Bond AB Svensk Exportkredit 1.75% ( US00254EME94 ) in USD

AB Svensk Exportkredit

100 % ▲

Sweden

US00254EME94 ( in USD )

1.75% per year ( payment 2 times a year)

27/08/2020 - Bond has expired

Prospectus brochure of the bond AB Svensk Exportkredit US00254EME94 in USD 1.75%, expired

200 000 USD

1 000 000 000 USD

00254EME9

AB Svensk Exportkredit (SEK) is a Swedish government-owned export credit agency that provides financing and insurance solutions to Swedish exporters and international buyers of Swedish goods and services.

The Bond issued by AB Svensk Exportkredit ( Sweden ) , in USD, with the ISIN code US00254EME94, pays a coupon of 1.75% per year.
The coupons are paid 2 times per year and the Bond maturity is 27/08/2020

The Bond issued by AB Svensk Exportkredit ( Sweden ) , in USD, with the ISIN code US00254EME94, was rated NR by Moody's credit rating agency.

The Bond issued by AB Svensk Exportkredit ( Sweden ) , in USD, with the ISIN code US00254EME94, was rated NR by Standard & Poor's ( S&P ) credit rating agency.

424B2 1 sek-424b2_0825.htm
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-199784

Pric ing Supple m e nt N o. F-1 8
(To Prospectus and Prospectus Supplement each dated November 3, 2014)

$1,000,000,000
AK T I EBOLAGET SV EN SK EX PORT K REDI T (PU BL)
(Sw e dish Ex port Cre dit Corpora t ion)
1.750% Notes
Due August 2020
I ssue Pric e : 9 9 .8 1 9 %

These notes are issued by Aktiebolaget Svensk Exportkredit (Publ) (Swedish Export Credit Corporation or "SEK"). The notes will mature on
August 28, 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 August 28 and February 28, commencing February 28, 2016, 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
99.819%
U.S.$
998,190,000
Underwriting discount
0.125%
U.S.$
1,250,000
Proceeds to SEK
99.694%
U.S.$
996,940,000

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$1,000,000,000
99.819%
US$998,190,000
US$115,989.68(1)
(1)The registration fee is calculated in accordance with Rule 457(r) under the Securities Act. US$218,662.03 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$115,989.68 of that amount is being offset against the registration fee for this offering and
US$102,672.35 remains available for future registration fees.
The Joint Lead Managers expect to deliver the notes to investors through the facilities of The Depository Trust Company, Clearstream
Banking, société anonyme and Euroclear Bank S.A./N.V., as operator of the Euroclear system, on or about August 28, 2015.
http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

Joint Lead Managers
BofA M e rrill Lync h
BN P PARI BAS
J .P. M orga n
N om ura

Co-Managers
M U FG
SM BC N ik k o

The date of this pricing supplement is August 21, 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, the Joint Lead Managers and the Co-Managers
(together with 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.
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.
http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

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; and
·
our reports on Form 6-K which we furnished to the SEC on February 3, 2015, April 28, 2015, June 11, 2015, June
15, 2015 and July 17, 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 8.3665 Skr per U.S. dollar on August 21, 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

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
http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

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.
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.

http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

Principal Amount:
US$1,000,000,000
Issue Price:
99.819% of the Principal Amount
Pricing Date:
August 21, 2015
Issue Date:
August 28, 2015
Maturity Date:
August 28, 2020
Redemption Amount:
100.000% of the Principal Amount
Specified Currency:
U.S. dollars (US$)
Interest Rate:
1.750% per annum, calculated on the basis of a 360-day year of twelve 30-day
months.
Spread to Benchmark Treasury:
T + 32.6 basis points
Benchmark Treasury:
UST 1.625% due July 31, 2020
Re-Offer Yield:
1.788%
Interest Payment Dates:
August 28 and February 28, commencing February 28, 2016, 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
BNP Paribas
http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

J.P. Morgan Securities plc
Nomura International plc
Co-Managers
Mitsubishi UFJ Securities International plc
SMBC Nikko Capital Markets Limited
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:
00254EME9
ISIN:
US00254EME94
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

We expect that the net proceeds from the issuance of notes will be US$996,940,000. We will use the net proceeds for
general corporate purposes.
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 August 21, 2015 (the "Agreements"), we have agreed to sell to the Managers, as underwriters, and each of the Managers
have agreed to purchase, the principal amount of notes set forth opposite the Manager's name below at 99.819% of the aggregate
principal amount thereof (prior to deduction of the aforementioned underwriting commissions).
Princ ipa l Am ount
M a na ge rs

of N ot e s

Merrill Lynch, Pierce, Fenner & Smith Incorporated

$
245,000,000
BNP Paribas

245,000,000
J.P. Morgan Securities plc

245,000,000
Nomura International plc

245,000,000
Mitsubishi UFJ Securities International plc

10,000,000
SMBC Nikko Capital Markets Limited

10,000,000

Total

$
1,000,000,000

http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

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
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

P-6

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.
Any Manager that is not a broker-dealer registered with the SEC will only make sales of notes in the United States through
one or more SEC registered broker-dealers in compliance with applicable securities laws and the rules of the Financial Industry
Regulatory Authority, Inc.
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, one or more of the Managers or an
affiliate of one or more of the Managers may enter into swap transactions 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,
http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

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.
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

P-7

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.
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
http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

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.

P-8

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.
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
http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

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.

P-9

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 00254EME9. The notes have also been accepted
for clearing through Euroclear and Clearstream, Luxembourg under ISIN US00254EME94.
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.

P-10

PROSPECTUS SUPPLEMENT
(To Prospectus dated November 3, 2014)
AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL)
(Swedish Export Credit Corporation)
(incorporated in Sweden with limited liability)
Medium-Term Notes, Series F
Due Six Months Or More From Date Of Issue
We may offer an unlimited principal amount of notes. The following terms may apply to the notes, which we may sell from time to time.
We may vary these terms and will provide the final terms for each offering of notes in a pricing supplement. If the information in a pricing
supplement differs from the information contained in this prospectus supplement or the prospectus, you should rely on the information contained in
the pricing supplement.
·
The notes may bear interest at fixed or floating interest rates. Floating interest rate formulae may be based on:
·
LIBOR;
·
Commercial Paper Rate;
·
the Treasury Rate;
·
the CD Rate;
·
the Federal Funds Rate; or
·
http://www.sec.gov/Archives/edgar/data/352960/000090342315000533/sek-424b2_0825.htm[8/25/2015 2:30:57 PM]

Document Outline

#1">
- #1">