Swedish Export Credit (SEK) has launcheda novel 220 mln Australian dlr bond which will give the
investor the option of receiving interest and principal in
Australian dollars or marks, Warburg Securities said as lead
manager.
    The issue is a five-year bullet, maturing March 26, 1992,
and carries a coupon of 7-1/2 pct and is priced at 101-3/4.
    The coupon will be paid 75 pct in Australian dlrs, with the
investor having the option to receive the balance in Australian
dlrs or marks. Redemption at maturity is at par, when 50 pct
will be paid in Australian dlrs and again the investor will be
able to opt for the balance in one of the two currencies.
    The exchange rate has been fixed at 1.24 Australian dlrs to
the mark.
    Fees total two pct and are divided 1-3/8 pct for selling
and 5/8 pct for management and underwriting combined.
    The bonds will be sold in denominations of 500,000
Australian dlrs and listing will be in Luxembourg.
    Payment is March 26.
    The lead manager noted that the issue already has been
pre-placed in Europe and the Far East. It is believed to be the
largest ever issue denominated in Australian dlrs.
 REUTER
