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On-The-Run Treasuries

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Dictionary Says

Definition of 'On-The-Run Treasuries'

The most recently issued U.S. Treasury bond or note of a particular maturity. These are the opposite of "off-the-run treasuries".
Investopedia Says

Investopedia explains 'On-The-Run Treasuries'

When quoting the price or yield of a Treasury, all market commentary refers to the on-the-run issue.

The on-the-run bond or note is the most frequently traded Treasury security of its maturity. Because on-the-run issues are the most liquid, they typically are a little bit more expensive and, therefore, yield less than their off-the-run counterparts.

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    Off-The-Run Treasuries

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