under the notes and the consequences of such actions under the tax laws of those countries.
Risk s Re la t ing T o SEK
Certain risk factors which could affect our business are contained in our Annual Report on Form 20-F for the year ended
December 31, 2014, filed with the SEC on February 25, 2015 and incorporated by reference herein. See the information under
"Risk Factors" beginning on page 5 of our Annual Report on Form 20-F.

P-3

DESCRI PT I ON OF T H E N OT ES

You should read the following description of the particular terms of the notes in conjunction with the description of the
general terms and provisions of the notes set forth in the accompanying prospectus supplement and of the Debt Securities (as
defined below) set forth in the accompanying prospectus. If this summary differs in any way from the descriptions in the prospectus
or the prospectus supplement, you should rely on this summary.
We will issue the notes under the indenture, dated as of August 15, 1991, between us and the predecessor in interest to
The Bank of New York Mellon Trust Company, N.A. (directly or as the successor in interest to another party), as supplemented by
supplemental indentures dated as of June 2, 2004, January 30, 2006, October 23, 2008 and March 8, 2010 (together, the
"Indenture"). The information contained in this section and in the prospectus and the prospectus supplement summarizes some of
the terms of the notes and the indenture. This summary does not contain all of the information that may be important to you as a
potential investor in the notes. You should read the Indenture before making your investment decision. We have filed copies of
these documents with the SEC and we have filed or will file copies of these documents at the offices of the trustee and the paying
agents.
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For the purposes hereof, the term "Debt Securities" used in the prospectus, and the term "notes" used in the prospectus
supplement, include the notes we are offering in this pricing supplement.
Principal Amount:
US$500,000,000
Issue Price:
99.588% of the Principal Amount
Pricing Date:
June 16, 2015
Issue Date:
June 23, 2015
Maturity Date:
June 23, 2020
Redemption Amount:
100.000% of the Principal Amount
Specified Currency:
U.S. dollars (US$)
Interest Rate:
1.875% per annum, calculated on the basis of a 360-day year of twelve 30-day
months.
Spread to Benchmark Treasury:
T + 28.2 basis points
Benchmark Treasury:
UST 1.500% due May 31, 2020
Re-Offer Yield:
1.962%
Interest Payment Dates:
June 23 and December 23, commencing December 23, 2015, to and including
the Maturity Date. If any Interest Payment Date is not a Business Day, we may
make the payment then due on the next succeeding Business Day with the
same force and effect as if made on such Interest Payment Date, with no
adjustment to the amount due.
Regular Record Dates:
Fifteen calendar days immediately preceding each Interest Payment Date.
Day Count Fraction:
30/360
Business Day:
Any day, other than a Saturday or Sunday, that is a day on which commercial
banks are generally open for business in New York City and London.
P-4


Optional Redemption:
We cannot redeem the notes prior to maturity unless, due to the imposition by
Sweden or one of its political subdivisions or taxing authorities of any tax,
assessment or governmental charge subsequent to the issue date, we would
become obligated to pay additional amounts. If such an imposition occurs, we
may at our option redeem all, but not less than all, the notes by giving notice
specifying a redemption date at least 30 days, but not more than 60 days, after
the date of the notice. The redemption price will be 100.000% of the principal
amount thereof, together with accrued interest to the redemption date.
Form:
The notes will be represented by one or more global securities, registered in the
name of The Depository Trust Company or its nominee. Except as described
herein, notes in definitive form will not be issued.
Denomination:
The notes will be issued in denominations of US$200,000 and integral multiples
of US$1,000 in excess thereof.
Joint Lead Managers:
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
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Crédit Agricole Corporate and Investment Bank
HSBC Bank plc
SEB Securities, Inc.
Method of Payment:
Immediately available funds
Listing:
We will apply to the Irish Stock Exchange for the notes to be admitted to listing
on the Official List and trading on its regulated market.
Securities Codes:

CUSIP:
00254EMD1
ISIN:
US00254EMD12
Trustee:
The Bank of New York Mellon Trust Company, N.A. (directly or as the
successor in interest to another party).
Further Issues:
We may from time to time, without the consent of existing holders, create and
issue further notes having the same terms and conditions as the notes being
offered hereby in all respects, except for the issue date, issue price and, if
applicable, the first payment of interest thereon. Additional notes issued in this
manner will be consolidated with, and will form a single series with, the
previously outstanding notes.
Payment of Principal
Under the laws of New York, claims relating to payment of principal and interest
and Interest:
on the notes will be prescribed according to the applicable statute of limitations.
Governing Law:
New York
Further Information:
See "General Information".
P-5

