MOSCOW (Bloomberg) - Renaissance Securities Trading Ltd., a unit of the Russian investment and retail bank, plans to buy back as much as $40 million of its outstanding dollar bonds.

Renaissance is offering bondholders a maximum 60 percent of face value and unpaid interest to buy back some of its $250 million of 8.75 percent notes maturing in 2009 in a so-called Dutch auction, the Hamilton, Bermuda-registered trading unit said in a statement on Friday.

The tender will allow investors to indicate how many bonds, and at what price, they intend to sell back to the issuer. The offer closes at 3pm in London on December 19, the statement said.

Renaissance Capital spent $76 million earlier this month to buy back some of its $300 million of 9.5 percent notes maturing in 2010 in a Dutch auction.