(RTTNews) - Celltrion (068270.KS) announced new data from a post-hoc analysis of the LIBERTY studies, showing that subcutaneous infliximab restored and maintained response in most Crohn's disease and ulcerative colitis patients with sustained efficacy, safety, and persistence thr
(RTTNews) - Celltrion (068270.KS) announced new data from a post-hoc analysis of the LIBERTY studies, showing that subcutaneous infliximab restored and maintained response in most Crohn's disease and ulcerative colitis patients with sustained efficacy, safety, and persistence thr
Alex Cristi /iStock via Getty Images Market Overview During the fourth quarter, the municipal bond market continued to rebound from the challenges of the first half of 2025. Record-setting bond issuance continued to be met by strong demand, enabling muni indexes to post positive returns for the quarter and the year. The S&P Municipal Bond High Yield Index gained 1.5% during the fourth quarter, whi...
Alex Cristi /iStock via Getty Images Market Overview During the fourth quarter, the municipal bond market continued to rebound from the challenges of the first half of 2025. Record-setting bond issuance continued to be met by strong demand, enabling muni indexes to post positive returns for the quarter and the year. The S&P Municipal Bond High Yield Index gained 1.5% during the fourth quarter, while the S&P Municipal Yield Index, which includes bonds across the quality spectrum, rose 1.7% and the S&P Short Duration Municipal Yield Index advanced 0.6%. Those indexes were up a respective 3.3%, 3.5% and 4.3% in full-year 2025. For context, the Bloomberg US Aggregate Bond Index gained 1.1% during the quarter and 7.3% in the year. 1 Market Able to Absorb Record Levels of Muni Issuance Though the pace of muni bond issuance eased somewhat in the fourth quarter, the $100 billion-plus of new issuance during the period was enough to drive the market to a new annual high of $580 billion, about 1.3% above the previous record set in 2024. It's worth noting that the vast majority of issuance during the year was new capital, with refunding activity accounting for only about 12%. 2 Lower levels of refunding transactions suggest fewer bonds are being called, which can help support valuations for the market as a whole. We were not surprised to see the municipal bond curve steepen considerably during 2025. The flood of issuance—high yield muni issuance in particular, given its long-dated nature, generally provides a steepening impulse to the yield curve—pushed long yields higher, although Federal Reserve policy rate cuts weighed on the short end of the muni curve. 3 The US Treasury curve also steepened over the year as term premia returned to the Treasury market after being mostly negative for nearly a decade. 4 There are a few factors we believe have contributed to the ongoing surge in issuance. After sitting on the sidelines during the 2022–23 rate-hike period, municipalities have a...
Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)