U SE OF PROCEEDS

Upon issuance, we will deposit the net proceeds from the sale of the notes into a separate subaccount to be used for
tracking our disbursements in connection with a selected pool of projects ("Eligible Projects") funded, in whole or in part, by SEK
that we, in our sole and absolute discretion, believe promote the transition to low-carbon and climate resilient growth.
Our current process for selecting Eligible Projects and other relevant details are described in our Green Bond Framework,
which we filed with the Commission on Form 6-K on June 11, 2015, and is incorporated herein by reference. Any future versions
of the Green Bond Framework will also be filed with the Commission on Form 6-K and made available on our website. Over time,
we expect to allocate funds in aggregate amounts equal to the balance of this subaccount to existing and future Eligible Projects we
select in accordance with our then-current Green Bond Framework.
So long as the notes are outstanding, the subaccount balance will be adjusted to reflect funds allocated to Eligible Projects.
Pending such allocation, an amount equal to the balance of funds in the subaccount balance will be held in cash, green bonds or
securities issued by municipalities and/or sovereigns with a minimum internal credit rating of AA-. The subaccount balance will be
reviewed by external auditors on a semi-annual basis, and their report will be filed with the Commission on Form 6-K and made
available on our website.
Eligible Projects will include existing projects with disbursements made by us preceding the issue date of the notes.
Consequently, on the issue date of the notes, an equivalent amount of the net proceeds from the sale of the notes will be released
from the subaccount. Eligible Projects will also include projects with disbursements to be made following the issue date of the notes
and up to the maturity date of the notes.
The term of any Eligible Project may be shorter or longer than the term of the notes and any such project may mature or
be sold before or after the maturity date of the notes. In the case of any Eligible Project investment that matures or is sold before
the maturity date of the notes, we will reallocate funds with respect to that project back to the subaccount either until maturity of
the notes or allocation of such amounts to new Eligible Projects. If any Eligible Project remains outstanding after the maturity date
of the notes, neither we nor any of our consolidated subsidiaries will be required to terminate the financing of such project on the
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maturity date of the notes.
Payment of principal and interest on the notes will be made from our general funds and will not be directly linked to the
performance of any Eligible Project.
In accordance with our current Green Bond Framework, Eligible Projects may include:
Mitigation Projects Projects that target a reduction in emissions of greenhouse gases into the atmosphere or absorption of
them from the atmosphere. A type of activity can be labeled as contributing to climate change mitigation if it is one among a set of
options available to decision-makers and if it leads (according to the then-available information) to a relatively significant emission
reduction as compared to the other options. An eligible mitigation project should have a positive impact on the environment that is
measurable according to an internationally recognized methodology. No fossil fuel projects are eligible.
Categories of potential mitigation projects include renewable energy (bioenergy, district heating and cooling, hydro and
marine power, solar and wind), water and wastewater (marine technologies, wastewater treatment and water quality), energy
efficiency (energy storage, smart grids, transmission systems, heating and cooling, lighting and ventilation), recycling and waste
management, sustainable construction (green buildings and infrastructure), resources and environment (forestry, and air and soil
quality), sustainable materials (advanced materials and green chemistry), and sustainable transport (fuels and vehicles and
transport management).
Adaptation Projects Projects that target the preservation or advancement of adaptive capacity and resilience in order to
reduce the vulnerability of human and natural systems due to the impacts of climate changes. An adaptation project should include
a statement of purpose or intent to address or improve climate resilience and set out a context of climate vulnerability. It should
also link the project activities to the context of climate vulnerability (e.g., socio-economic conditions and geographical location),
reflecting only direct contributions to climate resilience.
P-6

