Bond AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL) 5.1% ( XS0432829132 ) in EUR

AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL)

100 % ⇌

Sweden

XS0432829132 ( in EUR )

5.1% per year ( payment 1 time a year)

17/06/2029

Prospectus brochure of the bond AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL) XS0432829132 en EUR 5.1%, maturity 17/06/2029

18/06/2025 ( In 96 days )

Aktiebolaget Svensk Exportkredit (publ), commonly known as SEK, is a Swedish government-owned export credit agency providing financing and risk insurance to Swedish exporters and foreign buyers of Swedish goods and services.

The Bond issued by AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL) ( Sweden ) , in EUR, with the ISIN code XS0432829132, pays a coupon of 5.1% per year.
The coupons are paid 1 time per year and the Bond maturity is 17/06/2029

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 transactions
contemplated by this Base Prospectus 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 [·] 2024. 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 'Subscription and Sale'.
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
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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.spglobal.com/ratings/en/research/articles/190705-s-p-global-ratings-definitions-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 BANK EUROPE SE
DEUTSCHE BANK
MIZUHO
J.P. MORGAN
MORGAN STANLEY
NATWEST MARKETS
MUFG
SMBC
NOMURA
TOKAI TOKYO SECURITIES EUROPE
TD SECURITIES

31 March 2023
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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 "Subscription and Sale" 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.
SEK confirms that any information from third party sources has been accurately reproduced and that, so
far as it is aware and is able to ascertain from information published by such third party source, no facts
have been omitted which would render the reproduced information inaccurate or misleading.
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 "Subscription and Sale". 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
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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,
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
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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.
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.
PRODUCT CLASSIFICATION PURSUANT TO SECTION 309B OF THE SECURITIES AND
FUTURES ACT 2001 OF SINGAPORE
The applicable Final Terms in respect of any Instruments 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 2001 of Singapore (the "SFA").
SEK will make a determination in relation to each issue about the classification of the Instruments being
offered for purposes of section 309B(1)(a). Any such legend included in the Final Terms will constitute
notice to the "relevant persons" for the 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
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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, with
the exception of links to the electronic addresses where information incorporated by reference is available,
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.
AVAILABLE INFORMATION
SEK shall, in relation to any Instruments which are restricted securities (as defined in Rule 144(a)(3) under
the Securities Act) and during any period in relation thereto during which it is neither subject to Sections
13 or 15(d) of the Exchange Act nor exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange
Act, make available on request to each holder or beneficial owner of such Instruments in connection with
any re-sale thereof and to any prospective purchaser of such Instruments from such holder or beneficial
owner, in each case upon request, the information specified in and meeting the requirements of Rule
144A(d)(4) under the Securities Act (so long as such requirement is necessary in order to permit holders of
Instruments to effect re-sales pursuant to Rule 144A).
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 and the prolongation of the global outbreak of COVID-19) may have an adverse effect
on SEK's operations or financial performance;
·
reduced access to international capital markets for the financing of SEK's operations, or less
favourable financing terms, may have a negative impact on SEK's profitability and its ability to
fulfil its obligations;
·
disruptions in the financial markets or economic recessions (including as a result of a continuation
of the global outbreak of COVID-19) may have an adverse effect on 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;
·
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 have an adverse effect on 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;
·
SEK is exposed to risks from the impact of climate change, which could have a negative impact
on SEK's reputation, business, results of operations and creditworthiness of its customers;
·
developments in emerging market countries may result in credit losses for SEK on loans to
customers in those countries;
·
negative interest rates may have an impact on SEK's profitability; and
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·
the transition from the use of the London interbank offered rate may adversely affect SEK's
profitability.
Any potential investor should, however, consult any additional disclosures that SEK has made or may make
in documents that SEK has filed or may file with the SEC and under other applicable laws and regulations.
ALTERNATIVE PERFORMANCE MEASURES
Certain alternative performance measures (as defined in the ESMA Guidelines on Alternative Performance
Measures) ("Alternative Performance Measures" or "APMs") are included in this Base Prospectus. See
"Glossary" for more information.

