贴一段： 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.
同样期限债券中流动性最好，交易最频繁，因此收益率相对要低一些的国债，一般就是新发行的一期债券了。
Investopedia explains 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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