AQD Swedish Export Credit Accel

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Dated April 30, 2010

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 report for the first quarter of 2010.

2.  Reconciliation of Adjusted Operating Profit (Core Earnings) to Operating Profit (attached as Exhibit 99.1 herto).

3.  Table of unaudited consolidated capitalization of the Registrant at March 31, 2010 (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: April 30, 2010

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Interim Report 1

2010 SEK

Strong earnings and continued preparedness

First quarter of 2010

·                   Operating profit (IFRS) amounted to Skr 279.2 million in the first quarter (1Q09: Skr 367.6 million)

·                   Adjusted operating profit (Core Earnings) amounted to Skr 318.7 million in the first quarter (1Q09: Skr 477.7 million)

·                   The volume of new customer financing amounted to Skr 14.1 billion in the first quarter (1Q09: Skr 21.8 billion)

2010 First quarter

For the period

01/01/10 – 03/31/10

Download the report at www.sek.se

Additional information about SEK, including investor presentations and the Annual Report for 2009, is available at www.sek.se

Economic information for the remainder of 2010:

SEK’s mission

The mission of the Swedish Export Credit Corporation (SEK) is to secure access to financial solutions on a commercial basis that benefits the Swedish export economy. SEK was founded in 1962 and is owned by the Swedish state.

Financial Highlights

Financial Highlights

The notes that the footnote markers in the above table refer to are contained in Supplemental Information

Unless otherwise indicated, amounts in this report are in millions (mn) of Swedish krona (Skr), abbreviated “Skr mn” and relate 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 December 31 or March 31, as the case may be, and in matters concerning flows, amounts refer to the twelve-month period ended on December 31, or to the three-month period ended March 31, as the case may be. Amounts within parentheses refer to the same date (in matters concerning positions), or the same period (in matters concerning flows) of the preceding year. AB Svensk Exportkredit (SEK) is a Swedish corporation with the identity number 556084-0315, and with its registered office in Stockholm, Sweden. SEK is a public company as defined in the Swedish Companies Act. In some instances, under Swedish law, a public company is obligated to add “(publ.)” to its company name.

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Statement by the President

SEK remains prepared

The financial year 2009 saw significant turmoil and volatility in the world’s financial markets. It was a period that clearly showed that SEK’s task of ensuring access to long-term financing for Swedish exporters are important and, at times, vital for the Swedish export industry. In the first quarter of 2010 we have seen signs that the markets are starting to recover and that liquidity in the financial system is gradually improving.

For SEK, this means that our business volumes are now approaching more normal levels. But it is still early to conclude that the financial crisis is over. The markets are still fragile and there is a tangible risk that disturbances in the market could once again lead to financing problems for companies. If this should occur, SEK remains fully prepared to ensure, at short notice, that Swedish exporters have access to financing and are thus able to contribute to that they retain their international competitiveness.

SEK’s operating profit (IFRS) for the first quarter amounted to Skr 279.2million, which is a Skr 88.4 million decrease compared with the first quarter of 2009. Adjusted operating profit amounted to Skr 318.7 million, compared with Skr 477.7 million for the corresponding period in 2009.This decrease was primarily due to lower net interest income, partly due to slightly lower margins and costs relating to the Swedish government’s stability fund, which relate also to 2009. Although earnings were lower than in the same period of the previous year, the result nevertheless is satisfactory.

It is pleasing to note that, so far this year, SEK has carried out transactions with a number of new customers. Cooperation with Swedish and international banks are important and are a high priority. Together with the banks we are able to provide better and simpler solutions to help Swedish exporters operate in global markets. We nevertheless retain our conservative business model of low risk and high capacity for new lending. This helps make us a stable financial partner that can be relied on, even during tough times. This is the way we provide the greatest benefit for our customers.

Peter Yngwe

President

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Tentative start to the year

Demand for funding has declined slightly, while access to financing in the financial system has improved. This has resulted in a decrease in SEK’s lending volumes compared with the first quarter of 2009.

Customer financing volumes totaled Skr 14.1 billion in the first quarter, a decrease of Skr 7.7 billion compared with the corresponding period of 2009.

Lending volumes are dominated by lending to Swedish exporters, which accounted for approximately 91 percent of total volumes. While lending to SMEs via the financial sector and to Swedish infrastructure represent important parts of SEK’s business, these areas accounted for only a small share of SEK’s lending during the period.

Access to long-term financing is an important competitive advantage for Swedish exporters’ and, during the first quarter, SEK assisted with financing for a number of important export deals. For example SEK, together with Credit Agricole, arranged EUR 248 million of financing for the supply of equipment by ABB for a power transmission line in Brazil. This equipment converts alternating current to direct current, which is an efficient way to transfer energy over long distances. The project is part of a nation-wide project which, when complete, will ensure sufficient energy supplies for Brazil’s major cities, which currently face energy shortages. This credit is 95 percent covered by guarantees from EKN.

