Swedish Export Credit’s Inaugural $500 Million Green Bond Offering

Cleary Gottlieb acted as transaction counsel in Swedish Export Credit Corporation’s (“SEK”) inaugural issuance of Green Bonds, an SEC-registered offering of $500 million aggregate principal amount of 1.875% notes due 2020. In accordance with SEK’s Green Bond Framework, which follows and expands upon the internationally agreed Green Bond Principles, the net proceeds from the sale of the notes will be used solely to fund projects which promote the transition to low-carbon and climate resilient growth. The offering was underwritten by a syndicate including BofA Merrill Lynch, Credit Agricole CIB, HSBC, and SEB and closed on June 23, 2015.

During the term of the Green Bonds, SEK expects to provide information on the projects being financed by the proceeds, as well as annual newsletters, on its website, as well as filing with the SEC its external auditors’ semi-annual review of the dedicated subaccount to which the proceeds have been allocated.

SEK is a public stock corporation wholly owned by the Kingdom of Sweden through the Ministry of Finance. SEK was founded in 1962 in order to strengthen the competitiveness of the Swedish export industry by meeting a need for long-term credits for both exporters and their foreign customers. SEK’s objective is to engage in financing activities in accordance with the Swedish Banking and Financing Business Act and, in connection therewith, to promote the development of Swedish commerce and industry, as well as otherwise engaging in Swedish and international financing activities on commercial terms.