The board of directors and shareholders of UAE-based airplane lessor Dubai Aerospace Enterprise (DAE) has authorised an additional $300 million for bond repurchases.

The repurchase will be conducted through open market transactions, the company said in a statement on Wednesday.

To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under the previous authorizations of $1.2 billion. DAE now has $370 million of available authority to repurchase bonds, it said.

DAE Chief Executive Officer Firoz Tarapore said the repurchase authorisation comes as “recent volatility in the rates market has allowed us to step up the repurchase of our secured and unsecured bonds”.