- Free Writing Prospectus - Filing under Securities Act Rules 163/433 (FWP)
22 September 2009 - 1:25AM
Edgar (US Regulatory)
Filed Pursuant to Rule
433(d)
Registration Statement
No. 333-156118
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TOTAL
RETURN INDEX LINKED NOTE
Linked to the
S&P Diversified Trends Indicator Total Return Modified
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Final Term Sheet: Septermber 18, 2009
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The Issuer has filed a registration statement (including a prospectus)
with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the
prospectus for this offering in that registration statement, and other documents
the issuer has filed with the SEC for more complete information about the
issuer and the offering. You may get
these documents for free by searching the SEC online database (EDGAR
â
) at
www.sec.gov
. Alternatively, you may obtain a copy of the
prospectus from Goldman, Sachs & Co. by calling 1-866-471-2526.
Principal on the
note is not protected and you may lose up to all of your investment.
Final Terms
Issuer:
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AB Svensk Exportkredit (SEK)
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Rating:
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Aa1/AA+ (Moodys / S&P)
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Index:
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S&P
Diversified Trends Indicator Total Return Modified (S&P DTI TR Modified),
as described in
Exhibit A
(Bloomberg:
DTITRM).
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Index
Sponsor:
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The corporation
or other entity that, in the determination of the Calculation Agent,
(i) is responsible for setting and reviewing the rules and
procedures and the methods of calculation and adjustments, if any, related to
the Index and (ii) announces (directly or through an agent) the level of
the Index on any business day; as of the date hereof, the Index Sponsor is
Goldman, Sachs & Co.
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Investment
Objective Summary:
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This structure
represents a long position. At maturity the investor receives the notional
amount
plus
three times the
commodity index return (which may be negative)
minus
the fee amount (which is calculated based on the
commodity notional)
plus
accrued
but unpaid interest
minus final TBILL amount
.
The note will be subject to an index end early event if the index ever closes
at or below 85% of the index begin level.
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Basic
Index:
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S&P
Diversified Trends Indicator Total Return Index (S&P DTI TR).
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Basic Index Sponsor:
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The corporation or
other entity that, in the determination of the Calculation Agent, (i) is
responsible for setting and reviewing the rules and procedures and the
methods of calculation and adjustments, if any, related to the Basic
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1
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Index and (ii) announces
(directly or through an agent) the level of the Basic Index on any business
day; as of the date hereof, the Basic Index Sponsor is Standard &
Poors.
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Issue
Price:
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100% of face
amount
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Face
Amount:
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$1,000 per each
Note; $10,000,000
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Underwriting
Fee:
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0.25%
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Net
Proceeds:
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99.75%
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Trade
Date:
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September 18,
2009
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Original
Issue Date
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(Settlement
Date):
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September 25,
2009
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Initial
Index Level:
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1585.808
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Final
Index Level:
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The closing
level of the Index as determined on the Determination Date.
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Annual
Fee (Fee):
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1.50%
per annum (paid on an Actual/365 day basis).
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Interest Payment Date:
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Quarterly, starting 3
months after the Settlement Date: unless an index event has occurred or an
early redemption has been validly designated (in which case the early
maturity date will be the final interest payment date), December 28,
2009, March 25, 2010 and June 25, 2010 and the Stated Maturity
Date; if any such Interest Payment Date is not a business day, then the
Interest Payment Date will be the next succeeding business day, unless that
succeeding business day would fall in the next calendar month, in which case
such Interest Payment Date would be the immediately preceding business day.
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Interest
Period:
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The period from
and including the Settlement Date, or the last date to which interest has
been paid or made available for payment, to but excluding the immediately
following Interest Payment Date.
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Interest
Determination Date:
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The second
London business day prior to each Interest Reset Date.
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Interest Reset Date:
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Quarterly, starting 3
months after the Settlement Date: December 28, 2009, March 25, 2010
and June 25, 2010 ;
provided
that if any such day is not a
business day, then the Interest Reset Date will be the next succeeding
business day, unless that succeeding business day would fall in the next
calendar month, in which case such Interest Reset Date will be the immediately
preceding business day.
