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 ?
In recent years, more than half of reported interdealer broker trading in nominal Treasury debt, on average, took place in on-the-run securities, even though off-the-run issues outnumbered on-the-run issues more than twenty to one.
The government will buy back the off-the-run issues and offer on- the-run bonds with high liquidity, while increasing the on-the-run issues through the extension of fungibility from one year to two years.
On-the-run Treasuries generally became relatively more valuable as investors sought not only the safety of Treasury securities but also the liquidity of the on-the-run issues in the so-called flight to liquidity.