The Industrial and Commercial Bank of China Ltd sold yuan-denominated bonds in South Korea on Tuesday, the first such issue by a Chinese company and a move that experts said would pave the way for a diversified offshore renminbi bond market in that country.

ICBC (Asia), the Hong Kong arm of China's largest bank by assets, issued two-year bonds worth 180 million yuan ($29 million) at a coupon rate of 3.7 percent.

The ICBC Seoul Branch will be responsible for bond clearing, and KDB Daewoo Securities underwrote the issue.