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Interest:
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On each Interest
Payment Date, interest in an amount in cash equal to:
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2
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(i) If no Index
Event has occurred or no Early Redemption has been validly designated:
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FACE
AMOUNT * ACCRUED INTEREST FACTOR
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(ii) If an Index
Event has occurred or an Early Redemption has been validly designated:
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FIDF
* FACE AMOUNT * ACCRUED INTEREST FACTOR
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Accrued Interest Factor:
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The sum of the Interest
Factors calculated for each calendar day during the applicable Interest
Period.
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Interest Factor:
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subject to a minimum of 0.00%.
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Base
Rate:
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(i) If the
applicable Interest Period begins on the Settlement Date: the Initial Base
Rate.
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(ii) If the
applicable Interest Period (1) does not begin on the Settlement Date and
(2) does not end on the day before the Stated Maturity Date: three-month
USD LIBOR, as it appears on Reuters Screen LIBOR01 (or any successor or
replacement service or page), as of 11:00 a.m. London time, as
determined on the Interest Determination Date.
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(iii) If
the applicable Interest Period ends on the day before the Stated Maturity
Date: a rate that the Calculation Agent will determine by interpolating
between (1) the USD LIBOR of longest maturity that is less than or equal
to the length of the applicable Interest Period, and (2) the USD LIBOR
of shortest maturity that is greater than or equal to the length of the
applicable Interest Period, in both cases as they appear on Reuters Screen
LIBOR01 (or any successor or replacement service or page), as of
11:00 a.m. London time, as determined on the Interest Determination
Date. For the avoidance of doubt, the Base Rate will not be re-evaluated even
if the Stated Maturity Date is postponed due to non-business days at the end
of the Interest Period.
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Initial
Base Rate:
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TBD% (equal to
the three-month USD LIBOR, as it appears on Reuters Screen LIBOR01 (or any
successor or replacement service or page thereof), as of 11:00 a.m.
London time, as determined on the second London business day prior to the
Settlement Date).
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Spread:
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-0.27%
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3
Fixed Income Discount Factor (FIDF):
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Fixed Income Discount Factor LIBOR
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(FIDF
LIBOR):
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The LIBOR rate
for deposits in U.S. Dollars for the FIDF LIBOR Designated Maturity
(interpolated by the calculation agent, if necessary) which appears on the Reuters
Screen LIBOR01 (or any successor or replacement service or page) as of 11:00 a.m.,
London time, on the Early Determination Date. If such rate does not appear on
the Reuters Screen LIBOR01 (or any successor or replacement service or
page), the rate shall be determined by the Calculation Agent.
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Fixed
Income Days Remaining:
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The number of
calendar days from but excluding the Early Maturity Date to and including the
earlier of (1) the next Interest Reset Date immediately following the
Early Maturity Date and (2) the Stated Maturity Date.
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FIDF
LIBOR Designated Maturity:
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A period equal
to the Fixed Income Days Remaining, subject to a minimum of one month.
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Determination
Date:
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September 27, 2010
;
a specified date that is expected to
be the fifth scheduled Trading Day prior to the originally scheduled Stated
Maturity Date, subject to postponement as will be described in the prospectus
supplement.
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Stated Maturity Date:
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October 4, 2010, unless that day is not a business
day, in which case the Stated Maturity Date will be the immediately following
business day. If the fifth scheduled Trading Day before the Stated Maturity
Date is not the Determination Date, then the Stated Maturity Date will be the
fifth business day after the Determination Date. If an Index Event (as
defined below) shall have occurred or an Early Redemption (as defined below)
shall have been validly designated in accordance with the terms of the Note,
the relevant maturity date shall be the Early Maturity Date (as defined
below).
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Amount Payable on the
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Stated Maturity Date:
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On the Stated Maturity Date, in addition to interest, if
any, you will receive an amount, if any, in cash equal to:
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FACE AMOUNT + FINAL INDEX
AMOUNT - FINAL TBILL AMOUNT -FINAL FEE AMOUNT
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but not less than 0
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If
the Final Index Level is less than the Initial Index Level, the amount
payable on the Stated Maturity Date will be less than the Face Amount and may
be zero.
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Final Index Amount:
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Factor:
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3.0
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Final
TBill Amount:
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FACE AMOUNT * FACTOR
* REALIZED TBILL AMOUNT
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Realized
TBill Amount:
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Equal to
(1+Daily TBill Return) for each calendar day in the TBill Calculation Period,
minus 1,
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where:
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(1+Daily TBill
Return) equals (1-91/360
×
r
d-1
) to the power of (-1/91) and
d
means each calendar day in the TBill Calculation Period
and
r
d
is the TBill Auction High Rate for day
d
as defined above.
