SEK in $1 Billion Notes Offering

August 14, 2009

Cleary Gottlieb represented Goldman, Sachs & Co., as lead manager and sole underwriter, in the offering of $1 billion in floating rate global notes by Aktiebolaget Svensk Exportkredit (Publ) (Swedish Export Credit Corporation, or “SEK”) . The five-year notes, issued under SEK’s automatic shelf registration statement and forming part of SEK’s Medium Term Notes, Series E, are unsecured, unsubordinated debt securities that offer investors an interest rate of three-month U.S. dollar LIBOR (reset quarterly) plus 0.75%. The notes are expected to be listed on the London Stock Exchange’s regulated market. The transaction closed on August 14.

SEK engages in financing activities directly related to Swedish exports of goods and services, and promotes Swedish commerce and industry by providing competitive long-term credit. SEK is wholly owned by the Swedish State, but its notes are not obligations of the Kingdom of Sweden. Cleary Gottlieb has long served as designated underwriters’ counsel with respect to SEK’s SEC-registered Medium Term Note program, both in respect of “benchmark” transactions such as this one, and SEK’s more frequent issuances of structured notes linked to a variety of indexes or other measures. SEK has been among the most active foreign private issuers of SEC-registered debt securities in recent years.