Impact Reporting During the term of the notes, we intend to provide impact reporting on Eligible Projects and links to
relevant documents at www.sek.se, and an annual newsletter to provide information regarding Eligible Projects and CO2 emission
reductions, and a summary of the SEK Green Bonds development. Unless otherwise indicated, information available on or
accessible through SEK's website is not incorporated herein by reference.
If the use of the net proceeds by us is a factor in your decision to invest in the notes, you should consider the foregoing
discussion and consult with your counsel or other advisors before making an investment in the notes.
PLAN OF DI ST RI BU T I ON
Subject to the terms and conditions set forth in an Agency Agreement dated November 3, 2014, and a Terms Agreement
dated June 16, 2015 (the "Agreements"), we have agreed to sell to the Managers, as underwriters, and the Managers have agreed
to purchase, all of the notes offered hereby at 99.588% of the aggregate principal amount (prior to deduction of the aforementioned
underwriting commissions).
Under the terms and conditions of the Agreements, the Managers are committed to take and pay for all of the notes, if any
are taken.
The Managers have advised us that they intend to make a market in the notes but are not obligated to do so and may
discontinue market making at any time without notice. We cannot give any assurance as to the liquidity of the trading market for the
notes.
In connection with the issue of the notes, the Managers (or persons acting on their behalf), may over-allot notes (provided
that the aggregate principal amount of notes allotted does not exceed 105% of the aggregate principal amount of the notes) or
effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail.
However, there is no assurance that the Managers (or persons acting on their behalf) will undertake stabilization action. Any
stabilization action, 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 notes and 60 days after the date of the allotment of the notes.
Some of the Managers and their affiliates have engaged in, and may in the future engage in, investment banking and other
commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive,
customary fees and commissions for these transactions.
In addition, in the ordinary course of their business activities, the Managers and their affiliates may make or hold a broad
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array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments
(including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may
involve securities and/or instruments of ours or our affiliates. Certain of the Managers or their affiliates that have a lending
relationship with us routinely hedge their credit exposure to us consistent with their customary risk management policies. Typically,
such Managers and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of
credit default swaps or the creation of short positions in our securities, including potentially the notes offered hereby. Any such
short positions could adversely affect future trading prices of the notes offered hereby. The Managers and their affiliates may also
make investment recommendations and/or publish or express independent research views in respect of such securities or financial
instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.
HSBC Bank plc is not a U.S. registered broker-dealer and, therefore, to the extent that it intends to effect any sales of the
notes in the United States, it will do so through its registered U.S. broker-dealer affiliate HSBC Securities (USA) Inc. Crédit Agricole
Corporate and Investment Bank is not a U.S. registered broker-dealer and, therefore, to the extent that it intends to effect any sales
of the notes in the United States, it will do so through its registered U.S. broker-dealer affiliate Credit Agricole Securities (USA) Inc.
P-7

Delivery of the notes will be made against payment on or about the fifth business day following the date of this pricing
supplement. Trades of securities in the United States secondary market generally are required to settle in three business days,
referred to as T+3, unless the parties to a trade agree otherwise. Accordingly, by virtue of the fact that the initial delivery of the
notes will not be made on a T+3 basis, investors who wish to trade the notes before a final settlement will be required to specify an
alternative settlement cycle at the time of any such trade to prevent a failed settlement.
We have agreed to indemnify the Managers against, or to make contributions relating to, certain liabilities, including
liabilities under the U.S. Securities Act of 1933, as amended.
From time to time the Managers and their affiliates have, and in the future may, engage in transactions with and perform
services for us for which they have been, and may be, paid customary fees. In particular, Crédit Agricole Corporate and Investment
Bank has entered into a swap transaction with us associated with this offering of notes.
The Managers have agreed to pay the out-of-pocket expenses (other than our internal costs and expenses) of the issue of
the notes.
We will apply for the notes to be admitted to listing on the Official List and trading on the regulated market of the Irish
Stock Exchange. The Managers reserve the right to withdraw, cancel or modify any offer and to reject orders in whole or in part.
Europe a n Ec onom ic Are a
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each,
a "Relevant Member State"), each of the Managers has or will have represented and agreed that with effect from and including the
date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") it has
not made and will not make an offer of notes to the public in that Relevant Member State prior to the publication of a prospectus in
relation to the notes which 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, all in
accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date,
make an offer of notes to the public in that Relevant Member State at any time:
(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b) to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending
Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under
the Prospectus Directive, subject to obtaining the prior consent of the relevant Manager or Managers for any such offer; or
(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive.
provided that no such offer of notes referred to in (a) to (c) above shall require SEK or any Manager to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive.
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For the purposes of this provision, the expression an "offer of notes to the public" in relation to any notes in any Relevant
Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the
notes to be offered so as to enable an investor to decide to purchase or subscribe the notes, as the same may be varied in that
Member State by any measure implementing the Prospectus Directive in that Member State and the expression "Prospectus
Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent
implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and
the expression "2010 PD Amending Directive" means Directive 2010/73/EU.
P-8

