AXF AB Svensk Ekport

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Dated September 2, 2009

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

Aktiebolaget Svensk Exportkredit
Swedish Export Credit Corporation

(Translation of Registrant’s Name into English)

Västra Trädgårdsgatan 11 B
Stockholm
Sweden

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   N/A

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   N/A

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

The Registrant hereby incorporates all parts of this Report on Form 6-K by reference in Registration Statement no. 333-131369 filed by the Registrant with the Securities and Exchange Commission on Form F-3ASR under the Securities Act of 1933.

This Report comprises the following:

1.  Registrant’s Interim Report for the second quarter of 2009.

2.  Reconciliation of Core Earnings to Operating Profit for the six months ended June 30, 2009 and 2008 (attached as Exhibit 99.1 herto).

3.  Table of unaudited consolidated capitalization of the Registrant at June 30, 2009 (attached as Exhibit 99.2 herto).

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SIGNATURE

                Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: September 2, 2009

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SEK: Interim Report 2

Record-high lending volumes in the first six months

First six month of 2009

·                   The volume of new customer financing amounted to Skr 58.3 billion (1H08: Skr 30.8 billion)

·                   The volume of outstanding offers for new credits amounted to Skr 72.5 billion (Y-e: Skr 27.4 billion)

·                   New borrowing amounted to Skr 48.4 billion (1H08: Skr 51.8 billion)

·                   Operating profit (IFRS) for the first half-year, including impairments, amounted to Skr 1,355.8 million (1H08: Skr 413.3 million)

·                   Adjusted operating profit (Core Earnings) for the first half-year, including impairments, amounted to Skr 918.0 million (1H08: Skr 381.2 million)

Second quarter of 2009

·                   Operating profit (IFRS) for the second quarter, including impairments, amounted to Skr 988.2 million (2Q08: Skr 299.0 million)

·                   Adjusted operating profit (Core Earnings) for the second quarter, including impairments, amounted to Skr 440.3 million (2Q08: Skr 247.9 million)

for 2008, is available at www.sek.se
Economic information for the remainder of 2009:
November 30  Interim Report January-September

SEK’s assignment

The mission of the Swedish Export Credit Corporation (SEK) is to secure access to financial solutions for export and infrastructure on market terms.  SEK encourages the development of Swedish industry and engages in financial activities both at home and abroad. SEK was founded in 1962 and is owned by the Swedish state.

Financial Highlights

(a) See Note 1.

Information regarding the calculation of the measures presented in the Financial Highlights is provided in the notes on the last page of the main body of this report below.

Unless otherwise indicated, amounts in this report are in millions (mn) of Swedish krona (Skr), abbreviated “Skr mn” and relates to the Consolidated Group. The international code for the Swedish currency, SEK, is not used in this report in order to avoid confusion with the same three-letter abbreviation, which has been used to denote AB Svensk Exportkredit since the company was founded in 1962.

Unless otherwise indicated, in matters concerning positions amounts refer to those as at June 30 or December 31, as the case may be, and in matters of flows, amounts refer to the three or six-month period ended on June 30 or to twelve-month period which ended on December 31, as the case may be. Amounts within parentheses refer to the same date, in matters concerning positions, and the same period, in matters of flows, of the preceding year. AB Svensk Exportkredit (SEK), Swedish corporate identity number 556084-0315, with its registered office in Stockholm, Sweden, is a public company as defined in the Swedish Companies Act. In some instances, a public company is obligated to add “(publ.)” to its company name.

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Statement by the President

Financing for the benefit of Swedish exporters

Demand for long-term financing continued at a record-high level in the second quarter. SEK’s role as a secure provider of long-term financing for Sweden’s export industry has been key to the business of many Swedish exporters. This enables us to be of great benefit in maintaining the Swedish export industries international competitiveness and sustaining the flow of export deals. SEK’s lending volumes have never been so high. The volume of new customer financing amounted to Skr 58.3 billion in the first half of the year and the outstanding volume of offers increased by Skr 45.1 billion to Skr 72.5 billion. SEK’s well-functioning funding operations and the strengthening of our lending capacity that the Swedish parliament and government established at the end of 2008 have enabled us to meet the significant increase in demand.

