Filed Pursuant to Rule 433
Registration Statement No. 333-249829
AKTIEBOLAGET SVENSK EXPORTKREDIT (publ)
(Swedish Export Credit Corporation or SEK)
Pricing Term Sheet
Issuer: | Swedish Export Credit Corporation (SEK) | |
Principal Amount: | US$700,000,000 | |
Maturity: | May 25, 2023 | |
Issue Price: | 101.844% of principal amount plus accrued interest, if any, from November 25, 2020. | |
Specified Currency: | US Dollars | |
Base Rate: | SOFR Average as defined in the prospectus supplement, dated November 3, 2020 (the “Prospectus Supplement”) | |
‘p’: | ‘p’ is ascribed a value of ‘5’ under SOFR Average as defined in the Prospectus Supplement | |
Re-Offer Spread vs SOFR: | Discount margin +27 basis points | |
Interest Determination Date: | The date falling five U.S. Government Securities Business Days prior to the final day of each interest period. | |
Interest Rate: | Base Rate + 100 basis points | |
Interest Payment Dates: | Quarterly in arrears every February 25, May 25, August 25 and November 25, commencing February 25, 2021, up to and including the Maturity Date. | |
Net Proceeds to Issuer: | US$712,803,000 | |
Optional Redemption: | Only after the occurrence of certain tax events, at 100.000% of the principal amount thereof plus accrued and unpaid interest to the redemption date. | |
Redemption Price: | 100.000% of notional amount. | |
Maximum Interest Rate: | In no event will the interest rate be higher than the maximum rate permitted by New York law, as modified by the United States law of general application. | |
Minimum Interest Rate: | 0% per annum | |
Business Days:
Business Day Conventions:
Day Count Fraction:
Legal Format:
Governing Law:
Consent to Bail-in Power:
| New York
Modified Following, Adjusted
Actual/360
SEC Registered US Medium Term Note Program
New York
By investing in this offering, you acknowledge, agree to be bound by, and consent to the exercise of any Bail-in Power (as defined under “Description of the Notes—Agreement with Respect to the Exercise of Bail-in Power” in the prospectus supplement, dated November 3, 2020 (the “Prospectus Supplement”)) by the Swedish National Debt Office (the “Debt Office”), the Swedish resolution authority. All payments are subject to the exercise of any Bail-in Power by the relevant Swedish resolution authority.
Under the Resolution Act (as defined under “Description of the Notes—Recovery and Resolution Matters” in the Prospectus Supplement), the Debt Office may exercise a Bail-in Power under certain conditions which include that authority determining that: (i) a relevant entity (such as SEK) is failing or is likely to fail; (ii) it is not reasonably likely that any action will be taken to avoid the entity’s failure (other than pursuant to the other stabilization powers under the Resolution Act); (iii) the exercise of the stabilization powers are necessary, taking into account certain public interest considerations such as the stability of the Swedish financial system, public confidence in the Swedish banking and resolution systems and the protection of depositors (also regulated by the Swedish Financial Supervisory Authority); and (iv) the objectives of the resolution measures would not be met to the same extent by the winding up of the entity. Notwithstanding these conditions, there remains uncertainty regarding how the Debt Office would assess these conditions in deciding whether to exercise any Bail-in Power. |
The Bail-in Power includes any statutory write-down and conversion power, which allows for the cancellation of all, or a portion, of any amounts payable on the notes, including any repayment of principal and/or the conversion of all, or a portion, of any amounts payable on the notes, including principal, into shares or other securities or other obligations of ours or another person, including by means of a variation to the terms of the notes. Accordingly, if any Bail-in Power is exercised, you may lose all or a part of the value of your investment in the notes or receive a different security, which may be worth significantly less than the notes and which may have significantly fewer protections than those typically afforded to debt securities. Moreover, the Debt Office may exercise its authority to implement the Bail-in Power without providing any advance notice to the holders of the notes. By your acquisition of the notes, you acknowledge, agree to be bound by, and consent to the exercise of any Bail-in Power by the relevant resolution authority. The exercise of any Bail-in Power with respect to the notes will not be a default or an Event of Default (as each term is defined in the indenture relating to the notes). The Bank of New York Mellon Trust Company, N.A. (the “trustee”) will not be liable for any action that the trustee takes, or abstains from taking, in accordance with the exercise of the Bail-in Power with respect to the notes. Your rights as a holder of the notes are subject to, and will be varied, if necessary, so as to give effect to the exercise of any Bail-in Power by the Debt Office.
This is only a summary. For more information, see “Description of the Notes—Recovery and Resolution Matters” and “Description of the Notes—Agreement with Respect to the Exercise of Bail-in Power,” beginning on pages S-42 and S-43 of the Prospectus Supplement, respectively. | ||
Pricing Date: | November 18, 2020 | |
Settlement Date*: | November 25, 2020 (T+5) | |
CUSIP: | 87031CAA1 | |
ISIN: | US87031CAA18 | |
Joint Lead Managers: | Bank of Montreal, London Branch J.P. Morgan Securities plc RBC Capital Markets, LLC | |
Calculation Agent:
Denominations: | The Bank of New York Mellon Trust, N.A.
US$200,000 with integral multiples of US$1,000 in excess thereof | |
Settlement: | DTC, Euroclear and Clearstream | |
Listing: | Application will be made to the Irish Stock Exchange plc (trading as Euronext Dublin) for the notes to be admitted to the Official List and traded on its regulated market. No assurance is offered as to whether listing and admission to trading will occur by the settlement date. They may not occur until a date that is later than the settlement date. | |
Target Markets: | Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). | |
Advertisement: | The Prospectus Supplement, when published, will be available at https://www.ise.ie/Products-Services/Quoted-Companies/. |
The notes 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 European Economic Area (the “EEA”) or the United Kingdom. For these purposes, a “retail investor” means a person who is one (or more) of: (a) a retail client, as defined in point (11) of Article 4(1) of MiFID II or (b) a customer within the meaning of the Insurance Distribution Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (c) not a qualified investor as defined in Regulation (EU) 2017/1129 (the “Prospectus Regulation”). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the EEA or the United Kingdom has been prepared, and therefore, offering or selling the notes or otherwise making them available to any retail investor in the EEA or the United Kingdom may be unlawful under the PRIIPs Regulation.
This communication is intended for the sole use of the person to whom it is provided by us.
*Under Rule 15c6-1 of the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the delivery of the notes will be required, by virtue of the fact that the notes initially will not settle in T+2, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor.
The issuer has filed a registration statement (including a prospectus, dated November 3, 2020 (the “Prospectus”) and the Prospectus Supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the Prospectus and the Prospectus Supplement in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the Prospectus and the Prospectus Supplement if you request it by calling Bank of Montreal, London Branch at +(44) 0(20) 7664 8062, J.P. Morgan Securities plc at +(44) 0(20) 7134 2012 or RBC Capital Markets, LLC at +1-866-375-6829.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.