Dubai Aerospace authorised to buy back $300m in bonds

State-controlled Dubai Aerospace Enterprise (DAE) said on Tuesday its board and shareholders had authorised the repurchase of an additional $300m of its bonds through open market transactions.

“The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory,” DAE chief executive Firoz Tarapore said in a statement.

DAE said it had already bought back $295m of principal amount of its public bonds under a previous limit of $300m.