The high lending volumes also show how important it is that the export industry has access to a stable financial institution like SEK due to the industry’s significance for the Swedish economy. It is primarily during turbulent times that reliable access to financing solutions becomes an important competitive advantage that can really make the difference for a company or an entire industry.

During the first six months of 2009 the state credit system, known as the CIRR system, has been very important for Swedish exporters as it provides exporters’ customers with access to credits. The difficult market situation has made the CIRR system advantageous for exporters, and the system has consequently made a strong contribution to the success of Swedish exports.

The great benefit that we are providing for Swedish exports, our record-high lending volumes and our successful borrowing are all contributing to SEK’s very good performance. Operating profit (IFRS) amounted to Skr 1,355.8 million for the first six months of the year, an increase of Skr 942.5 million over the same period in 2008. Adjusted operating profit (Core Earnings) amounted to Skr 918.0 million, compared with Skr 381.2 million for the first half of 2008. The increased capital, and the resulting increase in lending capacity, that SEK received at the end of 2008 has quickly shown a good return.

Peter Yngwe
President

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Numerous transactions and high lending volumes

Demand for long-term financing from the Swedish export industry remains very strong and SEK is now one of the most important providers of financing for Swedish exports . The volume of new customer financing during the first six months of 2009 increased by 89 percent compared to the first half of 2008.

In the first half of 2009 SEK carried out a large number of transactions, and lending volumes increased significantly. The volume of new customer financing during the first six months of the year amounted to Skr 58.3 billion, which is Skr 27.5 billion more than in the same period of 2008 and SEK’s highest ever level for a half-year period. In addition, transactions for the period had slightly longer maturities than for the same period in 2008. The volume of new customer financing in the second quarter increased by 168 percent compared with the second quarter of 2008. The high volumes were mainly due to lending to the Swedish corporate sector and its customers. The volume of committed but undisbursed export credits amounted to Skr 202.4 billion at the end of the period, compared with Skr 180.1 billion at the same point in 2008.

The total volume of outstanding offers for export credits amounted to Skr 72.5 billion at the end of the period, an increase of 165 percent compared with year-end 2008.

Demand for export credits remains very strong. Together with Swedish and international commercial banks acting as arrangers, SEK has financed a significant amount of transactions for the Swedish export industry during the period. Our borrowers are located throughout the world, for example in Chile, Costa Rica, Italy, Mexico, Ukraine, Turkey, Sri Lanka, Mozambique, Russia, the Philippines and Pakistan. SEK is now the single most important provider of Swedish export credits.

SEK Customer Finance, which offers companies solutions for end-customer financing, signed a customer financing agreement with medical technology company Elekta during the period. The agreement means that SEK Customer Finance will provide Elekta with a cost-effective customer financing platform.

SEK is an important financial partner for Ericsson. In June SEK signed a loan agreement for USD 625 million with Ericsson. The loan was largely guaranteed by EKN, the Swedish Export Credits Guarantee Board.

New customer financing (Skr billion)

(1) Of which Skr 4.0 billion (1.5) has not yet been disbursed.

(2) Principally short-term financing to Swedish municipalities, among other things as an alternative to short-term liquidity placement.

New customer financing by sector

(excluding syndicated customer transactions)

New customer financing

Long-term loans (Skr billion)

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High volumes provide security for Swedish exports

Owing to its highly active funding operations, during the first half of the year, SEK maintained its high volumes of borrowing, which is necessary for SEK to provide Swedish exporters with an optimal offering of attractive financial solutions.

In the first half of this year SEK carried out a total of 333 funding transactions, and the volume of new borrowing amounted to Skr 48.4 billion. Although this was Skr 3.4 billion less than for the same period in 2008, it was still a very high volume in view of the major turmoil and liquidity crisis in the capital markets from autumn 2008 onwards. The volume for the second quarter amounted to Skr 31.9 billion, which was an increase of Skr 9.1 billion on the second quarter of 2008. In view of the pressured market situation, the volumes of borrowing are very high and provide SEK with good opportunities to meet Swedish industry’s need for long-term financing.

