SOURCE: Svensk Exportkredit AB (SEK)

June 01, 2007 04:21 ET

EUR 1BN SEK EUROBOND 4.5% DUE JUNE 2010

STOCKHOLM, SWEDEN--(Marketwire - June 1, 2007) -


Deal Background:

* This is the first Euro benchmark from SEK (AB Svensk Exportkredit) since February 2004. Since this time, SEK has focused its efforts on building a strategic presence in the US$ Global market. Having built an investor following in US$ across all 3 time zones, together with a US$ Global curve from 2 to 10-years, SEK chose this timing to target new sources of investor diversification in alternative benchmark markets.

* Wider swap spreads have improved funding costs in the Euro market considerably since the beginning of 2006. SEK was able to target a new and broader investor base with a Euro benchmark at much more cost effective levels than has been possible in the past.

* This week provided a clear new issue window following US and European holidays on Monday and ahead of the expected pause in activity for the ECB meeting next week (Thursday 7th June). Furthermore, SEK's previous Euro issue redeemed this week (30th May 2007, originally issued as a Euro1bn 3-year), releasing cash back to investors.

Marketing and Pricing:

The new benchmark was marketed using price talk of mid-swaps -7/- 8bp. Order books opened after deal announcement on Wednesday 30th May at 8am, attracting demand from fund managers across Europe totaling EUR 500mn by midday. Demand continued to build steadily over the afternoon, adding interest from several major Asian investors overnight. By the time the order book closed at 2pm on Thursday afternoon, it was oversubscribed and the new deal priced at 3pm Thursday at a spread of mid-swaps -7bp (equivalent to OBL146 +16.6bp).

Issuer background:

* SEK provides long-term sustainable financial solutions for the private and public sectors with the aim of promoting the development and international competitiveness of Swedish industry and trade. SEK funds its activities primarily by issues in the international capital markets and its balance sheet and assets are of high quality. SEK's long-term rating from Standard & Poor's is AA+ and from Moody's Aa1.

For more information please visit: www.sek.se or contact:

Richard Anund, Head of Funding Tel +46 8 613 8351

SEK's mission is to secure access to financial solutions for export and infrastructure. SEK offers a wide spectrum of financial solutions, ranging from standardized loans to innovative and complex financial products. SEK's operations are based on commercial interests. SEK's main source of financing is the issuing of bonds on the international capital markets. SEK's rating from Standard & Poor's and Moody's are AA+/Aa1 respectively for long-term debt. For more information, visit www.sek.se

The full press release including graphics can be downloaded from the following link:

http://hugin.info/132909/R/1130442/211002.pdf


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