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In formulaic
terms the Realized TBill Amount equals
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If on the
calculation date in the TBill Calculation Period United States Treasury Bills
of the TBill Interest Rate Designated Maturity have been auctioned on a TBill
Interest Rate Reset Date during the TBill Calculation Period but such rate
for such TBill Interest Rate Reset Date does not appear on Reuters Screen US
AUCTION 10111 (or any official successor page thereto), the rate for
that TBill Interest Rate Reset Date will be the Bond Equivalent Yield of the
rate set forth in H.15 Daily Update (or any official successor
page thereto), or such other recognized electronic source used for the
purpose of displaying such rate, for that day in respect of the Designated
Maturity under the caption U.S. Government Securities/Treasury bills/Auction
high converted by the Calculation Agent in its discretion to bank discount basis
such that it is expressed in the same manner as the Auction High Rate.
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If on the calculation date in the TBill Calculation
Period United States Treasury Bills of the TBill Interest Rate Designated
Maturity have been auctioned on a TBill Interest Rate Reset Date during the
TBill Calculation Period but such rate for such TBill Interest Rate Reset
Date does not appear on Reuters Screen US AUCTION 10111 (or any official
successor page thereto) and such rate is not set forth in the H.15 Daily
Update in respect of the TBill Interest Rate Designated Maturity under the
caption U.S. Government
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securities/Treasury
bills/Auction high or another recognized electronic source, the rate for
that TBill Interest Rate Reset Date will be the Bond Equivalent Yield of the
auction rate for those Treasury Bills as announced by the United States
Department of Treasury, converted by the Calculation Agent in its discretion
to bank discount basis such that it is expressed in the same manner as the
Auction High Rate.
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If the United
States Treasury Bills of the TBill Interest Rate Designated Maturity are not
auctioned during any period of seven consecutive calendar days ending on a
Friday and a TBill Interest Rate Reset Date would have occurred if such
Treasury Bills had been auctioned during that seven-day period, a TBill
Interest Rate Reset Date will be deemed to have occurred on the day during
that seven-day period on which such Treasury Bills would have been auctioned
in accordance with the usual practices of the United States Department of
Treasury, and the rate for that TBill Interest Rate Reset Date will be
determined as if the parties had specified USD-TBILL-Secondary Market as
the applicable TBill Interest Rate Option.
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TBill
Interest Rate Designated
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Maturity:
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3 months
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TBill
Auction High Rate
for Each
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Date:
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The USD-TBill
Auction High Rate published at the most recent Auction Date prior to that
day.
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TBill
Calculation Period:
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From but
excluding the Settlement Date to and including the Stated Maturity Date.
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TBill
Interest Rate Reset Date:
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Each day in the
TBill Calculation Period on which U.S. Treasury Bills of the TBill Interest
Rate Designated Maturity are auctioned.
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TBill Interest
Rate Option:
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USD-TBILL
Auction High Rate
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Where:
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USD-TBILL
Auction High Rate means that the rate for a TBill Interest Rate Reset Date
on which United States Treasury Bills are auctioned will be the rate for that
day which appears on the Telerate Page 56 (or any official successor
thereto) under the heading HIGH RATE
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Final
Fee Amount:
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Final Fee Days:
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The total number of calendar days from but excluding the
Trade Date up to and including the Determination Date.
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If an
Early Redemption shall have been validly designated or an Index Event shall
have occurred in accordance with the terms of the Note, the amount payable on
the resulting Early Maturity Date shall be determined as set forth in the
relevant sections below.
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Notice
of Early Redemption:
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Holders of 100%
of the aggregate outstanding Face Amount have the option to redeem this Note
(in whole but not in part) prior to the earlier of (1) the occurrence of
an Index Event and (2) the scheduled Determination Date (an Early
Redemption) for the amount set forth below.
To be
valid, the notice of Early Redemption must be given on a business day, in
writing, to the Trustee, the Calculation Agent and the Issuer in accordance
with procedures to be specified in the prospectus supplement, it being
understood that such notice may be provided by facsimile so long as a prompt
written confirmation thereof is physically delivered in accordance with
procedures to be specified in the prospectus supplement
. Once
given, the Notice of Early Redemption is irrevocable.
