Unilever is set to become the first European multinational to launch an offshore renminbi- denominated “dim sum” bond when it raises Rmb300m ($46m) from institutional investors in Hong Kong on Monday, bankers say.

Dim sum bonds are slowly gaining traction with multinationals, virtually all of which have growing Chinese operations. McDonald’s, the fast-food chain, became the first US issuer last August when it raised Rmb200m. Caterpillar, the US-based manufacturer of earthmoving equipment, followed with a Rmb1bn bond in November.

Unilever, which is also expected to be among the first clutch of foreigners to list renminbi-denominated A shares in Shanghai once the regulatory framework is in place, will hope the move demonstrates its commitment to China. In addition to backing the nascent dim sum bond market, issuers are supporting Beijing’s ultimate aim of internationalising the so-called red-back. The more foreign private sector issuers, as opposed to bodies like the Asian Development Bank, issue the bonds, the greater the credibility in the offshore market, bankers say.