- The most recently issued U.S. Treasury bond or note of a particular maturity. These are the opposite of "off-the-run treasuries".
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.
Investment dictionary. Academic. 2012.
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