Yudean selling notes

China’s Guangdong Yudean Shipping is looking to raise CNY 300m ($48m) through selling short-term notes.

The unsecured paper has a maturity of 365 days, it said.

The bulker company intends to list the notes this week.

Ratings agency Shanghai Brilliance gave the company an AA rating, with the bills at A-1.

China Construction Bank is the bookrunner and lead underwriter.

The proceeds will be used to replenish its working capital and repay bank loans.

Yudean is part of mining and energy giant Guangdong Yudean Group and controls 24 ships.