An issue of debt securities that carries an interest rate very close to the prevailing market rates (in the secondary market), irrespective of the time it was introduced to the market. For example, a benchmark Treasury issue is the most recently auctioned Treasury issue for a given maturity. A benchmark bond is considered a standard (a benchmark) against which the performance of other bonds is related. Government bonds (of stable and credit-worthy economies) are often used as benchmark bonds, in view of their standard features and fundamentals.

Benchmark issues are usually used as the basis for constructing yield curves.

A benchmark issue is also known as a bellwether issue or an on-the-run issue or a current-coupon issue.