In March, the professionalism of SEK’s lending operations was underlined when five deals in which SEK had provided financing were named Deals of the Year by the sector’s leading journal, Trade Finance Magazine.

New customer financing

(Skr billion)

(1) For the promotion of financing of small and medium-sized export firms.

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

(3) Of which Skr 9.7 billion (Y-e 2009: Skr 2.4 billion) has not yet been disbursed.

New customer financing by sector

(excluding syndicated customer transactions)

New customer financing

(Skr billion)

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Structured funding during the first quarter

SEK’s funding operations have been successful and focused primarily on structured borrowing during the first quarter. SEK borrowed a total of Skr 17.4 billion, with Japan serving as a particularly successful funding market for SEK.

In the first quarter, SEK’s new borrowing amounted to Skr 17.4 billion, which was an increase of Skr 0.8 billion compared with the same period in 2009. Funding markets remain more volatile than they were before the financial crisis. SEK has therefore adapted its volumes of borrowing to be even more in line with lending volumes than before. This has meant an increase of smaller-sized transactions. SEK carried out a total of 140 transactions during the period.

SEK’s funding was dominated by structured borrowing on the Japanese private bond market. Japan accounted for about 50 percent of SEK’s total volume of borrowing. The second-largest market was the U.S., which accounted for approximately 20 percent of total new borrowing. Also there the private bond market was successful for SEK. Borrowing on European markets decreased compared with 2009, accounting for around 11 percent of total volumes in the first quarter of 2010. However, the Swiss public capital market continues to be attractive to SEK. In the first quarter of 2010, SEK issued a seven-year 150 million Swiss franc-denominated bond in that market.

SEK’s active borrowing is particularly important in times of uncertainty and volatility. The company’s strong liquidity ensures that the Swedish export industry has access to long-term financial solutions, in both good and difficult times.

New borrowing

Long-term borrowing (Skr billion)

Markets, first quarter 2010

Products, first quarter2010

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Comments to the consolidated financial accounts

Income statement and performance measurement

SEK discloses both operating profit (calculated in accordance with IFRS) and an adjusted measure of operating profit (that we refer to as our “adjusted operating profit” or “Core Earnings”). Adjusted operating profit (Core Earnings) excludes from operating profit certain market valuation effects, as calculated under IFRS.

 Core Earnings is a supplementary metric to operating profit (IFRS). Core earnings reflect the economic impact of SEK’s business due to that the operating profit (IFRS) values positions at market value which SEK have the intention and the ability to hold to maturity. Adjusted operating profit (CoreEarnings) does not reflect the mark-to-market valuation effects.

Performance measurement and return on equity

First quarter 2010

Operating profit (IFRS)

Operating profit (IFRS) for the first quarter of 2010 amounted to Skr 279.2 million which was a decrease of 24 percent compared to the same period of 2009 (1Q09: Skr 367.6 million). The decrease in operating profit compared to the same period of the previous year was mainly due to lower net interest revenues and reduced profits from the repurchase of bonds, effects which were partially offset. The decline, however, was partially compensated for by reduced provisions for possible loan losses and a decrease in unrealized losses on the revaluation of financial assets and liabilities at fair value.

Net interest revenues

Net interest revenues for the first quarter totalled Skr 414.8 million, a decrease of 27 percent from the same period last year(1Q09: Skr 571.2 million). The decrease was partly due to lower margins in the business and partly due costs related to the state’s stability fund that also covers fiscal year 2009.

Costs related to the state stability fund amounted to Skr 79.9 million (-) and concerns the statutory fee payable in accordance with the law on state aid to financial institutions. The cost includes the most part of the fiscal year 2009.

The average margin of debt-financed assets was 0.39 percent, a decrease of 36 percent (1Q09: 0.62 percent). The decrease in margin was partly due to lower margins in the business and, partly due to costs related to SEK’s access to the state’s stability fund, which also covers fiscal year 2009. Lower margins in the business were mainly attributable to the positive impact on margin that SEK experienced in 2009 as a result of being able to borrow U.S. dollars on unusually favourable terms to fund its credit and liquidity portfolio which has slowed down in 2010.

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The average amount of debt-financed assets amounted to Skr 321.3 billion during the period, an increase of 2 percent from the corresponding period of 2009 (1Q09: Skr 314.1 billion) . The average size of the credit portfolio increased compared to the same period last year due to the fact that, during 2009, SEK was one of the few sources of funding in the Swedish credit market. The average volume in the liquidity portfolio decreased compared to the same period last year.

