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MOL accepts orders for HUF 11 billion of bonds

Hungarian oil and gas company MOL said it received orders for HUF 11 billion of corporate bonds on Thursday and accepted all of them.

The auction of the MOL 1404 L/2 HUF bonds was executed within the framework of MOL's 2010-2011 bond program.

The three-year bonds will be issued on April 18. They carry a 7% annual coupon.

MOL said on Wednesday the auction would be unsuccessful if it drew offers under HUF 10 billion.

Raiffeisen Bank was the underwriter of the issue.

The sale was the second issue under the 2010-2011 bond program which is capped at HUF 100 billion and was launched in the summer of 2010.

MOL sold HUF 5.05 billion of bonds in the first offering under the bond program, which was also MOL's first retail forint bond offering, in October 2010. The 18-month bonds, carrying an annual 6% coupon, were last traded at 96% of nominal value on the Budapest Stock Exchange on April 12.