#finance
United States Treasury securities have periodic auctions; the treasury of a given tenor, say 30 years, which has most recently been auctioned is the on-the-run security, while all older treasuries of that tenor are off-the-run.
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On the run (finance) - Wikipedia, the free encyclopediassued security. On the run securities are generally more liquid and trade at a premium to other securities. Other, older issues are referred to as off the run securities, and trade at a discount to on the run securities.
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<span>United States Treasury securities have periodic auctions; the treasury of a given tenor, say 30 years, which has most recently been auctioned is the on-the-run security, while all older treasuries of that tenor are off-the-run.
For credit default swaps , the 5-year contract sold at the most recent IMM date is the on-the-run security; it thus has a remaining maturity of between 4 years, 9 months and 5 years.
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