China Eastern Airlines issued 2 billion yuan super short-term paper (SCP) on February 23.

The super-short-term bonds, issued to institutional investors via the China interbank bond market, have a maturity of 90 days, with an annualized interest rate of 3.6%.

Industrial Bank acted as the lead underwriter for the issue, the airline said in a stock exchange statement

China Eastern said that proceeds from the issue will be used to repay debts and replenish working capital.