SEK’s largest and most important market for borrowing in the first half of the year was the European debt capital market. European debt capital market accounted for 44 percent of SEK’s total new borrowing.

In May SEK issued a EUR 1.25 billion five-year fixed rate public benchmark bond, which is SEK’s largest ever bond in terms of volume. The bond was received very positively and was subscribed by investors from various parts of the world.

This spring SEK was one of only six foreign institutions that were able to issue bonds on the Thai market. During the period SEK successfully issued two bonds totaling Thai baht 4 billion. The two bonds each amounted to 2 billion baht, with maturities of three and five years, respectively .

The high volumes of borrowing also mean that the Skr 100 billion loan facility with which the government provided SEK at the start of 2009 has not yet been used, but instead continues to provide an untapped reserve ready to be utilized if the market situation deteriorates significantly.

New borrowing
Long-term borrowing (Skr billion)

Markets, first half-year 2009

Products, first half-year 2009

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Comments to the consolidated financial accounts

Income statement and performance measurement

SEK discloses both operating profit (IFRS) and adjusted operating profit (“Core Earnings”), which excludes from operating profit as calculated under IFRS that portion of our net results of financial transactions that arises from changes in the fair value of financial assets (other than held-for-trading securities), financial liabilities and related derivatives.

SEK considers the adjusted operating profit (Core Earnings) to be a supplement to operating profit (IFRS) because Core Earnings reflects the economic effects of SEK’s business, due to the fact that the operating profit (IFRS) requires SEK to mark-to-market positions even though they are economically hedged or SEK has the intention and ability to hold the asset or liability to maturity. Core Earnings does not reflect the mark-to-market valuation effects.

Performance measurement and return on equity

(a)  See Note 1.

Second quarter 2009

For the second quarter SEK reported an operating profit (IFRS) amounting to Skr 988.2 million. For the corresponding quarter of the previous year, operating income (IFRS) amounted to Skr 299.0 million. The increase is primarily attributable to net results from financial transactions. The increase in net results from financial transactions was mainly due to unrealized change in the value of assets and liabilities recorded at fair value. In particular, during the second quarter credit spread changes on assets at fair value primarily contributed to the reported positive result.

The adjusted operating profit (Core Earnings) for the second quarter amounted to Skr 440.3 million (2Q08: Skr 247.9 million), an increase of 78 percent compared to second quarter of the previous year. The increase was mainly attributable to improved net interest income. N et interest revenues increased by Skr 180.0 million or 53 percent compared with the corresponding quarter of 2008. A combination of margin improvement and increased transaction volume contributed to this.

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January-June 2009

Operating profit (IFRS)

Operating profit (IFRS) amounted to Skr 1,355.8 million (1H08: Skr 413.3 million), an increase of 228 percent. The difference between operating profit (IFRS) and adjusted operating profit (Core Earnings) is equal to the adjustment in fair value according to IFRS described below. The increase in operating profit (IFRS) was mainly due to an increase in net interest revenues related primarily to improved margins but also higher outstanding business volume.

Market valuation effects according to IFRS

Market valuation effects included in the calculation of operating profit (IFRS) amounted to Skr 437.8 million (1H08: Skr -32.1 million). Market valuation effects during the first half-year were mainly related to unrealized changes arising from currency related derivatives contracts that exchange USD to EUR, credit spreads changes on assets, liabilities and derivative contracts that are valued including credit spreads and  valuation effects due to the decline in short-term interest rates (mainly EUR rates) over the period.

Adjusted operating profit (Core Earnings)

Core Earnings amounted to Skr 918.0 million (1H08: Skr 381.2 million), an increase of 141 percent. The increase in Core Earnings was mainly related to the increase in net interest revenues of Skr 525.6 million, which related primarily to improved margins but also higher business volumes. It also reflected an increase in realized gains on SEK’s repurchase of its own debt bonds. Impairment losses included in the half-year result equaled Skr 201.5 million and are described in more detail below (1H08: Skr 0.0 million).

