Air China announced Thursday it successfully issued corporate bonds worth of three billion yuan.

The term of bonds will be ten years, with an annual interest rate of 4.5 percent. The China Agricultural Bank Beijing branch will guarantee the issuing.

In the first six months of 2005, Air China reaped 642 million yuan in profit after tax, the only Chinese carrier that still remains profitable in spite of the high oil price challenge.

The capital of the bonds will be used to buy 10 Airbus A330-200 and 15 Boeing B787 aircraft. The enlargement of the fleet will fasten Air China's pace into building its worldwide network, said Li Jiangxiang, president of Air China.

Source: Xinhua