Bond AB Svensk Exportkredit 2.875% ( XS0992306810 ) in USD

AB Svensk Exportkredit

100 % ▲

Sweden

XS0992306810 ( in USD )

2.875% per year ( payment 2 times a year)

13/11/2023 - Bond has expired

Prospectus brochure of the bond AB Svensk Exportkredit XS0992306810 in USD 2.875%, expired

200 000 USD

250 000 000 USD

The Bond issued by AB Svensk Exportkredit ( Sweden ) , in USD, with the ISIN code XS0992306810, pays a coupon of 2.875% per year.
The coupons are paid 2 times per year and the Bond maturity is 13/11/2023

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 2 April 2025. 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 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. In accordance with Moody's ratings definitions available as at the date of this Base

- i -

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. According to S&P rating system, the AA rating indicates that the issuer
has very strong capacity to meet its financial commitments and references to (+) or (-) show the relative standing within the
rating categories. 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
HSBC
J.P. MORGAN
MIZUHO
NATWEST MARKETS
MORGAN STANLEY
NOMURA
MUFG
RBC CAPITAL MARKETS
SMBC
TOKAI TOKYO SECURITIES EUROPE
TD SECURITIES

2 April 2024

- ii -

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

- iii -

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

- iv -

Regulation (EU) No. 1286/2014 (as amended the "EU PRIIPs Regulation") for offering or selling the
Instruments or otherwise making them available to retail investors in the EEA has been prepared and
therefore offering or selling the Instruments or otherwise making them available to any retail investor in
the EEA may be unlawful under the EU PRIIPs Regulation.
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, as modified
or amended from time to time (the "SFA"). If applicable, 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) of
the SFA. 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

- v -

Instruments or effect transactions with a view to supporting the market price of the Instruments at a level
higher than that which might otherwise prevail. However, stabilisation may not occur. Any stabilisation
action may begin on or after the date on which adequate public disclosure of the final terms of the offer of
the relevant Tranche of Instruments is made and, if begun, may cease at any time, but it must end no later
than the earlier of 30 days after the issue date of the relevant Tranche of Instruments and 60 days after the
date of the allotment of the relevant Tranche of Instruments. Any stabilisation action or over-allotment
must be conducted by the relevant Stabilisation Manager(s) (or person(s) acting on behalf of any
Stabilisation Manager(s)) in accordance with all applicable laws and rules.
DEFINITIONS
In this Base Prospectus, unless otherwise specified, references to a "Relevant State" are references to a
Member State of the EEA, references to "USD", "U.S.$", "U.S. dollars" or "dollars" are to United States
dollars, references to "£" or "sterling" are to the lawful currency of the United Kingdom, references to
"SKr" are to Swedish Krona, references to "Euro", "euro", "" or "EUR" are to the single currency
introduced at the start of the third stage of European Economic and Monetary Union and as defined in
Article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro, as
amended, references to "Renminbi" and "CNY" are to the lawful currency of the People's Republic of
China (excluding the Hong Kong Special Administrative Region of the PRC, the Macau Special
Administrative Region of the PRC and Taiwan) (the "PRC") and references to "S$" are to the lawful
currency of Singapore.
In this Base Prospectus, references to websites or uniform resource locators ("URLs") are inactive textual
references and are included for information purposes only. The contents of any such website or URL,
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,
CMS Wistrand Advokatbyrå, that there is doubt as to the enforceability of claims in Sweden in respect of