This EEA selling restriction is in addition to any other selling restrictions set out below.
U nit e d K ingdom
Each of the Managers has or will have represented and agreed that:
(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an
invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets
Act 2000 (the "FSMA")) received by it in connection with the issue or sale of the notes in circumstances in which Section 21(1) of
the FSMA does not apply to SEK; and
(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation
to the notes in, from or otherwise involving the United Kingdom.
V ALI DI T Y OF T H E N OT ES
In the opinion of Cleary Gottlieb Steen & Hamilton LLP, when the notes offered by this pricing supplement have been
executed and issued by SEK and authenticated by the Trustee pursuant to the Indenture, and delivered against payment as
contemplated herein, such notes will be legal, valid and binding obligations of SEK, subject to applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or other similar laws affecting creditors' rights generally from time to time in
effect and subject to general principles of equity, regardless of whether such is considered in a proceeding in equity or at law.
This opinion is given as of the date of this pricing supplement and is limited to matters governed by the federal laws of the
United States of America and the laws of the State of New York. With respect to matters governed by the law of Sweden, including
the valid existence of SEK, its corporate power to issue the notes and its due authorization of all necessary action in connection
with such issuance and its performance of related obligations including execution and delivery, we have relied on the opinion dated
November 3, 2014 of Advokatfirman Vinge KB, Swedish counsel to SEK, which has been filed as exhibit number 5(a) to SEK's
Registration Statement on Form F-3 dated November 3, 2014. In addition, this opinion is subject to customary assumptions as to
legal capacity, genuineness of signatures and authenticity of documents and our reliance on SEK and other sources as to certain
factual matters, as stated in the opinion dated November 3, 2014, which has been filed as exhibit number 5(b) to SEK's
Registration Statement on Form F-3 dated November 3, 2014. This opinion is also subject to the discussion, as stated in such
letter, of the enforcement of notes denominated in a currency other than U.S. dollars. In giving such consent, we do not thereby
admit that we come within the category of persons whose consent is required under Section 7 of the Act, or the rules and
regulations of the Commission thereunder.
GEN ERAL I N FORM AT I ON
We have obtained all necessary consents, approvals and authorizations in connection with the issuance and performance
of the notes.
Application will be made to the Irish Stock Exchange for the notes to be admitted to the Official List and to trading on its
regulated market.

We are not involved in any litigation or arbitration proceedings relating to claims or amounts which are material in the
context of the issuance of the notes nor, so far as we are aware, is any such litigation or arbitration pending or threatened. Except
as disclosed in the prospectus, the prospectus supplement and the documents considered part of them, there has been no material
adverse change in our prospects since December 31, 2014, nor has there been any significant change in our financial or trading
position which has occurred since December 31, 2014.
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We have consented to the non-exclusive jurisdiction of the courts of the State of New York and the U.S. courts located in
the City of New York with respect to any action that may be brought in connection with the notes.
Under the Indenture, we have irrevocably appointed Business Sweden as our authorized agent for service of process in
any action based on the notes or the Indenture brought against us in any U.S. state or federal court in The City of New York. The
contact information for Business Sweden is as follows:
Business Sweden
220 E. 42nd Street, Suite 409A
New York, New York 10017
Tel. No.: +1-212-507-9001

The Indenture provides that any money deposited with the trustee or any paying agent, or then held by us, in trust for the
payment of any principal of or interest on the notes that is unclaimed for two years after such principal or interest has become due
and payable will be paid to us, or if then held by us, will be discharged from such trust.
We accept responsibility for the information contained in the prospectus, the prospectus supplement and this pricing
supplement. We will also accept responsibility for any information contained in the application that will made to the Irish Stock
Exchange for the notes to be admitted to the Official List and to trading on its regulated market. We have taken all reasonable care
to ensure that the information contained in the prospectus, the prospectus supplement and this pricing supplement is in
accordance with the facts and does not omit anything likely to affect the import of such information.
This document is an advertisement for the purposes of applicable measures implementing the Prospectus Directive. A
prospectus prepared pursuant to the Prospectus Directive is intended to be published, which, when published, can be obtained
from the offices of SEK.
We are furnishing this pricing supplement and the accompanying prospectus and prospectus supplement solely for use by
prospective investors in connection with their consideration of a purchase of the notes. We confirm that:
·
the information contained in this pricing supplement and the accompanying prospectus and prospectus supplement is
true and correct in all material respects and is not misleading;
·
we have not omitted other facts, the omission of which makes this pricing supplement and the accompanying
prospectus and prospectus supplement as a whole misleading; and
·
we accept responsibility for the information we have provided in this pricing supplement and the accompanying
prospectus and prospectus supplement.
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CLEARAN CE T H ROU GH DT C, EU ROCLEAR AN D CLEARST REAM , LU X EM BOU RG
The notes have been accepted for clearance through DTC under CUSIP 00254EMD1. The notes have also been accepted
for clearing through Euroclear and Clearstream, Luxembourg under ISIN US00254EMD12.
We will issue the notes as global notes registered in the name of Cede & Co., as nominee for DTC. You may hold book-
entry interests in a global note through organizations that participate, directly or indirectly, in the DTC, Clearstream, Luxembourg
and Euroclear systems, as applicable. Book-entry interests in and all transfers relating to the notes will be reflected in the book-
entry records of DTC or its nominee and, where applicable, the book-entry records of Euroclear and Clearstream, Luxembourg.
For further information concerning clearance and settlement procedures, see "Description of the Notes--Form of the Notes"
and "--Global Clearance and Settlement Procedures" in the prospectus supplement.

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