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Index
End Early Event:
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If on any
Trading Day prior to the earlier of (1) the designation of an Early
Redemption by the holder and (2) the scheduled Determination Date
,
the closing level of the Index is equal to or below
1347.937
(85% of
Initial Index Level)
(the occurrence of such event herein
referred to as an Index Event), this Note shall automatically be redeemed
in accordance with the methodology and formulae applicable upon an Early
Redemption as set forth below. Upon occurrence of an Index Event, notice will
be given to the DTC in a manner described in the accompanying prospectus.
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Early
Determination Date:
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1) if all
requirements described under Specific Terms of Your Notes Holders Option
to Redeem Early Redemption Requirements in the prospectus supplement are
satisfied no later than 9:00 a.m., New York City time, on a day that is
a Trading Day, that day will be the Early Determination Date. If the
requirements are satisfied after that time, the next day that is a Trading
Day will be the Early Determination Date.
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2) if an Index
Event has occurred, the Trading Day immediately following the day on which
the Index Event occurs will be the Early Determination Date,
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and
, subject in each case, to postponement
as described in the prospectus supplement.
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Early
Maturity Date:
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If an Index
Event shall have occurred, then the Early Maturity Date shall be the fifth
business day following the Early Determination Date; and,
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If an Early
Redemption shall have been designated, then the Early Maturity Date shall be
the fifth business day following the Early Determination Date,
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subject in
each case to a postponement (for non-business days), where the Early Maturity
Date shall be fifth business day following the day on which all Settlement
Prices have been obtained or all prices have otherwise been determined as set
forth under Market Disruption.
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Amount
Payable upon Early Maturity Date:
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On the Early
Maturity Date, in addition to interest, if any, you will receive an amount,
if any, in cash equal to:
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FACE AMOUNT +
EARLY INDEX AMOUNT - EARLY TBILL AMOUNT - EARLY FEE AMOUNT
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but not less than 0.
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Early Index Amount:
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Early
Index Return:
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(1) the
Early Index Level
divided
by
the Initial Index Level
minus
(2) one.
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Early
Index Level:
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The closing
level of the Index on the Early Determination Date, except in limited
circumstances described in the prospectus supplement.
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Early
TBill Amount:
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The Realized
TBill Amount, with a calculation period from but excluding the Trade Date to
and including the Early Determination Date.
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TBill
Factor:
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The projected
Realized TBill Amount from the Early Determination Date to the originally
scheduled Determination Date, calculated by the Calculation Agent in its
discretion intended to reflect the fair economic value to both parties.
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Early Fee Amount:
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Early Fee Days:
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The number of calendar days from but excluding the Trade
Date to and including Early Determination Date.
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8
OTHER
TERMS AND DEFINITIONS
Consequences of a Market Disruption Event
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If a Market
Disruption (as defined below) relating to one or more underliers included in
the Index (which we refer to as the Index Underliers) occurs or is continuing
on the originally scheduled Determination Date (if that day is not a Trading
Day, then the following trading day) or Early Determination Date, as
applicable, the Calculation Agent will calculate the Final Index Level or the
Early Index Level, as applicable, by using:
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(i) for
each Index Underlier that did not suffer a Market Disruption on such date,
the Settlement Price (as defined below) of such Index Underlier on such date
as published by the exchange on which it is traded, and
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(ii) for
each Index Underlier that did suffer a Market Disruption on such date, the
Settlement Price of such Index Underlier on the first succeeding Trading Day
on which no Market Disruption occurs or is continuing with respect to such
Index Underlier;
provided
that,
if such day occurs more than five business days after the originally
scheduled Determination Date or Early Determination Date, as the case may be,
the Calculation Agent shall determine the price for such Index Underlier on
the fifth business day after the originally scheduled Determination Date or
Early Determination Date, as applicable, taking into consideration the latest
available Settlement Price for such Index Underlier and any other information
deemed relevant by the Calculation Agent.
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In calculating
the Final Index Level or the Early Index Level in the circumstances described
above, the Calculation Agent will use the method for calculating the Index
last in effect prior to such Market Disruption.