- vi -

liabilities predicated solely upon the Securities Act, whether or not such claims are based upon judgments
of United States courts.
FORWARD LOOKING STATEMENTS
This Base Prospectus and certain documents incorporated by reference herein contain certain forward-
looking statements within the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act. These forward-looking
statements are based on SEK's current expectations and projections about future events. These statements
include but are not limited to:
·
statements regarding financial projections and estimates and their underlying assumptions;
·
statements regarding plans, objectives and expectations relating to future operations and services;
·
statements regarding the impact of regulatory initiatives on SEK's operations;
·
statements regarding general industry and macroeconomic growth rates and SEK's performance
relative to them; and
·
statements regarding future performance.
Forward-looking statements are generally identified by the words "expect", "anticipate", "believe",
"intend", "estimate", "should", and similar expressions.
Forward-looking statements are based on current plans, estimates and projections, and therefore investors
should not place undue reliance on them. Forward-looking statements speak only on the date they are
made, and SEK undertakes no obligation to update any forward-looking statement in light of new
information or future events, although SEK intends to continue to meet its ongoing disclosure obligations
under the U.S. securities laws (such as the obligations to file annual reports on Form 20-F and reports on
Form 6-K) and under other applicable laws. Forward-looking statements involve inherent risks and
uncertainties, most of which are difficult to predict and generally beyond SEK's control. Investors are
cautioned that a number of important factors could cause actual results or outcomes to differ materially
from those expressed in, or implied by, forward-looking statements. These factors include, among others,
the following:
·
disruptions in the financial markets or economic recessions (including as a result of geopolitical
instability) can adversely affect SEK's operations and financial performance;
·
disruptions in the financial markets or economic recessions can adversely affect SEK's credit risk
and counterparty credit risk;
·
SEK's concentrated credit portfolio could have a material adverse effect on SEK's business
and/or its ability to repay its debts;
·
the deteriorating national security situation in Sweden could have an adverse effect on SEK's
business and operations;
·
SEK is exposed to material operational risk, which could harm SEK's business, financial
performance, or the ability to repay its debt;
·
a resurgence of the COVID-19 pandemic or similar or new viruses could have an adverse effect
on SEK's business and operations;
·
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;
·
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;
·
fluctuations in foreign currency exchange rates could harm SEK's business;
·
fluctuations in interest rates could have an adverse effect on SEK's business and results of
operations;

- vii -

·
SEK is exposed to sustainability risks and environmental, social and governance factors that
could negatively impact SEK's financial performance;
·
developments in emerging market countries may result in credit losses for SEK on loans to
customers in those countries; and
·
changes in laws, regulations or accounting standards may adversely affect SEK's business.
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 (including in
relation to Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable
investment (the "EU Taxonomy Regulation") and any related technical screening criteria, Regulation
(EU) 2023/2631 on European Green Bonds and optional disclosures for bonds marketed as
environmentally sustainable and for sustainability-linked bonds (the "EU Green Bond Regulation"),
Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector ("SFDR")
and any implementing legislation and guidelines) or any requirements of such labels as they may evolve
from time to time. 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

- viii -

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
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.

- ix -

CONTENTS

Page
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................... 1
RISK FACTORS .......................................................................................................................................... 2
IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF INSTRUMENTS ................... 26
INFORMATION INCORPORATED BY REFERENCE .......................................................................... 29
FORM OF THE INSTRUMENTS ............................................................................................................. 33
TRANSFER RESTRICTIONS .................................................................................................................. 42
TERMS AND CONDITIONS OF THE INSTRUMENTS ........................................................................ 47
USE OF PROCEEDS ............................................................................................................................... 118
FORM OF FINAL TERMS ...................................................................................................................... 120
FORM OF PRICING SUPPLEMENT ..................................................................................................... 145
OVERVIEW OF PROVISIONS RELATING TO THE INSTRUMENTS WHILE IN GLOBAL FORM
.................................................................................................................................................................. 170
SEK AN INTRODUCTION .................................................................................................................. 174
SUBSCRIPTION AND SALE ................................................................................................................. 178
TAXATION ............................................................................................................................................. 184
UNITED STATES FEDERAL INCOME TAXATION .......................................................................... 186
UNITED STATES EMPLOYEE BENEFIT PLAN CONSIDERATIONS ............................................. 194
THE AUTHORISED OFFEROR TERMS ............................................................................................... 197
GENERAL INFORMATION .................................................................................................................. 201
GLOSSARY ............................................................................................................................................. 204