Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) on Monday announced that its board and shareholders had approved a bond repurchase programme of $300 million.

The decision will be materialised through transactions in the open market, according to the government-controlled company’s statement.

Under the programme, the Dubai-based leasing firm had repurchased $43 million of its bonds maturing in 2024.

"Our bonds, in our opinion, are currently trading at prices and spreads not consistent with the company’s market position and strong credit profile,” Khalifa AlDaboos, DAE's managing director, said.

He added that the company’s strong balance sheet and its cash position enable it to repurchase its bonds at a considerable discount.

It is worth noting that DAE currently has $2.3 billion in bonds in the US capital markets.