On the run

(redirected from On-the-Run Issue)
Also found in: Encyclopedia.

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.(25)

The Treasury Securities Market: Overview and Recent Developments

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.

2012 KTB issuance policies

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.(12) After the crisis, spreads remained high on the five-year note and the thirty-year bond, they increased for the ten-year note, but they declined for the two-year note.

THE BENCHMARK U.S. TREASURY MARKET: RECENT PERFORMANCE AND POSSIBLE ALTERNATIVES