China Eastern Airlines announced Tuesday morning that it completed a 3 billion yuan super-short term commercial bond issue on May 9, which is the airline's 9th deal of 2016.

The super-short term bonds, issued to institutional investors in the Chinese inter-bank bond market, have a maturity of 180 days, with an interest rate of 2.79% and face value of 100 yuan.

The Shanghai-based carrier took Ping An Bank and Industrial Bank as lead securities underwriters, to issue bonds by book building and central sales.

The raised funds will mainly be used to pay off bank loans and optimize the debt structure of the company.