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Offtherun Financial Glossary

What is it? 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).

Finance Term Definition Added By: Kate

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