China Southern Airlines has completed its first issuance this year and raised 1 billion yuan from the 270-day super short-term paper (SCP).

The notes were issued on February 20, and priced at a coupon of 3.7%.

Bank of Communications acted as underwriter for the placement, which was made in the Chinese inter-bank market.

Funds raised will mainly be used to supplement working capital, China Southern said.

China Southern's stock rose 2.18% to 5.15 yuan on February 21, the day after the issuance.