Accelerated Return Notes (ARN) on:
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Accelerated Return Notes (ARN) were debt securities offered by 
Merrill Lynch
Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...
from 2010 to 2012 and due in 2013 that were linked to gold spot prices.
ARNs are senior, unsecured debt securities of Aktiebolaget Svensk Exportkredit (SEK), a public
In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociology, sociological concept of the ''Öf ...
Swedish export credit corporation. The notes are not guaranteed by the FDIC or secured by collateral. The notes are an equal rank with all of SEK's unsecured debt. The notes offer a leveraged return, although under a cap, if the gold spot price grows significantly from the initial value. The term of these notes is 14 months and are sold at $10 per unit, capped at a return from 18% to 22%.
References
Securities (finance) Stock market {{finance-stub