Accelerated Return Notes (ARN)
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Accelerated Return Notes (ARN) were debt securities offered by
Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...
from 2010 to 2012 and due in 2013 that were linked to gold
spot Spot or SPOT may refer to: Places * Spot, North Carolina, a community in the United States * The Spot, New South Wales, a locality in Sydney, Australia * South Pole Traverse, sometimes called the South Pole Overland Traverse People * Spot (produ ...
prices. ARNs are senior, unsecured debt securities of
Aktiebolaget Svensk Exportkredit The Swedish Export Credit Corporation ( sv, Aktiebolaget Svensk Exportkredit) is a state-owned corporation that serves as an export credit agency. It provides medium- and long-term export credits. It works with the Ministry of Finance. See also *Na ...
(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 sociological concept of the ''Öffentlichkei ...
Swedish Swedish or ' may refer to: Anything from or related to Sweden, a country in Northern Europe. Or, specifically: * Swedish language, a North Germanic language spoken primarily in Sweden and Finland ** Swedish alphabet, the official alphabet used by ...
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%.


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Securities (finance) Stock market {{finance-stub