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In addition, if
the Calculation Agent determines that the level of the Index or any
Settlement Price that must be used to determine the Final Index Level or
Early Index Level, as applicable, is not available on the Determination Date
or the Early Determination Date, as the case may be, for any other reason,
except as described under Discontinuance or Modification of the Basic
Index or the Index in the prospectus supplement, then the Calculation Agent
will determine the Final Index Level or Early Index Level, as applicable,
based on its assessment, made in its sole discretion, of the level of the
Index or any relevant Settlement Price on such applicable day.
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Market Disruption Event:
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Market Disruption Event with respect to an Index Underlier
means the occurrence on any given Trading Day of any one or more of the
following circumstances:
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(i) A
material limitation, suspension, or disruption of trading in such Index
Underlier which results in a failure by the exchange on which such Index
Underlier is traded to report a Settlement Price for such Index Underlier on
such Trading Day,
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(ii) The
Settlement Price for such Index Underlier is a limit price, which means
that the Settlement Price for such Index Underlier on such Trading Day has
increased or decreased from the previous days Settlement Price by the
maximum amount permitted under applicable exchange rules, or
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(iii) Failure
by the applicable exchange or other price source to announce or publish the
Settlement Price for such Index Underlier on such Trading Day.
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(iv) Trading
in an Index Underlier on the applicable trading facility is suspended or
interrupted prior to the time at which it is scheduled to close, and trading
in such Index Underlier does not resume at least 10 minutes prior to the
scheduled closing time and in the event trading does resume at least 10
minutes prior to the scheduled closing time, trading in such Index Underlier
on the applicable trading facility does not continue for the entire period
until such scheduled closing time..
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Settlement
Price means the official settlement price of an Index Underlier as published
by the exchange or trading facility on which it is traded.
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Trading
Day:
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means a day when
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1)
The Basic Index Sponsor is open for
business and the S&P DTI TR is calculated and published by the Basic
Index Sponsor;
2)
The Calculation Agent in London is open
for business;
3)
Goldman, Sachs & Co. in New
York is open for business and calculates and published the Index; and
4)
All exchanges on which Index Underliers
are traded are open for trading.
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London
Banking Days:
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Any day on which
dealings in deposits in United States dollars are transacted in the London
interbank market.
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No
Listing:
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The notes will
not be listed on any securities exchange or interdealer market quotation
system.
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Calculation
Agent:
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Goldman Sachs
International
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Business Days:
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London & New York
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10
Business
Day Convention:
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Modified
Following (Unadjusted)
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Dealer:
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Goldman, Sachs & Co.
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All
material herein, including the summarized Terms and Conditions of the Notes, is
for discussion purposes only.
Investment
Considerations
An investment in the notes involves significant
risks. These risks are explained in more
detail in the prospectus for the notes, including any applicable prospectus
supplement, which will be made available to prospective investors upon an
offering of the notes. In particular,
you should note that the principal of the notes is not protected.
Disclaimers
Standard & Poors® and S&P®,
are trademarks of The McGraw-Hill Companies, Inc. DTI is a trademark of
Alpha Technologies LLC. These marks
have been licensed for use by Goldman Sachs & Co. The note(s) is/are
not sponsored, endorsed, sold or promoted by Alpha Financial Technologies, LLC
or Standard & Poors and Alpha Financial Technologies, LLC and
Standard & Poors make no representation regarding the advisability of
investing in the note(s).
The issuer has filed a registration
statement (including a prospectus) with the SEC for the offering to which this
communication relates. Before you
invest, you should read the prospectus 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 if you request it by calling toll-free 1-866-471-2526.
This material has been prepared by Goldman, Sachs &
Co. This material contains indicative
terms only and describes a note which may not be suitable for all
investors. This material is for
discussion purposes only. Final terms
and conditions are subject to further discussion and negotiation and are subject
to market movements. These indicative
terms cannot be relied upon as a representation that a transaction could have
been or can be effected on the terms stated.
You agree that you will not offer, sell or deliver any
of the notes in any jurisdiction except under circumstances that will result in
compliance with the applicable laws thereof, and that you will take at your own
expense whatever action is required to permit your purchase and resale of the
notes. You understand that no action has
been taken by Goldman, Sachs & Co. to permit a public offering in all
jurisdictions.
