Off-The-Run Treasuries

DEFINITION of 'Off-The-Run Treasuries'

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.

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