Why China’s new sovereign bond sale in Hong Kong is drawing global interest

China’s Ministry of Finance is set to raise 15 billion yuan (US$2.22 billion) through a sovereign bond auction in Hong Kong, tapping international capital just days after the city launched a long-awaited tool designed to help global investors hedge against mainland bond market risks. The sale marks the fourth tranche of Beijing’s 84 billion yuan sovereign bond programme for the year approved by the State Council, China’s cabinet. The exact tenors and yields would be announced by the Hong Kong...