On-the-run vs. Off-the-run Government Securities

On-the-run Securities
· most current security issued by the U.S.Treasury Department, tend to be more liquid in the marketplace.

Off-the-run Securities
· the securities that are replaced by the on-the-run securities,tend to be less liquid in the marketplace

Note:
· Price quotes as a percent of par value. The quotes are in fraction of 1/32.