Glencore said it has repurchased about $400 million of bonds since September 30th, after a market rout drove yields on some of its securities to junk levels.

The mining and trading company bought back debt maturing mainly in 2016 and 2017, it said on Wednesday , without specifying which securities.

The company also repaid three bonds amounting to $1.95 billion. Yields on some Glencore bonds surged in late September and the stock plunged to a record low on investor concern that a commodity slump would impede its ability to curb $30 billion of debt.

The Switzerland-based company on Wednesday outlined a goal to trim borrowings to $25 billion by year-end.

“I would be reasonably comforted by this because it seems the company has enough liquidity,” said Chris Bowie, a London- based money manager at TwentyFour Asset Management.

“They obviously believe these bonds are trading well beyond fair economic value if they wish to buy them back.”

- Bloomberg