National Bank of Abu Dhabi, the largest lender by market value in the United Arab Emirates, said on Wednesday it will repurchase a proportion of its outstanding debt, in a regulatory filing.

NBAD said it will repurchase Dh81.9 million ($22.3 million) of outstanding NBAD 2018 subordinate convertible notes, issued in 2008, with an original issue amount of Dh2 billion at a price of 99.000

The buyback reduces the outstanding principal amount of the notes to Dh1.3 billion, the filing, to the London Stock Exchange, said.

The bid price on the notes on Wednesday was between 95.000 and 95.500, while the ask price was 96.500, according to Thomson Reuters data. – Reuters