Swedish Export Credit Corp., a Stockholm, Sweden-based state-owned firm, is gearing up to participate in an offering of as much as $1 billion in four new exchange-traded notes (ETNs) that will track to four lesser-known commodity indexes.

The ETNs are expected to begin trading on a stock exchange sometime later this year, and mark only the fourth participant in the fledgling ETN marketplace, which up until recently was the sole territory of Barclays Capital, Goldman Sachs and Bear Stearns. Barclays launched its first iPath ETNs in June 2006, Goldman and Bear, this past July.

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