Accelerated Return Notes (ARN) weredebt securities offered byMerrill Lynch from 2010 to 2012 and due in 2013 that were linked to goldspot prices.[1][2]
ARNs are senior, unsecured debt securities ofAktiebolaget Svensk Exportkredit (SEK), apublicSwedish export credit corporation. The notes are not guaranteed by theFDIC 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%.[1][2]
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