# Accelerated Return Note

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**Accelerated Return Notes** (**ARN**) were [debt securities](/source/Security_(finance)) offered by [Merrill Lynch](/source/Merrill_Lynch) from 2010 to 2012 and due in 2013 that were linked to gold [spot](/source/Spot_contract) prices.[1][2]

ARNs are senior, unsecured debt securities of [Aktiebolaget Svensk Exportkredit](/source/Aktiebolaget_Svensk_Exportkredit) (SEK), a [public](/source/Public_company) [Swedish](/source/Sweden) export credit corporation. The notes are not guaranteed by the [FDIC](/source/Federal_Deposit_Insurance_Corporation) 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]

## References

1. ["Accelerated Return Notes"](http://www.totalmerrill.com/publish/mkt/prospectus/pdfs/mlghg_fwp.pdf). Merrill Lynch & Co.[dead link]

1. ["Accelerated Return Notes"](https://www.sec.gov/Archives/edgar/data/83246/000114420412037759/v317501_424b2.pdf). Securities Exchange Commission.

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