Net profit for the period (after tax)

Net profit for the period (after tax) amounted to Skr 996.4 million (1H08: Skr 291.9 million).

Net interest revenues

Net interest revenues totaled Skr 1,090.2 million (1H08: Skr 564.6 million), an increase of 93 percent. The increase was mainly due to increased average margins but also reflected increased volumes, primarily in the credit portfolio.

The average margin on debt-financed assets amounted to 0.57 percent (1H08: 0.36 percent), an increase of 58 percent. The increase in margin was primarily due to SEK’s strong position in the midst of generally turbulent market conditions, particularly because SEK has had access to borrowing in USD. It depends on SEK’s policy diversifying its borrowing on many markets and in many currencies. The result is that SEK has recorded higher margins than before the financial crisis started on the USD-denominated financing that is alternated through derivative contracts to EUR and placed in EUR-denominated assets. The increase in margins is also a result of higher risk premiums on new loans disbursed in 2008 and 2009.

The average volume of debt-financed assets amounted to Skr 314 billion in the first half of the year (1H08: Skr 254 billion), an increase of 24 percent. The increase occurred mainly in the credit portfolio due to increased demand for credits to export companies.The liquidity portfolio also increased slightly in volume.

Net results of financial transactions

The net results of financial transactions totaled Skr 679.8 million (1H08: Skr 17.9 million). The significantly improvement in the net result was due to the effects of changes in value of the translation of assets and liabilities at fair value amounting to Skr 437.8 million (1H08: Skr -32.1 million). Market valuation effects during the first half-year were mainly related to unrealized changes arising from currency related derivative contracts that exchange USD to EUR, credit spreads changes on assets, liabilities and derivative contracts that are valued including credit spreads and valuation effects due to the decline in short-term interest rates (mainly EUR rates) over the period. Furthermore, increased realized gains on the repurchased debt amounted to Skr 219.5 million (1H08: Skr 22.3 million).

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Other

Administrative expenses totaled Skr 211.1 million (1H08: Skr 165.0 million). The increase reflects increased costs related to new regulations, expanded business activities and the acquisition of Venantius. Administrative expenses include an accrual for the estimated cost of the employee incentive system of Skr 10.2 million (1H08: Skr 10.2 million). The employee incentive system is based on the developments in the adjusted operating profit(-Core Earnings).

Impairment of financial assets has been recorded in the net amount of Skr 201.5 million (1H08: Skr 0.0 million) during the first half-year. The write-down relates mainly to an additional provision for the Company’s exposures to Glitnir Bank of Skr 70.1 million, an increased provision of Skr 79.0 million related to two CDOs, and provisions of Skr 85.6 million due to deterioration of credit quality that is not linked to a specific counterparty. See Note 3.

Restatement of 2008 results

As previously disclosed, SEK has restated its consolidated and parent company IFRS financial statements for 2008 in order to correct certain technical errors in the marking to market of derivative positions, assets and liabilities required to be reported at fair value.  F or additional information, see Note 1. This restatement affects the comparative figures for 2008 presented in this interim report, and will affect such figures presented in the nine-month interim report to be released later this year.

For the period January 1 to March 31, 2008, operating profit (IFRS) has been restated from Skr 161.6 million (as reported in the interim report published May 5, 2008) to Skr 114.3 million. For the period January 1 to June 30, 2008, operating profit (IFRS) has been restated from Skr 466.3 million (as reported in the interim report published August 15, 2008) to Skr 413.3 million. For the period January 1 to September 30 2008, operating profit (IFRS) has been restated from Skr 556.8 million (as reported in the interim report published October 31, 2008) to Skr 376.8 million. For the period January 1 to December 31, 2008, operating profit (IFRS) has been restated from Skr 167.7 million (as reported in the press release published February 20, 2009) to Skr 185.2 million (as reported in the annual report published April 30, 2009).

