Plans by the Asian Development Bank and International Finance Corporation to issue renminbi-denominated bonds in Hong Kong could provide a big boost to the fledgling market in offshore renminbi debt being developed by China.

The supranational agencies, which five years ago pioneered the so-called “Panda“ bond market on the Chinese mainland, will be among the first foreign groups to sell renminbi bonds to international investors.

While small, the ADB and IFC bonds are likely to boost the credibility of Hong Kong's renminbi bond market, which has seen just 14 deals – almost all from Chinese banks – since it began in 2007. IFC, the private arm of the World Bank, plans to raise the equivalent of $50m from its renminbi-denominated bond sale and use the proceeds to finance an energy efficiency project on the Chinese mainland.