INSTRUMENTS ISSUED AS GREEN BONDS, SOCIAL BONDS OR SUSTAINABILITY BONDS
None of the Dealers accepts any responsibility for any environmental or social assessment of any
Instruments issued as Green Bonds, Social Bonds or Sustainability Bonds (each as defined below) or makes
any representation or warranty or assurance whether such Instruments will meet any investor expectations
or requirements regarding such "green", "sustainable", "social" or similar labels. None of the Dealers is
responsible for the use or allocation of proceeds for any Instruments issued as Green Bonds, Social Bonds
or Sustainability Bonds, nor the impact or monitoring of such use of proceeds nor do any of the Dealers
undertake to ensure that there are at any time sufficient eligible green, social or sustainability projects as
set out under the Green Bond Framework or Sustainability Bond Framework (as defined below) to allow
for allocation of a sum equal to the net proceeds of the issue of such Green Bonds, Social Bonds or
Sustainable Bonds in full.
In addition, none of the Dealers is responsible for the assessment of the Issuer's Green Bond Framework or
Sustainability Bond Framework including the assessment of the applicable eligibility criteria in relation to
the Green Bonds, Social Bonds or Sustainable Bonds set out in therein. In 2015, the Issuer published its
green bond framework (as may be amended, supplemented or replaced from time to time, the "Green Bond
Framework") and CICERO Shades of Green has issued an independent second opinion, dated 9 September
2014 (the "2014 SPO") evaluating the ability of the Green Bond Framework to secure projects that support
a low carbon and climate friendly future. The Issuer published its Sustainability Bond Framework (as may
be amended, supplemented or replaced from time to time the "Sustainability Bond Framework") in
November 2021. CICERO Shades of Green has issued an independent second opinion, dated 7 December
2021 (the "2021 SPO") confirming alignment of the Sustainability Bond Framework with: (in respect of
Green Bonds) the International Capital Markets Association ("ICMA") Green Bond Principles (2021
edition); (in respect of Social Bonds) the ICMA Social Bond Principles 2020 and the UN Sustainability
Development Goals; and (in respect of Sustainability Bonds) the ICMA Sustainability Bond Guidelines
2018 (as well as the applicable principles for Green Bonds and Social Bonds above). The proceeds of
Instruments that are issued as Green Bonds may be used in accordance with the provisions of either the
Green Bond Framework or the applicable provisions of the Sustainability Bond Framework, or both (or if
specified in the relevant Final Terms, as so specified).
The Green Bond Framework, the 2014 SPO, the Sustainability Bond Framework and the 2021 SPO can be
found at https://www.sek.se/en/sustainability/green-bonds/, however, they are not incorporated herein nor
do they form part of this Base Prospectus, and may be subject to amendment, supplement or replacement
from time to time.
The 2014 SPO and the 2021 SPO (and any further opinion that may be provided in connection with Green
Bond Framework or Sustainability Bond Framework) provide opinions on certain environmental and
related considerations and are not intended to address any credit, market or other aspects of an investment
in any Instruments, including without limitation market price, marketability, investor preference or
suitability of any security. Each of the 2014 SPO and the 2021 SPO are statements of opinion, not
statements of fact.
No assurance or representation is given as to the suitability or reliability for any purpose whatsoever of the
Green Bond Framework, the Sustainability Bond Framework, the 2014 SPO and the 2021 SPO or any other
such opinion or certification of any third party (whether solicited by the Issuer or not) that may be made
available in connection with the issue of any Instruments. No assurance or representation is given with
respect to whether eligible green, social or sustainability projects as set out under the Green Bond
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Framework or Sustainability Bond Framework fulfil any environmental, sustainability, social and/or other
criteria, and the 2014 SPO, the 2021 SPO or any other such opinion or certification is not intended to
address any credit, market or other aspects of any investment in any Instrument, including without
limitation market price, marketability, investor preference or suitability of any security or any other factors
that may affect the value of the Instruments. As at the date of this Base Prospectus, the providers of such
opinions and certifications are not subject to any specific regulatory or other regime or oversight. Each of
the 2014 SPO and the 2021 SPO or any other such opinion or certification is not, nor should be deemed to
be, a recommendation by the Dealers, or any other person to buy, sell or hold any Instruments and is current
only as of the date it is issued. The criteria and/or considerations that formed the basis of the 2014 SPO and
the 2021 SPO or any such other opinion or certification may change at any time and each of the 2014 SPO
and the 2021 SPO may be amended, updated, supplemented, replaced and/or withdrawn. Prospective
investors must determine for themselves the relevance of any such opinion or certification and/or the
information contained therein. The Issuer's Green Bond Framework and the Sustainability Bond
Framework may also be subject to review and change and may be amended, updated, supplemented,
replaced and/or withdrawn from time to time and any subsequent version(s) may differ from any description
given in this Base Prospectus. The Issuer's Green Bond Framework, the Sustainability Bond Framework,
the 2014 SPO and the 2021 SPO and any other such opinion or certification does not form part of, nor is
incorporated by reference in, this Base Prospectus.
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 ............................................................................ 1
RISK FACTORS .................................................................................................................................... 2
IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF INSTRUMENTS .................. 22
INFORMATION INCORPORATED BY REFERENCE ....................................................................... 25
FORM OF THE INSTRUMENTS ........................................................................................................ 29
TRANSFER RESTRICTIONS ............................................................................................................. 37
TERMS AND CONDITIONS OF THE INSTRUMENTS ..................................................................... 42
USE OF PROCEEDS ......................................................................................................................... 114
FORM OF FINAL TERMS ................................................................................................................ 116
FORM OF PRICING SUPPLEMENT ................................................................................................ 142
OVERVIEW OF PROVISIONS RELATING TO THE INSTRUMENTS WHILE IN GLOBAL FORM
.......................................................................................................................................................... 167
SEK AN INTRODUCTION ............................................................................................................ 171
SUBSCRIPTION AND SALE ............................................................................................................ 175
TAXATION ....................................................................................................................................... 181
UNITED STATES FEDERAL INCOME TAXATION ....................................................................... 183
UNITED STATES EMPLOYEE BENEFIT PLAN CONSIDERATIONS ........................................... 191
THE AUTHORISED OFFEROR TERMS .......................................................................................... 194
GENERAL INFORMATION ............................................................................................................. 198
GLOSSARY ...................................................................................................................................... 201
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