Balance sheet
Total assets and liquidity
SEK’s hedging relationships are expected to be highly effective in offsetting changes in fair values attributable to hedged risks. The gross value of certain balance sheet items primarily derivatives and senior securities issued, which effectively hedge each other, require complex judgments regarding what is the most appropriate valuation technique, assumptions and estimates. If different valuation models or assumptions were used, or if assumptions change, this could produce different valuation results. Excluding the impact on valuation of spreads on SEK’s own debt (which can be significant), such changes in fair value would generally be offsetting with little impact on the value of net assets. See Note 6 and 7.

SEK’s total assets totaled Skr 367.4 billion at period-end (Y-e: Skr 370.0 billion), a decrease of 1 percent. The decrease is attributable to the liquidity portfolio and derivatives while the credit portfolio increased (see notes 5 and 7).

The total amount of credits outstanding and credits committed though not yet disbursed was Skr 202.4 billion at period-end (Y-e: Skr 180.1 billion), which was an increase of 12 percent. Of such amount, Skr 179.6 billion (Y-e: Skr 158.7 billion) represented credits outstanding, an increase of 13 percent. Of credits outstanding, Skr 10.5 billion (Y-e: Skr 10.1 billion) represented credits in the S-system.

The aggregate amount of outstanding offers for new credits totaled Skr 72.5 billion (Y-e: Skr 27.4 billion) an increase of 165 percent. Of the aggregate amount of outstanding offers Skr 66.0 billion (12/31/2008: Skr 21.2 billion) is related to the S-system. The increase in the volume of outstanding offers is due to attractive CIRR (Commercial Interest Reference Rate) interest rates in the current market situation, and the fact that the demand for export credit has increased in total because of the difficulty for companies to receive funding from Swedish and foreign banks.

There were no major shifts in the breakdown of SEK’s counterparty risk exposures. Of the total risk exposure, 53 percent (Year-end: 59 percent) was against financial institutions and asset-backed securities; 29 percent (Y-e: 25 percent) was against central governments and government export credit agencies; 7 percent (Y-e: 6 percent)

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was against local and regional authorities; and 11 percent (Y-e: 10 percent) was against corporates. SEK’s exposures to derivative counterparties are very limited compared with the volume of derivatives shown as assets since most derivatives are subject to collateral agreements.

For additional information, see the table Counterparty Risk Exposures below.

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Liabilities and equity
As of June 30, 2009, the aggregate volume of funds borrowed and shareholders’ funds exceeded the aggregate volume of credits outstanding and credits committed though not yet disbursed at all maturities. Accordingly, all credit commitments were funded through maturity.

Changes in fair value to other comprehensive income

Changes in fair value not reported in the income statement but through other comprehensive income amounted to Skr 498.5 million (1H08: Skr -104.9 million) after tax, of which Skr 499.6 million (1H08: Skr -23.2 million) was related to available-for-sale securities and Skr -1.1 million (1H08: Skr -81.7 million) was related to derivatives in cashflow hedges. The change in fair value of the shares in Swedbank held by SEK (a change of Skr 470.7 million after tax) is included in the changes in fair value in assets-available-for-sale. As of March, 2009, in connection with the settlement of a claim against Sparbanksstiftelsernas Förvaltnings AB (“SFAB”), SEK came to an agreement with SFAB by which SEK assumed ownership of such shares in Swedbank AB, which represent approximately 3.3 percent of Swedbank’s total share capital and votes. As of June, 2009, SEK had received a claim from SFAB challenging the agreement. The claim has been rejected by SEK.

Capital Adequacy
The capital adequacy ratio calculated according to Basel-II, Pillar 1, at June 30 2009, was 22.4 percent before taking into account  the effects of certain transitional rules (Y-e: 21.4 percent). After taking into account the effects of the transitional rules the capital adequacy ratio at June 30, 2009 was 18.9 percent (Y-e: 15.5 percent), of which the Tier-1-ratio was 17.4 percent (Y-e: 14.8 percent). Minimum capital requirements in accordance with Basel II, pillar I stipulates that the capital adequacy ratio is not less than eight percent, of which Tier-1-ratio is not less than four percent. For additional information, see the section Capital adequacy and counterparty risk exposures and Note 12 below.

