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China's three largest airlines are reportedly planning to issue bonds as they struggle to erase the impact of the recent SARS outbreak, which saw a plunge in air travel and affected business.

China Southern Airlines, the country's largest air carrier in terms of fleet size, plans to sell 1.3 billion yuan (US$156 million) of bonds to fund new aircraft purchases.

China Southern applied to the nation's regulatory bodies to sell bonds to get the funds needed to pay for 20 Boeing passenger planes and two freighters for delivery between 2002 and 2005, reported the Hong Kong Economic Times, citing the airline's secretary, Su Liang.

Su declined to confirm the news in a telephone inter-view yesterday, but market speculation has it that the bonds may be sold by China Southern Airlines Group instead of the listed arm.

"I suppose it may be the parent that will issue company bond since several large state-owned enterprises have won approval to sell bonds, while few listed companies have done so," said Zhang Qi, an analyst with Haitong Securities Co Ltd.

Air China, which operates the most international flights among the three largest carriers, is reportedly planning to sell bonds worth between 2 and 3 billion yuan within the year.

As officials with Air China were not available for comment Wednesday, an unidentified official with the State Development and Reform Commission, the country's most powerful body in charge of reform affairs, said the airline's plan for a bond sale is waiting for approval from the State Council.

The official said he is not sure how much of the sale size will be finally approved, but according to a report by the 21st Century Business Herald, the company plans to raise between 2 billion and 3 billion yuan.

Shanghai-based China Eastern Airlines Co Ltd is also reported to have plans to sell bonds, though its officials declined to confirm.

"In fact, it's not so easy to sell bonds because companies have to meet certain financial criteria when they apply to sell bonds, so maybe they only have the idea (of selling bonds), which hasn't been decided yet," said Zhu Anping, an analyst with Shenyin & Wanguo Research and Consulting Co Ltd.

But analysts believe that the bond sale plans are bound to improve the carriers' cash flow which has been severely hit by the SARS outbreak.

China Southern said in its previous A-share offer document that it lost about 218.66 million yuan from January to April.

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