SEK in $1 Billion MTN Offering

July 20, 2005

Cleary Gottlieb represented the dealers, led by Morgan Stanley, in a $1 billion offering of 4.125% global notes due October 2008 by AB Svensk Exportkredit (“SEK”).  This was a takedown from SEK’s $4 billion SEC-registered MTN program.

An application to list the notes on the London Stock Exchange was made concurrent with the offering.  If approved, the listing will represent the first London Stock Exchange global note listing falling under the new European Prospectus Directive, which came into effect on July 1.

SEK, whose common shares are owned by the Kingdom of Sweden, provides loans and other support for Swedish exporters, as well as financial products for private and public sector customers in the Nordic region.