On the run

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On the run

The most recently issued (and typically the most liquid) government bond in a particular maturity range.

On the Run

The most recently issued bond in a series of government bonds that have a given maturity. On the run securities are usually the most liquid of the securities in the same range.
References in periodicals archive ?
Upon completion of the auction, the most recently issued bill, note, or bond becomes on-the-run and the previous on-the-run issue goes off-the-run.
The most recently issued ten-year Treasury security is referred to as the on-the-run issue.
The specialness typically peaks around the announcement of the next auction, after which it declines as short positions begin to shift to the next on-the-run issue.