PRIMARY MARKET
Off-the-Run
An older issue no longer the current benchmark for its maturity sector.
Market use
Liquidity and pricing can differ from the on-the-run security.
What it means
An older issue no longer the current benchmark for its maturity sector.
Example
Relative-value trades may compare on- and off-the-run bonds.
How to interpret it
This concept should be read together with its market convention, measurement horizon and underlying instrument. BondStats presents it as an analytical reference rather than investment advice; instrument documentation and primary market rules remain authoritative.
Related Conventions
BondStats reference content is independently written. Mathematical relationships, abbreviations and market conventions are presented for educational and analytical use.