Business and Personal Finance Dictionary

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• ON-THE-RUN
  
  A term used to describe 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.) On the run securities trade at narrower spreads than similar securities that are less actively traded. They may also trade at slightly higher prices(lower yields).
  
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