Post-balance sheet events
SEK has decided to take part in Swedbank AB’s new share issue. SEK already owns 25,520,000 shares in Swedbank which represent 3.3 percent of the share capital in Swedbank AB. The decision means that SEK intends to claim it’s pro rata share in the new share issue.

The rating agency Standard & Poor’s has further developed its methodology regarding state owned financial institutions with a certain public role. As a consequence of this Standard & Poor’s has, on July 7, 2009, announced that the rating of SEK (and other institutions which are comprised by the same methodology) will be reconsidered. Until the reconsideration has been finalized the rating is subject to Credit Watch.

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Consolidated income statement ( unaudited)

(a) See Note 1.

Consolidated statement of comprehensive income ( unaudited)

(a) See Note 1.

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Consolidated balance sheet ( unaudited)

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Consolidated statement of changes in equity ( unaudited)

Consolidated group

Consolidated group

Consolidated group

(1) 2,579,394 A-shares and 1,410,606 B-shares having a par value of Skr 1,000 each, following a capital increase in late 2008. Before the capital increase, the number of A-shares was 640,000 and the number of B-shares was 350,000. The new share capital amounting to Skr 3,000 million was paid to the Company on December 18, 2008. On January 26, 2009 the Swedish Financial Supervisory Authority approved the change in share capital and the new number of shares. On February 4, 2009 the new issue has been registered at the Swedish Companies Registration Office.

The Government has established a guarantee fund of callable capital, amounting to Skr 600 million in favour of SEK. SEK may call on capital under the guarantee if SEK finds it necessary in order to be able to fulfill its obligations.

(2) See Note 1.

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Consolidated statement of cash flows, summary ( unaudited)

(1) See Note 1.

(2) Cash at banks represents amounts that immediately can be converted into cash. Cash equivalents represents short term, liquid instruments where the amount is known in advance. Cash and cash equivalents is included in the balance sheet in Credits to credit institutions.

Capital adequacy and counterparty risk exposures

The capital adequacy ratio of SEK as a consolidated financial entity, calculated according to Basel II, Pillar 1, as of June 30, 2009 was 22.4 percent (December 31, 2008: 21,4 percent) before taking into account the effects of transitional rules (see Note 12 below). Taking such rules into account, the capital adequacy ratio of SEK as a consolidated financial entity as of June 30, 2009 was 18.9 percent (December 31, 2008: 15.5 percent). The Tier-1-ratio as of June 30, 2009 was 17.4 percent (December 31, 2008: 14.8 percent). For SEK, the legal, formal capital requirement is expected to decrease continuously, since the new capital adequacy regulations better reflect the low risk in SEK’s credit portfolio. The full effect of the decreased capital requirement will not be reached until year 2010.

For further information on capital adequacy, risks and the transition to Basel-II, see Note 12 in this report and the Risk section of SEK’s Annual Report 2008. The risk situation as a whole is unchanged from the description contained in the Annual Report.

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Capital Requirement in Accordance with Pillar I

(1) The item “Basel I Based Additional Requirements” is calculated in accordance with § 5 in law (2006:1372) on implementation of the new capital adequacy requirements (2006:1371).

Capital Base

(2) Total Capital Base, including expected loss surplus in accordance with IRB calculation. The Capital Base includes net profit for the period less expected dividend related to the said period.

(3) The adjusted capital adequacy ratios are calculated with the inclusion in the capital base of SEK’s state provided guarantee, amounting to Skr 600 million, in addition to the legal primary-capital base.

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Capital Adequacy Analysis (Pillar I)

(4) Capital Adequacy Quota = Total Capital Base/Total Required Capital

Counterparty Risk Exposures

(Skr billion)