Is there a cloning option available through API to clone an Initiative with all fields? We know this exists in the UI, but would like to do this bulk via the API.
Unfortunately, we don't have anything that would clone or copy Initiatives in bulk using the API. I am sorry I don't have better news for you.
I can understand how an improvement of this functionality would be beneficial and I would like to recommend that you submit your feedback to Rally using the “question mark button" (top right corner of almost any page).
This information is sent directly to our Project Management and Dev teams. They take user feedback seriously and review it daily. We appreciate the feedback and please encourage your teammates to do the same. The more feedback we receive about an issue, the more attention it gets.