What are 'Off-The-Run Treasuries'
Off-the-run treasuries are all Treasury bonds and notes issued before the most recently issued bond or note of a particular maturity. These are the opposite of "on-the-run treasuries."
BREAKING DOWN 'Off-The-Run Treasuries'
Once a new Treasury security of any maturity is issued, the previously issued security with the same maturity becomes the off-the-run bond or note.
Because off-the-run securities are less frequently traded, they typically are less expensive and carry a slightly greater yield.