PRIMARY MARKET
On-the-Run
The most recently issued security in a benchmark government-bond maturity sector.
Market use
Often more liquid than older off-the-run issues.
What it means
The most recently issued security in a benchmark government-bond maturity sector.
Example
The newest 10-year Treasury is the on-the-run 10-year until replaced by a new issue.
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.