The value or quoted price of your notes at any time
will reflect many factors and cannot be predicted. If Goldman, Sachs & Co. makes a
market in the notes, the price quoted by Goldman, Sachs & Co. would
reflect any changes in market conditions and other relevant factors, and the
quoted price (and the value of your notes that Goldman, Sachs & Co.
will use for account statements or otherwise) could be higher or lower than the
original issue price, and may be higher or lower than the value of your notes
as determined by reference to pricing models used by Goldman, Sachs &
Co.
11
If at any time a third party dealer quotes a price to
purchase your notes or otherwise values your notes, that price may be significantly
different (higher or lower) than any price quoted by Goldman Sachs &
Co. Furthermore, if you sell your notes,
you will likely be charged a commission for secondary market transactions, or
the price will likely reflect a dealer discount. If you purchase the notes within your
investment advisory account, you will pay a fee in addition to the spread
included in the notes. Please be aware
that participation in any upside in the notes will be reduced by the amount of
the fee that you pay on an annual basis.
If you sell your notes prior to maturity, the amount
that you will realize in sale proceeds is not guaranteed and may be less than
the face amount. Even if you hold onto
the notes until maturity, you are not guaranteed the face amount because the
issuer of the notes may default upon its obligations, either through bankruptcy
or any other event; you remain exposed to the credit risk of the issuer,
subject to any available guarantee. No
liability is assumed by Goldman, Sachs & Co. for the non-performance
of the issuer. Please note that there is
no public secondary market for the notes and that no assurance can be given as
to the liquidity of any trading market for the notes and that it is unlikely
that a trading market for the notes will develop. Although Goldman, Sachs & Co. may
from time to time make a market in the notes, neither Goldman, Sachs &
Co. nor any affiliate is under any obligation to do so and market making may be
discontinued at any time. Accordingly,
you must be prepared to hold the notes until maturity. The issuer reserves the right to increase the
size of the issue at any time.
Future returns are not guaranteed. Goldman, Sachs & Co. does not make
any representations as to the future performance of the notes either in
absolute terms or relative to competing investments. The price and value of the notes may go down
as well as up and investors may realize losses on the notes. We, or persons involved in the preparation or
issuance of this material, may from time to time have long or short positions
in, buy or sell (on a principal basis or otherwise), and act as market makers
in, the securities, commodities, futures, options or any other derivative or
instrument identical or related to those mentioned herein (together, investments),
and hedging activities by Goldman, Sachs & Co. relating to the notes
may affect the price of such investments and the value of the notes. In addition, we or persons involved in the
preparation or issuance of this material may serve as a director of a company
or companies mentioned herein and we may have served as manager or co-manager
of a public offering of securities by any such company within the past three
years. Goldman, Sachs & Co.
may, by virtue of its status as a director, underwriter, advisor or otherwise,
possess or have access to non publicly available information relating to the
underlying instrument(s) or the issuer(s) thereof and it shall be
under no obligation to disclose such status or any public or non public
information. In addition, this material
does not provide information about the issuer or the underlying. Accordingly this material may not contain all
information which would be material to the evaluation of the merits and risks
of purchasing the notes. Further
information on the notes may be obtained upon request.
Goldman, Sachs & Co. does not provide
accounting, tax or legal advice. In
particular, Goldman, Sachs & Co. does not make any representations as
to the appropriate accounting treatment or possible tax consequences of investing
in the notes. You should obtain your own
independent accounting, tax and legal advice prior to making your investment
decision. Unless we have expressly
agreed in writing to act as your adviser with respect to the notes, (i) we
are acting in the capacity of an arms-length contractual counterparty in
connection with the notes and not as your investment adviser or fiduciary, and (ii) you
should consult your own professional investment advisor to ascertain the
suitability of the notes as an investment, including such independent
investigation and analysis regarding the risks, security arrangements and
cash-flows associated with the notes as you deem appropriate to evaluate the
merits and risks of an investment in the notes, prior to making your investment
decision. This material is not intended
to be used as a general guide to investing, or as a source of any specific
investment recommendations, and makes no implied or express recommendations
concerning the manner in which any clients
12
account should or would be handled, as appropriate
investment strategies depend upon the clients investment objectives.
Goldman, Sachs & Co. agrees that, subject to
applicable law, any and all aspects of this material that are necessary to
support any U.S. federal income tax benefits may be disclosed by a recipient of
this information without Goldman, Sachs & Co. imposing any limitation
of any kind.
13
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