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Benchmark Bond

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Dictionary Says

Definition of 'Benchmark Bond'

A bond that provides a standard against which the performance of other bonds can be measured. Government bonds are almost always used as benchmark bonds. Also referred to as "benchmark issue" or "bellwether issue".
Investopedia Says

Investopedia explains 'Benchmark Bond'

More specifically, the benchmark is the latest issue within a given maturity. For a comparison to be appropriate and useful, the benchmark and the bond being measured against it should have a comparable liquidity, issue size and coupon.

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