Business and Personal Finance Dictionary

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• OFF-THE-RUN
  
  A term used to describe all but the most recently issued treasury or agency securities in a particular maturity class. For example, at any given time, there may be a number of U.S. Treasury security issues with remaining lives of about two years. The most recently issued two year securities are described as on-the-run. All the rest are described as off-the-run. Off the run securities trade at wider spreads than similar securities that are actively quoted or traded. They may also trade at slightly lower prices(higher yields).
  
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