Net results of financial transactions

The net results of financial transactions for the first quarter totaled Skr -20.4 million (1Q09: Skr 97.3 million). The decrease was due to reduced profits from the repurchase of bonds issued by SEK, which, however, were partially offset by a decrease in unrealized losses on the revaluation of financial assets and liabilities at fair value. Our repurchases of bonds were significantly higher in the first quarter last year as a result of the needs of investors during the financial crisis. The activity has since returned to more normal levels.

Personnel expenses and other expenses

Personnel expenses totaled Skr 63.1 million (1Q09: Skr 70.3 million) and other expenses totaled Skr 42.9 million (1Q09: Skr 35.8 million). Other expenses for the first quarter of 2010 did not include any accrual for the cost for the general personnel incentive system, whereas the corresponding cost last year amounted to Skr 5.1 million.

Impairment of financial assets

Impairments of financial assets amounted to Skr 7.9 million during the first quarter (1Q09: Skr 200.7 million). During the first quarter of 2010, the need for provisions for credit losses declined compared with the first quarter in 2009 when provisions were made, among other things related to Glitnir Bank, two CDO’s with impaired credit rating, and a reserve for unnamed counterparties.

Balance sheet

Total assets and liquidity

SEK’s total assets amounted to Skr 371.2 billion as of March 31, 2010 relatively unchanged from the level at year-end 2009 (Y-e 2009: Skr 371.6 billion). There were also no significant changes in either the credit portfolio or the liquidity portfolio.

The total amount of credits outstanding and credits committed though not yet disbursed was Skr 231.6 billion at period-end, which was a decrease of 0.3 percent from the 2009 year-end (Y-e 2009: Skr 232.2 billion). Of such amount, Skr 182.5 billion (Y-e 2009: Skr 185.8 billion) represented credits outstanding, a decrease of 2 percent. Of credits outstanding, Skr 17.1 billion (Y-e 2009: Skr 14.3 billion) represented credits in the S-system, (see Note 8).

The aggregate amount of outstanding offers for new credits totaled Skr 72.5 billion as of March 31, 2010 (Y-e 2009: Skr 84.5 billion), a decrease of 14 percent. Of the aggregate amount of outstanding offers Skr 62.5 billion (Y-e 2009: Skr 77.5 billion) was related to the S-system. The decrease in the volume of outstanding offers was due to less attractive CIRR (Commercial Interest Reference Rate) interest rates, and the fact that the aggregate demand for export credits has decreased because of better opportunities for companies to get funding from Swedish and foreign banks.

There were no major shifts in the composition of SEK’s total risk exposures. Of the total risk exposure at March 31, 2010, 44 percent (Y-e 2009: 44 percent) was to financial institutions and asset-backed securities; 41 percent (Y-e 2009: 40 percent) was to central governments and government export credit agencies; 6 percent (Y-e 2009: 6 percent) was to local and regional authorities; and 9 percent (Y-e 2009: 10 percent) was against corporates. SEK’s exposure to derivative counterparties is significantly 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.

SEK’s hedging relationships are expected to be highly effective in offsetting changes in fair values attributable to hedged risks. The gross values of certain balance sheet items, which effectively hedge each other (primarily derivatives and senior securities issued by SEK), require complex judgments regarding the most appropriate valuation techniques, assumptions and estimates. If different valuation models or assumptions were used, or if assumptions changed, this could produce different valuation results. Excluding the impact on valuation of

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spreads on SEK’s own debt (which can be significant), such changes in fair value would generally offset each other; with little impact on the value of net assets (see Notes 6 and 7).

Liabilities and equity

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 in other comprehensive income

Changes in fair value reported through other comprehensive income amounted to Skr 112.3 million (1Q09: Skr 233.4 million) after tax, of which Skr 81.5 million (1Q09: Skr 163.7 million) was related to available-for-sale securities and Skr 30.8 million (1Q09: Skr 69.7 million) was related to derivatives in cash flow hedges. The change in fair value of the shares in Swedbank held by SEK a change of Skr 68.2 million after tax (1Q09: Skr 148.7 million) is included in the changes in fair value in the available-for-sale assets. 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 25,520,000 shares in Swedbank AB representing approximately 3.3 percent of Swedbank’s total share capital and votes. On June 16, 2009 SEK received a claim from SFAB challenging the agreement related to the transfer of ownership in shares of Swedbank AB, which claim has been rejected by SEK. SEK has taken part in the new issue of shares in Swedbank AB. Payment for shares of SKr 497.6 million has been paid the 6 October 2009. SEK’s holding in Swedbank AB remains at 3.3 percent and the number of shares amounts to 38,280,000 for participation in the rights issue. On October 26, 2009, SEK received an additional claim from SFAB relating to the value of SEK’s entire current stake in Swedbank (38,280,000 shares), including market valuation changes. These shares had an acquisition cost of Skr 997.6 million and have a book value of Skr 2,802.6 million, which corresponds to the fair value. The additional claim does not affect SEK’s previous conclusion that SFAB has no valid claim, and, therefore, it has been rejected.  On November 11, 2009, SFAB announced that it had initiated arbitration proceedings. On March 1, 2010, SFAB submitted a statement of claim against SEK at the Arbitration Institute of the Stockholm Chamber of Commerce. On March 5, 2010, SFAB also submitted an application for summons against SEK in the said dispute to the City Court of Stockholm. SEK still considers that SFAB’s demands are unfounded and has therefore not made any financial provisions in respect of any of the actions taken by SFAB as described above.

