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On-the-run Treasuries
What does it mean?
The most recently issued U.S. Treasury bond or note of a particular maturity. These are the opposite of off-the-run treasuries.
In Other Words...
When quoting the price or yield of a Treasury, all market commentary refers to the on-the-run issue.
The on-the-run bond or note is the most frequently traded Treasury security of its maturity. Because on-the-run issues are the most liquid, they typically are a little bit more expensive and, therefore, yield less than their off-the-run counterparts.
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Related Terms
Off-the-run Treasuries | Treasury Bill | Treasury Bond | Treasury Note
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