CHINA

Underwriters Selling More National Bonds: The spring ritual of forced government bond-buying has ended for Beijing’s 10 million residents as the government increasingly relies on securities underwriters to find customers, the Finance Ministry said. It said it will issue $5.7 billion in bonds this year, and 80% will be sold using free market mechanisms. The first sale, last Wednesday, involved $1.8 billion in five-year securities with an interest rate of 10.5%, slightly better than banks offer. A syndicate of 80 securities institutions agreed to underwrite $660 million worth.