Capital Adequacy

The capital adequacy ratio calculated according to Basel-II, Pillar 1, at March 31, 2010, was 20.1 percent (Y-e 2009: 19.8 percent) before taking into account the effects of certain transitional rules after taking into account the effects of these transitional rules the capital adequacy ratio at March 31, 2010 was 19.8 percent (Y-e 2009: 18.7 percent), of which the Tier-1-ratio was 18.9 percent (Y-e 2009: 17.9 percent). Basel II, Pillar I stipulates that the capital adequacy ratio must not be less than 8 percent, of which the Tier-1-ratio must not be less than 4 percent. For additional information, see the section Capital adequacy and counterparty risk exposures and Note 11 below.

Post-balance sheet events

At SEK’s Annual General Meeting held on April 29, 2010, it was decided, among other things, to approve of the proposal from the Board of Directors and the President to pay a dividend to the sole shareholder (the Swedish state) of Skr 518.0 million .  Furthermore, Jan Belfrage was elected as a new Board member.

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Consolidated Income Statements (unaudited)

Consolidated Statements of Comprehensive Income (unaudited)

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Consolidated Balance Sheets (unaudited)

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Consolidated Statement of Changes in Equity (unaudited)

(1) 2,579,394 A-shares and 1,410,606 B-shares, with each A-share and each B-share having a par value of Skr 1,000.  At the Annual General Meeting April 29, 2010, the Articles of Association was changed so that the division of the company’s shares into A-shares and B-shares was abolished.

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.

Consolidated Statements of Cash Flows, Summary (unaudited)

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(1) Liquid assets refer to cash, cash equivalents and short-term investments where the amount is known in advance and where time to maturity not exceeding three months. According to Note 5, total deposits and current accounts in the Group amounts to Skr 21,747.9 million (Y-e 2009: 18,736.5), of which Skr 637.2 million (Y-e 2009: 1,100.0) is intended for longer duration than three months. Cash and cash equivalents are included in the balance sheet under the item Loans and advances to credit institutions.

Capital adequacy and counterparty risk exposures

Capital requirements

The capital adequacy ratio of SEK as a consolidated financial entity, calculated according to Basel II, Pillar 1, as of March 31, 2010 was 20.1 percent (Y-e 2009: 19.8 percent) before taking into account the effects of transitional rules (see below). Taking such rules into account, the capital adequacy ratio of SEK as a consolidated financial entity as of March 31, 2010 was19.8 percent (Y-e 2009: 18.7 percent). The Tier-1-ratio as of March 31, 2010 was 18.9 percent (Y-e 2009: 17.9 percent). For SEK, the legal, formal capital requirement is expected to decrease, since 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 2012.

For further information on capital adequacy, risks and the transition to Basel-II, see Note 11 in this report and the Risk section of SEK’s Annual Report for 2009. The risks that are described in the Annual Report for 2009 remains materially accurate as of the date hereof.

Capital Requirements in Accordance with Pillar 1

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

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Capital Base

(2) Total Capital Base, including expected loss surplus in accordance with IRB calculation. The Capital Base include net profit for the period less proposed and expected dividend related to the said period. The capital base has been reduced by the book value of shares in Swedbank AB, Skr 2,802.6 million, because the value exceeds 10 percent of the total capital base.

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

Capital Adequacy Analysis (Pillar 1)

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

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Counterparty risk exposures

(1) Includes exposures to the Swedish Export Credits Guarantee Board (EKN).

The tables below includes current aggregated information regarding SEK’s total net exposures (after effects related to risk-coverage) related to asset-backed securities held and current rating. Ratings in the table as of 31 March 2010 are stated as the second lowest of the ratings from Standard & Poor’s, Moody’s and Fitch. When only two ratings are available the lowest is stated. All of these assets represent first-priority tranches, and they have all been rated ‘AAA’/’Aaa’ by Standard & Poor’s or Moody’s at acquisition.

Asset-backed securities held